generations investment options pds - north online · generations ® investment options...

Issue number ₁₃, ₁₉December ₂₀₁₉

Generations®investment optionsProduct disclosure statement

National Mutual Funds Management Ltd ABN 32 006 787 720 AFS Licence No. 234652ipac asset management limited ABN 22 003 257 225 AFS Licence No. 234655® Registered trademark of NMMT Limited ABN 42 058 835 573

This is a Supplementary Product Disclosure Statement (SPDS) to the Generations Investment Options Product Disclosure Statement, issue number 13, dated 19 December 2019 (Original PDS). This SPDS must be read in conjunction with the Original PDS. The purpose of this SPDS is to inform investors of changes to the withdrawal provisions of the AMP Capital Australian Property Fund (Fund). On page 16 of the Original PDS, the information relating to the AMP Capital Australian Property Fund under the sub-heading ‘Investment strategy’ is deleted and replaced with: The fund invests primarily in direct property within Australia, which is either held directly by the fund or through units in the Wholesale Australian Property Fund. The fund also invests in cash and listed property securities. The portfolio is designed taking into account the real estate cycle, regional characteristics, investment opportunities and the liquidity profile of the fund and its investments, including the Wholesale Australian Property Fund. The fund may also invest in other managed investment schemes or investment companies where it is consistent with the fund’s investment objectives. The fund's capital will be managed conservatively, with low borrowings. Where debt is used, it will be used selectively to fund capital expenditure, investments and withdrawals where appropriate. Normally, debt will range from 0% – 15% but at times the fund may have higher gearing. The maximum amount the fund may borrow is 25% of gross assets at the time the debt is drawn (this does not apply to debt being refinanced, even if the amount exceeds 25% of gross assets at the time of refinancing). Gearing may incur costs such as the interest paid on outstanding debts and the costs of having the debt facility available. These costs and changes in interest rates may affect the fund's returns.

The fund’s investments may change from time-to-time, and are updated regularly online at www.ampcapital.com. These updates can also be obtained by contacting us. The target asset allocation for the fund is to hold over 50% of its exposure as direct property, with the balance allocated across cash and Australian Securities Exchange(ASX) listed property securities, such as Australian Real Estate Investment Trusts (AREITs) and funds which invest predominantly in AREITs. An AREIT is a corporation, or trust, which provides investors with exposure to properties such as shopping centres and other commercial or industrial properties.

On page 23 of the Original PDS, the information under the sub-heading 'Asset Valuation Policy' is deleted and replaced with:

Asset Valuation Policy Assets in which the investment options invest are held directly by them or through underlying funds in which they invest. Generally, these assets are valued at least each business day using market prices in accordance with the AMP Capital Asset Valuation Policy, with the exception of the following: • direct assets are valued by us at least twice a year • units in unlisted funds are valued at the most recent unit price supplied by the manager of the relevant fund • investments in underlying funds are valued by an independent administrator, and • direct property valuations are determined by independent property valuers annually, or more frequently if deemed appropriate or to

comply with certain scheme mandates as required. For further information on AMP Capital’s Asset Valuation Policy, please go to www.ampcapital.com or a copy can be obtained, free of charge, by contacting us.

Generations® investment options Supplementary product disclosure statement

On page 24 of the Original PDS, the information relating to the AMP Capital Australian Property Fund, under the sub-heading 'Withdrawals' is deleted and replaced with: Withdrawals Currently, the Responsible Entity aims to accept withdrawal requests monthly. Where the redeemed units comprise up to 20% of the investor’s balance in the Fund, payment shall be made within 90 days of the Specified Withdrawal Date. The remaining redeemed units shall be paid within 365 days of the previous Specified Withdrawal Date. The Fund’s 20% threshold may only be applied once in any 12-month period. Withdrawals will be limited to 5% of the net asset value of the Fund per calendar quarter (although we have discretion to alter this amount). The Fund’s constitution allows withdrawal requests to be paid within 12 months of the Specified Withdrawal Date or even longer in the circumstances specified in the Fund’s constitution. These circumstances include where the Responsible Entity is unable to realise sufficient assets due to circumstances beyond its control, such as restricted or suspended trading in the market for an asset. The current redemption payment timeframe has been introduced as a response to the COVID-19 pandemic. In normal market conditions, the Responsible Entity aims to process withdrawal requests monthly and withdrawal requests will generally be paid within five Business Days(1) after the Specified Withdrawal Date. Withdrawals will be limited to 5% of the net asset value of the Fund per calendar quarter (although we have discretion to alter this amount). The amount of cash available in any month will be affected by a number of factors which include (but are not limited to) the amount of applications and redemptions received in a particular month, outstanding withdrawals from prior months, capital expenditure requirements in the property portfolio, the availability of debt and acquisitions and/or divestments of properties or property securities. Where the amount of funds available to meet withdrawal requests is not sufficient to fully meet all withdrawal requests relating to a Specified Withdrawal Date, withdrawal amounts may be paid in part. Where withdrawals are paid in part, the outstanding unpaid amount will be paid once sufficient cash is available to meet withdrawal requests relating to the Specified Withdrawal Date and may be paid in priority to withdrawal requests subsequently received by the Responsible Entity. Investors should be aware that withdrawal requests can only be processed and met while the Fund is liquid. The Fund’s liquidity position will be monitored. In the event that the Fund is not able to meet withdrawal requests, in part or in full, or if the Fund is declared illiquid, the Responsible Entity will, as soon as practicable, communicate how it plans to meet withdrawal requests in the future. This communication will include the steps to be taken over the next 12 months and the expected liquidity position during this time. This may involve raising equity from new investors, utilising existing cash, increasing the level of debt, selling property securities, selling direct property or undertaking a combination of these measures. Quarterly updates will provide an update on the steps taken or proposed to be taken, the expected liquidity position and the anticipated timeframe to implement these steps. The updates will be provided until such time as the processing of withdrawal requests resumes. You should also read the ‘Risks specific to the Fund’ and 'What risks apply to investing’ section of the Original PDS and the relevant Generations Personal Super and Personal Pension PDS or Generations Investment Portfolio IDPS for further information regarding withdrawals. It is essential that you understand the withdrawal arrangements and restrictions for the Fund. Processing withdrawal requests Currently, the Responsible Entity aims to accept withdrawal requests monthly. Where the redeemed units comprise up to 20% of the investor’s balance in the Fund as at the Specified Withdrawal Date, payment shall be made within 90 days of the Specified Withdrawal Date. The remaining redeemed units shall be paid within 365 days of the previous Specified Withdrawal Date. The Fund’s constitution allows withdrawal requests to be paid even longer than 12 months in the circumstances specified in the Fund’s constitution. The Fund’s 20% threshold may only be applied once in any 12-month period. Withdrawals will be limited to 5% of the net asset value of the Fund per calendar quarter (although we have discretion to alter this amount). Specified Withdrawal Date You can submit a withdrawal request at any time. However, withdrawal requests will normally be processed on the Specified Withdrawal Date, which is the 15th day of each calendar month, or the next Business Day if the Specified Withdrawal Date is not a Business Day. Withdrawal requests received after 1.00pm Melbourne time on any Specified Withdrawal Date will normally be held over to the next Specified Withdrawal Date for processing. The next Specified Withdrawal Date, following the issue date of this SPDS will be 15 May 2020 and thereafter the 15th day of each calendar month, or the next Business Day if the Specified Withdrawal Date is not a Business Day. 1. A Business Day for us is any day other than Saturday, Sunday or a bank or public holiday in Melbourne, VIC.

Withdrawal arrangements if the Fund is not liquid The withdrawal arrangements outlined above in this section only apply while the Fund is liquid as defined under the Corporations Act. Where the Fund ceases to be liquid, including due to any changes to the Corporations Act definition of liquid, withdrawals are cancelled and investors will not be able to withdraw from the Fund unless and until the Responsible Entity chooses to make a withdrawal offer to investors. As at the date of this SPDS, the Fund is liquid under the current Corporations Act definition of ‘liquid’, that is, the Responsible Entity reasonably expects that it could sell at least 80% of the Fund’s assets for market value within 12 months. See ‘Liquidity‘ section below. The Responsible Entity reserves the right to terminate the Fund at any time and will do so if it considers it in the best interests of investors. If the Fund is terminated, any unpaid withdrawal requests will be cancelled. On page 25 of the Original PDS, the information relating to risks specific to the Fund under the sub-heading ‘Liquidity’ is deleted and replaced with: Liquidity From time to time, the Fund is likely to require cash to fund asset acquisitions, capital expenditure or withdrawals. This cash may be obtained from a number of sources including the proceeds from application for units in the Fund by new or existing investors, bank debt, the sale of property securities and direct property sales and by redeeming units in its investments, including the Wholesale Australian Property Fund. If these sources are not available at the time required, the Fund’s liquidity level may drop, which increases the risk that the Fund may not be able to meet withdrawal requests either in part or in full. Furthermore, withdrawals will be limited to 5% of the net asset value of the Fund per calendar quarter (although we have discretion to alter this amount). The Fund’s long-term ability to maintain monthly withdrawals relies on it being able to attract sufficient new applications to offset redemptions. In addition, if the Fund ceases to be liquid for the purposes of the Corporations Act, the Responsible Entity will not meet withdrawal requests. As at the date of this SPDS, the Fund is liquid under the current Corporations Act definition of ‘liquid’, where the Responsible Entity reasonably expects that it could sell at least 80% of the Fund’s assets at market value within 12 months. However, the Fund could cease to be liquid if these circumstances change or if the Corporations Act definition of ‘liquid’ changes and the Fund is not able to satisfy that definition. The Fund’s liquidity position will be monitored. In the event that the Fund is not able to meet withdrawal requests in part or in full or if the Fund is declared illiquid, the Responsible Entity will, as soon as practicable, communicate how it plans to meet withdrawal requests in the future. This communication will include the steps to be taken over the next 12 months and the expected liquidity position during this time. This may involve raising equity from new investors, utilising existing cash, increasing the level of debt, selling property securities, selling direct property or undertaking a combination of these measures. Quarterly updates will provide an update on the steps taken or proposed to be taken, the expected liquidity position and the anticipated timeframe to implement these steps. The updates will be provided until such time as the processing of withdrawal requests resumes. See the ‘Withdrawals’ section above for details about the conditions that apply to withdrawals from the Fund, including:

– the times withdrawal requests can be submitted – the length of time the Fund may take to pay a withdrawal request, and – when withdrawals maybe cancelled if the Fund ceases to be liquid or in other circumstances. The following section is inserted after the Withdrawals section on page 24 of the Original PDS and is additional information in relation to the AMP Capital Australian Property Fund. ASIC benchmarks and disclosure principles ASIC has released benchmarks and disclosure principles to assist investors in comparing risks and returns across investments in the unlisted property sector. The information below provides an overview of the benchmarks and disclosure principles.

Further information on how these benchmarks and principles apply to the Fund is contained in the ‘ASIC benchmarks and disclosure principles for the Australian Property Fund’ document. This document should be read together with the current PDS for the Fund, and is available online at www.ampcapital.com (go to the Fund page), or can be obtained free of charge, on request.

• Gearing – indicates the extent to which the Fund is funded by debts (liabilities) • Interest cover – indicates the Fund’s ability to meet interest payments from its earnings. • Interest capitalisation – occurs when accrued or accumulated interest is added to the Fund’s loan principal instead of being paid

on a regular basis. • Valuations – information about the Fund’s direct property valuation policy, including how often assets are valued. • Related party transactions – information about transactions involving parties that have a close relationship with the

Responsible Entity and the investment manager. • Distributions – information about the Fund’s distribution sources • Portfolio diversification – information about the Fund’s direct property portfolio diversification • Withdrawal arrangements – information about an investor’s withdrawal rights from the Fund, and any withdrawal

conditions.

http://www.ampcapital.com/

Updates to fees and other costs

Table 2 on pages 40 to 41 in the ‘Fees and other costs’ section of the Original PDS is deleted and replaced by the following table 2. All other information in the ‘Fees and other costs’ section remains unchanged.

Table 2

Investment category/Option name

Transactional and operational costs(i) Borrowing costs

Buy/Sell

spread(ii) Estimated gross costs before offset

Estimated offset by buy/sell spreads

Estimated net costs incurred

(% pa) (% pa) (% pa) (%pa) (%)

Multi-manager Diversified - active

Generations Defensive 0.25 0.04 0.21 0.02 0.16/0.30

Generations Moderately Defensive 0.22 0.03 0.19 0.02 0.18/0.27

Generations Alternative Balanced 0.33 0.04 0.29 0.14 0.18/0.23

Generations Balanced 0.21 0.03 0.18 0.03 0.19/0.25

Generations Growth 0.18 0.03 0.16 0.03 0.19/0.19

Generations High Growth 0.17 0.02 0.14 0.00 0.20/0.17

Diversified - index

Generations Index - Moderately Defensive 0.05 0.03 0.02 0.00 0.10/0.22

Generations Index - Balanced 0.05 0.03 0.02 0.00 0.12/0.17

Generations Index - Growth 0.04 0.03 0.02 0.00 0.13/0.12

Sector

Generations Australian Equities 0.11 0.04 0.08 0.00 0.16/0.16

Generations International Equities (Hedged) 0.27 0.04 0.24 0.00 0.23/0.15

Generations International Equities (Unhedged) 0.22 0.04 0.19 0.00 0.23/0.16

Single Manager Cash

AMP Capital - Cash Management 0.00 0.00 0.00 0.00 0.00/0.00

Australian fixed interest

AMP Capital - Diversified Credit 0.10 0.03 0.07 0.00 0.20/1.00

BlackRock Australian Fixed Interest Index 0.03 0.02 0.01 0.00 0.10/0.28

International fixed interest

BlackRock International Fixed Interest Index 0.09 0.03 0.06 0.00 0.10/0.15

PIMCO Global Fixed Interest 0.46 0.02 0.43 0.00 0.00/0.50

Property

AMP Capital Australian Property Fund 1.09 0.00 1.09 0.62 0.00/0.00

BlackRock Property Securities Index 0.13 0.02 0.10 0.00 0.08/0.08

Legg Mason Martin Currie Property Securities 0.17 0.06 0.11 0.00 0.25/0.25

Australian equities

Antares High Growth Shares 0.69 0.05 0.64 0.54 0.15/0.15

BlackRock Australian Equity 0.11 0.03 0.08 0.00 0.15/0.15

BlackRock Australian Equity Index 0.06 0.02 0.04 0.00 0.08/0.08

Colonial First State Wholesale Geared Australian Share 0.48 0.13 0.36 3.55 0.50/0.50

Perpetual Industrial Share 0.16 0.02 0.14 0.00 0.30/0.00

Schroder Australian Equity 0.20 0.07 0.13 0.00 0.25/0.25

UBS Australian Equity 0.42 0.07 0.35 0.00 0.25/0.25

Vanguard Australian Shares Index 0.07 0.02 0.05 0.00 0.06/0.06

Investment category/Option name

Transactional and operational costs(i) Borrowing costs

Buy/Sell

spread(ii) Estimated gross costs before offset

Estimated offset by buy/sell spreads

Estimated net costs incurred

(% pa) (% pa) (% pa) (%pa) (%)

International equities

Aberdeen Standard Global Equity 0.19 0.07 0.12 0.00 0.12/0.12

BlackRock International Equity Index (Hedged) 0.09 0.03 0.06 0.00 0.10/0.10

BlackRock International Equity Index (Unhedged) 0.09 0.02 0.06 0.00 0.08/0.08

Platinum International 0.17 0.06 0.12 0.00 0.20/0.20

Vanguard International Shares Index 0.05 0.02 0.03 0.00 0.15/0.15

Vanguard International Shares Index (Hedged) 0.13 0.03 0.11 0.00 0.15/0.15

(i) Transactional and operational costs (at 30 June 2019) are in addition to management costs. They are variable and may be more or less than the amounts shown. Refer to the fees and other costs section of the Original PDS for further details.

(ii) These amounts are based on the information available to us at the date of this SPDS. Buy and sell spreads are subject to change at any time without notice to you. Refer to the fees and other costs section of the Original PDS for further details.

To obtain up-to-date information on a fund’s buy/sell spreads please call the North Service Centre on 1800 667 841 or visit northonline.com.au/generations.

The Original PDS is otherwise unchanged. The information contained in this SPDS is general only and does not take into account any investor's personal objectives, financial situation or needs. All investors should read the SPDS carefully (together with the Original PDS) and should obtain financial advice that is tailored to their circumstances.

Issue date: 15 April 2020 ® Registered trademark of NMMT Limited ABN 42 058 835 573 This SPDS is jointly issued by National Mutual Funds Management Ltd (NMFM) ABN 32 006 787 720, AFS License No. 234652 and ipac asset management

limited (ipac) ABN 22 003 257 225, AFS License No. 234655. NMFM and ipac each take full responsibility for the whole of the SPDS.

phone 1800 667 841 web northonline.com.au

email [email protected] mail North Service Centre

GPO Box 2915 MELBOURNE VIC 3001

Contact us

http://www.northonline.com.au/generations

http://northonline.com.au/

mailto:[email protected]

About this product disclosure statementThis product disclosure statement (PDS) relates to a numberof investment options and is jointly issued byNationalMutualFunds Management Ltd (NMFM) and ipac asset managementlimited (ipac). NMFM and ipac each take full responsibility forthewhole of the PDS. Registered office, 33 Alfred Street SydneyNSW 2000.

ABN 49 079 354 519AMP Limited

ABN 22 003 257 225 AFSL 234655ipac

ABN 32 006 787 720 AFSL 234652NMFM

ipachas appointedAMPCapital Investors Limited (theportfoliomanager) ABN 59 001 777 591, AFSL 232497 as the portfoliomanager of the multi-manager investment options withinGenerations. The Responsible Entity has also appointed AMPCapital Investors Limited (ABN59001777591, AFS LicenceNo.232497) (AMP Capital) under an agreement to provide fundrelated services, including the preparation of this PDS. AMPCapital has also been appointed to provide investmentmanagement services to a number of single managerinvestment options. NMFM, ipac and the portfolio managerare members of the AMP group.

Neither NMFM nor ipac is an authorised deposit-takinginstitution (ADI). NMFMand ipac’s obligations donot representdeposits or other liabilities of AMP Bank Limited ABN 15 081596 009 (AMP Bank). AMP Bank does not stand behind NMFMor ipac.

An investment in the investment options is subject toinvestment risk, including possible delays in repayment andloss of income and capital invested.

The information contained in this PDS is general informationonly and does not take into account your individual objectives,financial situation or needs. Before acting on the informationin this PDS, you should consider the appropriateness of thisinformation and consult a financial adviser prior to investing.Neither NMFM, ipac nor any other member of the AMP group,nor any investmentmanager, assumes any liability to investorsin connection with investment in the PDS, guarantees therepayment of capital, the payment of income, theperformanceof the investment options, or any particular rate of return.

NMFM and ipac are not liable for any loss unless we fail tocomply with our duties as specified in each constitution orunder any prevailing law. Unit holders’ liability is limited byeach constitution to the amount, if any, which remains unpaidin relation to your application for units, but the courts are yetto determine the effectiveness of provisions like this.

Each investment manager of an investment option named inthe PDS has given their consent to be named in the section ofthePDS that contains statements about them. Each investmentmanager of an investment option who is named in this PDSwas not involved in the preparation and distribution of thisPDS and is not responsible for the issue of this PDS.

Holding units in an investment option does not confer anyinterest in any particular asset of each investment option anddoes not entitle the unit holder to have any of the assets of theinvestment option transferred to theunit holder or to interferewith any of our rights or powers.

The offer made in this PDS is intended to only be available toinvestors receiving it (electronically or otherwise) in Australia.We cannot accept cash or applications signed andmailed fromoutside of Australia. Moniesmust always be paid in Australiandollars. If you would like a printed copy sent to you, please callthe North Service Centre on 1800 667 841.

Quality financial adviceTogether youandyour financial adviser canexplore the variousinvestment options, discuss your investment objectives andtimeframes, establish your risk/return profile and determinean investment strategy to meet your goals.

Changes to the information in this PDSBefore making an investment decision it is important to reada current PDS. Information in the PDS may change fromtime-to-time. Wemay update information which is notmaterially adverse to you and make it availableat northonline.com.au/generations. However, if the change tothe information ismaterially adverse,NMFMand ipacwill issuea replacement or supplementary PDS which will be availableonline. You can also obtain a copy of these documents free ofcharge, by contacting us.

2

Important information

Continuous disclosure obligationsContinuous disclosure notices required under section 675 ofthe Corporations Act 2001 (Cth) (Corporations Act) will beupdated on northonline.com.au/generations.

A printed copy of any updated information will be madeavailable to you free of charge by contacting the North ServiceCentre on 1800 667 841. If wemake an increase to our feeswewill give you30days' priorwrittennotice. For anyothermaterialchangewewill inform youwithin threemonths of the change.

We reserve the right to change this PDS subject to regulatoryrequirements.

If the fund has more than 100 unit holders it is subject toregular reporting and disclosure obligations under theCorporations Act. Copies of documents lodged with theAustralian Securities and Investments Commission (ASIC) inrelation to the trust may be obtained from, or inspected at, anASIC office or can be obtained by contacting us on 1800 667841. These documents may include:– the trust’s annual financial report most recently lodged

with ASIC– the trust’s half year financial report lodgedwithASIC (after

the lodgment of the annual financial report andbefore thedate of the current PDS)

– any continuous disclosure notices given by the schemeafter the lodgment of the annual report and before thedate of this PDS.

Throughout this PDSTo be read as:References to:

A client of Generations Investment Portfolioincluding any person you authorise to act on yourbehalf; or amemberofGenerationsPersonal Superand Personal Pension including any person youauthorise to act on your behalf

Indirect investor,investor, client oryou

GenerationsPersonal Super,GenerationsPersonalPension and Generations Investment Portfolio

Generations

NMMT Limited custodian and operator forGenerations Investment Portfolio and custodianfor Generations Personal Super and Personal

Unit Holder

Pensionhas appointed RBC Investor Services Trust(RBC) as sub-custodian to hold units in theGenerations Investment Options on its behalf

The financial products described in this PDSoffered by NMFM, referred to as the ‘singlemanager investment options’ and the financial

Investmentoptions

products offered by ipac, referred to as the‘multi-manager investment options’. Each optionis a separate registered managed investmentscheme

A financial adviser holding anAustralian FinancialServices Licence or acting as a representative oran authorised representative of a licensee

Financial adviser

NMFMin relation toany investmentoption issuedby NMFMipac in relation to any investment option issuedby ipac

we, us, our orresponsibleentities

AMP Limited and its subsidiary companies, part ofthe AMP group

AMP

AMP Capital Investors LimitedPortfoliomanager

AMP Capital Investors Limited as the provider ofcertain fund services and the investmentmanagerof certain single manager options

AMP Capital

We'rehere tohelp. Formore informationplease call theNorthService Centre on 1800 667 841 or go onlineto northonline.com.au/generations.

3

Contents5About the Generations investment options

6About the multi-manager investment options

7About the single manager investment options

8Generations investment options

26What risks apply to investing?

30Further information on the investment options

33Fees and other costs

43What else do I need to know?

4

About the Generations investment options

The role of NMFMNMFM is the responsible entity of the single managerinvestment options available within Generations. NMFM isresponsible for the selection and ongoing monitoring of theinvestmentmanagers used in theGenerations singlemanagerinvestment options. NMFM also manages the day-to-dayoperation of the single manager investment options. NMFMis a member of the AMP group.

The role of ipacipac is the responsible entity of themulti-manager investmentoptions available within Generations. ipac and its relatedentities are a financial advice and investment group that hasbeen helping clients achieve their financial goals since 1983.ipac is one of Australia’s largest operators of multi-managerportfolios. ipac is a member of the AMP group.

The role of GenerationsIn this PDS the Generations Personal Super, GenerationsPersonal PensionandGenerations InvestmentPortfolio referredto as `Generations', apply for units in the investment options.This PDS provides a client (indirect investor) with theinvestment option information they may use in making adecision about instructing Generations to invest in theinvestment option on their behalf, and to compare differentinvestmentoptions. RBCas sub-custodianappointedbyNMMTLimited are unitholders in the investment options; their rightsdiffer from the rights of indirect investors, who are notunitholders.

Generations investment optionsTheGenerations investment options are only available throughGenerations Personal Super and Personal Pension and theGenerations Investment Portfolio. You must apply to invest inGenerations through the separateGenerations Personal Superand Personal Pension PDS or Generations Investment PortfolioIDPS guide. These are available from your financial adviser,from northonline.com.au/generations or by calling the NorthService Centre on 1800 667 841.

This PDS provides you with information about the investmentoptions available through Generations.

Generations offers four types of investment options:– six multi-manager diversified active options, which use a

range of investment managers to provide diversificationacross asset classes, investment styles and investmentmanagers

– three multi-manager diversified index options, whichprovide low-cost diversified investment across a range ofasset classes

– threemulti-manager sector options, which use a range ofinvestment managers which invest in a single asset classto provide diversification across investment styles andinvestment managers, and

– 22 single manager options that allow you and yourfinancial adviser to tailor your own portfolio or to addfurther diversity to a multi-manager strategy.

This range of investment options provides you with access tosome of the world’s leading investment managers in a waythat allows you to diversify your investments broadly acrossassets, asset classes and investment styles. Importantly, theinvestment options enable you to achieve this diversificationwhile consolidating those investments in a single,easy-to-manage portfolio.

Generations investment structure andreturnsWhen you invest with Generations your money is pooled withthat of other investors in ‘managed investment schemes’ (ormanaged funds). This pooling of money enables you to accessinvestment opportunities you would generally not be able toaccess as an individual investor. Each Generations investmentoption is a separate managed fund.

Your money is invested in the investment option or optionsselected by you and your financial adviser. Eachmanaged fundinvests in underlying investments according to its investmentobjectives. The underlying investments are managed by eachinvestment manager via their wholesale or retail investmentfund or by a mandate arrangement.

5

About the multi-manager investment options

Generationsoffers twocategoriesofmulti-manager investmentoptions: one using predominantly an active investment style;the other using a passive index investment style.

Multi-manager diversified active and sectoroptionsThere are six diversified and three sector activemulti-managerinvestment options in Generations.

Within theactivemulti-manager range, ipac employs specialistinvestmentmanagers to carry out the day-to-day investmentsin each asset class. These managers are selected throughextensive research and are then blended to constructmulti-manager portfolios that aim to achieve the investmentobjectives of the relevant investment option stated on pages9 to 12 of this PDS. These specialist managers may be relatedto the AMP group.

ipac implement a thorough review and monitoring processwith the aim to ensure investmentmanagers invest accordingto the agreed strategy. ipac may change the investmentmanagers or the amount allocated to each manager at anytime without prior notice. Up-to-date information on theinvestment managers is available from your financial adviseror online at northonline.com.au/generations.

Multi-manager diversified index optionsGenerations also offers three diversified index options. Theseinvestmentoptionsaimtoprovide low-cost exposure toa rangeof asset classes. ipacwill employ investmentmanagers to carryout the day-to-day investment of each asset class. Thesemanagers will aim to replicate the returns on selected indices.

Investment managersipac has a focus on findingmanagerswith expertise in specificasset classes and investment styles, whether they are largeglobal firms or boutique managers.

ipacmay change the investmentmanagers or their allocationsat any time without notice.

6

About the single manager investment options

The Generations single manager investment options give youaccess to a range of investmentmanagers for each asset class.These investment options allow you and your financial adviserto tailor your own portfolio or to add further diversity to amulti-manager strategy.

Specialist investment managers have been appointed to carryout the day-to-day investment of each single managerinvestment option. You can choose froma range of investmentmanagers across each of the major asset classes and a broadrange of investment styles.

Detailed information on the investment options can be foundon pages 13 to 22. Up-to-date information on the singlemanager investment options is available from your financialadviser or northonline.com.au/generations.

Changes to investment managersNMFMmay change the investment managers at any time.Where these changes arewithin our control, wewill notify youat least 30 days prior to any such change. Any change wouldbe considered in light of the potential impact on investors.

Investment managersThe investmentmanagers carry out theday-to-day investmentof the underlying assets of each single manager investmentoption. NMFM has a focus on finding suitable investmentmanagerswithdemonstratedexpertise in specific asset classesand investment styles.

Hedge fund disclosureASICRegulatoryGuide240Hedge Funds: ImprovingDisclosure

The following singlemanager investment options are currentlysubject to additional disclosure under ASIC Regulatory Guide240 (RG240):– Antares High Growth Shares (NML0583AU) (please refer

to page 17 of this PDS), and– Platinum International (NML0582AU) (please refer to page

21 of this PDS).

ASIC has developed regulations to improve the informationavailable to investors on the classification of hedge funds andon the way hedge funds invest. RG240 prescribes benchmarksanddisclosure principles thatmay further assist you inmakingan informed decision about whether to invest.

In summary, RG240 requires AMP to disclose informationrelevant to the investment options, including:– details of the investment strategy– the people responsible for managing the investment– the structure– the holding of assets– the ability to realise assets in a timely manner– the maximum leverage– the use of derivatives– any use of short selling– how you can withdraw from the investment option.

The detailed RG240 information is contained in the 'Additionalinformationbooklet:ASICbenchmarksanddisclosureprinciplesfor Antares High Growth Shares' and the 'Additionalinformationbooklet:ASICbenchmarksanddisclosureprinciplesfor Platinum International', these documents can be found onthe website at northonline.com.au/generations under the'Documents and downloads' drop downmenu. Thesedocuments should be read in conjunction with and are takento be included in the PDS.

Copies of these documents are available free of charge uponrequest. Please contact the North Service Centre on 1800 667841 or email us at [email protected].

7

mailto:[email protected]

Generations investment optionsHow to read the investment optionsThe example below shows how to understand the information about the investment options.

8

Multi-manager diversified – activeInvestmentcategory

Multi-sector – Moderately ConservativeMulti-sector – ConservativeInvestmentsub-category(v)

Generations Moderately DefensiveGenerations DefensiveName of fund

NML0587AUNML0586AUAPIR code

To provide modest growth in your investment over themedium term with some fluctuations in value likely.

To provide some growth in your investment over the short tomedium term with smaller fluctuations in value than theother Generations multi-manager diversified investmentoptions.

Investmentobjective

To invest in a diversified mix of growth and defensive assetsusing a range of specialist investment managers. Defensiveassets such as cash and fixed interest will have an averageallocation over time of 50% and 50% in growth assets suchas shares and property.

To invest in a diversified mix of growth and defensive assetsusing a range of specialist investment managers.Defensive assets such as cash and fixed interest will have anaverage allocationover timeof 70%and30% ingrowthassetssuch as shares and property.

Investmentstrategy(i)

Half-yearly – June and DecemberHalf-yearly – June and DecemberDistributionfrequency

4 years3 yearsIndicativeinvestment term(ii)

53Risk band(vii)

Medium to highLow to mediumRisk label(vii)

Range(%)

Target(%)

Asset classRange(%)

Target(%)

Asset classAssetallocation(i)(iii)(iv)

10–3020International equities(vi)0–2011International equities(vi)

10–3021Australian equities0–2011Australian equities

0–207Listed property and infrastructure

0–205Listed property and infrastructure

0Unlisted property and infrastructure0Unlisted property and infrastructure

0–102Alternative growth0–103Alternative growth

50Growth assets30Growth assets

15–5032Fixed interest15–7043Fixed interest

0–103Alternative defensive0–103Alternative defensive

0–5015Cash0–5024Cash

50Defensive assets70Defensive assets

100Total100Total

The investment strategy andasset allocationof the investment optionsmay vary fromtime-totime. Theobjectives are before all fees and taxesunless specified. Theoverall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar.

(i)

The indicative investment term does not represent a guarantee of performance over the stated period.(ii)The information in this section is correct as at the date of this PDS. ipac retains the right to add asset classes or vary the target allocation and range for each assetclass to ensure they remain appropriate in light of any changes to the medium to long-term risk and return expectations for each asset class. These reviews maylead to changes in the target allocations, which ipacmay implementwithout notice to investors. ipacwill not deviate outside the asset allocation ranges to pursueinvestment opportunities based on short-term expectations.

(iii)

In certain circumstances, actual allocations may fall outside of the asset allocation range. Such circumstances would include, but are not limited to, where one ofthe investment options or underlying funds is closed for new investments, during change to the product structure, asset allocation ormanager line up, or in certainmarket conditions.

(iv)

These multi-sector investment categories have been employed to define various investment options by their investment characteristics as stated in the trustee's(NM Super) investment policy guidelines, as applicable to Generations Super & Pension members.

(v)

Includes an allocation to global emerging markets and global smaller companies.(vi)For more information on the Standard Risk Measure refer to page 28 to 29.(vii)

Please note the names of the investment options used in this section are themarketing names. For the full registered name of the investment option, please see pages46 to 47.

9

Multi-manager diversified – active (continued)Investmentcategory

Multi-sector – BalancedMulti-sector – Moderately ConservativeInvestmentsub-category(v)

Generations BalancedGenerations Alternative BalancedName of fund

NML0588AUIPA0061AUAPIR code

To provide moderate growth in your investment over themedium to long term with moderate fluctuations in valuelikely.

To provide moderate growth in your investment over themedium to long term, with moderate fluctuations in valuelikely. Broad diversification, including exposure to alternativeinvestments, is used to help reduce fluctuations.

Investmentobjective

To invest in a diversified mix of growth and defensive assetsusing a range of specialist investment managers.Growth assets such as shares and property will have anaverage allocation over time of 70% and 30% in defensiveassets such as cash and fixed interest.

To invest in a diversified mix of growth and defensive assetsusing a range of specialist investment managers.Broad diversification including exposure to alternativeinvestments is used to help reduce fluctuations. Over 20% ofthe portfolio is invested in alternatives.




55Risk band(vii)

Medium to highMedium to highRisk label(vii)

Range(iv)

(%)Target

(%)Asset classRange(iv)

(%)Target

(%)Asset classAsset

allocation(i)(iii)(iv)



0–207Listed property and infrastructure0–206Listed property and infrastructure








100Total100Total

The investment strategy andasset allocationof the investment optionsmay vary from time-to-time. Theobjectives are before all fees and taxes unless specified. Theoverall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar.

(i)


(iii)


(iv)


(v)



10

Multi-manager diversified – active (continued)Investmentcategory

Multi-sector – AggressiveMulti-sector – Moderately AggressiveInvestmentsub-category(v)

Generations High GrowthGenerations GrowthName of fund


Toprovidehighgrowth in your investmentover the long termwith larger fluctuations in value likely when compared toother Generations multi-manager diversified investmentoptions.

To provide moderate to high growth in your investment overthe long term with larger fluctuations in value likely whencompared to other Generations multi-manager diversifiedoptions (excluding Generations High Growth).

Investmentobjective

To invest in a diversified mix of growth and defensive assetsusing a range of specialist investment managers.Growth assets such as shares and property will have anaverageallocationover timeof97%and3% indefensiveassetssuch as cash and fixed interest.

To invest in a diversified mix of growth and defensive assetsusing a range of specialist investment managers.Growth assets such as shares and property will have anaverage allocation over time of 85% and 15% in defensiveassets such as cash and fixed interest.




66Risk band(vii)

HighHighRisk label(vii)

Range(iii)

(%)Target


(%)Target

(%)Asset classAsset




0–206Listed property and infrastructure0–207Listed property and infrastructure








100Total100Total

The investment strategy and asset allocation of the investment options may vary from time-to-time. The objectives are before all fees and taxes unless specified.The overall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar.

(i)


(iii)


(iv)


(v)



11

Multi-manager diversified – indexInvestment category

Multi-sector – Moderately AggressiveMulti-sector – BalancedMulti-sector –Moderately ConservativeInvestmentsub-category(v)

Generations Index – GrowthGenerations Index – BalancedGenerations Index – ModeratelyDefensive

Name of fund

NMF0021AUNMF0020AUNMF0019AUAPIR code

To provide moderate to high growth inyour investment over the long termwithlarger fluctuations in value likely whencompared to other diversified indexoptions.

To provide moderate growth in yourinvestment over the medium to longterm with moderate fluctuations invalue likely.

To provide modest growth in yourinvestment over themedium termwithsome fluctuations in value likely.

Investmentobjective

To invest in a diversified mix of growthand defensive assets using a range ofindex investment managers.Growth assets such as shares and listedproperty will have an average allocationover time of 85% and 15% in defensiveassets such as cash and fixed interest.

To invest in a diversified mix of growthand defensive assets using a range ofindex investment managers.Growthassets suchas shares and listedpropertywill have anaverage allocationover time of 70% and 30% in defensiveassets such as cash and fixed interest.

To invest in a diversified mix of growthand defensive assets using a range ofindex investment managers.Growth assets such as shares and listedproperty will have an average allocationover time of 50% and 50% in defensiveassets such as cash and fixed interest.


Half-yearly – June and DecemberHalf-yearly – June and DecemberHalf-yearly – June and DecemberDistributionfrequency

6 years5 years4 yearsIndicativeinvestment term(ii)

665Risk band(vii)

HighHighMedium to highRisk label(vii)

Range(iv)

(%)Target


(%)Target


(%)Target

(%)Asset classAsset


25–5041Internationalequities(iv)

20–4533Internationalequities(iv)

15–3523Internationallequities(iv)

25–4537Australianequities



0–207Listed property0–207Listed property0–207Listed property

0–150Alternativegrowth0–150Alternativegrowth

0–150Alternativegrowth

85Growth assets70Growth assets50Growth assets

0–258Fixed interest0–3518Fixed interest5–4029Fixed interest

0–100Alternativedefensive0–100Alternative

defensive0–100Alternative

defensive0–257Cash

0–3012Cash0–5021Cash15Defensive assets

30Defensive assets50Defensive assets100Total

100Total100Total

The investment strategy andasset allocationof the investment optionsmay vary from time-to-time. Theobjectives are before all fees and taxes unless specified. Theoverall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar.

(i)


(iii)


(iv)


(v)



12

Multi-manager sectorInvestmentcategory

Global equities – Large capGlobal equities – Large cap(currency hedged)

Australian equities – Large capInvestmentsub-category

Generations International Equities(Unhedged)

Generations International Equities (Hedged)Generations Australian EquitiesName of fund

NML0593AUNML0592AUNML0591AUAPIR code

Toprovidehighgrowth in your investmentover the long termby investing in equities

To provide high growth in your investmentover the long term by investing in equities

To provide high growth in yourinvestment over the long term by

Investmentobjective

and other securities issued mainly byand other securities issued mainly byinvesting in equities and othercompanies listed on the major overseascompanies listed on overseas markets. Thesecurities issued mainly bymarkets. The investment option providesexposure to currency movements.

investment option aims to minimisesignificantexposure tocurrencymovements.

companies listedon theAustralianSecurities Exchange (ASX).

To invest predominantly in internationalequities using a mix of specialist

To invest predominantly in internationalequities using a mix of specialist

To invest predominantly inAustralian equities using a mix of

Investment

strategy(i)international equity investmentmanagers.international equity investment managers.specialist Australian equity

investment managers. Investments will be exposed to currencyInvestment fluctuations due to currencyfluctuations as foreign currency exposuresexposures will be minimised by hedgingare not hedged back to the Australiandollar.

benchmark foreign currency exposures back

to the Australian dollar.(iii)

Half-yearly – June and DecemberHalf-yearly – June and DecemberHalf-yearly – June and DecemberDistributionfrequency

7 years7 years7 yearsIndicative

investment term(ii)

666Risk band(iv)

HighHighHighRisk label(iv)

The investment strategy and investment manager of the investment options may vary from time-to-time. The objectives are before all fees and taxes unlessspecified.

(i)

The indicative investment term does not represent a guarantee of performance over the stated period.(ii)

A passive currency hedging strategy has been implemented for this investment option. At times, hedging may not be exact and the portfolio may have someresidual currency exposure.

(iii)

For more information on the Standard Risk Measure refer to pages 28 to 29.(iv)


13

Single manager – Fixed interestSingle manager – CreditSingle manager – CashInvestment category

Australian fixed interestCreditCash & depositsInvestmentsub-category

BlackRock Australian Fixed InterestIndex

AMP Capital – Diversified CreditAMP Capital – Cash ManagementName of fund

NML0573AUNMF0003AUNML0569AUAPIR code

To provide investors with theperformance of themarket, before fees,asmeasuredby theBloombergAusBondComposite 0+ year IndexSM.

To provide total returns (primarilyincomewith somecapital growth) abovethe Bloomberg AusBond Bank Bill Indexover rolling 3 year periods.

To provide investors with a low risk,readily accessible investment and todeliver a return consistent to thebenchmark (Bloomberg AusBond BankBill Index) gross of fees.

Investmentobjective

To track a bond index by matching thedistribution of the risk and returnfactors of the index. The tracking is

The fund invests in an activelymanagedportfolio of credit securities, primarilyinvestment-grade rated corporatebonds

The fund holds a portfolio of moneymarket and fixed interest securities,derivative instruments and cash. Thefund may invest directly or indirectly insecurities and derivative instruments.


accomplished through “stratifiedsampling” which involves dividing theIndex into “cells” of securities that have

in the Australian market. The fund alsohas exposure to global bond markets.The fund may be suitable for investorswhoare seekinga regular incomestreamwith capital stability.

The fund may be suitable for investorswho have short term investment goals.

similar risk and return factors and thenbuilding a portfolio to match the riskcharacteristics of each of these cells.Some of the factors considered areinterest-rate risk, credit risk and issuerrisk.

Quarterly –March, June, September andDecember

Quarterly –March, June, September andDecember

MonthlyDistributionfrequency

2 years3 years1 yearIndicativeinvestment term(ii)

441Risk band(iii)

MediumMediumVery lowRisk label(iii)

BlackRockAMP CapitalAMP CapitalInvestmentmanager(i)


(i)

The indicative investment term does not represent a guarantee of performance over the stated period.(ii)For more information on the Standard Risk Measure refer to pages 28 to 29.(iii)


14

Single manager – Fixed interest (continued)Investmentcategory

Global fixed interestGlobal fixed interestInvestmentsub-category

PIMCO Global Fixed InterestBlackRock International Fixed Interest IndexName of fund


To achieve maximum total return by investing in global fixedinterest securities, and to seek to preserve capital throughprudent investment management. The fund's benchmark isBloomberg Barclays Global Aggregate Index (hedged inAustralian dollars).

To provide investors with the performance of the market,before fees less interest withholding taxes and the cost ofcurrency hedging, as measured by the Bloomberg BarclaysGlobal Aggregate Index (hedged in Australian dollars).

Investmentobjective

The fund is activelymanagedwith a long-term focus and seeksto avoid extreme swings in duration or maturity with a viewto creating a steady stream of returns.

To track abond indexbymatching the risk and return factorsof the index. The tracking is accomplished through “stratifiedsampling” which involves dividing the Index into “cells” of


The fund invests ingovernment, corporate,mortgageandotherfixed interest securities.While the fund invests predominantlyin investment grade securities, it may also invest innon-investment grade fixed interest securities and emergingmarket debt. The fund may also hold cash and derivatives.

securities that have similar risk and return factors and thenbuilding a portfolio tomatch the risk characteristics of eachof these cells. Some of the factors considered areinterest-rate risk, credit risk and issuer risk.A static currency hedge is used to convert the currencyexposure of the fund back to Australian dollars. The fund will normally seek to hedge currency exposure

between 90% to 110% to Australian dollars.

Quarterly – March, June, September and DecemberQuarterly – March, June, September and DecemberDistributionfrequency


44Risk band(iii)

MediumMediumRisk label(iii)

PIMCOBlackRockInvestmentmanager(i)


(i)



15

Single manager – PropertyInvestmentcategory

Australian propertyAustralian propertyInvestmentsub-category

BlackRock Property Securities IndexAMP Capital Australian Property FundName of fund


To provide investors with the performance of the market,before fees, as measured by the S&P/ASX 300 A-REIT TotalReturn Index.

To provide income and long-term capital growth.Investmentobjective

To remain fully exposed to the Australian REITs market, withcash exposure being maintained to a minimum, which will,wherever practicable, be equitised using index futurescontracts as deemed appropriate.

The fund invests primarily in direct propertywithin Australia,which is either held directly by the fund or through units intheWholesaleAustralianProperty Fund. The fundalso investsin cashand listedproperty securities. Theportfolio is designed


taking into account the real estate cycle, regionalcharacteristics, investment opportunities and the liquidityprofile of the fund and its investments, including theWholesaleAustralianProperty Fund. The fundmayalso investin other managed investment schemes or investmentcompanies where it is consistent with the fund’s investmentobjectives.The fund utilises gearing with the aim to produce a largerinvestment return over the long term by using borrowedmoney in addition to your own funds.The fund's capital will be managed conservatively, with lowborrowings. Where debt is used, it will be used selectively tofundcapital expenditure, investmentsandwithdrawalswhereappropriate. Normally, debt will range from 0% – 15% but attimes the fund may have higher gearing. The maximumamount the fund may borrow is 25% of gross assets at thetime the debt is drawn.Gearing may incur costs such as the interest paid onoutstanding debts and the costs of having the debt facilityavailable. These costs and changes in interest ratesmayaffectthe fund's returns.The fund’s investments may change from time-to-time, andare updated regularly online at ampcapital.com. Theseupdates can also be obtained by contacting us.The target asset allocation for the fund is to hold over 50%of its exposure as direct property, with the balance allocatedacross cash and Australian Securities Exchange (ASX) listedproperty securities, such asAustralian Real Estate InvestmentTrusts (AREITs) and funds which invest predominantly inAREITs. An AREIT is a corporation, or trust, which providesinvestors with exposure to properties such as shoppingcentres and other commercial or industrial properties.



75(iv)Risk band(iii)

Very highMedium to highRisk label(iii)

BlackRockAMP CapitalInvestmentmanager(i)


(i)

The indicative investment term does not represent a guarantee of performance over the stated period.(ii)For more information on the Standard Risk Measure refer to pages 28 to 29.(iii)The risk band for the AMP Capital Australian Property fund has been set to 5 as our current estimate of the number of expected negative returns over a 20-yearperiod for direct property is lower than for listed property securities.

(iv)


16

ampcapital.com.au

Single manager – Australian equitiesSingle manager - Property (continued)Investmentcategory

SpecialistAustralian propertyInvestmentsub-category

Antares High Growth SharesLegg Mason Martin Currie Australia Property SecuritiesName of fund


To outperform the S&P/ASX200 Accumulation index by 5%after fees over rolling five year periods.

The Fund aims to earn an after-fee return in excess of theS&P/ASX 300 A-REIT Accumulation Index over rolling threeyear periods.

Investmentobjective

To enhance returns through a range of investment strategiesincluding long/short positions, active trading along with theuse of exchange traded derivatives.

The Fund seeks tomaximise expected returns for longer terminvestors by investing in a diversified portfolio of propertysecurities and property-related securities which are tradingbelow our assessment of intrinsic value, whilst consideringeach securities’ quality.




77Risk band(iii)

Very highVery highRisk label(iii)

AntaresLegg Mason Martin Currie AustraliaInvestmentmanager(i)


(i)



17

Single manager – Australian equities(continued)

Investmentcategory

SpecialistLarge capLarge capInvestmentsub-category

Colonial First State Wholesale GearedAustralian Share

BlackRock Australian Equity IndexBlackRock Australian EquityName of fund

NMF0004AUNML0572AUNML0571AUAPIR code

To magnify long-term returns fromcapital growth by borrowing to investin large Australian companies. The

To provide market returns (before fees)through investment inAustralianequitysecurities.

To achieve superior investmentperformance throughproviding returns(before fees) that outperform those of

Investmentobjective

optionaims tooutperformtheS&P/ASX100 Accumulation Index over rolling 7year periods before fees and taxes.

the S&P/ASX 300 Accumulation Index,while maintaining a similar level ofinvestment risk to the index.

The fund invests in large, high qualityAustralian companies with strongbalance sheets and earnings. The

To adopt a full replicationmethodologyto track the performance of theS&P/ASX 300 Accumulation Index.

To invest using a highly diversifiedequity strategy providing broadexposure to the Australian equitymarket. The investment option makes


underlying fund utilises gearing withWhenever practical the investmentrelatively small investments in many the aim to produce a larger investmentoptionwill seek to invest in every equityindividual equities. This process

return over the long term by usingborrowed money in addition to yourown funds.

in the index, while consideringtransaction costs and to remain fullyexposed to thedeveloped sharemarket,

diversifies active risk across a broadspectrum of equities in a variety ofindustries and is designed to providemore consistent active returns overtime.

Theunderlying fund is gearedby issuingnotes or bonds in Australian orinternational capitalmarkets, and/or by

with cash exposure being maintainedto a minimum, which will, whereverpracticable, be equitised using indexfutures contracts. borrowing at competitive rates from aDerivatives, such as futures, forwardsand options can be used tomanage riskand return. When derivative positions

large number of international andAustralian financial institutions. Interestand related borrowing costs are paid by

are established, they will always be the funds.Where the fund borrows in aforeign currency, proceeds will be fullyhedged into Australian dollars.

backed by cash holdings and/orunderlying assets. Derivative securitieswill not be used to gear the fund. A geared fund will not always magnify

gains (particularly in a low returnenvironment), but will always magnifylosses. Investors will thereforeexperience increased volatility in thevalue of their investment. This meansthat investorswill havepotentially largefluctuations both up and down in thevalue of their investments.

Quarterly – March, June, Septemberand December

Quarterly –March, June, SeptemberandDecember


Distributionfrequency


766Risk band(iii)

Very highHighHighRisk label(iii)

Colonial First StateBlackRockBlackRockInvestmentmanager(i)


(i)



18

Single manager – Australian equities(continued)

Investmentcategory

Large capLarge capSpecialistInvestmentsub-category

UBS Australian EquitySchroder Australian EquityPerpetual Industrial ShareName of fund

NML0585AUNML0584AUNML0580AUAPIR code

Tooutperform (after costs) the S&P/ASX300 Accumulation Index over rolling 5year periods.

To outperform the S&P/ASX 200Accumulation Index over the mediumto long term by investing in a broadrange of companies from Australia andNew Zealand.

Toprovide long-termcapital growthandregular income through investment inquality industrial shares. To outperformthe S&P ASX 300 IndustrialAccumulation Index before fees andtaxes over rolling 3 year periods.

Investmentobjective

The investment option is an activelymanaged fund investing in a portfolioof 30-70 listed Australian equitysecurities.

This is an actively managed coreAustralian equity portfolio with a focuson investing in quality stockspredominantly in Australia

Perpetual researches companies of allsizes using consistent share selectioncriteria. Perpetual’s priority is to selectthose companies that represent thebest


Financial derivatives may be used togain exposure to the Australian sharemarket or to manage investment risk.

characterised by strong returns oncapital with a sustainable competitiveadvantage.

investment quality and areappropriately priced. In determininginvestment quality., investments are

At least 75% of the investment optionis invested instocks that comprise theS&P/ASX 100 Index.

The Fund draws on Schroder's deepresearch capabilities with a long termfocus on investing.

carefully selected on the basis of fourkey investment criteria: conservativedebt levels, soundmanagement, qualitybusiness, and recurring earnings.Derivatives may be used in managingthe investment option.


Half-yearly – June and DecemberQuarterly –March, June, SeptemberandDecember



666Risk band(iii)

HighHighHighRisk label(iii)

Yarra Funds ManagementSchroderPerpetualInvestmentmanager(i)


(i)



19

Single manager – Global equitiesSingle manager – Australian equities(continued)

Investmentcategory

Large cap (currency hedged)Large capLarge capInvestmentsub-category

BlackRock International Equity Index(Hedged)

Aberdeen Standard Global EquityVanguard® Australian Shares IndexName of fund

NML0574AUNML0579AUNMF0015AUAPIR code

Provide investorswith the performanceof the market, before fees and the costof hedging, as measured by the MSCIWorld ex-Australia Net TR IndexSM

(hedged in Australian dollars).

To provide investors with high capitalgrowth over the medium to long termby seekingexposure to companies listedon securities exchanges around theworld.

The fund seeks to track the returnof theS&P/ASX 300 Accumulation Indexbefore taking into account fees,expenses, and tax.

Investmentobjective

The fund’s benchmark is MSCI AllCountries World Accumulation Index(ex Australia) unhedged.

The fund aims to purchase everysecurity in the Index, while consideringtransaction costs and to remain fully

The fund invests primarily in aconcentrated portfolio of around 40-60listed international securities (other

The S&P/ASX 300 Accumulation Indexincludes the large cap, mid cap andsmall cap components of the S&P/ASXindex family. The index covers


exposed to thedeveloped sharemarket,than those listed on the Australianapproximately 81%ofAustralian equity with cash exposure being maintainedSecurities Exchange) with the potential

for capital growthand increasedearningpotential.

market capitalisation. The fundwill holdmost of the securities in the index,allowing for individual security

to a minimum, which will, whereverpracticable, be equitised using indexfutures contracts.Currency hedging of the fund’s assets

may vary between0-50%hedged to theAustralian dollar.

weightings to vary marginally from theindex from time-to-time. The fundmayinvest in securities that have beenremoved from or are expected to beincluded in the index.

Derivatives, such as futures, forwardsand options can be used tomanage riskand return. When derivative positionsare established, they will always be

Derivatives may be used to reduce riskor gain exposure to other types ofinvestments when appropriate.Derivatives are not used to gear a fund.

backed by cash holdings and/orunderlying assets. Derivative securitieswill not be used to gear the fund.The effect of currency fluctuations onreturns is minimised by implementinga static currency hedge.

Annually – JuneAnnually – JuneQuarterly –March, June, SeptemberandDecember



666Risk band(iii)

HighHighHighRisk label(iii)

BlackRockAberdeen StandardVanguardInvestmentmanager(i)


(i)



20

Single manager – Global equities (continued)Investmentcategory

SpecialistLarge capInvestmentsub-category

Platinum InternationalBlackRock International Equity Index (Unhedged)Name of fund


To provide capital growth over the long-term by investing inundervalued companies from around the world.

To provide investors with the performance of the market,before fees, as measured by the MSCI World ex AustraliaIndexSM (unhedged in Australian dollars with net dividendsreinvested).

Investmentobjective

The fund primarily invests in listed securities. The fund willideally consist of 70 to 140 securities that the managerbelieves to be undervalued by the market. Cash may be heldwhen undervalued securities cannot be found. Themanagermay short sell securities that it considers overvalued.

The fund aims to purchase every security in the Index, whileconsidering transaction costs and to remain fully exposed tothe developed share market, with cash exposure beingmaintained to aminimum, which will, wherever practicable,be equitised using index futures contracts.


The fund may use derivatives:Derivatives, suchas futures, forwards andoptions canbeusedto manage risk and return. When derivative positions areestablished, they will always be backed by cash holdingsand/or underlying assets. Derivative securities will not beused to gear the fund.

– for risk management purposes;– to take opportunities to increase returns;– to create short position in a security;– to establish positions in securities that may otherwise

not be readily available (e.g. to gain access to particularstock markets where foreign investors face restrictions),and

– to aid in the management of the fund cash flows (e.g.some stock markets require pre-funding of stockpurchases that may be avoided through the use ofderivatives).

In addition, the fund has the following investmentrestrictions:– Theunderlying value of derivativesmaynot exceed100%

of the NAV of the fund, and– The underlying value of long stock position and

derivatives will not exceed 150% of the NAV of the fund.Themanagermanages risk associatedwith currencyexposurethrough the use of hedging devices (eg foreign exchangeforwards, swaps, non-deliverable forwards and currencyoptions) and cash foreign exchange trades.

Annually – JuneAnnually – JuneDistributionfrequency


66Risk band(iii)

HighHighRisk label(iii)

Platinum Investment Management Limited (trading asPlatinum Asset Management)

BlackRockInvestmentmanager(i)


(i)



21

Single manager – Global equities (continued)Investmentcategory

Large cap (currency hedged)Large capInvestmentsub-category

Vanguard® International Shares Index (Hedged)Vanguard® International Shares IndexName of fund

NMF0012AUNMF0011AUAPIR code

The fund seeks to track the return of the MSCI Worldex-Australia (with net dividends reinvested) hedged intoAustralian dollars Index before taking into account fees,expenses and tax.

To track the return of theMSCIWorld ex-Australia Index (withnet dividends reinvested) in Australian dollars before takinginto account fees, expenses, and tax.

Investmentobjective

Derivatives may be used to manage market exposure.

The fund meets its investment strategy by investing in theVanguard International Shares Index Fund, forward foreignexchange contracts and futures. Vanguard may, at its

The MSCI World ex-Australia Index comprises securities(shares) listed on the exchanges of the world’s majordeveloped economies. The fund will hold most of thesecurities in the index, allowing for individual security


discretion, commence investing directly in the securities thatweightings to vary marginally from the index from time to are, have been or are expected to be in the index. The fund istime. The fund may invest in securities that have been

exposed to all of the securities in the indexmost of the time,removed from or are expected to be included in the index.allowing for individual securityweightings to varymarginallyThe fund will be fully exposed to the fluctuating values of

foreign currencies, as therewill not be any hedging of foreigncurrencies to the Australian dollar.

from the index from time-to-time. The fundmay be exposedto securities that have been removed from or are expectedto be included in the index.The fund is hedged to Australian dollars so the value of thefund is relatively unaffected by currency fluctuations.



66Risk band(iii)

HighHighRisk label(iii)

VanguardVanguardInvestmentmanager(i)


(i)



22

Investment performancePerformance information is regularly updated. To obtainup-to-date performance figures for each investment option,please speak to your financial adviser or call the North ServiceCentre on 1800 667 841. A copy of up-to-date performancefigures will be provided on request free of charge and is alsoavailableatnorthonline.com.au/generations. Pastperformanceshould not be taken as an indication of future performance.

Purchases and salesPeople who invest in the investment options via Generationsbecome ‘indirect investors’. Indirect investors do not becomeregistered unit holders in the investment options. Instead it isthe operator/trustee that purchases units for you and so hasthe rights of a unit holder. They exercise these rights inaccordance with their arrangements with you.

It is important to ensure you have fully read and understoodthe relevant Generations Personal Super and Personal PensionPDS or Generations Investment Portfolio IDPS guide prior toinvesting. The documents include important information onhow to purchase and sell units in the investment options andyour rights and information on fees.

Purchasing units in the investment optionsTo invest in the Generations investment options pleasecomplete theapplication formonNorthOnline forGenerationsPersonal SuperandPersonal PensionorGenerations InvestmentPortfolio.

Selling units in the investment optionsPlease refer to the relevant Generations Personal Super andPersonal Pension PDSorGenerations Investment Portfolio IDPSguide for further information regarding withdrawals.

Delayed access to your moneyUnder certain circumstanceswemaybeunable to realise assetsto fund sales due to circumstances beyond our control such asrestricted or suspendedmarket trading. In such circumstances,the completion of purchases and the period for payment ofsale proceeds may be extended under the terms of theconstitution of each investment option for the number of daysthat these circumstances exist.

Unit pricingDiscretions policy

The responsible entity may exercise certain discretions indetermining the unit price of units on application andwithdrawal in the investment option. The unit pricingdiscretions policy sets out the types of discretions that theresponsible entity may exercise and in what circumstances,the policies on how the responsible entity exercises thediscretions and the reasons why it considers the policies arereasonable. It also sets out the circumstances in whichtransactions may be suspended.

The responsible entity is required to keep a record of anyinstance where a discretion is exercised in a way that departsfrom these policies.

The Unit Pricing Discretions Policy can be obtained online atwww.ampcapital.comor a copy canbeobtained, freeof charge,by contacting the North Service Centre on 1800 667 841.

Asset valuation policyAssets inwhich the investment options invest are held directlythem, or through underlying funds in which they invest.Generally, these assets are valued at least each business dayusing market prices in accordance with the AMP Capital AssetValuation Policy, with the exception of the following:– direct assets are valued by us at least twice a year– units in unlisted infrastructure funds are valued at the

most recent unit price supplied by the manager of therelevant fund, and

– investments in underlying funds are valued by anindependent administrator, or

– direct property valuations are determinedby independentproperty valuers annually, or more frequently to complywith certain schememandates as required.

For further informationonAMPCapital's AssetValuationPolicy,please go towww.ampcapital.com or a copy can be obtained,free of charge, by contacting us.

23


www.ampcapital.com.au

https://www.ampcapital.com

AMP Capital Australian Property FundWithdrawals

The Responsible Entity aims to process withdrawal requestsmonthly andwithdrawal requestswill generally bepaidwithinfive Business Days after the specified withdrawal date. ABusiness Day for us is any day other than Saturday, Sunday ora bank or public holiday in Melbourne, VIC. Withdrawals willbe limited to 5%of the net asset value of the Fundper calendarquarter (although we have discretion to alter this amount).

However, the Fund's constitution allows withdrawal requeststo be paid 12 months after the specified withdrawal date oreven longer in the circumstances specified in the Fund'sconstitution. These circumstances include where theResponsible Entity is unable to realise sufficient assets due tocircumstances beyond its control, such as restricted orsuspended trading in the market for an asset.

The amount of cash available in anymonth will be affected bya number of factors which include (but are not limited to) theamountofapplicationsand redemptions received inaparticularmonth, outstanding withdrawals from prior months, capitalexpenditure requirements in the property portfolio, theavailability of debt and acquisitions and/or divestments ofproperties or property securities.

Where the amount of funds available for meeting withdrawalrequests is not sufficient to fully meet all withdrawal requestsrelating to a specified withdrawal date, withdrawal amountsmay be paid in part. Where withdrawals are paid in part, theoutstanding unpaid amount will be paid once sufficient cashis available to meet withdrawal requests relating to thespecified withdrawal date and may be paid in priority towithdrawal requests subsequently receivedby the ResponsibleEntity. Investors shouldbeaware thatwithdrawal requests canonly be processed and met while the Fund is liquid.

The Fund's liquidity position will be monitored. In the eventthat the Fund is not able to meet withdrawal requests in partor in full or if the Fund is declared illiquid, the Responsible Entitywill as soon as practicable communicate how it plans to meetwithdrawal requests in the future. This communication willinclude the steps to be taken over the next 12months and theexpected liquidity position during this time. This may involveraising equity from new investors, utilising existing cash,increasing the level of debt, selling property securities, sellingdirect property or undertaking a combination of thesemeasures. Quarterly updates will provide an update on thesteps taken or proposed to be taken, the expected liquidityposition and the anticipated timeframe to implement thesesteps. The updateswill be provided until such time asmonthlyprocessing of withdrawal requests resumes.

You should carefully read the 'What risks apply to investing'sectionof this PDSand the relevantGenerations Personal Superand Personal Pension PDS or Generations Investment PortfolioIDPS for further information regarding withdrawals. It isessential that you understand the withdrawal arrangementsand restrictions for the Fund.

Processing withdrawal requests

The Responsible Entity aims to process withdrawal requestsmonthly according to the relevant ‘specified withdrawal date’(see below). Generally, withdrawal requests will be satisfiedwithin five Business

Days of the specified withdrawal date, but may take up to 12months, or longer, as allowed under the Fund’s constitution.

Specified withdrawal date

You can submit a withdrawal request at any time. However,withdrawal requests will be processed on the specifiedwithdrawal date,which is the15thdayof each calendarmonth,or the next BusinessDay if the specifiedwithdrawal date is nota Business Day.

Withdrawal requests received after 1.00pmMelbourne timeon any specified withdrawal date will be held over to the nextspecified withdrawal date for processing.

Multiple withdrawal requests

More than one withdrawal request per investor may beaccepted in relation to any specified withdrawal date. Wheremore than onewithdrawal request has been received from thesame investor, each withdrawal request will be processedindividually.

Please refer to the 'Selling units in the investment options'section.

Withdrawal arrangements if the Fund is not liquid

The withdrawal arrangements outlined above in this sectiononly apply while the Fund is liquid as defined under theCorporationsAct.Where the Fund ceases to be liquid, includingdue to any changes to theCorporationsAct definition of liquid,withdrawals are cancelled and investors will not be able towithdraw fromtheFundunless anduntil theResponsible Entitychooses to make a withdrawal offer to investors.

As at the date of this PDS, the Fund is liquid under the currentCorporations Act definition of ‘liquid’, that is, the ResponsibleEntity reasonably expects that it could sell at least 80% of theFund’s assets formarket valuewithin 12months. See ‘Liquidity’section below.

TheResponsible Entity reserves the right to terminate the Fundat any time and will do so if it considers it in the best interestsof investors. If the Fund is terminated, any unpaid withdrawalrequests will be cancelled.

Risks specific to the Fund

Direct property investments, including assets held directly andvia investment in underlying funds such as theWholesaleAustralian Property Fund.

The Fund’s returnsmay be affected by factors such as demandin the marketplace by investors for property, the demand bytenants for commercial space, rental income levels, tenants’ability to service rental payments, the supplyofnewcommercialspace, capital expenditure and ongoing expenses formaintenance and repairs, costs and losses associated withnatural disasters, or other disasters or events outside of ourreasonable control, which prevent the normal operation of theFund’s assets.

24

The returns from property investments may fluctuate fromyear to year which means the stability of your capitalinvestment in the Fund is not guaranteed.

The Fund's direct property investments are generally held overthe longer term and considered illiquid, which means thatimmediate access to your capital investment in the Fund is notguaranteed. Selling commercial properties generally takes threeto six months and may take longer in a market downturn.

Liquidity

From time to time, the Fund is likely to require cash to fundasset acquisitions, capital expenditure or withdrawals. Thiscashmay be obtained from a number of sources including theproceeds from application for units in the Fund by new orexisting investors, bank debt, the sale of property securitiesand direct property sales and by redeeming units in itsinvestments, including theWholesaleAustralianProperty Fund.If these sources are not available at the time required, theFund’s liquidity level may drop, which increases the risk thatthe Fund may not be able to meet withdrawal requests eitherin part or in full. Furthermore, withdrawals will be limited to5% of the net asset value of the Fund per calendar quarter(althoughwe have discretion to alter this amount). The Fund’slong-term ability to maintain monthly withdrawals relies onit being able to attract sufficient new applications to offsetredemptions.

In addition, if the Fund ceases to be liquid for the purposes ofthe Corporations Act, the Responsible Entity will not meetwithdrawal requests. As at the date of this PDS the Fund isliquid under the current Corporations Act definition of ‘liquid’,where the Responsible Entity reasonably expects that it couldsell at least 80% of the Fund’s assets atmarket valuewithin 12months.

However, the Fund could cease to be liquid if thesecircumstances change or if the Corporations Act definition of‘liquid’ changes and the Fund is not able to satisfy thatdefinition.

The Fund’s liquidity position will be monitored. In the eventthat the Fund is not able to meet withdrawal requests in partor in full or if the Fund is declared illiquid, the Responsible Entitywill, as soon as practicable, communicate how it plans tomeetwithdrawal requests in the future. This communication willinclude the steps to be taken over the next 12months and theexpected liquidity position during this time. This may involveraising equity from new investors, utilising existing cash,increasing the level of debt, selling property securities, sellingdirect property or undertaking a combination of thesemeasures. Quarterly updates will provide an update on thesteps taken or proposed to be taken, the expected liquidityposition and the anticipated timeframe to implement thesesteps. The updateswill be provided until such time asmonthlyprocessing of withdrawal requests resumes.

See the ‘Withdrawals’ section above for details about theconditions that apply towithdrawals fromthe Fund, including:– the times withdrawal requests can be submitted– the length of time the Fundmay take to pay a withdrawal

request, and– when withdrawals may be cancelled if the Fund ceases to

be liquid or in other circumstances.

25

What risks apply to investing?

Managing your risksThe following steps are important in managing your risksassociated with investing in the investment options we offer:1. Obtain professional advice to determine whether the

investment option(s) suit your investment objectives,financial situation and particular needs.

2. Carefully readall the information in thePDSbefore investing,including any updates provided through PDS updates. Visitnorthonline.com.au/generations for details.

3. Consider investment options along with your preferredinvestment timeframe and risk appetite. Please note thatinvesting foranysuggestedminimuminvestment timeframefor an investment option does not eliminate the risk of loss.

4. Regularly review your investments in light of yourinvestment objectives, financial situation and particularneeds.

DiversificationDiversification in simple termsmeansnotputtingall your eggsin one basket. It’s a way of spreading risk by investing indifferent markets as these rise and fall at different times. Thiscan also include using a range of different investmentmanagers as well as different investment styles.

Reviewing your choicesWhile it is important to think carefully aboutwhich investmentoptions you select, the appropriate selections can change overtime. As your personal preferences, financial situation andlong-term goals change, you should rethink your investmentstrategy and adjust this so it continues to meet your needs. Inany case, anannual reviewof your investment choices is usuallyworthwhile.

What risks apply to investing?Every investment involves risk. Different strategies may carrydifferent levels of risk, depending on the assets that make upthe strategy. Generally, the higher the expected return, thehigher the risk. Below is an overview of some of the significantrisks you may face. To find out more about the potential risksand how to manage them, talk to your financial adviser. Thelevel of risk for each person will vary depending on a range offactors, including age, investment time frames, where otherparts of the investor's wealth are invested, and the investor'srisk tolerance.

Market risk

Market risk is the risk that the price of the assets you haveinvested in may fall. For example, your investments can beaffected by changes in:– interest or inflation rates– government legislation or taxation, and– market sentiment.

Currency risk

Currency risk is the risk that the Australian dollar value ofoverseas assets may fall because of currency fluctuations.Currency changes can also work in your favour, increasing thevalue of offshore assets.

Derivatives risk

Derivatives are securities, such as options or warrants, thatderive their value fromanunderlyingasset or index.Dependingon the investments you select, your fundmanagermayactivelyuse derivatives to manage risk or increase returns. Butderivatives can also result in more volatile returns, increasingthe risk of gains and losses.

Gearing risk

Some investment options may be geared using loans orderivatives. While gearing can multiply returns when yourinvestments rise in value, it can also multiply losses if yourinvestments fall. As a result, gearing can increase risk andmakeinvestment returns more volatile.

Legislative risk

Changes to legislation can affect:– who can invest– the amount of tax you need to pay, and– when and how you can withdrawmoney.

26


Liquidity risk

This is the risk that an investmentmay not be easily convertedto cash, with little or no loss of capital and minimum delay,because of inadequate market depth or disruptions in themarket place. Investment switches, withdrawals, rollovers andtransfers from your superannuation or pension account arenormally processed within 30 days of us receiving all thenecessary information. There is an exception to thisrequirement where particular investments have redemptionrestrictions imposed by the underlying investment managerthat prevent us from paying the benefit within this period.These are referred to as ‘illiquid investments’.

Risk of delay

Generally, fund managers receive instructions to buy and sellinvestments each day. But sometimes these instructions canbe delayed, potentially affecting the amount you receivewhenthe transaction takes place. For example, a transactionmay bedelayed if:– your transaction request does not have enough detail for

us to act on it– the request isn’t signed– the instructions are illegible or incomplete– the transaction does not meet the minimum investment

or withdrawal requirements set by the fund manager– a system failure occurs when processing the transaction

to your account (by us or the fund manager), or– the investment option has restricted withdrawal or

redemption periods.

Counterparty risk

Entry into transactions such as swaps create counterparty risk.Substantial losses could be incurred if a counterparty fails todeliver on its contractual obligations or experienced financialdifficulties. For this reason, theGenerationsoptionsonly engagewith approved counterparties andmay adopt additional creditprotection measures where appropriate.

Investment option risk

There are risks particular to the investment options, forinstance, that any or all of them could close to new purchasesor be terminated, the fees and expenses could change or theinvestmentmanagers or their investment teams could change.

Investment specific risk

This is the risk that applies to an individual investment withinan investment option. Examples may include the unforeseenentry of a new competitor into themarket or an increase in thecost of rawmaterials. Investment specific risk may apply to allof the investment options.

Securities lending risk

Some of the investment options may engage in securitieslending. Although engaging in securities lending may benefitthe investment option by providing increased returns, there isa risk of capital loss.

Short selling risk

Short selling involves selling a security you do not own as youbelieve you can purchase it at a lower price to complete thetransaction. It is an investment strategy thatmay result inmorevolatile returns and may increase the risk of capital loss. Therisk of short selling is that youmay have to purchase a securityfor a price higher than what you previously sold it for.

Interest risk

Cashand fixed income investmentswill be impactedby interestratemovements.While capital gainsmaybe earned from fixedincome investments in a falling interest rate environment,capital losses can occur in a rising interest rate environment.The risk of capital gain or loss tends to increase as the term tomaturity of the investment increases.

Share market risk

Share market investments have historically produced higherreturns than cash or fixed interest investments over the longterm. However, the risk of capital loss exists, especially overthe shorter term. You should be aware that past share marketinvestment performance is not an indication of futureperformance.

Specific risks may include a slowdown in economic growth,individual companies reporting disappointing profits anddividends, andmanagement changes.Where a fund is investedin listed securities, the value of these securities may decreaseas a result of these and other events.

International investments risk

Changes in the state of the world economies may affect thevalue of your investment in the Funds.– Currency exchange rates – where a Fund's investments

are located overseas, the relative strength or weakness oftheAustraliandollar againstother currenciesmay influencethe value of, or income from, an investment.

– Currency hedging – where international investments areprimarilyhedgedback toAustraliandollars, theFunds couldstill incur losses related to hedging or currency exchangerates. Such losses may affect a Fund's taxable income andits subsequent ability to pay distributions. Risks such asilliquidity or default by the other party to the hedgingtransaction may also apply.

– Less protection under laws outside of Australia – the lawsunder which assets located outside of Australia operatemaynot provide equivalent protection to that ofAustralianlaws, which may mean that a Fund is unable to recoverthe full or part value of an offshore investment.

– Emerging markets – securities markets in emergingmarkets are smaller and have beenmore volatile than themajor securitiesmarkets inmoredeveloped countries. Thisis often a reflection of a less developed country's greaterpolitical instability or uncertainty, exchange rateuncertainty, lower market transparency or uncertaineconomic growth. Clearance and settlement proceduresin an emerging country's securities market may be lessdevelopedwhich could lead todelays in settling trades andregistering transfers of securities.

– Operational risk – investing across multiple markets andcurrencies magnifies risks associated with internationalinvestments.

27

Investment management risk

There is a risk that the investment manager will not performto expectation or factors such as changes to the investmentteamor a changeof investmentmanagermayaffect the Fund’sperformance.

Concentration risk

As the Fund holds only a small number of securities, theunderperformance of a particular security may have aproportionately greater negative effect on the Fund’s overallperformance than if the Fundhelda largernumberof securities.

Listed hybrid securities risk

As listedhybrid securities are a combination of debt and equity,they have the risk characteristics of fixed income and sharemarket investments, as well as those associated withderivatives (if applicable). In addition, there is the risk that theymay not be able to be exchanged readily for cash or anequivalent asset value.

Credit risk

The valueof assetswithin the Fund can changedue to changesin the credit quality of the individual issuer and also fromchanges in values of other similar securities. This can affectthe volatility of the Fund and its income.

Fixed incomesecurities are subject todefault risk,whichmeansthat the credit issuer may default on interest payments, therepayment of capital or both. Fixed income investments withanon-investment grade credit rating (that is, Standard&Poor’sBB+ rating or equivalent, or less) are subject to increased riskscompared with investment grade securities, in that the creditissuer may be more likely to default on interest payments, therepayment of capital or both.

Sector risk

There is the risk that returns may be adversely affected wherethe Fund’s investments have a high exposure to a particularsector or sectors.

Standard Risk MeasureThe Standard Risk Measure (SRM) is a common risk descriptorused by superannuation funds.

It is based on guidance from the Australian Prudential andRegulation Authority (APRA) to allow investors to comparemanaged funds that are expected to deliver a similar numberof negative annual returns over any 20-year period.

We have introduced the SRM in accordance with therecommendations from the Financial Services Council (FSC)and Association of Superannuation Funds of Australia (ASFA).

SRM descriptors

Each managed fund described in the Generations investmentoptions PDS has been assigned an SRM. The table below setsout the SRM labels used for each managed fund based on theestimated number of negative annual returns that amanagedfund may experience over any 20-year period.

Estimated number of negativeannual returns over any 20-yearperiod

Risk labelRiskband

Less than 0.5Very low1

0.5 to less than 1Low2

1 to less than 2Low to medium3

2 to less than 3Medium4

3 to less than 4Medium to high5

4 to less than 6High6

6 or greaterVery high7

For example, managed funds with a risk band of 5, have amedium to high risk label and may experience between threeto less than four years of negative annual returns over any20-year period.

Limitations

The SRM is not a complete assessment of all forms ofinvestment risk and does not replace the need for financialadvice when constructing a managed fund portfolio. Forinstance, it does not detail the size a negative return could beor the potential for a positive return to be less than you mayrequire to meet your objectives. Further, it does not take intoaccount the impact of administration fees and tax on thelikelihood of a negative return.

The SRM is not a comprehensive account of the risks ofinvesting and investors should consider these risk labels inconjunction with the different risks of investing that apply toyour investments. You should still ensure you are comfortablewith the risks andpotential losses associatedwith your chosenmanaged fund(s).

Methodology

The methodology used for calculating the SRM follows theFSC/ASFA recommendations and is in line with marketpractices.

For each investment option, the process determines a set offorward-looking capital market assumptions by forecastingexpected yield and growth outcomes for each asset class.

The assumed returnoutcomesare gross of administration fees,net of investment management fees, and gross of tax.

Generally, alpha (outperformance) has been assumed to offsetinvestmentmanagement fees, however for someasset classes(where appropriate) a small amount of alpha in excess ofinvestment management fees is assumed.

For multi-sector (or diversified) investment options, acorrelation matrix between the asset classes has also beendetermined using long-term historic data. Both theassumptions and correlations are then used to determine amulti-sector investment option’s expected risk and return bycombining themwith its long-term strategic asset allocation.

For each investment option, the SRM is calculated bydetermining the probability of a negative return based on anexpected normal distribution of returns multiplied by 20.

28

Changes to the SRM

For each managed fund, any significant changes to marketconditions may alter the SRM from time-to-time. In addition,any changes to themethodologyused (includingany regulatorychanges) may also alter the SRM results.

We will generally review the SRM each year.

Differences between each provider’s SRM

Investors should be aware that the SRM labels used for eachmanaged fund are based on our assessment and may differfrom those assigned by other providers. The differences aregenerally due to themethodology used in calculating the SRM.

Generations Personal Super and Personal Pension managedfund SRMs

Please refer to pages 9 to 12 of this PDS for the SRM for eachmanaged fund available through Generations Personal Superand Personal Pension.

29

Further information on the investment options

DistributionsTheGenerations investmentoptionswill generally earn incomeand may also generate capital gains. Investment earnings arepaid in the form of distributions. These distributions aregenerally reinvested as additional units in the investmentoption fromwhich the distributions were paid. In some casesdistributions are paid to your cash account. Where aninvestment option has application or redemption restrictionsimposed by the investment manager or has been removedfrom this PDS, distributions may be credited to your cashaccount or invested according to your purchase instructions.

Investors in the Generations investment options that holdalternative assets should note that payment of distributionswill generally be later than for other investment options dueto the greater amount of time required to calculate and receivepaymentsof distributions fromtheunderlyingalternative assetfunds.

Where a distribution is to be made, we normally distributewithin 30 days after the end of the distribution period. Thedistribution period may change in accordance with theconstitution for the relevant investment option. Distributionswill bemadewithin the timeperiodallowedbyeach investmentoption’s constitution.

Howwe calculate your distributionsUnit prices will normally fall after the end of each distributionperiod. Consequently, if you invest just before the end of adistribution period, some of your capital may be returned toyou as income in the form of a distribution.

Any distributions you receive may affect the social securitybenefits to which you are or may be entitled, and you shouldconsider discussing this with your financial adviser, Centrelinkor the Department of Veterans' Affairs before investing.

Distributions paid are based on the income earned by theinvestment option and the number of units you hold at theend of the distribution period. For example, if you held 50,000units in the investment option, and the investment optionpaida distribution of $0.02 per unit for the distribution period, youwould receive $1,000 (that is, 50,000 units x $0.02 per unit).Please note this is an example only and not a forecast, thedistribution rate will vary for each distribution.

How are the distributions taxed?You may be liable for tax on taxable income that is attributedto you in relation to your investment options. Refer to 'Taxation'on page 43 of this PDS for more information.

BorrowingNoneof the investmentoptions’ constitutionsplace any formalrestrictions on amounts that may be borrowed or liabilitiesthat may be incurred. Borrowings may be sought by us or theinvestment managers for such purposes as:– implementation of investment strategies– funding the sale of units, and– covering settlements.

Each investment option may incur costs through interestexpenses and the establishment and maintenance of aborrowing facility. As a general rule, these expenses arerecoverable from the assets of the funds.

Securities lendingSecurities lending is an investment practicewhereby securitiesof a fund are 'lent' to a third party (the borrower) for a periodof time in return for a fee. Title to the securities is transferredto theborrower, but the investmentoption's exposure to capitalmovements and investment income remain unchanged. Forthe duration of the loan, the borrower is required to providecollateral in excess of the value of the securities loaned.Collateral is held by the fund's custodian on behalf of theinvestment option. Subject to any restrictions deemednecessaryby the investmentmanager or thePortfolioManager,up to 95% of each individual security held by an investmentoption may be lent under the securities lending program. Theinvestment options listed in this PDS may be included asparticipants in securities lending.

Securities lendingexposes theparticipating investmentoptionsto additional risks which may cause a loss of capital, inparticular the risk that theborrowerdefaults by failing to returnthe securities. However, processes are in place to manage andsubstantially mitigate these risks, including:– loans may only be made to approved borrowers, who are

carefully selected taking into account credit risk– aggregate borrowing limits are set and monitored– acceptable collateralmustbehighquality andhighly liquid,

including cash, shares in larger companies andgovernmentbonds; in the event of default, collateralmay be liquidatedto fund purchase of replacement securities

– borrowers are required tomaintain collateral equal to thevalue of the securities on loan plus amargin of 5% to 10%depending on type of collateral

– marketmovementsofboth securitieson loanandcollateralare monitored on a daily basis and adjustments madewhere necessary to ensure that loans remain fullycollateralised

30

– restrictionsmaybeplacedonwhich securities are availableto be loanedand limits on theproportionof securities thatmay be loaned, and

– loans may be recalled at any time at the discretion of theresponsible entity and the securities lending agreementmay be terminated at short notice should marketconditions warrant such action.

In addition, further riskmitigationhasbeenput inplace againstpossible capital loss resulting from insolvency of a borrowerby a legally enforceable indemnity from the securities lendingagent (a related party of the fund's custodian), which wouldmake up any shortfall between the collateral and the cost torepurchase a loaned security.

Income earned from securities lending is returned to theparticipating investment options after the deduction of costsand fees payable to the securities lending agent (for operationof theprogramand theprovisionof the indemnity) and toAMPCapital for monitoring, governance and oversight. These feesare 30% and 10% of securities lending revenue respectivelywhich are in line with normal commercial rates.

Environmental, Social and Governance(ESG) considerationsAMP Capital will take account of labour standards,environmental, social, ethical or governance considerations inthe selection, retention or realisation of investments across allasset classes (other than those noted below).

However,whereAMPCapital or an investmentmanager investsin apooled vehicle or fundmanagedbyanexternal investmentmanager and AMP Capital is unable to influence exclusivecontrol over the investable universe of such a vehicle or fund,the negative screening outlined is not applied. The investmentwill then be subject to whatever ESG policy is adopted by theinvestment manager of that vehicle or fund.

The negative screening will also not apply to cash, sovereignbonds, derivatives and exchange traded funds.

AMPCapital acknowledges thereare linksbetweenacompany'senvironmental and social impacts, the quality of its corporategovernance, and its long-term financial success. AMP Capitalhas an ESG and Responsible Investment (RI) Philosophydescribing its approach to considering these issues in theirinvestment decision making which is available atwww.ampcapital.com.au/about-us/esg-and-responsible-investment.

Selecting investment managers

Decisions made by AMP Capital about whether to select,appoint or remove investment managers are based primarilyon financial and economic factors, including investment styleand approach. AMP Capital conducts due diligence in theselection, appointment and removal of investment managers.As part of the duediligence process, AMPCapitalmay ask thesemanagers how they incorporate ESG considerations in theirinvestment analysis to develop amore comprehensive view ofan investee company's key business risks, how they approachcorporate governance issues and how they consider both ofthese matters are related to overall management quality.

Selecting, retaining and realising investments

DecisionsmadebyAMPCapital and theunderlying investmentmanagers about whether to buy, hold or sell investments willstill be based primarily on financial and economic factors. ESGissues may be taken into account by AMP Capital and theunderlying investment managers where they believe thesefactors may have a financially material impact on the valueand performance (risk and/or return) of the investment.

Anyadditional or replacement investmentmanagerappointedmayalso take thesematters into account in linewith their ownESG policy.

AMPCapitalmayalso consultwith their underlying investmentmanagers from time-to-time to ascertain the extent to whichthey incorporate ESG considerations in their decision-makingand stock selectionprocesses. Thismaybeundertaken throughone-on-onemeetingswith thesemanagers, issuingESGsurveys,obtaining and reviewing ESG policies from them and AMPCapital’s monitoring of their proxy voting activities.

However, in addition to considerationof financial andeconomicfactors as noted above, AMP Capital may, in exceptionalcircumstances, also exclude or divest (negatively screen), andinstruct its underlying investment managers to exclude ordivest, companies, asset types or industry sectors where theyhave been determined as contravening the following ethicalprinciples as defined in AMP Capital’s ESG and RI Philosophy.In making such a decision, AMP Capital will take into accountthe extent (if any) to which a company’s activities (conduct),products or services:– violate the principle of respect for persons which affirms

the intrinsic dignity of all people irrespective of age, gender,race, religion and prohibits the treatment of any humanbeing merely as a means to an end, and/or

– can be used without causing harm to others includingthose whomay choose to make use of the relevant goodsor services.

In undertaking its assessment AMP Capital will consider(without limitation):– Whether activities (conduct), products or services

contraveneprinciples acceptedunder international humanrights laws including but not limited to UN conventions,

– The principle of ‘double effect’ –whichmay allow conductthat is not intrinsically wrong and is undertaken for anethically justified ‘principal effect’ even if it has anunintended harmful ‘secondary’ (double) effect. Where aform of conduct may have a harmful ‘double effect’, AMPCapital will assess the extent to which the company isactively engaged in minimising and mitigating theunintended harm,

– The extent towhich the relevant activity, product or serviceis material to the conduct of the company in which theinvestment is to be made, and

– Any reasonable argument or rebuttal submitted in goodfaith, as to why an adverse assessment may be based onan error of fact or assumption.

31

http://www.ampcapital.com.au/about-us/esg-and-responsible-investment

In summary, at present the application of the ethical principlesoutlined above will result in the negative screening ofcompanies that AMP Capital believes have:– known involvement in the production and manufacture

of, or essential or significant involvement in thedistributionand sale of, tobacco, or

– material involvement in the manufacture, maintenanceor delivery of cluster munitions, anti-personnel mines,chemical or biological weapons.

AMP Capitalmay update or vary these exclusions from time totime, following review and approval by the AMP Capital’sInvestment Committee. Further information and detail on theapplication and scope of AMP Capital’s ESG and RI Philosophyand a current list of sectors and individual companies subjectto exclusion are available atwww.ampcapital.com/esg.

WhereAMPCapitalhasan investmentmanagementagreementwith an investment manager regarding investments held inthe investment option and AMP Capital has determined thatcertain investments or sectors contravene these ethical criteria,that manager will be directed by AMP Capital to exclude ordivest those securities using a process of negative screeningand will not include those securities in the option. Where anexisting investment is identified as contravening the ethicalcriteria, it will be sold down by the underlying investmentmanager generally within a period of up to twelve months.

Where AMP Capital or an investment manager invests in apooled vehicle or fund managed by an external investmentmanager and AMP Capital is unable to influence exclusivecontrol over the investable universe of such a vehicle or fund,the negative screening outlined above is not applied and suchan investmentwill be subject towhatever ESGpolicy is adoptedby the investment manager of that vehicle or fund.

AMPCapital's investment committee is responsible for ensuringthat any decision to negatively screen a company, asset typeor industry sector from the investable universe of the optiontakes into account fund investment objectives and strategyand recommendations from AMP Capital’s research andinvestment teams.

Adherence to and monitoring of any excluded (negativelyscreened) investments is overseenbyAMPCapital’s investmentcommittee in consultation with AMP Capital’s ESG andcompliance monitoring functions and is generally reviewedannually. The underlying investment manager is responsiblefor ensuring the option is invested in line with the investmentrestrictions advised to it by AMP Capital in accordancewith itsinvestment management agreement.

Moregenerally, except to the extent disclosedabove in relationto consideration of ESG issueswhere it is believed these factorsmay have a financially material impact on the value andperformance of the investment, and negative screening inexceptional circumstances onanethical basis, AMPCapital hasno predetermined view about what they regard to be a labourstandard, environmental, social or governance considerationor how far they will be taken into account in the selection,retention or realisation of investments relating to the option.

32

http://www.ampcapital.com.au/esg

Fees and other costs

DID YOU KNOW?Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns.

For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to20% over a 30-year period (for example, reduce it from $100,000 to $80,000).

You should consider whether features such as superior investment performance or the provision of better member servicesjustify higher fees and costs.

You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or yourfinancial adviser.

TO FIND OUTMOREIf youwould like to find outmore, or see the impact of the fees based on your own circumstances, the Australian Securities andInvestments Commission (ASIC)website (moneysmart.gov.au) has amanaged funds fee calculator tohelp you checkoutdifferentfee options.

This document shows fees and other costs that youmay be charged. These fees and costsmay be deducted from yourmoney, fromthe returns on your investment or from the assets of the managed investment scheme as a whole.

Taxes are set out in another part of this document. For further information, please refer to the Taxation section of this documenton page 43.

You should read all the information about fees and costs because it is important to understand their impact on your investment.If you are an indirect investor, please contact your financial adviser or platform operator for details of the fee amounts relating toyour investment in the investment option. Unless otherwise specified, all dollar amounts are Australian dollars.

Fees and costs for particular investment options are set out on pages 38 to 41 of this PDS. Unless otherwise stated, the fees shownin this section are inclusive of Goods and Services Tax (GST), less Reduced Input Tax Credits (RITCs) or other input tax creditsclaimable.

33

http://www.moneysmart.gov.au

Table 1

Generations investment options

How and when paidAmountType of fee or cost

Fees when your money moves in or out of the managed investment product

Not applicableNilEstablishment feeThe fee to open your investment

Not applicableNil(i)Contribution feeThe fee on each amount contributedto your account

Not applicableNilWithdrawal feeThe fee on each amount you take outof your investment

Not applicableNilExit fee(iv)

The fee to close your investment

Management costs(vi)

Management costs are comprised of:Management costsofbetween0.78%to2.93%pa(estimated) dependingon the investment option.

The fees and costs for managing yourinvestment. The amount you pay forspecific investment options is shownin the table on page 38 to 41.

*amanagement fee(ii),(v)which is calculated daily andpaid out of the assets of each investment option andreflected in the unit price.

Themanagement fees of each investmentoptionwill attract a fee rebate of between 0.27% to0.54% pa depending on the investment option. *a fee rebate(iii), the fee rebate for each investment

optionwill be paid in accordancewith theGenerationsPersonal Super and Personal Pension PDS or theGenerations Investment Portfolio IDPS Guide.*estimated performance based fees(iii)which is paid tocertain investmentmanagerswhen theymeet specificinvestment performance targets. They are deductedfrom the underlying assets of the investment optionand reflected in the unit price. They are variable andmay be more than the amount shown.*estimated indirect costs(iii) are deducted from theassets underlying the investment option as and whenincurredand reflected in theunit price. Theyare variableand may be more than the amount shown.

Service fee

Not applicableNil(i)(iv)Switching fee(iv)

The fee for changing investmentoptions

You may agree to pay adviser fees to your financial adviser for financial advice from your Generations Personal Super, Personal Pension or Investment Portfolioaccount. Refer to the relevant Generations Personal Super and Personal Pension PDS or Generations Investment Portfolio IDPS Guide for more information. Theseadvice fees are additional to the fees shown in Table 1, and are paid to your financial adviser, not us.

(i)

Management fees are part of the indirect cost ratio in the Generations Personal Super and Personal Pension PDS.(ii)Refer to the additional explanation of fees and costs below for more information.(iii)Buy and sell spreadsmay apply to contributions and switches into an investment option or out of an investment option during exit. Refer to transactional andoperational costs under additional explanation of fees and costs below for more information.

(iv)

Themanagement feemaybe chargedon thegross assets of the investmentoption.However,whendetermining the range shown,wehaveestimatedanequivalentamount expressed as a percentage of the net assets of the investment option. Refer to the investment options and fees section on pages 38 to 41 for the amountyou pay, for specific investment options.

(v)

This amount comprises the management fee, a fee rebate, estimated performance based fees (where applicable) and estimated indirect costs. The sum of thesefigures may differ to the total management costs, due to rounding. For more information about management costs, seeManagement costs under the headingAdditional explanation of fees and costs.

(vi)

Additional explanation of fees and costsChanges to feesWe reserve the right to add to or alter any of the fees outlinedin thePDSat our discretion, subject to the limits imposedundereach constitution. You will be informed of any increase to thefees at least 30 days before they occur.

Maximum feesUnder each investment option’s constitution we are entitledto a management fee of up to 5% per annum of the net assetvalue of the investment option, calculated daily and payablemonthly. We are also entitled to a maximum entry fee of upto 8%per annum, a switching fee of 2% per annumand an exitfee of up to 8% per annum. Under each investment option's

34

constitution, we are entitled to be paid an additional amounton the above fees, on account of GST, calculated in accordancewith the constitution for each investment option.

Goods and Services Tax (GST)Unless otherwise stated, the fees, costs and expenses shownin this sectionare inclusive ofGST, less reduced input tax creditsor other input tax credits claimable, rounded to two decimalplaces.

Management costsManagement costs are expressed as a percentage of the netassets of the investmentoption, rounded to twodecimal places.Management costs are made up of a management fee, aperformance based fee (if applicable) and other indirect costs.Anymanagement fees, an estimated performance based feesand other indirect costs charged by any underlying funds areincluded in themanagement costs figure shown in the tableof fees and other costs and are not an additional cost to you.

Management fees

Themanagement fee is charged by us for managing andoperating the relevant investment option. For certaininvestment options, themanagement feemay be charged onthe gross assets of the investment option, that is disregardingthe value of any borrowings, other liabilities or provisions ofthe relevant investment option and any units held by therelevant investment option in any underlying funds.

However, for the purposes of calculatingmanagement costs,which are expressed as a percentage of the net assets of theinvestment option, anymanagement fee charged on the grossassets of the investment option has been converted to anequivalent estimated rate based on the average net assets ofthe investment option.

Performance based fee

Performance based fees (PBFs) are paid to certain investmentmanagers, including AMP Capital, as a reward for exceedingspecific investment performance targets, normally up to 25%(exclusive of GST) of the out-performance over the relevantbenchmark index. PBFs include both PBFs calculated byreference to the performance of the investment option as awhole, and also performance-related feeswhich are not basedon the performance of thewhole investment option. Any PBFschargedare deducted fromtheassets of the investment optionand reflected in the unit price. They are in addition to anymanagement fees and will increasemanagement costs.

Each PBF is calculated slightly differently but they all have thefollowing common elements:– A PBF is only payable to an investment manager if they

achieve a target level of return– Each time a PBF is paid the portfolio must reach the

previous highest value plus the appropriate performancehurdle before a new PBF is payable

– PBFsare calculatedandaccrued regularly (at leastmonthly)and incorporated into the calculation of unit prices. Theaccrued PBF can rise or fall in line with deliveredperformance

– PBFs are generally payable at the endof each financial year,althoughsomesinglemanager PBFs couldbepaidannuallyin arrears after 31 December. In certain circumstances,payments may be delayed.

A PBFmay be based on the performance of the investmentoption as a whole. Where a PBF relates only to a portion of theinvestment option (in the case of certain multi-sector ormulti-manager investment options), each PBFwill bedetermined on each investmentmanager's performance. Thismeans an individual investment manager may earn a PBFirrespective of the investment option's overall investmentreturns.

PBFs for each investment option are generally based on theactual costs incurred for the last financial year. Where theactual costs are not knownwe have estimated them based onthe latest informationavailable tous.However, in the followingcircumstances we have estimated the PBF that will apply tothe current financial year:– where an investment option is new or was first made

available during this or the last financial year;– where aPBFhasbeen introduced toanexisting investment

option; or– whereaPBF is basedon theperformanceof the investment

option as a whole.

These amounts are not an indication of future performanceand should not be relied upon as such. If the investmentperformance of a particular asset class is better than the setbenchmark, thePBFpaid couldbemuchhigher. EstimatedPBFsfor each investment option are shown in the investmentoptions and fees section on page 38 to 39.

Explanations and examples of how the applicable investmentmanagers calculate their performance fees are detailed below.The examples are for illustration purposes only and are not anestimate or guarantee of the performance fee applicable inthose options.

Example – Antares High Growth Shares

The performance fee is calculated on the value by which theinvestment option outperforms the performance hurdle. Theperformance hurdle is the S&P/ASX 200 Accumulation Indexplus 5% per annum. The performance fee equals 20% of thisoutperformance, and is calculated and accrued daily in theinvestmentoption’s unit price andanyperformance feepayableis conclusivelydeterminedon31Decemberand ispaidannuallyin arrears after 31 December.

Anyunderperformancemustbe recoupedbeforeaperformancefee will accrue. However, any underperformance against theperformance hurdle at the end of one year will not be carriedforward to the next.

For example, if theunderlying fund for theAntaresHighGrowthShares outperformed its performance hurdle by 1%, aperformance fee of 0.20% ($2 per $1,000 investment) wouldbe accrued. This example is inclusive of GST and net of RITC.

35

Example – Generationsmulti-manager diversified investmentoptions

Some investment strategies that the Generationsmultimanager diversified investment options invest in relymore heavily on the skill of themanager than others available.As such, it is commonthat the investmentmanagers operatingsuch strategies may charge a performance fee when theirperformance exceeds a specified performance hurdle. Theperformance hurdle can be a certain index or an agreed targetrate of return, and may differ for each underlying investmentmanager or change from time to time.

The performance fee is calculated on the value by which theunderlying investment manager outperforms its respectiveperformance hurdle, and is reflected in the unit price.Performance fees will typically range between 0 to 30% ofperformance above a specified performance hurdle. Anyperformance fees will be passed on directly to the underlyinginvestment manager. No performance fees will be retained byus.

For example, if all of the underlying investment managers forthe Multi-manager diversified active Generations AlternativeBalanced Active investment option had a performance fee of30% of any performance above their stated performancebenchmark, and they outperformed the performance hurdleby1% for aperiod, a performance feeof 0.30% ($3.00per $1,000investment with that underlying investment manager) wouldbe incurred for that period. This example is inclusive of GSTand net of RITC.

Fee rebate

For new Generations investors since 1 July 2010, themanagement fees of each investment option attract a feerebate. The effect of the fee rebate is that it reduces themanagement cost of your investments. The fee rebate is paidto members of Generations Personal Super and PersonalPensionbyN.M.SuperannuationProprietary Limited (NMSuper)ABN 31 008 428 322 and investors of Generations InvestmentPortfolio byNMMT Limited (NMMT) ABN42 058 835 573, bothentities aremembers of the AMP group. Formore information,please refer to the current Generations Personal Super andPersonal Pension PDSorGenerations Investment Portfolio IDPSGuide, whichever is relevant to you.

Indirect costs

Indirect costs are incorporated into the investment option'sunit price. They are not fixed, will vary from time to time andwill depend on the actual mix and type of assets held by theinvestment options, and any underlying funds, and the actualcosts incurred.

Indirect costs include, but are not limited to:– management fees of any underlying funds in which the

fund invests– recoverable expenses of the fund, such as audit and legal

fees, tax and accounting services, custody, regulatorycompliance, administrationand registry services (excludingany amounts borne by us from themanagement fee) andany similar expenses incurred in any underlying funds

– costs of investing in over-the-counter (OTC) derivativeswhich may be used by the fund, or any underlying funds,to gain economic exposure to assets.

Indirect costs do not include performance-related fees thatmaybepayable to certainmanagers of the investment option's(see Performance based fee) or transactional and operationalcosts or other costs.

Indirect costsare basedon the actual costs incurred for the lastfinancial year. Where actual costs are not known, we haveestimated these costs basedon the latest informationavailableto us. Where an investment option is new, or was first madeavailable during this or the last financial year, we haveestimated costs that will apply to the current financial year.

Details of indirect costs relating to each investment option canbe found in the investment options and fees section of thisdocument.

Recoverable expensesEach investment option's constitution entitles us to bereimbursed from the investment option for any expensesincurred in relation to the proper performance of its duties.

Wemay also recover other expenses relating to the operationof the investment. These expenses include but are not limitedto audit and legal fees, tax and accounting services, custody,administration and registry services, regulatory compliance,the costofpreparingdisclosuredocumentsandcostsassociatedwith a securities lending program (if applicable). Internalexpenses incurred in connection with these matters may alsobe recovered fromthe investmentoption. Recoverable expensesare included in the management costs in Table 1 in the Feesand other costs section of this document.

Other costsSome investment options may incur other costs as detailedbelow that are paid out of the assets of the relevant investmentoption and are in addition to anymanagement costs andtransactional and operational costs.

Borrowing costs

Borrowing costs (ongoing costs) are the costs associated withborrowingmoneyor securities (such as interest, establishmentfees, government charges, and stock borrowing fees).

Borrowing costs are paid out of the investment option's assetsor the underlying investment option's assets (as the case maybe) and reflected in the unit price. These costs will be paid outof the investment option's assets andare additional to the feesand costs noted in Table 1 in the Fees and other costs sectionof this document.

36

Costs related to certain specific assets or activities to produceincome

Investment options may also incur costs relating to specificassets or activities to produce income that an investor wouldincur if they invested directly in a similar portfolio of assets.These costs will be paid out of the investment option's assetsand are additional to the fees and costs noted in Table 1 in theFees and other costs section of this document.

Liabilities properly incurred

The constitution of the relevant investment option's entitlesthe responsible entity to be indemnified from the fund for anyliabilities properly incurred.

Transactional and operational costsIn addition to the fees and costs outlined in Table 1, yourinvestment options may incur transactional and operationalcostswhen dealing with the assets of the relevant investmentoption's, including any assets of any underlying funds inwhichthe investment option's invests.

Transactional and operational costsmay include transactionalbrokerage, settlement and clearing costs, stamp duty, thebuy/sell spread of any underlying funds and the costs of (ortransactional and operational costs associated with) OTCderivatives. These costs are dependent on the number andamount of assets bought and sold and will differ according tothe type of assets in the investment option or the purpose forwhich any derivatives are acquired. Transactional andoperational costs also includepropertymanagement costs andmaintenance costs in relation to themanagementof real estateassets of some investment options or underlying funds,including the costs of rates and utilities and other propertyoperating costs andmaintenance costs relating to those assets,excluding those costs recovered from tenants for their benefit.

Transactional and operational costs are estimated based onthe actual costs incurred for the last financial year. Where theactual costs are not known, we have estimated these costsbased on the latest information available to us. Where aninvestment option is new, or was first made available duringthis or the last financial year, we have estimated the costs thatwill apply to the current financial year.

Transactional and operational costs are an additional cost toyou. We estimate the amount you pay for transactional andoperational costs ranges from 0.00% and 1.09% pa of the netassets depending on the investment option.

The estimated amount of total transactional and operationalcosts, the estimated transactional and operational costs offsetby buy and sell spreads, and the estimated transactional andoperational costs borne by the investment options is shown inthe tables beginning on page 40.

Buy and sell spreads

Transactional and operational costs associated with dealingwith the relevant investment option's assetsmay be recoveredby the investment fund from investors in addition to the feesand costs in Table 1. For most investment options there is adifference between the unit price used to value anycontributions made into your account (buy unit price) and theunit price used to value your account and anywithdrawals youmake (sell unit price). This difference is due to buy and sellspreads.– The buy spread is added to the unit price of the underlying

investment to arrive at the buy unit price– The sell spread is deducted from the unit price of the

underlying investments to arrive at the sell unit price

Buy and sell spreads ensure that investors who transact bearthe costs generated by those transactions. An investmentoption's buy and sell spreads are set to reflect the estimatedtransactional andoperational costs the investment optionwillincur as a result of new investments or withdrawals and areretained by the investment option. They are not paid to theresponsible entity or any investment manager.

Buy and sell spreads can change at any timewithout notice toyou. As your investment account is valued using the sell unitprice, all contributions into your accountwill be reduced by thetotal of the buy and sell spread at the time of the transaction.

For example, if considered in isolation, a buy spread of 0.30%and a sell spread of 0.20% would result in a contribution of$1,000 reducing to approximately $995 if it was withdrawnimmediately after investment. This is an example only, it is notanestimateor forecast. Theactual buyand/or sell spreadsmaybe higher or lower.

Buy and sell spreads represent an additional cost to you oftransacting and are not charged separately. In addition, whenthe sell spread changes, the value of your investment in theinvestment option will either increase (a benefit to you) ordecrease (a cost to you).

Buy and sell spreads for each investment option are shown inthe investment options and fees tables beginning on page 40.

To obtain up-to-date information on a fund’s buy/sell spreadsplease call the North Service Centre on 1800 667 841 orvisit northonline.com.au/generations.

37


Investment options and feesTable 1

Management costs

Total management

costs(v)Estimated indirect

costs(iv)

Estimatedperformance

based fee(iii)

Management

fee(i), (ii)Investment category/Option name

(% pa)(% pa)(% pa)(% pa)

Multi-manager

Diversified - active

1.780.110.021.65Generations Defensive

1.840.080.011.75Generations Moderately Defensive

2.550.380.062.10Generations Alternative Balanced

1.970.090.021.85Generations Balanced

2.060.090.021.95Generations Growth

2.120.050.012.05Generations High Growth

Diversified - index

1.520.020.001.50Generations Index - Moderately Defensive

1.550.020.001.53Generations Index - Balanced

1.570.020.001.55Generations Index - Growth

Sector

2.040.090.001.95Generations Australian Equities

2.360.210.002.15Generations International Equities (Hedged)

2.290.190.002.10Generations International Equities (Unhedged)

Single Manager

Cash

0.780.010.000.77AMP Capital - Cash Management


1.560.010.001.55AMP Capital - Diversified Credit

1.210.020.001.19BlackRock Australian Fixed Interest Index


1.190.000.001.19BlackRock International Fixed Interest Index

1.450.000.001.45PIMCO Global Fixed Interest

Property

1.240.140.001.10AMP Capital Australian Property Fund

1.530.000.001.53BlackRock Property Securities Index

1.790.080.001.71Legg Mason Martin Currie Property Securities

Australian equities

2.010.000.002.01Antares High Growth Shares

1.980.000.001.98BlackRock Australian Equity

1.240.000.001.24BlackRock Australian Equity Index

2.930.000.002.93Colonial First State Wholesale Geared Australian Share

2.020.000.002.02Perpetual Industrial Share

1.860.000.001.86Schroder Australian Equity

2.050.000.002.05UBS Australian Equity

38

Management costs

Total management

costs(v)Estimated indirect

costs(iv)

Estimatedperformance

based fee(iii)

Management

fee(i), (ii)Investment category/Option name

(% pa)(% pa)(% pa)(% pa)

1.410.000.001.41Vanguard Australian Shares Index


2.110.000.002.11Aberdeen Standard Global Equity

1.300.000.001.30BlackRock International Equity Index (Hedged)

1.430.000.001.43BlackRock International Equity Index (Unhedged)

2.500.000.002.50Platinum International

1.410.000.001.41Vanguard International Shares Index

1.410.000.001.41Vanguard International Shares Index (Hedged)

Themanagement fee is charged on either the gross or the net assets of the investment option. The gross assets of the investment option disregard the value ofany borrowings, other liabilities and provisions of the relevant investment option (and where applicable any underlying investment options), whereas the net

(i)

assets of the investment option take these offsets into account when arriving at the value of the amount invested in the investment option. For the purposes ofmanagement costs calculations, themanagement fee has been expressed as percentage of the net assets of the investment option.Management fee rebatesmay also apply. Refer to the fees and other costs section for further details.For new Generations investors from 1 July 2010, themanagement feewill attract a fee rebate. The fee rebate is paid by NM Super or NMMT as outlined in thecurrent Generations Personal Super and Personal Pension PDS and Generations Investment Portfolio IDPS Guide. For more information on fee rebates refer tofees and other costs section for further details.

(ii)

Performance based fees (PBFs) are variable andmay bemore or less than the amounts shown. PBFs include both PBFs calculated by reference to the performanceof the investment option as a whole, and also performance-related fees which are not based on the performance of whole investment option. These amounts are

(iii)

not an indication of future performance and should not be relied upon as such. If the investment performance of a particular asset class is better than the setbenchmark the PBF paid could be much higher. Refer to the fees and other costs section for further details.Estimated indirect costs are variable and may be more or less than the amounts shown. Estimated indirect costs do not include performance-related fees. Referto the fees and other costs section for further details.

(iv)

The sum of these figures may differ to the total management costs, due to rounding. For more information about management costs, seeManagement costsunder the heading Additional explanation of fees and costs.

(v)

39

Table 2

Buy/Sell

spread(ii)Borrowingcosts

Transactional and operational costs(i)

Investment category/Option name Estimatednetcosts incurred

Estimatedoffset bybuy/sellspreads

Estimatedgross costsbefore offset

(%)(%pa)(% pa)(% pa)(% pa)

Multi-manager

Diversified - active

0.16/0.150.020.210.040.25Generations Defensive

0.18/0.170.020.190.030.22Generations Moderately Defensive

0.18/0.170.140.290.040.33Generations Alternative Balanced

0.19/0.170.030.180.030.21Generations Balanced

0.19/0.170.030.160.030.18Generations Growth

0.20/0.170.000.140.020.17Generations High Growth

Diversified - index

0.10/0.090.000.020.030.05Generations Index - Moderately Defensive

0.12/0.110.000.020.030.05Generations Index - Balanced

0.13/0.120.000.020.030.04Generations Index - Growth

Sector

0.16/0.160.000.080.040.11Generations Australian Equities

0.23/0.150.000.240.040.27Generations International Equities (Hedged)

0.23/0.160.000.190.040.22Generations International Equities (Unhedged)

Single Manager

Cash

0.00/0.000.000.000.000.00AMP Capital - Cash Management


0.20/0.200.000.070.030.10AMP Capital - Diversified Credit

0.05/0.070.000.010.020.03BlackRock Australian Fixed Interest Index


0.10/0.100.000.060.030.09BlackRock International Fixed Interest Index

0.00/0.100.000.430.020.46PIMCO Global Fixed Interest

Property

0.00/0.000.621.090.001.09AMP Capital Australian Property Fund

0.08/0.080.000.100.020.13BlackRock Property Securities Index

0.25/0.250.000.110.060.17Legg Mason Martin Currie Property Securities

Australian equities

0.15/0.150.540.640.050.69Antares High Growth Shares

0.15/0.150.000.080.030.11BlackRock Australian Equity

0.08/0.080.000.040.020.06BlackRock Australian Equity Index

0.50/0.503.550.360.130.48Colonial First State Wholesale Geared Australian Share

0.30/0.000.000.140.020.16Perpetual Industrial Share

0.25/0.250.000.130.070.20Schroder Australian Equity

0.25/0.250.000.350.070.42UBS Australian Equity

0.06/0.060.000.050.020.07Vanguard Australian Shares Index

40

Buy/Sell

spread(ii)Borrowingcosts

Transactional and operational costs(i)

Investment category/Option name Estimatednetcosts incurred

Estimatedoffset bybuy/sellspreads

Estimatedgross costsbefore offset

(%)(%pa)(% pa)(% pa)(% pa)


0.25/0.250.000.120.070.19Aberdeen Standard Global Equity

0.10/0.100.000.060.030.09BlackRock International Equity Index (Hedged)

0.08/0.080.000.060.020.09BlackRock International Equity Index (Unhedged)

0.20/0.200.000.120.060.17Platinum International

0.07/0.070.000.030.020.05Vanguard International Shares Index

0.09/0.090.000.110.030.13Vanguard International Shares Index (Hedged)

Transactional and operational costs are in addition tomanagement costs. They are variable and may be more or less than the amounts shown. Refer to the feesand other costs section for further details.

(i)

These amounts are based on the information available to us at the date of this document. Buy and sell spreads are subject to change at any time without noticeto you. Refer to the fees and other costs section for further details.

(ii)

41

Example of annual fees and costs for a balanced investment optionThis table gives an example of how the fees and costs in the Generations Balanced investment option can affect your investmentover a one-year period. You should use this table to compare this product with other managed investment products.

Table 2

Balance of $50,000 with a contribution of $5,000 during this yearExample – the Generations Balancedinvestment option

For every additional $5,000 you put in, you will be charged $0.NilContribution fees

And for every $50,000 you have in the this balanced investment option you will be

charged $985.00(ii) each year.

1.97% paPlus

Management costs(i)

If you had an investment of $50,000 at the beginning of the year and you put in anadditional $5,000 during that year, you would be charged:

EqualsCost of the Generations balanced investmentoption $985.00(ii)(iii)

What it costs you will depend on the investment option you choose and the feesyou negotiate.

The management fee of the Generations Balanced investment option is charged on the gross assets of the investment option. The management costs shownhere have been estimated based on the actual management fee, performance based fee and other indirect costs incurred for the last financial year expressed asa percentage of the average net assets of the investment option for the last financial year.

(i)

These amounts do not include management costs on the $5,000 contribution which would equate to $99.00 assuming that you invest the $5,000 for a full 12months.

(ii)

Additional fees may apply, including a buy spread of 0.19% and a sell spread of 0.17% whenever you make a contribution or switch in and out of the investmentoption (this will equal $18.00 for every $5,000 contribution).

(iii)

These examples are illustrative only. What it costs you will depend on your individual investments.

42

What else do I need to know?

Wholesale investorsFromtime-to-timewemay rebate someof our fees (in the formof either cash or by issuing units in the investment options) towhat the Corporations Act calls ‘wholesale’, ‘sophisticated’ or‘professional’ investors so that they pay reduced fees.

TaxationIt is important that you seekprofessional taxationadvicebeforeyou invest or dealwith your investment, as the taxation systemis complex, and the taxation treatment of your investmentwillbe specific to your circumstances and to the nature of yourinvestment.

These comments are for informational purposes and areintended for tax paying investors who hold their investmenton capital account for income tax purposes and are based onour interpretation of Australian taxation laws and AustralianTaxation Office administrative practices at the date ofpublication of this document.

Taxation laws and Australian Taxation Office administrativepractices change from time to time. Such changesmay impactthe taxation of each investment fund and you as an investor.It is your responsibility to consider and monitor the impact ofany taxation reforms impacting your investment.

Taxation treatment of your investment

Each investment option is a separate managed investmentscheme, and thus a separate taxable entity, for tax purposes.An investment option will generally not pay income tax.

Each investment option is a Managed Investment Trust (MIT)andwill beadministeredasanAttributionManaged InvestmentTrust (AMIT). The AMIT tax regime seeks to improve theoperation of the taxation law for MITs by increasing certaintyfor responsible entities and unit holders and allowing greaterflexibility around howMITs are administered.

Under the AMIT tax regime, you are taxed on the taxableincome that is attributed to you on a fair and reasonable basisand in accordance with the trust's constitution (even if youreinvest your distributions).

Youmaybeentitled to taxoffsets,which reduce the taxpayableby you, and concessional rates of taxmayapply to certain formsof taxable income such as capital gains. Australian residentindividuals are liable to pay tax at their marginal rates on thetaxable incomeattributed to themfroman investment option.Generally, tax is not paid on behalf of investors. If you are notan Australian resident for income tax purposes, withholdingtaxmaybededucted fromthe taxable incomeof an investmentoption attributed to you at prescribed rates, dependent on thecomponents of the investment option's taxable income.

Please note that at the time of your initial or additionalinvestment there may be unrealised capital gains or accruedincome in an investment option. If later realised, these capital

gains and incomemay form part of the taxable incomeattributed to you. In addition, there may be realised butundistributed capital gains or income in an investment option,which may form part of the taxable income attributed to you.

If an investment option holds investments which are locatedoutside of Australia, the investment option's incomemayinclude non-Australian sourced income. You may be entitledto foreign income tax offsets for foreign tax already paid.

Any lossesgeneratedbyan investmentoptioncannotbepassedonto investors. However, where specific requirements aresatisfied, the investment option should be eligible to offsetlosses to reduce later year income or capital gains.

Taxation of withdrawals, switches and auto-rebalancing

Any regular withdrawal or ad hoc withdrawal request that isnot payable from your cash account or from incomedistributions, will require a withdrawal from your investmentoptions. Switching and auto-rebalancing is also treated as awithdrawal from one investment option and an application toanother investment option, and therefore also results in awithdrawal of units from your investment options. Any capitalgain you make from such a withdrawal may be subject tocapital gains tax. You may instead realise a capital loss inrespect of a withdrawal. The cost base of your investment,which is relevant when calculating any such capital gains orlosses, may change over the duration of holding yourinvestment. The cost base of your investment may increase ordecrease if the taxable income attributed to you differs to theamounts that you have received as cash distributions.

AMIT Member Annual (AMMA) Statement

Each year we will send you an AMMA Statement, which willcontain details of the taxable components attributed to youfor the year, together with any net cost base adjustmentamount by which the cost base of your investment should beincreased or decreased.

Withholding tax

While it is not compulsory, if you do not provide your Tax FileNumber (TFN), Australia Business Number (ABN) or a validreason for exemption, wewill have to deduct TFNwithholdingtax at the top marginal tax rate plus applicable levies, fromyour distributions (even if you reinvest).

If you are not an Australian resident, we may deductnon-resident withholding tax and MIT withholding tax fromyour distributions.

Social security

Investing in the investment options in Generations can affectyour entitlement to social security benefits. If youneed specificadvice, contact a professional adviser, Centrelink or theVeterans' Affairs office before investing.

43

Our legal relationshipAs an indirect investor, your rights are governed by youragreement with the operator/trustee which has the rights ofa unit holder. Unit holders’ rights and entitlements are largelygovernedby theconstitution, the termsandconditionsofwhichare binding on us and on unit holders. Each investment optionis a registered managed investment scheme under theCorporations Act and is governed by its own constitution.

The constitutions provide the framework for the operation ofeach investment option and, with the Corporations Act, thisPDS and other laws, set out our relationship with unit holders.Under the constitutionswe, as responsible entities, have broadpowers to enable the efficient and prudent management ofeach investmentoption including, butnot limited to, practicallyunrestricted powers in relation to the types of assets in whichthe investment options can invest. Wemay amend eachconstitution at any time—the Corporations Act requires thatunit holders approve an amendment of a constitution if theproposed amendment will adversely affect their rights.

Copies of the constitutions are available free of charge whilethis PDS is current by contacting the North Service Centre on1800 667 841.

Our roleWe are responsible for the management of each investmentoption including thedeterminationof the investmentobjectivesand policy and the day-to-day administration. Our role alsoincludes holding the investments of the investment optionssecurely andprotecting the rights and interests of unit holders.This includes the duties to act honestly, exercise due care anddiligence and treat investors equally. Subject to theCorporations Act and each constitution, we may at any timevoluntarily retire or be removed by unit holders at a unit holdermeeting as the responsible entity of that investment option.

TerminationEach investment option may be terminated in a number ofcircumstances under its constitution and theCorporationsAct.Generally each investment option terminates at the earliestof:– the 80th anniversary of the day before the investment

option commenced– the date specified by us as the date of termination of the

investment option in a notice given to members, or– the date on which the investment option terminates in

accordance with another provision of the constitution orby law.

LiquidityThe Corporations Act provides that an investment option’swithdrawal arrangementsmust be closely tied to the liquidityof the investment option’s underlying investments. TheCorporationsActdistinguishesbetween ‘liquid’ and ‘non-liquid’investment options andhas separatewithdrawal rules for eachtype.While an investment option is a ‘liquid’ scheme, requestscan bemade to sell units in the investment option at any timeand the request must be satisfied out of the investmentoption’s assets within the withdrawal period provided for inthe investment option’s constitution.

Where an investment option is a ‘non-liquid’ scheme, theinvestment manager may offer the opportunity to withdrawfrom the investment option on a periodic basis, but is notobliged to do so. Where there is no such offer currently opento unit holders, a unit holder has no right to sell units in theinvestment option. The offer period will be at least 21 dayslong. Before making a withdrawal offer, the investmentmanager must identify the liquid investments of theinvestment option which are available to meet sale requeststhat result from the offer. When a withdrawal offer closes, theinvestment manager must satisfy sale requests made inresponse to the offer within 21 days. If the value of the salerequests exceeds the amount identified as being available forwithdrawal, the requests must be met on a pro rata basis.

ComplaintsWe follow an established procedure to deal with complaints.You should contact your financial adviser or the North ServiceCentre on 1800 667 841 if you have a complaint related to yourinvestment in the fund.

If your issue remains unresolved you can contact the externaldispute resolution scheme of which the platform operator isa member. Please refer to the relevant Generations PersonalSuper and Personal Pension PDS or Generations InvestmentPortfolio IDPS guide which contains information on ourcomplaint resolution procedures for Generations.

Cooling-off periodIndirect investors should refer to the relevant disclosuredocument of the master trust or wrap account for theircooling-off rights (if any) in relation to their master trust orwrap account. Master trusts and wrap accounts do not haveany cooling-off rights in relation to an investment in theinvestment options.

44

Related-party transactionsWemay use the services of other companies within orassociated with the AMP group. AMP group has varying levelsof ownership in theappointedmanagers ofNMFMand/or ipacand these entities operate independently of each other withinthe AMP group. Any transaction between us and the PortfolioManager, or AMP Capital, and any of their respective relatedparties must comply with related party protocols and AMPCapital policies and procedures. For these purposes, a relatedparty includes certain entities and individuals thathavea closerelationship with us or the Portfolio Manager, or AMP Capital.

Related parties of the responsible entities include eachresponsible entity itself, entities that it controls, funds operatedor managed by it, and its agents.

As at the date of this document, the relevant policies andprocedures that apply to related party transactions of thePortfolio Manager, or AMP Capital, or the responsible entities,are contained in the AMP Conflicts of Interest Policy. Underthis Policy, the parties must transact on terms that would bereasonable if they were dealing at arm’s length, relevantlegislative requirementsmust be satisfied and the interests ofinvestors must be protected. The Policy will be reviewed on aregular basis and may change from time to time.

Further informationIf you require any further information, please contact yourfinancial adviser or call the North Service Centre on 1800 667841.

45

Generations investment optionsARSNRegistered nameAPIR codeInvestment option

Multi-manager

Diversified – active

108 702 316Generations – Defensive TrustNML0586AUGenerations Defensive

108 709 726Generations – Moderately Defensive TrustNM0L587AUGenerations Moderately Defensive

118 736 173Generations – Alternative Balanced FundIPA0061AUGenerations Alternative Balanced

108 702 530Generations – Balanced TrustNML0588AUGenerations Balanced

108 702 754Generations – Growth TrustNML0589AUGenerations Growth

108 703 626Generations – High Growth TrustNML0590AUGenerations High Growth

Diversified – index

140 153 831Generations Index Moderately Defensive TrustNMF0019AUGenerations Index – Moderately Defensive

140 153 984Generations Index Balanced TrustNMF0020AUGenerations Index – Balanced

140 154 294Generations Index Growth TrustNMF0021AUGenerations Index – Growth

Sector

108 703 617Generations – Australian Equities TrustNML0591AUGenerations Australian Equities

108 703 215Generations – International Equities Hedged TrustNML0592AUGenerations International Equities (Hedged)

108 703 037Generations – International Equities Unhedged TrustNML0593AUGenerations International Equities (Unhedged)

Single manager

Cash

109 857 990Generations Cash No. 1 TrustNML0569AUAMP Capital – Cash Management


118 843 879Generations Fixed Interest No. 4 TrustNMF0003AUAMP Capital – Diversified Credit

109 858 031Generations Fixed Interest No. 1 TrustNML0573AUBlackRock Australian Fixed Interest Index


109 858 077Generations Fixed Interest No. 2 TrustNML0576AUBlackRock International Fixed Interest Index

109 858 095Generations Fixed Interest No. 3 TrustNML0581AUPIMCO Global Fixed Interest

Property

096 853 619Australian Property FundNML0337AUAMP Capital Australian Property Fund

109 858 102Generations Property No. 1 TrustNML0577AUBlackRock Property Securities Index

109 858 111Generations Property No. 2 TrustNML0578AULegg Mason Martin Currie Property Securities

Australian equities

109 858 193Generations Australian Equities No. 4 TrustNML0583AUAntares High Growth Shares

109 858 139Generations Australian Equities No. 1 TrustNML0571AUBlackRock Australian Equity

109 858 148Generations Australian Equities No. 2 TrustNML0572AUBlackRock Australian Equity Index

118 843 646Generations Australian Equities No. 7 TrustNMF0004AUColonial First State Wholesale Geared AustralianShare

109 858 175Generations Australian Equities No. 3 TrustNML0580AUPerpetual Industrial Share

109 858 219Generations Australian Equities No. 5 TrustNML0584AUSchroder Australian Equity

109 858 228Generations Australian Equities No. 6 TrustNML0585AUUBS Australian Equity

133 655 026Generations Australian Equities No. 10 TrustNMF0015AUVanguard® Australian Shares Index

® Registered to Vanguard Investments Australia Ltd ABN 72 072 881 086 AFSL 227263.

46

ARSNRegistered nameAPIR codeInvestment option


109 858 264Generations International Equities No. 3 TrustNML0579AUAberdeen Standard Global Equity

109 858 237Generations International Equities No. 1 TrustNML0574AUBlackRock International Equity Index (Hedged)

109 858 246Generations International Equities No. 2 TrustNML0575AUBlackRock International Equity Index (Unhedged)

109 858 282Generations International Equities No. 4 TrustNML0582AUPlatinum International

133 655 991Generations International Equities No. 7 TrustNMF0011AUVanguard® International Shares Index

133 656 112Generations International Equities No. 8 TrustNMF0012AUVanguard® International Shares Index (Hedged)

® Registered to Vanguard Investments Australia Ltd ABN 72 072 881 086 AFSL 227263.

47

0578

012

/19

Contact us1800 667 841phonenorthonline.com.au/[email protected] Service CentreGPO Box 2915MELBOURNE VIC 3001

mail