To invest in a diversified mix of primarily growth assets, using a passive investment approach. Growth assets such as shares and propertywill have an average allocation overtime of around 85%, with the balance in defensive assets such as fixed income and cash.

To provide moderate to high growth in your investment over the long term with larger fluctuations in value likely when compared to other Index investment options (excluding High Growth).

Benefits of investing in the North Investment Series

A full suite of solutions for any investor that offers you:

• Access to over 410 managed funds

• Listed Australian shares, including exchange traded funds, exchange traded commodities, listed property trusts and real estate investment trusts

• Term deposits from four different bank providers, and

• Flexible pricing including low-cost options.

Risk level

About the Fund

The North Active Multi-Manager & Index Diversified Investment Options are offered in two investment streams:

1. Active investment options- The active options combine specialist investment managers to select investments with the aim to achieve a return above a pre-defined benchmark over a specified period.
2. Index investment options- An index investment is a management style that seeks to match a relevant market index.

Each investment option may invest in a variety of asset classes including shares, property, fixed interest and cash - both in Australia and overseas. Investments will be made in managed investment schemes whose assets are managed by specialist managers selected for their expertise in that asset class.

Each of the Active and Index investment options - Defensive, Moderately Defensive, Balanced, Growth and High Growth - invest in a different combination of growth and defensive assets and has a different risk profile.

Growth assets (such as shares and property) are expected to generate higher long-term returns than defensive assets (such as cash and fixed interest), but with greater volatility (or have a higher risk profile). Generally, the higher the amount of growth assets in an investment option, the greater the potential long-term return and the higher the risks associated with that investment option.

When you invest in the Active stream you are indirectly allocated an interest in units of the respective investment trust (see inside front cover of the PDS).

When you invest in the Index stream you are indirectly allocated an interest in a class of units from the Summit Select Trust (see inside front cover). Each investment option represents one of those classes of units (see page 27 of the PDS for more details).

The money from individual investors is pooled and invested according to an Investment Option's investment objective. You do not have direct ownership of the underlying assets held in the Investment Options.

How we invest your money

Investment strategy

To invest in a diversified mix of predominately growth assets. Growth assets such as shares and property will have an average allocation over time of around 85%, with the balance in defensive assets such as cash and fixed interest. To invest using a range of specialist investment managers.

Asset allocations

(Asset class: Long-term target / Range)

• Australian shares: 37% / 25-45%

• International shares: 41% / 25-50%

• Listed real assets*: 7% / 0-15%

• Unlisted real assets: 0% / 0-15%

• Alternative growth: 0% / 0-10%

TOTAL GROWTH ASSETS: 85%

• Fixed interest: 9% / 0-25%

• Alternative defensive: 0% / 0-10%

• Australian cash: 6% / 0-20%

TOTAL DEFENSIVE ASSETS: 15%

*Includes an allocation to Australian listed property, global listed property and global listed infrastructure asset classes.