233285 0713 22103 v6 - North Online · North Guardian Investment Options ... 233285 0713 22103.indd 1 19/07/13 2:12 PM. Important information ... sharemarket volatility from 1 January

North Guardian™ Investment Options Product Disclosure StatementIssue Number 1, 29 July 2013

Available with the AMP North® Guarantees

® Registered trademark of National Mutual Life Association of Australasia ABN 72 004 020 437 AFS Licence No. 234649

For further information (including costs) on North guarantees, please refer to the North Super and Pension Guarantee PDS or North Investment Guarantee PDS, which can be obtained from the website at northonline.com.au.

mana eyour investment

a smart way to

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Important information

ipac asset management limited (ABN 22 003 257 225, Australian Financial Services Licence No. 234655), is the Responsible Entity of the North Guardian Funds and issuer of this product disclosure statement (PDS). No other company in the AMP group is responsible for any statements or representations made in this PDS.

The North Guardian Funds are managed investment schemes structured as unit trusts and registered under the Corporations Act 2001 (Cwlth), referred to in this PDS as the ‘Corporations Act’.

Each of the North Guardian Funds has a different investment objective and is referred to in this PDS as an ‘Investment Option’ or a ‘North Guardian Investment Option’.

The Responsible Entity has appointed ipac portfolio management limited (ABN 51 071 315 618, Australian Financial Services Licence No. 234658) as the Portfolio Manager of the Investment Options.

You can invest in the Investment Options indirectly through a master trust, wrap account, investor directed portfolio service, or nominee or custody service. In this document we refer to investors in these services as indirect investors.

An investment in the Investment Options is subject to investment risk, including possible delays in repayment and loss of income and capital invested. The Responsible Entity, the Portfolio Manager, AMP Limited and associated companies, and any investment manager do not assume any liability to investors in connection with investment in the Investment Option or guarantee the repayment of capital, payment of income, or the performance of the Investment Options or a particular rate of return. Investments in the Investment Options are not deposits or liabilities of any company in the AMP group or of any investment manager. The obligations of the Responsible Entity are not guaranteed by the Portfolio Manager, AMP Limited or any associated companies or any investment manager.

Nothing in this PDS is to be taken as financial product advice. The information in this PDS is of a general nature only and the Responsible Entity has not taken any investor’s investment objectives, financial situation or particular needs into account when preparing this PDS. Consequently, you are encouraged to obtain appropriate financial advice before investing and to consider how appropriate the Investment Options are to your objectives, financial situation and needs.

The offer made in this PDS is only available to investors receiving it (electronically or otherwise) in Australia. We can only accept applications signed and delivered from within Australia. We cannot accept cash. The Responsible Entity reserves the right to accept or reject applications.

Where an Investment Option has more than 100 unit holders it is subject to regular reporting and disclosure obligations under the Corporations Act. Copies of documents lodged with the Australian Securities and Investments Commission (ASIC) in relation to the Investment Option may be obtained from, or inspected at, an ASIC office or can be obtained by contacting the North Service Centre on 1800 667 841. These documents may include annual and half-yearly financial reports.

The offer of units in an Investment Option is subject to the terms and conditions in this PDS. The Responsible Entity reserves the right to change the terms and conditions of the PDS (see ‘Changes to information in this PDS’ on page 17).

Unless otherwise specified, all amounts in this PDS are Australian dollars.

ipac asset management limited and ipac portfolio management limited are part of the group of companies with AMP Limited as its parent (AMP group).

Investment Option Registered name of the Investment Options ARSN APIR code

North Guardian Moderately Defensive North Managed Volatility Moderately Defensive Fund 163 411 461 IPA0169AU

North Guardian Balanced North Managed Volatility Balanced Fund 163 411 318 IPA0167AU

North Guardian Growth North Managed Volatility Growth Fund 163 411 274 IPA0168AU

Throughout this PDS

References to: To be read as:

‘investor’ or ‘unit holder’ or ‘you’ A client invested in any of the Investment Options, including any person authorised to act on their behalf

‘financial adviser’ A financial adviser holding an Australian Financial Services Licence or acting as a representative or an authorised representative of a licensee

‘we’, ‘us’, ‘our’, ‘ipac’ or ‘Responsible Entity’ ipac asset management limited

‘Portfolio Manager’ ipac portfolio management limited

‘indirect investor’ A client investing via a master trust or wrap account

‘master trust’ or ‘wrap account’ A trust, wrap account, investor directed portfolio service, nominee or custody service, platform or the operators of these investment vehicles, as applicable

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Contents

About the North Guardian Investment Options 2

Investment risks 6

Investor information 8

Fees and expenses 10

Additional information 13

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2

The North Guardian Investment Options are a series

of diversified funds that provide exposure to a mix

of Australian and international shares, Australian and

international fixed interest, and cash. There are three

Investment Options—Moderately Defensive, Balanced

and Growth—and in each Investment Option exposures

may be achieved by holding the assets directly, indirectly

through investments in other managed investment

schemes (including index funds) or synthetically

through derivatives.

The aim of each North Guardian Investment Option is to

provide a rate of investment growth over the medium

term to long term that is similar to that of a traditional

diversified fund with comparable target asset allocations,

while managing the level of short-term fluctuations across

different market conditions.

The North Guardian Investment Options aim to do this by

increasing or decreasing their exposure to shares based

on estimated short-term market volatility. Changes to

exposure are permitted within specified ranges for each

North Guardian Investment Option. For more information

regarding these ranges, please see page 5.

In contrast to a traditional diversified fund, the allocation

to shares in the North Guardian Investment Options

can change significantly from time to time in response

to changes in sharemarket volatility. The strategy aims

to have a lower than normal allocation to shares when

sharemarket volatility is higher than average, and to have a

higher than normal allocation to shares when sharemarket

volatility is lower than average.

It is important to note that the North Guardian Investment

Options’ strategy will not limit the size of any decline in

portfolio value nor provide any capital guarantee of your

initial investment amount or the value of your portfolio.

Asset allocation and risk

Asset allocation strategies

In general, diversified funds invest in a variety of asset classes,

such as Australian and international shares, Australian and

international fixed interest, and cash. The risk/return profile

and the volatility profile of a diversified fund are determined

by the target allocation to each asset class and the alteration

of such allocations over time.

The term ‘volatility’ is used to describe the fluctuation in

returns, and common practice is to estimate volatility by

calculating the standard deviation of historical returns. The

words ‘risk’, ‘fluctuations’ and ‘volatility’ are often used

interchangeably. As such, diversified portfolios with large

exposures to shares are described as more ‘risky’ than those

with large exposures to fixed interest or cash.

Traditional diversified funds

Traditional diversified funds typically maintain relatively stable

exposure to each asset class and, as a result can experience

significant variations in short-term volatility in fund returns over

time. For example, when share prices are experiencing significant

volatility, so too will traditional diversified fund returns.

North Guardian Investment Options

The key difference between traditional diversified funds

and the North Guardian Investment Options is how their

asset allocation strategies respond to changes in short-term

market volatility.

During periods of increasing market volatility, each North

Guardian Investment Option will tend to decrease its

allocation to shares and will increase its allocation to cash. The

aim of this feature of the strategy is to maintain short-term

volatility of the Investment Options’ returns within a tighter

range than a traditional diversified fund with comparable

target asset allocations. During periods of falling market

volatility, each North Guardian Investment Option will tend

to increase its allocation to shares, which may be above its

long-term target allocation (subject to a maximum) and will

decrease its allocation to cash.

Over the medium to long term, the volatility experience of a

North Guardian Investment Option is expected to be similar

to a traditional diversified fund with comparable target

asset allocations. Importantly, however, over the short term,

the volatility experience for the North Guardian Investment

Options is expected to be more stable than the experience

for a traditional diversified fund with comparable target

asset allocations.

About the North Guardian Investment Options

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3

Targeting a more stable volatility experience than a

traditional diversified fund means that each of the North

Guardian Investment Options needs the flexibility to change

allocations of growth and defensive assets significantly.

The allowable asset allocation ranges for each of the North

Guardian Investment Options are set out on page 5. These

ranges are generally considerably wider than asset allocation

ranges for comparable traditional diversified funds to allow

the Investment Options flexibility to respond to short-term

market volatility.

The North Guardian Investment Options may effect changes

in the exposure to asset classes by either buying or selling the

underlying assets, by using derivatives or a combination of

these methods.

‘Medium-term target allocations’ reflect the typical positioning

for each North Guardian Investment Option during periods

when market volatility is at or near what the Portfolio Manager

considers to be normal levels. The actual target allocations

at any time are likely to differ from the medium-term target

allocations to reflect the Portfolio Manager’s measurements

of short-term market volatility at that time. The Portfolio

Manager will generally not employ tactical asset allocation to

pursue investment opportunities based on short-term return

expectations and will maintain exposure to the different asset

classes within the permitted ranges.

There are a number of risks of investing in the

North Guardian Investment Options. These include

risks regarding volatility outcomes, return outcomes,

implementation risks and market risks. See page 6 for

more information.

Absence of performance history

As at the date of this PDS, the North Guardian Investment

Options have no performance history.

When the investment results become available, they will be

available online at northonline.com.au.

Please note that past performance is not a reliable indicator

of future performance. Fund performance will vary over time

and past performance should not be relied upon in making an

investment decision.

An example of volatility managementThe North Guardian Investment Options will use a volatility

management strategy. We have prepared an example to

illustrate the concept of volatility management. The example

is reflective of the asset allocation ranges that would apply for

a balanced diversified fund and uses historical observations of

sharemarket volatility from 1 January 1994 to 31 March 2013 1.

1 Historical sharemarket volatility observations are calculated using the S&P/ASX200 Net Total Return index and MSCI World Daily Total Return ex Australia index.

This is an example of volatility management concepts only. It

does not represent actual asset allocations or volatility of any

North Guardian Investment Option.

1. Market volatility

Volatility management attempts to provide a more consistent

volatility experience. The following chart shows one measure

of the level of short-term volatility for Australian and

international shares from 1 January 1994 to 31 March 2013.

In the graph, the level of short-term sharemarket volatility is

calculated by reference to the S&P/ASX200 Net Total Return

index (for Australian shares) and the MSCI World Daily Total

Return ex Australia index (for international shares). Short-term

volatility can vary markedly over time. It is possible to observe

periods of average volatility, periods of lower-than-average

volatility and periods of heightened volatility.

Observed sharemarket volatility

0

5

10

15

20

25

30

35V

ola

tilit

y le

vel (

%)

1994 1999 2004 2009

Source: ipac portfolio management limited. Annualised standard deviation of total daily return on Australian and international shares (including currency hedging) over the previous year.

The chart above depicts observed sharemarket volatility. It

should not be regarded as indicative of the likely volatility

of sharemarkets in future. It is not a representation of

sharemarket returns, which may be negative.

2. How allocations to shares may vary within a range

The following chart shows how a balanced diversified fund

pursuing a volatility management strategy may change its

allocation to shares in response to changes in short-term

sharemarket volatility. This example shows this fund’s

exposure to both Australian and international shares ranging

between approximately 20% and 80% over the period. This

chart illustrates that in periods of high short-term sharemarket

volatility, such as in late 2008, the allocation to shares will

likely be at the lower end of the allocation range and in periods

of lower short-term sharemarket volatility, such as in late 2003,

the allocation to shares will likely be at the higher end of the

allocation range.

When exposure to shares decreases, exposure to cash

increases. Conversely, when exposure to shares increases,

exposure to cash decreases.

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4

The thin line illustrates how the exposure to shares might

be expected to change over time for a fund with a volatility

management strategy. The thick line illustrates for comparison

purposes a fund with a consistent allocation to shares of

approximately 70% and without a volatility management

strategy (Fixed allocation fund).

Allocation to shares

0

20

40

60

80

100

1994 1999 2004 2009

Fixed allocation fund

Balanced fund with volatility management strategy

% o

f to

tal p

ort

folio

Source: ipac portfolio management limited

The example allocations set out above are included only

as an illustration of how a volatility management strategy

for a diversified portfolio could affect asset allocations as

compared to a fund with a consistent allocation to shares. It

should not be regarded as indicative of the actual allocation

adjustments that will be implemented in the future for any


3. Comparing the volatility experience

The following chart shows how a volatility management

strategy may stabilise the short-term volatility of returns,

compared to the experience of a comparable diversified fund

with a fixed allocation to shares. The chart shows that in

late 2008 the volatility of returns of a fund with a volatility

management strategy would not have risen as sharply as that of

a comparable diversified fund with a fixed allocation to shares.

Comparing the volatility experience

0

2

4

6

8

10

12

14

16

18

1994 1999 2004 2009

Fixed allocation fund

Balanced fund with volatility management strategy

Vo

lati

lity

leve

l (%

)

Source: ipac portfolio management limited. Annualised standard deviation of total daily return for the example funds described above over the previous year.

The chart above depicts the possible volatility experience of

a diversified fund implementing a volatility management

strategy relative to a comparable traditional diversified fund.

A fund’s volatility experience should not be confused with

the fund’s return. A North Guardian Investment Option could

experience negative returns. In addition, the chart should not

be regarded as indicative of the likely volatility profile of any


Who is ipac?ipac is the Responsible Entity of the North Guardian

Investment Options. ipac and its related entities are a financial

advice and investment group that has been helping clients

achieve their financial goals since 1983. As at 30 June 2013,

ipac managed about A$14 billion for more than 20,000 clients,

from individuals to Australian superannuation funds. ipac is a

member of the AMP group.

ipac is responsible for the management of the North Guardian

Investment Options, in consultation with NMMT Limited

(NMMT) (ABN 42 058 835 573, Australian Financial Services

Licence No. 234653).

The Portfolio ManagerThe Portfolio Manager is responsible for developing and

implementing the volatility management strategy for each


The Portfolio Manager is also responsible for conducting

research to select the underlying investment managers and

derivative counterparties in relation to the assets to which the

Investment Options have exposure.

A rigorous monitoring and review process is employed to

ensure investment managers continue to manage according to

the agreed strategy, with the aim of achieving the investment

objectives of each Investment Option. ipac may change the

investment managers or their allocations at any time without

prior notice.

Up-to-date information on the investment managers is

available from your financial adviser or by contacting the

North Service Centre on 1800 667 841.

Your investment in the Investment OptionsThe money from individual investors is pooled and invested

according to the investment objective and asset allocation

strategy for each Investment Option. You do not have

direct ownership of the underlying assets held by the

Investment Options.

The offer of units made under this PDS is only available to

clients accessing it through a master trust or wrap account. For

more information about investing through a master trust or

wrap account please see page 8.

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5

Moderately Defensive Balanced Growth

Investment objective(i)

To provide modest growth in your investment over the medium term with some fluctuations in value likely while managing the level of short-term fluctuations.

To provide moderate growth in your investment over the medium to long term with moderate fluctuations in value likely while managing the level of short-term fluctuations.

To provide moderate to high growth in your investment over the long term with moderate to high fluctuations in value likely while managing the level of short-term fluctuations.

Investment strategy(ii)

To invest in a diversified mix of growth and defensive assets while changing exposure to growth and defensive assets based on estimated short-term volatility (as described in the ‘About the North Guardian Investment Options section’). Growth assets such as Australian and international shares are expected to have an average allocation over time of around 50%, with the balance of the Investment Option’s portfolio invested in defensive assets such as cash and fixed interest.

Investments within each asset class will be made on a passive basis through one or a combination of:

– direct investments in the relevant assets

– one or more managed funds (including index funds), or

– derivatives that provide exposure to the relevant index.

To invest in a diversified mix of growth and defensive assets while changing exposure to growth and defensive assets based on estimated short-term volatility (as described in the ‘About the North Guardian Investment Options section’). Growth assets such as Australian and international shares are expected to have an average allocation over time of around 70%, with the balance of the Investment Option’s portfolio invested in defensive assets such as cash and fixed interest.



– one or more managed funds (including index funds), or


To invest in a diversified mix of predominantly growth assets while changing exposure to growth assets and defensive assets based on estimated of short-term volatility (as described in the ‘About the North Guardian Investment Options section’). Growth assets such as Australian and international shares are expected to have an average allocation over time of around 85%, with the balance of the Investment Option’s portfolio invested in in defensive assets such as cash and fixed interest.



– one or more vehicles (including index funds), or


Distribution frequency

Half-yearly: June and December Half-yearly: June and December Half-yearly: June and December

Asset allocations(ii)

Asset class Medium-term

target %

Range %(iii)

Australian shares

25

10–59 International

shares23

Total growth 48

Australian fixed interest

22


fixed interest7

Australian cash

23 Balance

Total defensive 52


target %

Range %(iii)

Australian shares

35


shares33

Total growth 68


12


fixed interest3

Australian cash

17 Balance

Total defensive 32


target %

Range %(iii)

Australian shares

41


shares42

Total growth 83


0


fixed interest0

Australian cash

17 Balance

Total defensive 17

Investment performance

For up-to-date performance data please speak to your financial adviser or visit northonline.com.au.



(i) The investment objectives specified are before all fees and taxes.

(ii) The investment strategy and asset allocation of the Investment Options may vary from time to time. The overall foreign currency exposure of the portfolio may be partially hedged back to the Australian dollar. Refer to page 12 for the management cost and buy/sell cost of each Investment Option.

(iii) The Portfolio Manager aims to manage asset allocations within the asset allocation ranges. However, in certain circumstances the Portfolio Manager may manage actual allocations outside of the asset allocation ranges. Such circumstances may include but are not limited to where one of the Investment Options or underlying funds is closed for new applications or withdrawals, during changes to the product structure, asset allocation or manager line-up, or in certain market conditions. The Portfolio Manager will not employ tactical asset allocation to pursue investment opportunities based on short-term return expectations.

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6

All investing involves riskInvestment risks can affect your financial circumstances in a

number of ways, including:

– The stated aims and objectives may not be met.

– Your investment may decrease in value, which means you

may get back less than you invested.

– Your investment may not keep pace with inflation, which

would reduce the future purchasing power of your money.

– The amount of any distribution you receive may vary or

be irregular, which could have an adverse impact if you

depend on regular and consistent distributions to meet your

financial commitments.

The value of your investment may also be affected by

the fund-specific risks noted below and by other risks or

external factors such as the state of the Australian and

world economies, consumer confidence and changes in laws

and regulations including tax laws and government policies

relating to managed investment schemes.

Other factors such as your age, the length of time you intend

to hold the investment, other investments you may hold

and your personal risk tolerance will affect the levels of

risk for you as an investor. As the risks noted in this section

do not take factors such as these into account, you should

consider obtaining appropriate financial advice before

making a decision about investing or reinvesting in the

Investment Options.

Risks that apply to most diversified fundsThese risks apply to all the Investment Options:

– Market risk: The risk of a fall in the price of assets within

a particular market. Movements in interest and inflation

rates, changes in government policy, taxation, legislation

and market sentiment can affect the value of assets and

the income these assets can generate. Some markets such

as those in emerging economies can be more volatile due to

risks associated with global or local political, economic and

social policies.

– Currency risk: The risk that movements in foreign

currencies will reduce the returns from unhedged

international investments. Of the Investment Options,

currency risk is greatest for the North Guardian Growth

Investment Option due to the higher strategic exposure to

international securities.

– Liquidity risk: The risk that an investment may not be easily

converted into cash with little or no loss of capital and

minimum delay, because of inadequate market depth or

disruptions in the marketplace.

– International risk: Risks such as political and economic

instability of overseas countries, different accounting and

reporting standards resulting in reduced disclosure, limited

availability of reliable company financial information and

international fund flow restrictions are all examples of

potential risks when investing in international assets. Of

the Investment Options, international risk is greatest for

the North Guardian Growth Investment Option due to the

higher strategic exposure to international shares.

– Structure related risks: An Investment Option could

terminate, the fees and expenses could change, or the

Portfolio Manager or its investment team could change.

There is also a risk that investing in the Investment Options

may give different results than investing directly in the

underlying assets due to income or capital gains accrued

in the Investment Options and the consequences of

investment and withdrawal by other investors.

– Use of derivatives: The underlying investment managers

and the Investment Options may use derivatives such as

options, futures, or forward rate agreements with the aim

of protecting against risks such as unfavourable changes in

an investment’s price brought about by changes in interest

rates, commodity prices or currencies, and/or enhancing

returns by taking advantage of favourable mispricings

within a market or as a cost-effective alternative to

purchasing physical assets.

– Distribution risk: In some circumstances, the frequency

or rate of distribution payments may vary or you may

not receive a distribution. This is more likely to occur

when a fund employs extensive currency hedging or

uses derivatives.

– Management risk: The funds are managed by an

investment manager on behalf of investors. There is

a risk that the investment manager will not perform

to expectations.

– Credit risk: The risk that a party to a credit transaction

fails to meet its obligations, for example defaulting under

a fixed interest security or a derivative or a mortgage.

This creates an exposure to underlying borrowers and the

financial condition of issuers of those securities.

No assurance can be given by the Responsible Entity that the

operations of the Responsible Entity or the Investment Options

will not be adversely affected by these risks. If these risks are

not managed, the investment objectives of the Investment

Options may not be met.

Investment risks

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7

Risks specific to the North Guardian Investment OptionsThe North Guardian Investment Options have certain specific

risks relating to the volatility management strategy.

Strategy risks – Volatility outcomes: The assumptions regarding

sharemarket volatility may not be realised or sharemarket

volatility may not be able to be accurately estimated,

resulting in the Investment Options not exhibiting more

consistent volatility than their traditional diversified

fund counterparts.

– Return outcomes: Even if more consistent volatility is

realised, the Investment Options may deliver long-term

returns significantly different to those of their traditional

diversified fund counterparts.

Implementation risksThe investment objective of the North Guardian Investment

Options is implemented via an asset allocation strategy that

allows shifts in exposure between shares and cash assets in

response to changes in estimated market volatility.

The Portfolio Manager may implement this asset

allocation strategy:

– by buying and selling the relevant assets directly, or

interests in vehicles that hold the relevant assets

– synthetically by using derivatives, or

– through a combination of the above.

The risks associated with the implementation of this

strategy include:

– Timing: If there is an inability to implement changes to

asset allocations in a timely manner there is a risk that

the volatility management strategy will not achieve

its objective.

If this risk is not managed, the investment objective of the

Investment Options may not be met.

Specific risks associated with the use of derivatives to

implement the asset allocation strategy include:

– Counterparty risk: Entry into derivatives creates

counterparty risk. Substantial losses may be incurred

if a derivative counterparty fails to deliver on its

contractual obligations.

– Counterparty replacement risk: If the counterparty to a

derivative needs replacing, there is a risk that the asset

allocation strategy may not be met for a period of time.

If these risks are not managed, they could result in the

investment objective of the Investment Options not being

met. The Responsible Entity has processes in place to monitor

counterparty risks and seeks to mitigate the risk of exposure

to derivative counterparties, including taking collateral. The

Responsible Entity may also implement the asset allocation

strategy via another method, as set out above.

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8

InvestingInvestors in the North Guardian Investment Options must

invest through a master trust or wrap account. Investors in

master trusts or wrap accounts do not become direct holders

of units in the Investment Options. Instead, it is generally the

operator of the master trust or wrap account that invests for

you and so has the rights of an investor. They exercise these

rights in accordance with their arrangements with you.

To invest in the North Guardian Investment Options through a

master trust or wrap account, please complete the application

process of your master trust or wrap account operator. It is

important to ensure you have fully read and understood the

disclosure document applicable to the master trust or wrap

account prior to investing. While it is not our intention, we may

refuse (without reason) any application.

Processing of applications and redemptionsAs you are investing through a master trust or wrap account,

the timing for processing and pricing an investor’s application

or redemption by the master trust or wrap account operator

will be dependent on the requirements of the master trust or

wrap account.

The Responsible Entity reserves the right to reject applications

in whole or in part without giving any reason.

If ipac accepts the application or redemption request from the

master trust or wrap account operator by 11.00am (Sydney

time) on a Sydney business day, it is generally deemed to be

received that day. The effective unit price of that day will be

used to calculate the number of units issued or redeemed. This

unit price is generally issued within two business days of the

effective date.

If the application or redemption request is received after

11.00am (Sydney time) on a Sydney business day, or on a non-

business day, it is generally deemed to be received the next

business day.

Payment of redemptions will normally be processed within

10 Sydney business days of receipt of a request, although the

Constitution of each Investment Option allows up to 30 days,

or a longer period in some exceptional circumstances.

Where total withdrawals exceed 5% of net assets of an

Investment Option on any one day, we may determine that

part of the withdrawal amount payable consists of income.

Extended withdrawal periodThe Responsible Entity may extend the period allowed for

satisfaction of a withdrawal request while there are certain

prevailing circumstances. These circumstances are specified in

each Investment Option’s Constitution and include where the

Responsible Entity is unable to realise sufficient assets within

the relevant time due to circumstances beyond its control,

or it does not consider doing so to be in the best interests of

unit holders as a whole or where there would be insufficient

remaining cash to meet liabilities.

If at least 80% of the value of assets of an Investment Option

no longer consists of cash and other assets that may be

realised within the period allowed for funding redemption

requests under the relevant Constitution, the Corporations

Act will classify the Investment Option as ‘not liquid’. If this

happens, unit holders will be unable to redeem unless the

Responsible Entity chooses to make a redemption offer under

the Corporations Act and the Constitution. The Responsible

Entity expects the Investment Options will remain liquid in

normal circumstances.

Please refer to the master trust or wrap account operator’s

disclosure document for further information regarding the

payment of withdrawal proceeds.

Unit pricing and asset valuationThe Responsible Entity generally calculates unit prices for each

Investment Option at least once each Sydney business day,

although it may do so more or less often.

The application price and redemption price of a unit is

calculated based on the net asset value of the Investment

Option divided by the number of units on issue adjusted for an

allowance for transaction costs (see page 11).

The net asset value of an Investment Option includes the

value of the investments of that Investment Option and any

accumulated income and profits, less amounts required to

meet the actual or contingent liabilities of the Investment

Option and any accrued charges.

The Responsible Entity may delay the calculation of the unit

price if it is appropriate, for example, in the case of closure

of, or trading restrictions on, a securities exchange or an

emergency or moratorium.

ipac has the ability to exercise discretion in relation to the

calculation of application and redemption unit prices. ipac has

a policy that details how and when we exercise this discretion.

We will provide you with a copy of the policy free of charge

at your request. Please contact the North Service Centre

on 1800 667 841.

Investor information

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9

DistributionsThe Investment Options will normally distribute income half-

yearly, after the periods ending 30 June and 31 December.

You should be aware that although it is the intention that the

Investment Options pay distributions half-yearly, the amount

of each distribution may vary or no distribution may be

payable in a six-month period.

Unit prices will normally fall after the end of each distribution

period. Consequently, if you invest just before the end of a

distribution period, some of your capital may be returned to

you as income in the form of a distribution.

The distribution amount per unit holder will be calculated

based on the number of units held at the end of the relevant

distribution period.

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10

Fees and expenses

Consumer advisory warning

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 fund balance rather than 1% could reduce your final return by up to 20%

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 services

justify higher fees and costs.

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

financial adviser.

To find out more

If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and

Investments Commission (ASIC) website (www.moneysmart.gov.au) has a managed investment fee calculator to help you check

out different fee options.

Fees and other costsThis document shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from

the returns on your investment or from the Investment Option assets as a whole.

Taxation information is on page 13.

You should read all the information about fees and costs because it is important to understand their impact on your investment.

Fees and costs for particular Investment Options are set out on page 12.

The fees and costs set out in this section apply to all North Guardian Investment Options.

Type of fee or cost Amount How and when paid

Fees when your money moves in or out of North Guardian Investment Options

Establishment fee

The fee to open your investment

Nil Not applicable

Contribution fee

The fee on each amount contributed to your investment

Nil Not applicable

Withdrawal fee

The fee on each amount you take out of your investment

Nil Not applicable

Exit fee

The fee to close your investment

Nil Not applicable

Management costs(i)

The fees and costs for managing your investment (excluding transaction costs)(ii)

The amount you pay for specific Investment Options is shown in the estimated management costs table on page 12.

0.59% pa Calculated as a percentage of the amount you have invested in each Investment Option and included in the unit price of that option.

For more information refer to pages 11 to 12.

Service fees

Investment switching fee

This is the fee charged when you switch between Investment Options. You may also incur a buy or sell cost when switching between Investment Options.

Nil Not applicable

(i) All management costs are inclusive of GST and any applicable stamp duty, less any reduced input tax credits (RITC) or other input tax credits claimable.

(ii) For further information on transaction costs, refer to page 11.

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11

Additional explanation of fees and costs

Management costs

An estimate of the total management costs incurred by

investors for each Investment Option is shown in the

management costs table on page 12. It is based on expected

costs and expenses to be incurred and is deducted from the

earnings before the unit price is calculated. It is based on

information at the date of publication and is subject to change.

The management costs include the following:

a. Management fee

The Responsible Entity receives a management fee for

providing both responsible entity and portfolio management

services. Fees payable to underlying securities managers are

paid from the management fee.

The management fee for each Investment Option is partly

dependent on the underlying construction of each portfolio,

including its asset and securities manager allocations. Changes

to the portfolio construction may lead to an increase or

decrease in the management fee.

The maximum fee ipac may receive for performing its role as

Responsible Entity and portfolio management services for each

Investment Option is 3% pa. This is set out in the Constitution

for each Investment Option.

b. Expense recovery

The Constitutions provide for the Responsible Entity to be

reimbursed from the Investment Options for all expenses

incurred in relation to the proper performance of its duties in

connection with the Investment Options.

Reimbursable expenses include (but are not limited to)

custodial and audit expenses, printing and postage expenses,

unit registry costs and costs associated with the preparation of

the PDS. These reimbursable expenses are reflected in the unit

prices for the Investment Options.

Buy/sell costs

Investments and withdrawals may incur buy and sell spreads,

which are designed to ensure, as far as practicable, that any

transaction costs incurred as a result of an investor entering or

leaving the Investment Option are borne by that investor, and

not other investors.

Buy and sell spreads are calculated based on the actual or

estimated costs the Investment Option may incur when

buying or selling assets. They will be influenced by our

experience of the costs involved in transacting in these assets

or the costs that the Investment Option has actually paid,

and will be reviewed whenever necessary to ensure they

remain appropriate.

When you enter or leave the Investment Option, any buy or

sell spread applicable at that time is a cost to you, additional to

the fees noted above, and is reflected in the unit price. The buy

and sell spreads are retained within the Investment Option;

they are not fees paid to us or any investment manager.

The buy spread is taken out of application amounts. The sell

spread is taken out of withdrawal amounts.

If considered in isolation the effect of the sell costs of 1.0%

on a $1,000 investment in units would result in the reduction

of the investment to approximately $990 upon its sale. That

is, $1,000 less the sell cost of $10 (1.0%) = $990. This is an

example only and is not an estimate or forecast. The actual

buy/sell spreads may be higher or lower.

The management costs and buy/sell costs for each Investment

Option are in the management costs table. These fees and

expenses are based on information at the date of publication

and are subject to change.

The most up-to-date buy/sell costs are available from your

financial adviser, or by contacting the North Service Centre on

1800 667 841 or visiting northonline.com.au.

Transactional and operational costs

Transactional and operational costs associated with dealing

with the Investment Option’s assets may be recovered from

the Investment Option in addition to the fees noted above.

Transactional and operational costs may include transactional

brokerage, stamp duty, international sub-custody fees and the

buy and sell spreads of any underlying fund. These costs will

differ according to the type of assets in the Investment Option,

and will be paid out of the Investment Option.

Liabilities properly incurred

Each of the Investment Option’s Constitutions entitles us to

be indemnified from the Investment Option for any liability

properly incurred.

Derivative costs

The Investment Options may incur transaction costs relating to

the use of derivatives to implement the investment strategy.

Costs in connection with derivatives include:

– allowances factored into the price of the derivative,

including fees for the derivative facility as well as amounts

that correspond to costs that would be incurred if the

Investment Options held the relative underlying assets

directly including custodian and sub-custodian costs,

transaction expenses such as brokerage and taxes, and

management fees payable to managers, and

– costs in the event that a derivative arrangement is

terminated prior to its agreed maturity date.

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12

Increases or alterations in chargesThe Responsible Entity may alter any of the fees stated

on page 12 up to the maximum fee (if any) outlined in

the Constitutions, without the consent of investors. The

Responsible Entity may also impose additional fees where the

Constitution permits. You will be given at least 30 days’ notice

in writing of any increases in the fees set out in this PDS.

Maximum feesThe maximum fees that can be charged under the Investment

Options’ Constitution are:

– Entry fee: 5% of the application amount. We currently do

not charge an entry fee.

– Withdrawal fee: 5% of the withdrawal amount. We

currently do not charge a withdrawal fee.

– Management fee: 3% pa of the value of the assets in the

Investment Option. We currently charge a management fee

of 0.59% pa.

Differential feesWe may negotiate a rebate of part of the management fee

or charge a lower management fee with investors who are

wholesale clients for the purposes of s761G and s761GA of the

Corporations Act or with AMP group staff. Further information

can be obtained by contacting us.

Goods and Services Tax (GST)All fees in this PDS are inclusive of GST and any applicable

stamp duty, less any reduced input tax credits or other input

tax credits claimable.

Example of annual fees and costsThis table gives an example of how the fees and costs

in the Investment Options for this product can affect

your investment over a one-year period. You should use

this table to compare this product with other managed

investment products.

EXAMPLE: North Guardian Balanced Investment Option

BALANCE of $50,000 with a contribution of $5,000 during the year

Contribution fees Nil For every $5,000 you put in, you will be charged $0.

Plus Management costs

0.59% pa And, for every $50,000 you have in the fund you will be charged $295 each year.

Equals Cost of fund

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

$295

What it costs you will depend on the Investment Option you choose and the fees you negotiate with your fund or financial adviser.

Note:

− The management costs amount assumes a constant investment of $50,000 throughout the year, with a $5,000 contribution made on the last day of the period. Management costs are also applied to any additional contributions that you make during the year.

− Investors through a master trust or wrap account should be aware that in addition to the fees and expenses set out in this PDS, fees and expenses for the master trust or wrap account may also be payable in accordance with the terms and conditions for the master trust or wrap account.

Estimated management costs and buy/sell costsThe table below provides the estimated management costs

and buy/sell costs applicable to each Investment Option.

North Guardian Investment Options

Estimated management

costs (% pa)

Buy/Sell cost (%)

On application

On redemption

Moderately Defensive 0.59 0.13 0.10

Balanced 0.59 0.14 0.10

Growth 0.59 0.15 0.10

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13

Structure of the Investment OptionsThe Investment Options are separately registered managed

investment schemes.

Labour standards and environmental, social and ethical considerationsLabour standards or environmental, social or ethical

considerations are not taken into account by the Responsible

Entity or the Portfolio Manager when making investment

decisions for the North Guardian Investment Options.

Investing in the Investment OptionsInvesting in the Investment Options is generally confined to

investors making an investment through a master trust or

wrap account approved by the Responsible Entity.

Investment performanceIn conjunction with your financial adviser, your decision to

invest in the Investment Options should be based on all the

information provided in this PDS.

As at the date of this PDS the North Guardian Investment

Options do not have any performance history. When the

investment results become available, they will be posted on

northonline.com.au.

Past performance is not a reliable indicator of future

performance. Performance will vary over time and past

performance should not be relied upon in making an

investment decision.

Taxation and social security informationThis tax and social security information is of a general nature

only. Tax laws are complex and can change. We recommend

you discuss your own circumstances with your financial

planner or tax adviser before you decide to invest.

Each Investment Option is a separate managed investments

scheme, and thus a separate taxable entity, for tax purposes.

An Investment Option will generally not pay income tax as

long as all of its net taxable income, including net realised

capital gains, is distributed. Our policy is to distribute all such

taxable income each financial year.

Taxation of distributions and the sale of investments

We intend to distribute the Investment Option’s net income

to investors so that the Investment Option will not incur a

liability for income tax. You may be liable for tax on income,

any net realised capital gains distributed by each Investment

Option (even if distributions are reinvested) and any net

realised capital gains from the disposal of your investment.

Concessional tax treatment may apply on these net realised

capital gains where the assets were held for more than 12

months, as capital gains may be calculated using the discount

method (where the gain is entitled to be discounted by 50% for

individuals).

You may also be entitled to tax credits distributed by each

Investment Option to offset your tax liability (eg franking

credits received from Australian shares that represent tax

already paid by a company on its profits and foreign income

tax offsets from overseas investments that represent foreign

tax already paid on the income or capital gains from these

investments). Different rules may apply to non-residents.

If we distribute more than the taxable income earned by the

Investment Option, generally the excess will be treated as a

return of capital for tax purposes, which will not be subject

to tax but will reduce the cost base of your investment for

the purposes of calculating capital gains or capital losses on

eventual disposal.

Taxation of withdrawals

Any regular withdrawal that is not funded by your distribution

will require a withdrawal of your units. Such withdrawals may

be subject to capital gains tax. For the purposes of calculating

capital gains or capital losses, you may want to choose which

part of your Investment Option to withdraw from. If you have

made a number of investments into the same Investment

Option, you can tell us which units you want to withdraw.

If you don’t tell us, we will withdraw from the earliest

investment you made.

Tax File numbers and Australian Business numbers

You are not required to give us your Tax File Number (TFN),

Australian Business Number (ABN), or a valid reason for

exemption. However, if you do not, we may have to deduct

TFN withholding tax at the top marginal tax rate plus Medicare

levy, from any distributions paid to you (even if distributions

are reinvested). For investors who are non-residents, non-

resident withholding tax may be deducted from distributions.

GST

GST was introduced at a rate of 10% on taxable supplies

made after 1 July 2000. This may affect the return on your

investments in the Investment Option. Investors should

not be directly subject to GST when they invest or redeem

their investment in the Investment Option. However, the

Investment Options may incur GST in respect of various

expenses. The Investment Option may not be entitled to full

input tax credits in respect of all the GST it incurs.

Additional information

233285 0713 22103.indd 13 19/07/13 2:12 PM

14

The Responsible Entityipac is the Responsible Entity for the Investment Options.

The Responsible Entity has overall responsibility for

the management of the Investment Options, including

determination of the investment objectives and strategy.

The Responsible Entity is also responsible for holding

the investments of the Investment Options securely and

protecting the right and interests of unit holders. Its duties and

obligations to unit holders are imposed, and its functions and

powers are conferred on it by the Constitutions (see below),

the Corporations Act and general law. Under the Constitution,

the powers of the Responsible Entity are very broad and there

are few restrictions on the types of assets into which the

Investment Options can invest. These powers are limited by

the objectives and investment strategy as stated in this PDS.

In exercising its powers and carrying out its duties, the

Responsible Entity must:

– act in the best interests of unit holders and treat unit

holders of the same class equally and unit holders of

different classes in the Investment Options fairly

– act honestly

– exercise the degree of care and diligence that a reasonable

person would exercise if they were in the Responsible

Entity’s position, and

– if there is a conflict between unit holders’ interests and its

own interest, give priority to the unit holders’ interests.

ipac may at any time voluntarily retire or be removed by unit

holders at a unit holders meeting.

The Responsible Entity is authorised under the Constitutions

to appoint agents (such as a custodian) or engage the services

of other persons (such as the operator of a securities clearing

system) to undertake matters on its behalf. The Responsible

Entity remains liable for the acts and omissions of any agent

or person so appointed pursuant to the Corporations Act as

though it had itself done (or failed to do) anything the agent or

person has done (or failed to do).

The Responsible Entity has appointed ipac portfolio

management limited as the Portfolio Manager in relation

to the Investment Options pursuant to an investment

management agreement. This role includes providing

investment management and associated services to the

Investment Options. The Portfolio Manager has consented to

being named as the investment manager of the Investment

Options in this PDS. As at the date of this PDS, the Portfolio

Manager has not withdrawn its consent.

International Financial Reporting StandardsTerminology used in this PDS (such as market value or

net asset value) may not necessarily be consistent with

terminology in the Australian accounting standards

equivalent to International Financial Reporting Standards.

The accounting standards relate to financial statements. The

PDS uses terminology commonly accepted in the financial

services industry when referring to the calculation of fees and

unit prices which may differ to that used in the Investment

Options’ financial statements.

Alternative forms of remunerationFinancial services providers are required to maintain a register

which outlines the alternative forms of remuneration. The

register is available free of charge by contacting the North

Service Centre on 1800 667 841.

The ConstitutionsEach Investment Option is a managed investment scheme

registered under the Corporations Act. ipac is the Responsible

Entity of each Investment Option. The Constitution of

each Investment Option establishes a framework for its

operation and with this PDS, the Corporations Act and other

relevant laws, and defines the relationship between ipac and

unit holders.

The following description of each Investment Option’s

Constitution is relevant primarily to master trusts or wrap

accounts who are unit holders in the Investment Options.

Indirect investors are not unit holders.

Some of the provisions of the Constitution, such as maximum

fees and unit pricing, are dealt with elsewhere in this PDS.

Other provisions relate to:

– the Responsible Entity’s investment and contracting

powers on behalf of the Investment Options and valuation

principles for assets

– the distribution of income and capital of the Investment

Options

– the obligations, duties and powers of the Responsible Entity

and delegation of its functions

– the voluntary and compulsory retirement, removal or

replacement of the Responsible Entity

– the duration of the Investment Options, including

termination by members or the Responsible Entity, or under

operation of law

– recoverable expenses, permitted borrowing and the limiting

of liability and remuneration and indemnification of the

Responsible Entity

– the manner in which notices will be given, and payments

made, to members

– procedures by which members may make complaints

procedures for the convening and holding of meetings of

members

– the maximum fees the Responsible Entity may charge, and

– amendment of the Constitutions.

The Responsible Entity will provide, on request and free of

charge, a copy of the Constitutions (and any amendments that

may be made from time to time). Please contact the North

Service Centre on 1800 667 841 should you require a copy.

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15

The compliance committee and compliance plansIn accordance with the Corporations Act, a compliance plan

for each Investment Option has been prepared and lodged

with ASIC. The compliance plans, among other things, set

out the measures the Responsible Entity will apply to ensure

that the Investment Options are operating in accordance

with the Corporations Act and its Constitution. A compliance

committee, with a majority of external members, has

been established with the principal role of monitoring the

Responsible Entity’s adherence to the compliance plans, and

the adequacy of the plans. An external auditor will audit the

compliance plans annually and will report its findings to the

Responsible Entity.

Unit holder meetingsMeetings of unit holders of an Investment Option may

be convened at any time by the Responsible Entity. The

Responsible Entity must also convene a meeting of unit

holders of an Investment Option when requested to do so

by a unit holder with at least 5% of the votes that may be

cast or by at least 100 unit holders who are entitled to vote

on the resolutions. If a meeting is to be held, a notice setting

out all the relevant information will be sent to unit holders in

accordance with the requirements of the Corporations Act and

the Constitution of the Investment Option.

While the Constitutions for the Investment Options contain

some provisions relating to meetings of unit holders, the rights

of unit holders to attend and vote at meetings are mainly set

out in the Corporations Act.

Indirect investors do not have rights to attend and vote at unit

holder meetings. Instead, the direct investor, the master trust

or wrap account will exercise those rights in accordance with

their arrangements with you.

Unit holder liabilityThe Constitution for each Investment Option limits unit

holder liability to the value of the unit holder’s investment

in the Investment Option so that a unit holder will not, by

reason of being a unit holder alone, be personally liable to

indemnify ipac as Responsible Entity or a creditor, in the event

that the liabilities of the Investment Option exceed its assets.

However, because this matter has not been tested in court,

the Responsible Entity cannot give an absolute assurance in

this regard.

How direct and indirect investments differAny rights that this PDS describes as being exercisable by a

unit holder are exercisable by the direct unit holder, being the

master trust or wrap account and not to persons investing

through these services. Similarly, references to ‘unit holder

liability’ (see above) are applicable to the master trust or wrap

account and not to persons investing through those services.

You should be aware that the rights of investors indirectly

investing in the Investment Options through a master trust or

wrap account, and the rights of persons investing directly in

the Investment Options, differ. If you are a direct investor in an

Investment Option, ie you are a master trust or wrap account:

– units in the Investment Options are held in your name

(unless you arrange otherwise)

– you may make investments, redemptions and switches in

accordance with this PDS and the Constitutions

– the distribution of income will be calculated and paid to you

or at your direction in accordance with the Constitutions

– fees and charges will be charged in accordance with this

PDS and the Constitutions

– the Responsible Entity will keep you informed of the

progress of your investment and all transactions that you

make, and

– you will have voting rights in respect of your units.

If you are an indirect investor in the Investment Options

through a master trust or wrap account:

– the registered holder of units in the Investment Options will

be the master trust or wrap account

– investments, redemptions and switches in relation to units,

and the timing of them, will be governed (in part) by the

terms and conditions for the master trust or wrap account

– income distributions will be distributed to the master trust

or wrap account operator from which distributions may be

allocated to you or credited to your account in accordance

with the terms and conditions of the relevant master trust

or wrap account

– the master trust or wrap account operator will be

responsible for informing you of the progress of your

investment through the master trust or wrap account

– you do not have any voting rights in respect of the units

held on your behalf by the master trust or wrap account

operator and you have no rights to attend and speak at

meetings of members of the Investment Options. The

master trust or wrap account operator may exercise all of

the rights relating to the investment, and

– you generally do not have any cooling-off rights. Investors

should refer to the relevant disclosure for information

regarding any cooling-off rights.

ReportingPersons who invest in the Investment Options through a

master trust or wrap account will not receive confirmation

of transactions, quarterly reports, distribution statements,

tax statements or financial statements directly from the

Responsible Entity in respect of the Investment Options. These

will be provided by the Responsible Entity to the master trust

or wrap account who may report to you on your investments

in the relevant master trust or wrap account in accordance

with the arrangements governing that master trust or

wrap account.

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16

Financial position of the Investment OptionsThe financial statements of the Investment Options will be

made available free of charge upon request. Please contact

the North Service Centre on 1800 667 841 or email us at

[email protected] should you require a copy.

Complaints procedure

Master trusts and wrap accounts (Direct investors)

The Responsible Entity follows an established procedure to

deal with complaints. If you have concerns relating to your

investment in the Fund, please contact us by telephone on

1800 624 452 or in writing to ipac asset management limited,

Level 24, 33 Alfred Street, Sydney NSW 2000.

Indirect investors

You should contact your financial adviser, master trust or wrap

account if you have a complaint related to your investment. If

your issue remains unresolved, you can contact the external

dispute resolution scheme of which the wrap account is

a member.

Your privacy

Master trusts and wrap accounts (Direct investors)

The main purpose in collecting personal information is so that

we can set up and administer your investment account. If you

do not provide the required information, we may not be able to

process your application.

The AMP Privacy Policy, which can be obtained online at

ampcapital.com.au or by contacting us, sets out the AMP

group’s policies on management of personal information. This

information may be disclosed to other members of the AMP

group, financial advisers where applicable, and to external

service suppliers who supply administrative, financial or other

services that assist us in providing services to you.

Under the Privacy Act 1988 (Cwlth), you may access personal

information held about you, although there are some

exemptions to this. If you believe information held about you is

inaccurate, incomplete or out of date, please contact us.

Indirect investors

Your financial adviser, master trust or wrap account will

collect personal information from you so that they can set

up and administer your investment account. Your financial

adviser, master trust or wrap account can provide you with

information about how they use and disclose this information.

Cooling-off periodIndirect investors should refer to the relevant disclosure

document of the master trust or wrap account for their

cooling-off rights (if any) in relation to their master trust or

wrap account.

Master trusts and wrap accounts do not have any cooling-off

rights in relation to an investment in the Investment Options.

Related party transactionsA related party transaction is a transaction involving parties

that have a close relationship with us, for example, where a

fund managed by us invests in other funds where we are the

responsible entity, trustee or investment manager.

Where we enter into transactions with related parties,

including our appointment of the Portfolio Manager for each

Investment Option, we operate in accordance with related

party protocols and AMP group policies and procedures which

require us to transact on terms that would be reasonable if

the parties were dealing at arms’ length. These policies and

procedures, including related party policies, are governed by

the AMP Conflicts of Interest Policy which applies a code of

conduct to our directors and officers, and promotes integrity,

responsibility and accountability. The code of conduct provides

that where related party transactions exist we must ensure

that legislative requirements are met and investors’ interests

are protected.

Under each Investment Option’s Constitution, the Responsible

Entity may:

– deal with itself, an associate, investor or any other person

– be interested in or receive a benefit under any contract or

transaction with itself, an associate, investor or any other

person, or

– act in the same or similar capacity in relation to any

other fund.

Electronic formatFor investors receiving this PDS electronically, a paper copy will

be provided free of charge upon request.

Offers limited to AustraliaThis document can only be used by investors receiving it

(electronically or otherwise) in Australia.

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17

Changes to information in this PDSBefore making a decision to invest in an Investment Options,

it is important to obtain a current PDS, as the information

provided in a PDS may change from time to time. If the change

is not materially adverse to investors, we will update the

relevant information online at northonline.com.au. However,

if the change is considered materially adverse to investors, we

will issue a replacement PDS or a supplementary PDS, which

will also be available online. You can also obtain a copy of the

updated information and any replacement or supplementary

PDS free of charge by contacting us.

If there is an intention to change the Investment Option’s

investment objective or investment strategy, we will inform

investors in writing, before making the change. If there is an

intention to change the fees and charges applicable to an

investment in an Investment Option, we will provide investors

with 30 days’ notice in writing before making the change.

Retaining this PDSYou should keep this PDS and any supplementary or updated

PDS as you may need to refer to information about the

Investment Options for ongoing investing. We will send you a

current PDS and any replacement or supplementary PDS free

of charge, on request.

Further informationIf you require any further information please speak with

your financial adviser or call the North Service Centre on

1800 667 841.

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22

10

3 0

7/1

3

Contact your adviser or financial plannerdirectory Registered address of ipac

Level 24, 33 Alfred Street

SYDNEY NSW 2000

phone 1800 667 841

web northonline.com.au

email [email protected]

mail North Service Centre GPO Box 2915 MELBOURNE VIC 3001

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233285 0713 22103 v6 - North Online · North Guardian Investment Options ... 233285 0713 22103.indd 1 19/07/13 2:12 PM. Important information ... sharemarket volatility from 1 January