Following a review of its investment strategy, Tasplan has adopted a number of new investments which will significantly change the overall mix of assets held by the Fund.

General Manager, Neil Cassidy reported that the key objective of the review was to determine what, if any changes could be made to the Plan's investments to enhance future returns.

According to Cassidy the investment review was intended to embrace new investment opportunities that have become available to super funds in recent times.

"The Review was timely with assets under management having grown to $800 million" Cassidy said. Decisions have now been made by the Tasplan Board to:

• Introduce a new asset type of "Opportunistic Property and Private Equity" assets to capture the superior return opportunities expected in this investment area;
• Introduce Global Listed Property as an extension to Australian listed and unlisted property, in part due to the limited opportunities to invest in Australian listed property;
• Introduce an Infrastructure asset class, with an emphasis on infrastructure that produces regular income every year to smooth Tasplan's investment returns; and
• Introduce an Absolute Return asset class to broaden the investment base and to reduce fluctuations in returns, particularly if the equity markets were to move down sharply.

The new investments will be progressively funded throughout 2006 as suitable opportunities arise.

To accommodate these new investments, strategic allocations to Australian and International shares and fixed interest will be reduced.

Strategic asset allocations for each Investment Option (Equities, Longer Term Growth, Balanced, Short Term Defensive and Cash) will be amended further as investments are made, with new allocations anticipated to be within the ranges set for these new asset classes.

The Plan's Investment Policy Statement has been revised to reflect these new asset classes.