annual report 2010 - intrust super · 2020-05-29 · 2 2009/10 highlights new insurance...

Annual Report 2010

This Annual Report together with your Member Statement and the Your Statement Explained Flyer form part of and make up your Annual Statement.

The Trustee of Intrust Super is IS INDUSTRY FUND Pty Ltd | ABN: 45 010 814 623 | AFSL No: 238051 | RSE Licence No: L0001298 | RSE Registration No: R1004397 | Intrust Super ABN 65 704 511 371 | SPIN: HPP0100AU

A message from the Chairperson and CEO .................... 12009/10 Highlights ............................................................ 2The Year Ahead ................................................................. 32010/11 Budget Updates .................................................. 4Investment Market Update ............................................... 5How to make the most of your super .............................. 6Who manages Intrust Super? .......................................... 8Who are the Directors of the Trustee? ............................. 8Service Providers .............................................................. 9Our Products..................................................................... 9Pre-mixed Investment Options ...................................... 10Individual Asset Class Investment Options ................... 11Pre-mixed Investment Options Asset Allocation ........... 12Balanced Investment Option historical Asset Allocation .............................................. 13Our approach to investing .............................................. 13Policy towards use of derivatives ................................... 14A couple of key investment terms explained ................. 14Investment Managers..................................................... 14Investment Manager changes during the year ............. 14Core Super ...................................................................... 16Core Super returns - 30 June 2010 ............................... 16Executive Super & Select Super ................................... 17Executive Super & Select Super returns - 30 June 2010 ................................................... 17Super Stream ................................................................. 18Super Stream returns % 30 June 2010 ......................... 18How investment returns are paid .................................. 19Statement of Financial Position as at 30 June .............. 20Reserves ......................................................................... 22Intrust Super’s Insurance Enhancements..................... 23Fees ................................................................................. 24Opportunities Investment Option ................................... 24Tax ................................................................................... 24Other Important Information ......................................... 26

Contents

Visit Level 15, 324 Queen Street Brisbane QLD 4000

Mail GPO Box 1416 Brisbane QLD 4001

Contact Operations ManagerPh 132 467Fax 1800 603 234Email [email protected] www.intrust.com.au

1

Our investment returns finished on a positive note for the 2009/10 financial year with Intrust Super reporting double digit figures of 10.3% for our Balanced Option – performing above the SuperRatings all fund median return. This is excellent news and although past performance is not the best gauge for future performance, these returns show that some confidence is returning to the broader marketplace.

With markets rebounding strongly from the sharemarket lows of 2009 - members of super funds should be taking steps to maximise their super benefit for the long term. Examining costs verses benefits across super funds could ultimately mean more super in your account and ensure any positive returns are working to your advantage.

As a 100% industry super fund, we don’t pay commissions to financial planners or dividends to shareholders, our fees are low and we exist solely for the benefit of you, our member. And so, it is with great satisfaction that Intrust Super was recognised by SuperRatings, for the fourth consecutive year, as a Platinum* rated ‘Best Value for Money’ fund across all the Fund’s products. This is a fantastic achievement for us.

We’d like to take this opportunity to thank our members who have invested in their future with Intrust Super and the efforts of the Fund’s staff and Board of Directors throughout this prosperous year.

Shirley Mellor & Brendan O’Farrell * According to SuperRatings

A message from the Chairperson and CEO

2

2009/10 HighlightsNew insurance enhancements

In May 2010 Intrust Super implemented new and very competitive Life & Total and Permanent Disablement insurance for our members. Members who took up the new insurance offer, alongside all new members#, are now covered with increased insurance benefits for less cost – a fantastic enhancement making our insurance one of our key product features and one of the best on the market.

Platinum* rating 4th year running

For the fourth consecutive year, Intrust Super has been awarded with SuperRatings Platinum* rating, recognising our ongoing commitment to providing our members with the many benefits of being with an industry fund. At Intrust Super, our fees remain low as we don’t pay commissions to financial planners or dividends to shareholders. We exist solely for the benefit of you, our members.

SuperRatings is an independent ratings agency that enables us to benchmark our performance against our peers. To be acknowledged in such an important member focused category is a great achievement.

Intrust Super welcomed the new partnership with the Queensland Rugby League (QRL)

The year has seen strong partnerships and relationships built with the QRL and its Rugby League Community. As the competition continues to evolve, we at Intrust Super hope to become a long standing partner and grow alongside this loyal and community based sector for future years. Intrust Super has thoroughly enjoyed being a part of the QRL community and we would like to thank them for their strong support provided to the Fund.

* According to SuperRatings 2010

# Conditions apply, please refer to the Product Disclosure Statement for further information.

3

The Year AheadWe’re excited about the year ahead, as the new partnerships and business initiatives we have implemented during 09/10 come to fruition.

Intrust360° - Accessible advice for all

We’re set to be one of the first super funds to launch a full service not for profit financial planning business – Intrust360°. This unique model allows us to provide online education and advice as well as face-to-face financial planning to our members from October 2010. Intrust360°’s Super360° will provide members free access to real time personal advice on superannuation, investment, insurance and salary sacrifice options. This is a tremendous innovation that will provide our members with a legitimate and comprehensive Statement of Advice regarding their super – online, in their own time, and at no cost.

Go green and make a difference with eStatements

Another key focus for us in the upcoming year is to encourage members to take up our new eStatement offering – and do their bit to save the environment! Having an online account will encourage members to be more hands on with their super as they can action weekly investment switching, update their details, check their balance and now register for eStatements.

Our team is at your service

Our dedicated Customer Service Managers are available to make regular visits to your workplace to ensure ongoing education for both you and your employer. We are at the forefront of simplifying administration processes, including an upgrade to our online EmployerAccess portal due in late 2010 which will make lives easier and more efficient for our Employers.

We endeavour to continually enhance the products and services we offer to you, our member. And as we look to the year ahead we believe that Intrust Super will deliver on this promise.

4

2010/11 Budget UpdatesThe Federal Government made several recommendations in the 2010 Budget that affect the superannuation industry:

Changes to Concessional Contributions for 50+

Making additional voluntary payments into your superannuation remains one of the best and most tax effective ways to boost your retirement savings.

The concessional contributions cap for those aged 50 and over was due to fall to $25,000 from 1 July 2012. However, the Government has now recommended that the cap remain as $50,000 a year for workers who have super balances under $500,000*.

Concessional Contribution caps

Year 2009/10 2010/11

Under age 50 $25,000 $25,000

Age 50 and over $50,000 $50,000*

As long as your combined concessional contributions do not exceed the above limits for the 2010/11 financial year, they will only attract the standard 15% contributions tax. If you exceed these limits, any excess contributions will be taxed at 46.5% including the Medicare levy (an additional 31.5% on top of the 15% already imposed).

Changes to the Government Co-contribution Scheme

The Government will retain the matching rate of its superannuation co-contribution scheme at 100%. This means, for anyone earning $31,920 pa or less, the Government will match their voluntary contributions dollar for dollar up to $1,000. The Australian Taxation Office (ATO) gradually reduces its co-contribution rate on a pro rata basis, until it fully expires at the $61,920 annual wage mark.

Low income earners super contribution tax rebate

In the 2010/11 Budget, the Government annouced it will provide a new super contribution tax rebate of up to $500 annually for low income earners from the 2010/13 income year. This will apply to concessional contributions (including employer contributions) made by or for individuals with adjusted taxable incomes of up to $37,000 (not indexed).

5

Investment Market UpdateThe 2009/10 financial year kicked off with a strong start. We witnessed evidence of ‘green shoots’ of an economic recovery, which led to a resurgence of risk appetite by investors, and a subsequent rally in local and global equity markets. Confidence has begun to build that the world had avoided entering a depression, and liquidity returned to credit markets, helping companies to refinance their debt obligations. However, towards the end of 2009, we began to see a mixed economic picture unfold across the globe. The outlook for Australia was at the positive end of the spectrum, with the Reserve Bank of Australia being the first major central bank to raise interest rates. By contrast, negative economic data, such as US and European unemployment rates led to a sell-off in the Global share markets. Domestically, the share rally also came to a halt, driven by the uncertainties surrounding global growth, particularly in the US, Europe and China.

Concerns around the growing wall of debt that was funding growth became heightened; particularly in the US, and extended to Portugal, Ireland, Greece and

Spain. By the end of the financial year, the declining likelihood of a resilient recovery in the US led to dwindling investor confidence, which was reflected in a “flight to safety” to US Treasuries, the US Dollar, Yen, gold and gold stocks.

Presently, the immediate outlook for investment markets is mixed, given concerns for developed world economic growth and the ability of parts of Europe to pay back the growing mountain of debt. As such, investment markets will likely remain volatile over the short term. Nevertheless, there will continue to be opportunities that will enable Intrust Super to invest sensibly and for the long term.

Intrust Super provides members with well diversified investment options, notably in the Stable, Balanced and Growth Options. We take this opportunity to remind members that despite the challenging periods - Superannuation is a long term investment and Intrust Super will continue to build members’ portfolios on proven investment fundamentals to achieve longer term success.

Intrust Super Core Super Returns & SuperRatings* All Fund Median Returns at 30 June 2010

* Source: SuperRatings Fund Crediting Rate Survey - June 2010 Please note: Past performance is no indication of future returns.

Intrust Super Core Super

All Fund Median

6

Spouse contributions

Your spouse can make contributions into your account for you. Depending on your income, the spouse making the contribution may be eligible for a tax offset if the spouse receiving the contribution earns less than $13,800p.a.

Contribution splitting

You are able to split some of your employer contributions to your spouse (includes de facto and same-sex couples).

Employer contributions

These are also known as concessional contributions because they are taxed at a more favourable, or concessional rate.

For members aged 50 and under, your employer can pay up to $25,000 each financial year (this cap will be indexed annually) to your super, at the concessional tax rate of 15%.

The Goverment has recommended that the contributions cap for members aged over 50 and with an account balance under $500,000, be set at $50,000 for the 2010/11 financial year. This means your employer can contribute up to $50,000 each year and it will be taxed at the concessional tax rate of 15%.

Salary sacrifice contributions also count towards your concessional contribtion total. Any contributions that exceed the cap will attract an additional tax of 31.5% (includes Medicare levy) payable on top of the standard 15% tax rate. These caps also apply if you are self-employed.

Voluntary contributions

These are also called Non-concessional Contributions because they are not taxed when they are paid into your account as they come from your after-tax pay and have already been taxed at your marginal rate.

You can make up to $150,000 of these contributions (includes any spouse contributions you receive) each financial year. This cap will be indexed to Average Weekly Ordinary Times Earnings in increments of $5,000 annually. This type of contribution won’t be taxed when paid to your account.

You can pay into your super as often as you like; you can drip feed into your account on a regular basis or make a one-off payment anytime, subject to the contribution caps set by Government legislation. Payments can be made online via direct debit, BPAY, or via cheque and regular employer payroll deductions.

Government Co-contribution

If you make voluntary after-tax contributions and are eligible, the Federal Government will reward you by making a bonus co-contribution to your account.

Depending on your income, you could receive $1.00 for every $1.00 you contribute up to $1,000. The Australian Tax Office assesses your eligibility based on your Tax Return and information provided by your fund and will pay any co-contribution directly into your super fund account.

From 1 July 2010 to 30 June 2011:

• The maximum income for eligibility is $61,920;• The maximum co-contribution is $1,000 for incomes

up to $31,920; and• The rate of co-contribution entitlement is reduced

by 3.333 cents for every dollar of annual income over $31,920, therefore reducing to zero for incomes over $61,920.

If your after tax voluntary contribution is:

$1,000 $800 $500 $200

And your income is:

Your Government Contribution is:

$31,920 or less

$1,000 $800 $500 $200

$37,920 $800 $800 $500 $200

$41,920 $667 $667 $500 $200

$45.920 $533 $533 $500 $200

$49,920 $400 $400 $400 $200

$53,920 $267 $267 $267 $200

$57,920 $133 $133 $133 $133

$61,920 or more

$0 $0 $0 $0

Visit www.ato.gov.au for full eligibility terms and conditions.

How to make the most of your super

7

Other things to know

As super receives special tax breaks the Government limits how much you and your employer can contribute:

• The limits apply per member, not per fund. This means if you have paid into Intrust Super and another fund, the total of all these payments made during the year will count towards your annual limit

• In your lifetime, you can pay up to $1,000,000 into super from the proceeds of the sale of a business

• Rollins from overseas funds will count towards your Non-Concessional Contribution limit. If you prefer you can choose to have some or all of your overseas rollover treated as a taxable contribution, which means it will be taxed at 15% when paid into your account.

Should you breach this cap, any amounts between $150,001 and $450,000 will be taxed at the top marginal rate. Contributions over $450,000 aren’t allowed and will be returned to you.

However, if you are under age 66, the law lets you contribute up to three years worth of after-tax voluntary contributions (i.e. $450,000) as a one-off payment.

Effectively, this means you are using up the limit for the next three years and no further after-tax contributions will be allowed during this time.

The following do not count towards either contribution limit:

• Payments made to your super from settlements for injuries resulting in permanent disability, if they are paid to your account within 90 days of you receiving them

• Government Co-contributions• Rollovers from another Australian super fund

Tax File Numbers

It’s in your interest to give us your Tax File Number (TFN) when you join. While you don’t have to do so, if you don’t, you may pay more tax than you have to on both money coming into, and payments made from your account.

If you don’t provide your TFN all deductible (this means Superannuation Guarantee and salary sacrifice) contributions will be taxed at the top marginal rate (currently 46.5%).

Perhaps more importantly without your TFN we will have to send back any after-tax voluntary contributions you make, potentially excluding you from receiving up to $1,000 from the Government’s Co-contribution Scheme.

Don’t forget to supply us with your Tax File Number to avoid paying extra tax.

8

Who manages Intrust Super?The Trustee is the entity responsible for managing the Fund. It collects and invests contributions, maintains records, reports to members and employers, pays benefits and is responsible for all other activities required to operate the Fund effectively.

The Trustee of Intrust Super (Registrable Superannuation Entity Registration No. R1004397) is the company IS Industry Fund Pty Ltd (ABN 45 010 814 623, Australian Financial Services Licence No: 238051, Registrable Superannuation Entity Licence No. L0001298).

Who are the Directors of the Trustee?Established in 1988 as a joint initiative of the Queensland Hotels Association (QHA) and the Liquor, Hospitality and Miscellaneous Workers Union (LHMU), employee and employer members of Intrust Super are equally represented on the Trustee Board.

Our Trustee Board has six directors, three being appointed by the LHMU and the QHA respectively:

Employee Representatives

Shirley Mellor - Chairperson

Kerry Tomlinson

Gary Bullock

Employer Representatives

Sandy McDonald - Deputy Chairperson

Justin O’Connor

Peta Irvine

9

AdministratorAustralian Administration Services

Auditor BDO Kendalls

CustodianJP Morgan Investor Services

Insurer: Life & TPD Insurance

Hannover Life Re of Australasia Ltd

Insurer: PayGuard (Income Protection)

Australian Income Protection Pty Ltd

Investment AdviserJANA Investment Advisers Pty Ltd

Legal AdvisersMcCullough Robertson & Clayton Utz

Personal Financial Advice

IS Financial Planning Pty Ltd trading as Intrust360°

Our ProductsIntrust Super has been successfully providing superannuation products to our members for over 20 years. Our range of products have been specially designed to cater for the needs of employers and employees alike in industries that are made up of casual, part-time and full-time workers across the hospitality, tourism and retail industries. Our goal is to “be there” for our members from their first job right through to their retirement. All of Intrust Super’s Member Guides are available at www.intrust.com.au or you can call us on 132 467 if you would like us to mail you a copy.

Service Providers

Core Super

Combined Product Disclosure Statement & Financial Services Guide (Application for Membership included)

Issued 27 May 2009

Executive Super


Issued 20 August 2009

Select Super



Super Stream



10

Investment Aim Investment StrategyProduct Availability

Risk Strategy

Bal

ance

d

To achieve an average investment return of at least 3% p.a. above inflation over any rolling five-year period.

To achieve this aim, the Balanced Option uses a variety of investments. The proportion invested in each type is shown in the Asset Allocation table on page 12. We use specialist fund managers who have been selected by Intrust Super because of their expertise and experience to help us make these investments.

Core Super Executive Super Select SuperSuper Stream

Gro

wth

To achieve an average investment return of at least 4% p.a. above inflation over any rolling seven-year period.

To achieve this aim, the Growth Option uses a variety of investments. The proportion invested in each type is shown in the Asset Allocation table on page 12.We use specialist fund managers who have been selected by Intrust Super because of their expertise and experience to help us make these investments.


Com

bine

d Sh

ares

To achieve an average investment return of at least 5% p.a. above inflation over any consecutive eight years.

To achieve this aim, the Combined Shares Option uses several active fund managers. The proportion invested in each type is shown in the Asset Allocation table on page 12.We use specialist fund managers who have been selected by Intrust Super because of their expertise and experience to help us make these investments.

Executive Super Select SuperSuper Stream

Con

serv

ativ

e

To achieve an average investment return of at least 2.5% p.a. above inflation over any consecutive seven-year period.

To achieve this aim, the Conservative Option uses a variety of investments. The proportion invested in each type is shown in the Asset Allocation table on page 12.We use specialist fund managers who have been selected by Intrust Super because of their expertise and experience to help us make these investments.


Stab

le

To achieve an average investment return of at least 2% p.a. above inflation over any rolling three-year period.

To achieve this aim, the Stable Option uses a variety of investments. The proportion invested in each type is shown in the Asset Allocation table on page 12.We use specialist fund managers who have been selected by Intrust Super because of their expertise and experience to help us make these investments.


Pre-mixed Investment Options

11

Investment Aim Investment Strategy Product Availability Risk Strategy

Aus

tral

ian

Sh

ares

To achieve a return greater than the average return of the Australian sharemarket over any three consecutive years.The average is measured by the S&P ASX 300 Index, which includes the largest 300 companies listed on the Australian Stock Exchange.

To achieve this aim, the Australian Shares Option uses several active fund managers.

Core Super Executive Super Select Super Super Stream

Inte

rnat

iona

l Sh

ares

To achieve a return greater than the average return of major international sharemarkets over any three consecutive years.The average is measured by the Morgan Stanley Capital International (MSCI) (ex Australia) Index.

To achieve this aim, the International Shares Option uses a mix of active fund managers.


Opp

ortu

niti

es* To achieve an average investment return

of at least 4.5% above inflation over any consecutive three years.

To achieve this aim, the Opportunities Option uses both listed and unlisted investments with a focus on producing positive returns.


Pro

pert

y

To achieve a return greater than the average return of Australian Unlisted Property Trusts over any three consecutive years.The average is measured by the Mercer Unlisted Property Trusts Index.

To achieve this aim, the Property Option uses specialist fund managers that will provide exposure to a range of high quality properties via Unlisted Property Trusts.


Bon

ds

(Fix

ed In

tere

st)

To achieve a return greater than the average return of selected major Bond and Fixed Interest markets globally over any three consecutive years.The average is measured by a blend of the UBSA Composite Bond Index and the Lehman Global Aggregate (hedged) Index.

To achieve this aim, the Bonds (Fixed Interest) Option may use index or active bond fund managers which invest in Australian and International Bond Markets.


Cas

h

The aim is to provide investors with an income return that matches the pre-tax benchmark performance of the UBS Australian Bank Bill Index on an ongoing basis. It aims to do this by investing in deposits, money market and fixed income securities.

To achieve this aim, the Cash Option uses a major Cash Investment Manager.


* The Opportunities investment option ceased on 30 June 2010.

Individual Asset Class Investment Options

12

Investment Option Asset Allocation Benchmark Range %

Bal

ance

d

Australian Shares 35 25-45

International Shares 25 15-35

Growth Opportunities 5 0-15

Property 10 5-15

Bonds 15 5-25

Cash 2 0-25

Defensive Opportunities 8 0-15

Gro

wth




Property 5 0-10

Bonds 0 0-15

Cash 0 0-15


Com

bine

d Sh

ares



Growth Opportunities 0 0

Property 0 0

Bonds 0 0

Cash 0 0

Defensive Opportunities 0 0

Con

serv

ativ

e




Property 5 0-10

Bonds 20 10-50

Cash 15 0-30


Stab

le




Property 10 5-15

Bonds 30 20-60

Cash 30 0-50


Although the benchmark and ranges of asset class allocations shown here are not expected to move significantly from these levels; to achieve the best results our strategy allows the allocation to vary within the ranges shown in the above table. If at any time our asset allocation falls outside a prescribed range, we’ll take steps to bring the allocations back within the range as soon as possible in a way that keeps any re-balancing costs as low as possible.

Pre-mixed Investment Options Asset Allocation

13

Balanced Investment Option historical Asset Allocation

As at 30 June 2009 2008 2007 2006

Australian Shares 33.3% 29.8% 37.2% 34.1%

International Shares 20.4% 21.3% 27.2% 22.5%

Property 10.0% 12.1% 8.3% 9.2%

Growth Opportunities 10.1% 9.1% 8.7% 8.4%

Bonds (Fixed Interest) 9.6% 7.1% 4.9% 11.3%

Cash 7.1% 10.9% 1.8% 5.4%

Defensive Opportunities 9.5% 9.7% 11.9% 9.1%

Our approach to investingInvestments are selected purely on their ability to help achieve the relevant investment objective. Decisions about the selection, retention or realisation of investments in the Fund are primarily based on economic factors. We do not take into account labour standards or environmental, social, or ethical considerations in selecting, retaining or realising the Intrust Super investments, although sometimes these matters do affect economic factors that affect investments.

As at 30 June 2010

Australian Shares 30.2%

International Shares 20.8%

Property 10.7%

Growth Opportunities 10.0%

Bonds (Fixed Interest) 15.6%

Cash 7.9%

Defensive Opportunities 4.8%

14

Investment ManagersTo help your Intrust Super account achieve its long term objectives, we appoint a range of specialist Investment Managers with a track record of providing solid returns, to invest on the Fund’s behalf. Each manager is chosen based on their suitability in relation to the Fund’s overall investment objectives and strategy. Each manager’s investment performance is regularly reviewed and changes are made where necessary. While some changes to managers were made throughout the year, the managers in place at 30 June 2010 are shown in the table on the next page.

Policy towards use of derivativesIntrust Super does not use derivatives directly. However, investment in derivatives such as futures and options, may be used by our underlying Investment Managers.

Derivatives are used to protect the values of portfolios against major falls in market prices or to change portfolio’s exposure to markets more rapidly and efficiently than directly purchasing or selling physical assets.

Further, to assist in achieving the Fund’s investment objectives, the chosen Investment Managers may also use tactical asset allocation techniques which could include investments in derivatives.

Investment Manager changes during the yearIn the 2009/10 financial year BGI (or Blackrock) were removed as investment managers. Tribeca Investment Partners were appointed as investment managers.

A couple of key investment terms explained

Rolling periods:

This covers a number of consecutive years, for example a three-year rolling period could be from 1 July 2006 to 30 June 2009, or 1 July 2007 to 30 June 2010, and so on.

Unlisted Property:

An investment in property (i.e. office blocks, resorts etc) that is not made through a portfolio listed on the stock exchange. Often access to this type of investment is limited to large investors like super funds.

Active managers:

This type of manager invests by using their skills to make decisions about what types of assets to buy and sell in an attempt to achieve returns higher than the relevant market index.

15

Investment Managers Assets $ % of Total Assets

Australian Equities

AMP Capital Investors 8,799,154 0.9%

Barclays Global Investors - 0.0%

Cooper Investors Pty Ltd 71,617,983 7.2%

Integrity Investment Management 56,549,968 5.6%

Northward Capital Pty Ltd 51,196,356 5.1%

Paradice (Small Cap) Investment Management 26,519,534 2.6%

Paradice (Mid Cap) Investment Management 23,508,253 2.3%

Paradice (Large Cap) Investment Management 39,890,104 4.0%

Tribeca Alpha Plus 28,003,808 2.8%

International Equities

JANA Global Core Hedged Option^ 85,996,138 8.6%

JANA Marathon Option+ 50,555,246 5.1%

JANA High Alpha Global Share# 52,395,650 5.2%

JANA Emerging Markets* 27,519,377 2.7%

Growth Alternatives

AMP Capital Investors 25,051,223 2.5%

Hastings Funds Management Limited 18,427,590 1.8%

RARE 8,108,607 0.8%

Member’s Equity 685,000 0.1%

Holowesko Partners 9,428,105 0.9%

Trinity Limited 6,695,842 0.7%

ISF Investment Trust 13,503,940 1.3%

The Private Capital Group 5,231,255 0.5%

Trinity Consolidated Land Trust 3,490,500 0.3%

AMP Capital Investors 515,986 0.1%

Defensive Alternatives

GMO Australia 31,974,202 3.2%

State Street Global Advisors (Aust mkt neutral) 16,519,365 1.7%

Property

AMP Property 30,477,184 3.0%

Colonial First State Limited 29,831,368 3.0%

Direct Property (ICON Place) 4,804,590 0.5%

Trinity Limited 35,760,651 3.6%

Bonds (Fixed Interest)

Member’s Equity 2,797,073 0.3%

Pimco Australia 86,169,937 8.6%

Aberdeen (previously known as Credit Suisse Management (Australia) Limited)

60,157,464 6.0%

Cash

Macquarie 17,135,755 1.7%

Custodian Cash 5,540,575 0.6%

Aberdeen (previously known as Credit Suisse Management (Australia) Limited)

66,189,931 6.6%

TOTAL 1,001,047,714 100.0%

^ JANA Global Core Hedged option is a pooled investment managed by Acadian Asset Management, AllianceBernstein and Capital International. + JANA Marathon Option is a pooled investment managed by Marathon Asset Management. # JANA High Alpha Global Share is a pooled investment managed by Wellington Asset Management, Pzena and Baillie Gifford.* JANA Emerging Markets is a pooled investment managed by Marvin & Palmer Associates, and Charlemagne Capital Limited.

16

Core Super returns - 30 June 2010

Bal

ance

d

Gro

wth

Stab

le

Aus

tral

ian

Shar

es

Inte

rnat

iona

l Sh

ares

Pro

pert

y

Bon

ds (F

ixed

In

tere

st)

Cas

h

2010 10.30% 9.90% 10.00% 12.30% 11.20% 8.30% 14.70% 2.80%

2009 -14.30% -20.00% -3.90% -18.10% -27.00% -25.00% 5.40% 4.20%

2008 -5.80% -11.30% 1.60% -14.60% -17.60% 18.40% 3.00% 6.20%

2007 18.00% 19.50% 8.90% 30.20% 16.10% 14.60% 4.00% 5.70%

2006 15.00% 16.80% 7.00% 24.60% 18.30% 11.70% 2.40% 4.50%

3 year rolling compound return

-3.79% -7.95% 2.41% -7.73% -12.54% -1.29% 7.58% 4.39%


3.86% 1.72% 4.59% 4.96% -1.69% 4.25% 5.81% 4.68%


5.34% 3.87% 5.11% 8.76% -3.18% 5.87% 5.90% 4.32%

As investment markets move up and down over time, it is important to remember that past performance is not an indication of future returns. Please note that the investment returns shown above have been rounded. This means there may be minor discrepancies when adding to achieve the compound return.

Core SuperCore Super is straight forward yet flexible enough to offer a host of tangible benefits to our members. Core Super offers the opportunity for strong long term performance and cost effective insurance options for casual, part-time and full-time workers. This product has 8 different Investment Options, which suits most of our member’s needs.

17

Executive Super & Select Super returns - 30 June 2010

Bal

ance

d

Gro

wth

Com

bine

d Sh

ares

Con

serv

ativ

e

Stab

le

Aus

tral

ian

Shar

es

Inte

rnat

iona

l Sh

ares

Pro

pert

y

Opp

ortu

nitie

s*

Bon

ds (F

ixed

In

tere

st)

Cas

h

2010 10.30% 9.90% 12.00% 10.20% 10.00% 12.30% 11.20% 8.30% 1.40% 14.70% 2.80%

2009 -14.30% -20.00% -21.20% -10.40% -3.90% -18.10% -27.00% -25.00% -8.30% 5.40% 4.20%

2008 -5.80% -11.30% -15.50% -4.70% 1.60% -14.60% -17.60% 18.40% 1.10% 3.00% 6.20%

2007 18.00% 19.50% 24.70% 12.30% 8.90% 30.20% 16.10% 14.60% 7.50% 4.00% 5.70%

2006 15.00% 16.80% 16.00%# 8.00%# 7.00% 24.60% 18.30% 11.70% 5.20% 2.40% 4.50%


-3.79% -7.95% -9.32% -2.01% 2.41% -7.73% -12.54% -1.29% -2.04% 7.58% 4.39%


3.86% 1.72% N/A N/A 4.59% 4.96% -1.69% 4.25% 1.23% 5.81% 4.68%


5.34% 3.87% N/A N/A 5.11% 8.76% -3.18% 5.87% N/A 5.90% 4.32%

# This return is for six months as the Option became available on 1 January 2006.

* The Opportunities investment option closed on 30 June 2010.


Executive Super & Select Super Executive Super

As one of our unitised products, Executive Super caters for members who prefer to have a hands on approach with their super. Executive Super has an increased range of Investment Options and insurance for members to choose from. Executive Super is a flexible product with 10 different Investment Options.

Select Super

Select Super is also a unitised product designed for those who want to benefit from being a member of Intrust Super, but don’t want or don’t have an employer paying contributions into their super to keep it active, such as self employed individuals or a spouse of a member. Select Super has 10 different Investment Options.

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Super Stream returns % 30 June 2010

Bal

ance

d

Gro

wth

Com

bine

d Sh

ares

Con

serv

ativ

e

Stab

le

Aus

tral

ian

Shar

es

Inte

rnat

iona

l Sh

ares

Pro

pert

y

Opp

ortu

niti

es*

Bon

ds (F

ixed

In

tere

st)

Cas

h

2010 11.30% 10.80% 12.80% 11.50% 11.50% 13.20% 11.60% 9.00% 1.70% 17.30% 3.30%

2009 -15.70% -21.70% -22.30% -11.70% -4.50% -19.50% -27.60% -27.20% -9.80% 6.40% 4.90%

2008 -6.40% -12.30% -16.30% -5.30% 1.80% -15.70% -18.00% 20.00% 1.30% 3.50% 7.30%

2007 19.80% 21.20% 26.00% 13.80% 10.20% 32.50% 16.40% 15.90% 8.80% 4.70% 6.70%

2006 16.30% 18.10% 16.90%# 9.00%# 8.00% 25.80% 18.70% 12.80% 6.10% 2.80% 5.30%


-4.24% -8.71% -9.81% -2.31% 2.72% -8.42% -12.82% -1.62% -2.42% 8.91% 5.15%


4.12% 1.72% N/A N/A 5.23% 5.07% -1.75% 4.48% 1.41% 6.81% 5.49%

# This return is for six months as the Option became available on 1 January 2006.

* The Opportunities investment option closed on 30 June 2010.


Super StreamOur competitive Pension Stream product with flexible payment options, is designed to provide our members with a regular income stream whether they are retired or transitioning to retirement. Super Stream has 10 Investment Options for members to choose from. Our new, dedicated Pension Stream specialists are available to provide continued support.

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Executive Super, Select Super & Super Stream accounts

For Executive Super, Select Super and Super Stream member’s, investments are unitised. Unit prices are determined weekly and all transactions are unit based. Your account balance at any time is equal to the number of units you hold in each Investment Option multiplied by the Investment Option’s current unit price. To view the latest unit prices visit www.intrust.com.au.

During the year, estimates are made about the costs we expect to incur for items such as tax, member benefit protection and investment related costs. At the end of the year we check how these estimates compare to the actual amounts incurred for these items. An adjustment is then made to pay back any over estimation or recoup any under allocation. This was made the first week after the necessary calculations were undertaken, which was in August 2009 for the 2009/10 financial year.

Thus over a 12 month period the returns for Executive and Select Super and Super Stream members and Core Super members may vary slightly, however over time they will be similar.

How investment returns are paidHow you invest your super is as important as how much you invest. After all, the investment return you receive will have a direct impact on how your account grows over time, which ultimately affects the value of your super payout and your lifestyle when you retire.

It’s your money, so you control how it’s invested. You can choose between investing in one or a combination of the 8 Investment Options available for Core Super members or the 10 Investment Options available for Executive Super, Select Super and Super Stream members. Executive Super, Select Super and Super Stream members have exclusive access to the Combined Shares and Conservative Investment Options. To make it even easier for you, if you do not make a choice your super will be fully invested in the Fund’s default Balanced Investment Option. Investment switching is free and available weekly across all products.

Core Super accounts

Investment returns are allocated to Core Super members’ accounts yearly on 30 June. At this time we declare an annual return, which is applied to accounts on a simple interest basis.

Members who close their account during the year receive investment earnings based on the estimated interim weekly crediting rates applying at the date they close their account.

To ensure all members are treated fairly, Intrust Super aims to allocate all investment earnings to members in the year they are earned. A small operating reserve is maintained and details of this reserve are outlined on page 22 of this Annual Report.

During the year, estimates are made about the costs we expect to incur for items such as tax, member benefit protection and investment related costs. At the end of the year we check how these estimates compare to the actual amounts incurred for these items. An adjustment is then made to pay back any over estimation or recoup any under allocation.

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2010 2009

ASSETS

INVESTMENTS

Cash & Short Term Deposits 88,866,259 110,309,360

Fixed Interest 149,124,474 73,521,603

Australian Shares 270,051,212 230,682,252

International Shares 252,500,162 225,687,693

Property 100,873,795 75,871,614

Opportunities 139,631,813 143,868,247

Total Investments 1,001,047,714 859,940,769

OTHER ASSETS

Cash at Bank 3,288,790 4,920,290

Receivables 10,664,080 10,272,949

Deferred Tax Assets 13,916,643 14,885,822

Total Other Assets 27,869,513 30,079,061

Fixed Assets 693,091 500,177

TOTAL ASSETS 1,029,610,318 890,520,007

LIABILITIES

Payables 5,951,297 7,788,169

Income Tax Payable 5,975,889 3,889,648

Deferred Income Tax 1,713,328 1,606,611

TOTAL LIABILITIES 13,640,514 13,284,428

NET ASSETS AVAILABLE TO PAY BENEFITS 1,015,969,804 877,235,579

Represented by:

LIABILITY FOR ACCRUED BENEFITS

Vested Benefits 1,012,709,987 874,997,338

Reserve 3,259,817 2,238,241

Statement of Financial Position as at 30 June

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Operating Statement as at 30 June

2010 2009

INVESTMENT REVENUE

Interest 135,630 580,002

Distributions 42,096,990 25,624,604

Movement in Net Market Value 53,910,137 (181,990,949)

Other Investment Income 676,042 629,099

96,818,799 (155,157,244)

CONTRIBUTIONS REVENUE

Employer 115,565,610 117,939,740

Member 5,254,169 6,311,458

Transfers 19,990,095 29,250,478

Government Co-contribution 3,865,926 3,659,883

144,675,800 157,161,559

OTHER REVENUE

Group Life Insurance Proceeds 1,401,200 2,303,600

Other Income (164,857) (23,497)

1,236,343 2,280,103

TOTAL REVENUES FROM ORDINARY ACTIVITIES 242,730,942 4,284,418

INVESTMENT EXPENSES - Direct Investment Expenses 2,271,000 2,818,527

GENERAL ADMINISTRATION EXPENSES

Administration Expenses 6,145,120 6,351,248

Audit Fees 24,251 59,369

Operation Expenses 5,018,660 4,184,371

Superannuation Contributions Surcharge (2,419) 3,445

Insurance Premiums 8,954,654 8,075,550

TOTAL EXPENSES FROM ORDINARY OPERATING ACTIVITIES 20,140,266 18,673,983

OPERATING SURPLUS BEFORE INCOME TAX 220,319,676 (17,208,092)

Income Tax Expense 17,382,309 (5,525,949)

BENEFITS ACCRUED AS A RESULT OF OPERATIONS AFTER INCOME TAX 202,937,367 (11,682,143)

BDO Kendalls are currently undertaking the annual audit of the Financial Statements. You can obtain a copy of the audited Financial Statements after October 2010 by contacting Intrust Super on 132 467.

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ReservesIntrust Super maintains a small operating reserve produced by making a deduction from overall investment returns. It is designed to act as a ‘buffer’ so that we can finalise figures and issue Annual Member Statements soon after the financial year end. This reserve is excess and is invested according to the Fund’s Balanced Investment Option Asset Allocation.

The reserve’s value at the end of the last three financial years are listed below:

30 June 2008 $2,198,314

30 June 2009 $2,238,241

30 June 2010 $3,259,817

We aim to keep the reserve at a level less than 0.5% of Fund assets.

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Intrust Super’s Insurance EnhancementsWe have negotiated one of the most competitive Insurance packages in the market for our members! The new offering was effective as of 1 May 2010.

The new Insurance is not only excellent compared to our old Insurance but it measures up against both our retail and industry competitors. Some of the great enhancements include:

• New Total and Permanent Disablement (TPD) cover for Core members

• Double the amount of units offered as Default Cover and new Additional Cover (i.e. 2 + 2 units of combined Life and TPD Insurance)

• Advanced payment of Life Insurance now payable on diagnosis of Terminal Illness.

• 180 days to take up Automatic Acceptance Limit (AAL) for new members

• The opportunity to bring across existing Insurance by application through the Fund’s insurer

• An increased maximum of up to $10M of Life Insurance• An increased maximum of up to $3M of TPD Insurance • An increase to the value per unit of cover e.g. for

Core members aged 16-39 units are now worth $150,000 of cover as opposed to the old Insurance of $130,000 of cover.

• A reduced cost per week for Life Insurance e.g. for Core members aged 16-39 units of Life Insurance now cost $0.87/wk opposed to the old Insurance of $1.00/wk

• Improved take up opportunities for additional “life events” cover

So with all of these added benefits, our total Insurance package is very competitive!

Covered for Life and Total and Permanent Disablement (TPD)

Intrust Super Life and/or combined Life and TPD Insurance can provide financial support to your family should the unexpected happen. For Core Super members the amount of cover you receive per unit depends on your age. For example, if you are aged between 17-39 years:

• $1.50 per week gives you 1 unit (equal to $150, 000) of combined Life and TPD insurance OR

• $0.87 per week gives you 1 unit (equal to $150, 000) of Life only insurance.

Premiums are deducted from your Intrust Super account - not from your back pocket! And our automatic acceptance is fantastic too – so you don’t have to jump through hoops to be covered. We automatically provide the default level of Life and TPD Insurance to all new members when they join the fund, so provided you don’t opt out, you’ll be covered. The cover available to all members (aged 16-65) and the associated premiums are set out in the relevant Product Disclosure Statements.

There are, of course, terms and conditions applying to our Life and combined Life and TPD Insurance which you can read in the Product Disclosure Statement available at www.intrust.com.au, or if uncertain call us on 132 467.

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TaxSuperannuation is often taxed at lower rates than other types of investments and generally at a lower rate than you pay on your income through the PAYG system.

Contributions tax

A Federal Government contributions tax of 15% applies to all employer contributions. To minimise the tax you pay, Intrust Super deducts the contributions tax from your employer contributions after deducting any insurance premiums.

Earnings tax

Your account’s investment earnings are taxed at a maximum rate of 15%. This amount is often reduced due to the tax-effective investments used by the Fund. For example, Australian Shares investments may provide franking credits to the Fund, which reduces the total tax paid on investment earnings before they are passed on to members’ accounts.

Benefit payment tax

When you make a withdrawal from your Intrust Super account, tax may be deducted and paid to the Federal Government. The amount of tax varies depending on how old you are when you receive the payment and what component is withdrawn. Please see the Fund’s Product Disclosure Statements for more details. The Better Super changes that came into effect from 1 July 2007 have made payments from super tax free after age 60. Before making any decisions about taking a payment from your account, you may wish to consider seeking advice from our qualified financial professionals at Intrust360°.

Contribution surcharge

From 1 July 2005, the surcharge no longer applies, however the Tax Office continues to deliver surcharge assessments for surcharge liabilities that relate to past financial years up to that time. Any surcharge amounts will be paid from members’ accounts when liability assessments are received from the Australian Tax Office.

Payments from super

As the Federal Government provides tax incentives to save through super, you generally can’t withdraw from your super account until you meet a condition of release. ‘Preservation’ is the term generally used to describe the limitations on accessing your money in cash before you meet a condition of release.

FeesWe run a tight ship and work hard to provide you with good value for money. As a 100% industry fund, we only charge fees that are necessary to run the Fund – we do not pay commissions to financial planners or dividends to shareholders.

Investment Managers charge fees to invest members’ money, these costs are taken from the Fund’s investment earnings before they’re credited to members’ accounts. These costs may be different for each Investment Option.

As investment arrangements change over time, information about the costs related to each Investment Option will also change. Feel free to contact us on 132 467 if you would like us to mail you the information. There are other fees associated with managing your account. For a full listing of fees and charges please refer to the relevant Product Disclosure Statement or visit www.intrust.com.au.

Notice to all Core Super, Executive Super & Select Super Members:

Following a fee review by the Trustee, it has been determined that both exit fees and termination fees will increase from $25 to $40 effective 28 February 2011.

Opportunities Investment OptionAt 30 June 2010, the Opportunities Investment Option was removed from the Executive Super, Select Super and Super Stream products. For more information on this change, please refer to the relevant Product Disclosure Statement.

25

Your super account may also include:

• An unrestricted non-preserved portion (which may be taken in cash at any time or be kept in your account); and

• A restricted non-preserved portion (which may be taken in cash or retained in your account when you change jobs).

We’ll let you know how your account is split between preserved, restricted non-preserved and unrestricted non-preserved on your Member Statement. Preserved benefits can generally only be taken in cash if you retire permanently from the workforce after reaching your preservation age. Your preservation age depends on when you were born and is shown below:

If you were born: Your preservation age is:

Before 30/06/1960 55

1/07/1960 - 30/06/1961 56

1/07/1961 - 30/06/1962 57

1/07/1962 - 30/06/1963 58

1/07/1963 - 30/06/1964 59

After 30/06/1964 60

Before you retire you may apply for a payment if you:

• Are between ages 60 and 65 and have left your current employer, or changed jobs;

• At any time after you turn 65 years old (even if you are still working);

• Have any unrestricted non-preserved money in your account. This part of your account can be withdrawn in cash at any time;

• Have any restricted non-preserved monies. This part of your account may be withdrawn when you leave your employer, regardless of your age;

• Fall permanently ill or become totally and permanently disabled (this will be dependent upon medical assessments);

• Satisfy the conditions under current legislation for release on compassionate grounds (please note approval is required from the Australian Prudential Regulation Authority (APRA));

• Experience severe financial hardship (there are specific Government criteria that must be met); or

• Are an eligible Temporary Resident who has permanently departed from Australia.

26

Other Important InformationDon’t make a move without letting us know

It’s important that you keep Intrust Super advised of your current postal address so you don’t lose touch with your money.

Intrust Super may transfer a member’s account balance to AUSFund – Australia’s Unclaimed Super Fund – our appointed Eligible Rollover Fund in some circumstances. These include:

• We consider you a lost member when our mail to you has been returned as we don’t have your current address, or if you have not received contributions in the last two years and your account balance is under $1,000;

• If you have ceased employment for at least nine months with an employer who paid into Intrust Super for you and your balance is under $750*; or

• If you are noted as being employed by an Intrust Super contributing employer with an account balance under $750*, but have not received contributions in the last 12 months.* Or such other amount determined by the Trustee.

The Trustee of Intrust Super is satisfied that the accounts of members transferred to AUSFund will continue to be properly maintained in the new fund. Contact details of AUSFund are:

AUSFundMail PO Box 2468, Kent Town SA 5071Ph 1300 361 798Email [email protected]

If your superannuation benefits are transferred to AUSFund, your personal information will be used by AUSFund to administer your fund benefits. By this, we mean establishing and managing your account, paying benefits, providing you with membership benefits and services, and corresponding with you.

Once your account balance is transferred to AUSFund:

• You will no longer be an Intrust Super member and all insurance cover for you may cease:

• You will become an AUSFund member and be subject to its governing rules and investment objective and strategy. If Intrust Super can provide AUSFund with your current contact details, AUSFund will send you their current Product Disclosure Statement (PDS).

At any time you can contact AUSFund and ask for a copy of their PDS.

If your account balance is $50 or more, a levy of $10 per year or part year will be applied to your account by AUSFund, while lower balances are not subject to the levy they do not receive investment earnings. AUSFund protects all accounts from erosion due to administration levies, so that these cannot exceed the interest credited to each account.

Where possible, we will write to you before we transfer your account balance to AUSFund. You will have 28 days to take action to keep your account open or choose to transfer it to a fund other than AUSFund.

Protecting small account balances

In accordance with Federal Government laws, Intrust Super protects small account balances from erosion by fees and charges. This means that if your account balance falls below $1,000, the administration fees (including any termination fee) charged in a year will not be more than the amount of earnings credited for that year.

The only exception is if the Fund’s total administration and operating costs for the year are greater than the total investment earnings for that period. In this case, if your account balance falls below $1,000 you will be charged a maximum of $10 in fees per year. Please note, insurance premiums, contributions tax and contributions surcharge may still be deducted from your account, even if your balance falls below $1,000.

Unclaimed benefits

If we have to make a payment to you and aren’t able to do so because we can’t contact you or your beneficiaries to ask for payment instructions, we will pay the money to the Australian Tax Office. This money can be claimed at any time by contacting them on 13 10 20.

Late payments

To ensure you receive the super contributions you are entitled to, the Trustee has a follow-up process in place to contact employers who have not made contributions to the Fund by the due date. Your Annual Member Statement shows all contributions made up to 30 June. If contributions are not shown here they may have been received after 30 June and will appear on your next Statement.

27

If you make member voluntary contributions by payroll deduction (these do not include salary sacrifice contributions), by law, your employer has 28 days following the end of the month in which the contributions were deducted from your pay to forward them to the Fund.

Keeping you in the loop

To help you stay fully informed about your account, Intrust Super and super in general we provide:

• Member Statements at least every six months;• This Annual Report;• Newsletters;• Lunchroom seminars at various work places;• Contact Centre services for the cost of a local call or

an email;• Information at your fingertips by visiting

www.intrust.com.au.

Trustee indemnity insurance

To protect both the Trustee and the benefits of members, the Trustee has taken out indemnity insurance. This protects the Trustee against any claims it cannot satisfy from Fund assets.

Trust Deed amendments

The Trust Deed is the document that sets out the rules associated with Intrust Super.

The Trust Deed was recently reviewed and no updates were required.

Additional information

At any time you can ask for a copy of the Trust Deed (the Fund’s rules), the latest audited accounts, the Combined Risk Management Plan and Risk Management Strategy, a copy of the Fund’s Life and PayGuard Insurance policies or the latest Member Guides (Product Disclosure Statements). Contact us on 132 467 or visit www.intrust.com.au if you would like any of these documents. A fee may be charged for providing this information.

Enquiries

Please direct all enquiries to the Intrust Super Contact Centre Officers by phone, email, in writing, or in person. The Fund’s Contact Centre is operational from 8am to 8pm (AEST).

Core Super, Executive Super & Select Super members:Ph 132 467Visit Level 15, 324 Queen Street Brisbane QLD 4001 Mail GPO Box 1416 Brisbane QLD 4001Fax 1800 603 234Email [email protected]

Super Stream members:Pension Stream Hotline 1800 000 324Visit Level 15, 324 Queen Street Brisbane QLD 4001Mail Locked Bag 5042 Parramatta NSW 2124Fax 1300 663 844

Complaints

While Intrust Super strives to provide excellent member services, we acknowledge that services provided and decisions taken may not always satisfy everyone.

Should you be dissatisfied with the service you receive or any other aspect of Intrust Super please contact us to discuss the matter. If this does not resolve your enquiry, please contact the Operations Manager using the details listed above, to make a formal complaint.

We will do our best to acknowledge all complaints in writing within one working day of receipt and aim to resolve all complaints within five working days of receipt; however, at times the nature of the complaint may not make this possible. In these cases, the Trustee will resolve any complaints within a maximum of 90 days.

If you are not satisfied with the way we handle your complaint, or with its resolution, you may contact the Superannuation Complaints Tribunal. The Tribunal is an independent body set up by the Federal Government to assist members or beneficiaries to resolve certain superannuation complaints. The Tribunal may be able to help resolve your complaint but will only become involved after you have used the Intrust Super internal complaint handling process, as outlined above.

28

If the Tribunal agrees to hear your complaint, it will firstly try to resolve the matter by assisting the parties to come to a mutual agreement. Should mutual agreement not be reached, the Tribunal can progress the matter to a formal hearing. To find out whether the Tribunal can handle your complaint and the type of information you need to provide, please contact it as follows:

Superannuation Complaints TribunalMail Locked Mail Bag 3060 Melbourne VIC 3001Ph 1300 884 114

Privacy

Intrust Super collects your personal information to establish and administer your account. If you would like to access any personal information we hold about you, please contact us. A copy of the Fund’s privacy policy is available on request or by visiting www.intrust.com.au.

The Trustee of Intrust Super is IS INDUSTRY FUND Pty Ltd | ABN: 45 010 814 623 | AFSL No: 238051 RSE Licence No: L0001298 | RSE Registration No: R1004397 | Intrust Super ABN 65 704 511 371 | SPIN: HPP0100AU

HP/ANN/REP 45.1 09/10 ISS11

Visit Level 15, 324 Queen Street Brisbane QLD 4000

Mail GPO Box 1416 Brisbane QLD 4001

Ph 132 467Fax 1800 603 234Email [email protected] www.intrust.com.au

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