CONTENTS

Chairman's Report Overall Performance 18-year Review Trustees' comments: David McPherson Andro Besich Barry Millington Garry Parsloe John Jeffery David Scott Fund Managers' reports: Colonial First State Arcus AMP Capital Investors

Membership Missing Members Asset Allocation SRF Scores Another ASFONZ Award Interim Interest Crediting Rates Jacques Martin Say Godbye Conservative vs Market-linked Financial Statements Audit Report Trustees' Certificate Fly on the wall at a trustees' meeting Directory of SRF Officials New Fund Administrator The Mystery of Bonds

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