This is the value, as at the relevant date, of total investments. Investments represent the purchase of a financial product or other item of value with an expectation of favourable future returns. This item excludes directly held derivatives. 

The proportion of the investment which is currency hedged must be reported in item 2 column 5 at the same level that it is implemented. If an RSE licensee implements currency hedging at an investment option level, the same percentage must be reported for all the international asset classes within the option. Likewise, for RSE licensees that implement currency hedging at asset class level, reporting to APRA must reflect the currency hedging for that particular asset class.
When reporting indirectly held investments, apportion the value of the market exposure of any derivative contracts within the indirectly held investment to the asset class type(s) to which the derivatives relate. The apportionment will enable the net asset value of the indirectly held investment to be reported in item 3, column 4. If derivative contracts are used within an indirectly held investment to hedge currency exposure, report the percentage of the indirectly held investment’s net asset exposure that is currency hedged (refer to item 3 column 5).  The proportion of the investment which is currency hedged must be reported in item 3, column 5 at the same level that it is implemented. If an RSE licensee implements currency hedging at an investment option level, the same percentage must be reported for all the international asset classes within the option. Likewise, for RSE licensees that implement currency hedging at asset class level, reporting to APRA must reflect currency hedging for that particular asset class. 
When reporting indirectly held investments by investment vehicle in item 4, column 1,  report ‘life company other’ for any investment in a life company that does not otherwise fall into the definition of ‘life company guaranteed’ or ‘life company investment-linked’.