Supplementary Product Disclosure Statement

1 of 5

15 June 2024

This document is a Supplementary Product Disclosure Statement (SPDS) issued by

Avanteos Investments Limited ABN 20 096 259 979 AFSL 245531 (AIL), as Trustee for

Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557.

This SPDS supplements the FirstChoice Wholesale Personal Super and Pension:

• Product Disclosure Statement, Issue No 2023/2 dated18 November 2023 (PDS), and

• SPDS dated 16 March 2024.

This SPDS must be read together with the above PDS and SPDS, available free of charge:

• on our website cfs.com.au, or

• by calling us on 13 13 36.

Unless otherwise specied, terms used and dened in the PDS and SPDS have the same meaning in thisSPDS.

The purpose of this SPDS:

• To replace First Sentier Investors as the investment manager of the:

• First Sentier Equity Income option with Martin Currie and rename the option to Martin Currie Australia

Equity Income (includes Pre-Retirement (TTR) Pension)

• First Sentier Developing Companies option with Longwave Capital and rename the option to Longwave

Australian Small Companies

• First Sentier Future Leaders option with Investors Mutual and rename the option to Investors Mutual

Future Leaders

• First Sentier Australian Bond option with Macquarie Asset Management and rename the option to

Macquarie Australian Fixed Interest (includes Pre-Retirement (TTR) Pension)

• First Sentier Global Credit Income option with Janus Henderson and rename the option to Janus

Henderson Diversied Credit (includes Pre-Retirement (TTR) Pension)

• First Sentier Diversied Fixed Interest option with Macquarie Asset Management and rename the option

to Macquarie Dynamic Bond (includes Pre-Retirement (TTR) Pension)

• First Sentier Target Return Income option with Daintree Capital Management and rename the option to

Daintree Core Income.

• To remove all references to the T. Rowe Price Australian Equity option, which is no longer available to

newinvestors.

• To update fees and costs for the Ausbil Australian Active Equity, Investors Mutual Australian Share,

PlatinumAsia and Platinum International options.

• To update fees and costs for the Ausbil TTR Australian Active Equity, Investors Mutual TTR Australian Share,

Platinum TTR Asia and Platinum TTR International options.

FirstChoice Wholesale Personal Super and Pension

2 of 5

Update to SPDS dated

16 March 2024

Section 4 – Risks of investing

Pages 2 – Remove ‘First Sentier Target Return

Income’ option from the table in the ‘Section 4 –

Risks of investing’ section.

Updates to PDS dated

18November 2023

Section 5 – Fees and

other costs

Pages 11 to 17 – The following information

provides the updated ‘Cost of product for 1year’

for the investment options outlined above:

Cost of product for 1 year

FirstChoice Wholesale Personal Super

Option name Cost of

product

Single-Manager Single-Sector

Short duration xed interest

Daintree Core Income $350

Janus Henderson Diversied Credit $365

Diversied xed interest

Macquarie Dynamic Bond $345

Australian xed interest

Macquarie Australian Fixed Interest $245

Australian share

Ausbil Australian Active Equity $505

Investors Mutual Australian Share $600

Martin Currie Australia Equity Income $555

Australian share – small companies

Investors Mutual Future Leaders $795

Longwave Australian Small Companies $620

Global share – emerging markets

Platinum Asia $820

Specialist share

Platinum International $860

FirstChoice Wholesale Retirement Pension

Option name Cost of

product

Single-Manager Single-Sector

Short duration xed interest

Daintree Core Income $350

Janus Henderson Diversied Credit $365

Diversied xed interest

Macquarie Dynamic Bond $345

Australian xed interest

Macquarie Australian Fixed Interest $245

Australian share

Ausbil Australian Active Equity $495

Investors Mutual Australian Share $595

Martin Currie Australia Equity Income $545

Australian share – small companies

Investors Mutual Future Leaders $805

Longwave Australian Small Companies $620

Global share – emerging markets

Platinum Asia $830

Specialist share

Platinum International $860

FirstChoice Wholesale Pre-Retirement Pension

Option name Cost of

product

Single-Manager Single-Sector

Short duration xed interest

Janus Henderson TTR Diversied Credit $365

Diversied xed interest

Macquarie TTR Dynamic Bond $345

Australian xed interest

Macquarie TTR Australian Fixed Interest $250

Australian share

Ausbil TTR Australian Active Equity $500

Investors Mutual TTR Australian Share $605

Martin Currie TTR Australia Equity Income $560

Global share – emerging markets

Platinum TTR Asia $830

Specialist share

Platinum TTR International $860

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Pages 18 to 31 – The following information provides the updated ‘Fees and costs’ for the

investmentoptions outlined above:

Additional explanation of fees and costs

Fees and costs – FirstChoice Wholesale Personal Super

Option name

Total administration

and investment fees

and costs (p.a.)

Administration

fees and costs

(p.a.)

Investment fees

and costs (p.a.)

Performance

fee (p.a.)

Buy/sell

spread (%)

Single-Manager Single-Sector

Short duration xed interest

Daintree Core Income 0.70%

5, 8, 9

0.20% 0.50%

5, 8

0.15

Janus Henderson Diversied Credit 0.73%

0.20% 0.53%

0.15

Diversied xed interest

Macquarie Dynamic Bond 0.69%

5, 8

0.20% 0.49%

5, 8

0.20

Australian xed interest

Macquarie Australian Fixed Interest 0.49%

0.20% 0.29%

0.10

Australian share

Ausbil Australian Active Equity 1.01%

0.20% 0.81%

0.15

Investors Mutual Australian Share 1.20%

0.20% 1.00%

0.20

Martin Currie Australia Equity Income 1.11%

5, 10

0.20% 0.91%

5, 10

0.05

Australian share – small companies

Investors Mutual Future Leaders 1.34%

0.20% 1.14%

0.20

Longwave Australian Small Companies 1.24%

5, 10

0.20% 1.04%

5, 10

0.20

Global share – emerging markets

Platinum Asia 1.62%

0.20% 1.42%

0.15

Specialist share

Platinum International 1.67%

0.20% 1.47%

0.10

Fees and costs – FirstChoice Wholesale Retirement Pension

Option name

Total administration

and investment fees

and costs (p.a.)

Administration

fees and costs

(p.a.)

Investment fees

and costs (p.a.)

Performance

fee (p.a.)

Buy/sell

spread (%)

Single-Manager Single-Sector

Short duration xed interest

Daintree Core Income 0.70%

5, 8, 9

0.20% 0.50%

5, 8

0.15

Janus Henderson Diversied Credit 0.73%

0.20% 0.53%

0.15

Diversied xed interest

Macquarie Dynamic Bond 0.69%

5, 8

0.20% 0.49%

5, 8

0.20

Australian xed interest

Macquarie Australian Fixed Interest 0.49%

0.20% 0.29%

0.10

Australian share

Ausbil Australian Active Equity 0.99%

0.20% 0.79%

0.15

Investors Mutual Australian Share 1.19%

5, 10

0.20% 0.99%

0.20

Martin Currie Australia Equity Income 1.09%

5, 10

0.20% 0.89%

9, 10

0.05

Australian share – small companies

Investors Mutual Future Leaders 1.34%

0.20% 1.14%

0.20

Longwave Australian Small Companies 1.24%

5, 10

0.20% 1.04%

5, 10

0.20

Global share – emerging markets

Platinum Asia 1.63%

0.20% 1.43%

0.15

Specialist share

Platinum International 1.67%

0.20% 1.47%

0.10

8 The investment fees and costs for this option will increase effective from 1 August 2024.

9 The performance fee for this option was removed effective 1 June 2024.

10 The investment fees and costs for this option will decrease effective from 1 July 2024.

+= +

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Fees and costs – FirstChoice Wholesale Pre-Retirement Pension

Option name

Total administration

and investment fees

and costs (p.a.)

Administration

fees and costs

(p.a.)

Investment fees

and costs (p.a.)

Performance

fee (p.a.)

Buy/sell

spread (%)

Single-Manager Single-Sector

Short duration xed interest

Janus Henderson TTR Diversied Credit 0.73%

0.20% 0.53%

0.15

Diversied xed interest

Macquarie TTR Dynamic Bond 0.69%

6, 8

0.20% 0.49%

6, 8

0.20

Australian xed interest

Macquarie TTR Australian Fixed Interest 0.50%

0.20% 0.30%

0.10

Australian share

Ausbil TTR Australian Active Equity 1.00%

0.20% 0.80%

0.15

Investors Mutual TTR Australian Share 1.21%

0.20% 1.01%

0.20

Martin Currie TTR Australia Equity Income 1.12%

6, 8

0.20% 0.92%

6, 8

0.05

Global share – emerging markets

Platinum TTR Asia 1.63%

0.20% 1.43%

0.15

Specialist share

Platinum TTR International 1.67%

0.20% 1.47%

0.10

8 The investment fees and costs for this option will increase effective from 1 August 2024.

9 The investment fees and costs for this option will decrease effective from 1 July 2024.

Pages 36 to 49 – The following information provides the updated ‘Transaction costs’ for the investment

options outlined above:

Transaction costs – FirstChoice Wholesale Personal Super

Option name

(A)

Gross transaction

costs (p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Single-Manager Single-Sector

Short duration xed interest

Daintree Core Income

0.03% 0.03% 0.00%

Janus Henderson Diversied Credit

0.06% 0.06% 0.00%

Diversied xed interest

Macquarie Dynamic Bond

0.06% 0.06% 0.00%

Australian xed interest

Macquarie Australian Fixed Interest

0.04% 0.04% 0.00%

Australian share

Ausbil Australian Active Equity 0.03% 0.03% 0.00%

Investors Mutual Australian Share 0.05% 0.05% 0.00%

Martin Currie Australia Equity Income

0.02% 0.02% 0.00%

Australian share – small companies

Investors Mutual Future Leaders

0.29% 0.04% 0.25%

Longwave Australian Small Companies

0.07% 0.07% 0.00%

Global share – emerging markets

Platinum Asia 0.08% 0.06% 0.02%

Specialist share

Platinum International 0.08% 0.03% 0.05%

+= +

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Transaction costs – FirstChoice Wholesale Retirement Pension

Option name

(A)

Gross transaction

costs (p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Single-Manager Single-Sector

Short duration xed interest

Daintree Core Income

0.05% 0.05% 0.00%

Janus Henderson Diversied Credit

0.07% 0.07% 0.00%

Diversied xed interest

Macquarie Dynamic Bond

0.08% 0.08% 0.00%

Australian xed interest

Macquarie Australian Fixed Interest

0.05% 0.05% 0.00%

Australian share

Ausbil Australian Active Equity 0.03% 0.03% 0.00%

Investors Mutual Australian Share 0.06% 0.06% 0.00%

Martin Currie Australia Equity Income

0.03% 0.03% 0.00%

Australian share – small companies

Investors Mutual Future Leaders

0.31% 0.04% 0.27%

Longwave Australian Small Companies

0.09% 0.09% 0.00%

Global share – emerging markets

Platinum Asia 0.11% 0.08% 0.03%

Specialist share

Platinum International 0.10% 0.05% 0.05%

Transaction costs – FirstChoice Wholesale Pre-Retirement Pension

Option name

(A)

Gross transaction

costs (p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Single-Manager Single-Sector

Short duration xed interest

Janus Henderson TTR Diversied Credit

0.29% 0.29% 0.00%

Diversied xed interest

Macquarie TTR Dynamic Bond

0.52% 0.52% 0.00%

Australian xed interest

Macquarie TTR Australian Fixed Interest

0.14% 0.14% 0.00%

Australian share

Ausbil TTR Australian Active Equity

0.19% 0.19% 0.00%

Investors Mutual TTR Australian Share

0.09% 0.09% 0.00%

Martin Currie TTR Australia Equity Income

0.04% 0.04% 0.00%

Global share – emerging markets

Platinum TTR Asia 0.16% 0.13% 0.03%

Specialist share

Platinum TTR International 0.10% 0.05% 0.05%

The PDS is otherwise unchanged. The information contained in this SPDS is general information only and does not take into account your individual objectives, nancial or

taxation situation or needs. You should read the SPDS carefully (together with the PDS) and assess whether the information is appropriate for you and consider talking to a

nancial adviser before making an investment decision. 30046/FS8305/0624

1 of 5

Supplementary Product Disclosure Statement

16 March 2024

This document is a Supplementary Product Disclosure Statement (SPDS) issued by

Avanteos Investments Limited ABN 20 096 259 979 AFSL 245531 (AIL), as Trustee for

Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557.

This SPDS supplements the FirstChoice Wholesale Personal Super and Pension Product Disclosure

Statement, IssueNo 2023/2 dated 18 November 2023 (PDS).

This SPDS must be read together with the above PDS.

The PDS is available free of charge:

• on our website cfs.com.au, or

• by calling Investor Services on 13 13 36.

Unless otherwise specied, terms used and dened in the PDS have the same meaning in this SPDS.

Purpose of this SPDS:

• To update information about CFS’s Privacy Policy

• To add three new investment options in FirstChoice Wholesale Personal Super, FirstChoice Wholesale

Retirement Pension and FirstChoice Wholesale Pre-Retirement Pension:

• Drummond Dynamic Plus

• Innity Core Australian Equity

• Innity SMID Australian Equity

• To update information about ‘Other operating expenses and abnormal costs’.

FirstChoice Wholesale Personal Super and Pension

2 of 5

Product Disclosure Statement

Update information about

CFS’s Privacy Policy

The following information replaces that found

on the inside front cover of the PDS under the

‘Privacy’section.

Privacy

Your personal information is important to us.

The CFS Privacy Policy may be accessed at

cfs.com.au/privacy. Our Privacy Policy outlines how

we manage personal information and covers:

• information we collect

• how we use your information

• who we exchange information with

• keeping your information secure

• accessing, updating and correcting your

information

• making a privacy complaint.

You should read this information when you apply

to make an investment in our products and also

when you transact with us. We regularly update

this information, so it’s important to check the

most up-to-date Privacy Policy available online at

cfs.com.au/privacy. You can also obtain a copy of

that information, free of charge, by calling us on

13 13 36.

If you do not want to receive any direct marketing

information, including telemarketing, please call

us on 13 13 36 to opt out. You may also opt out of

direct marketing by updating your communication

preferences online, or click the ‘unsubscribe’ option

on any marketing communications from us.

You consent to how we deal with the collection, use

and disclosure of your personal information when

you apply to make an investment in or otherwise

transact on the products available. This consent

continues to operate even though your relationship

with us may come to an end, in order for us to

comply with our data retention obligations.

Add three new

investment options

Section 4 – Risks of investing

The following table replaces that found on page8

in the PDS under ‘Additional disclosure required for

hedge funds and other complex options’

Option name

Antipodes Global

Aspect Absolute Return

Aspect Diversied Futures

Brandywine Global Income Optimiser

CFS Alternatives

Drummond Dynamic Plus

First Sentier Target Return Income

Perpetual Share-Plus Long-Short

Platinum Asia

Platinum International

PM Capital Enhanced Yield

PM Capital Global Companies

Sage Capital Equity Plus

Section 5 – Fees and other costs

Cost of product for 1 year

The following information is in addition to that

found in the ‘Cost of product for 1 year’ section on

pages 12 to17.

FirstChoice Wholesale Personal Super

Option name Cost of product

Diversied Real Return

Drummond Dynamic Plus $530

Australian Share

Innity Core Australian Equity $445

Australian Share – Small Companies

Innity SMID Australian Equity $560

3 of 5

FirstChoice Wholesale Retirement Pension

Option name Cost of product

Diversied Real Return

Drummond Dynamic Plus $530

Australian Share

Innity Core Australian Equity $445

Australian Share – Small Companies

Innity SMID Australian Equity $560

FirstChoice Wholesale Pre-Retirement Pension

Option name Cost of product

Diversied Real Return

Drummond TTR Dynamic Plus $530

Australian Share

Innity TTR Core Australian Equity $445

Australian Share – Small Companies

Innity TTR SMID Australian Equity $560

Additional explanation of fees and costs

The following information is in addition to that found in the ‘Fees and costs’ section in the PDS.

FirstChoice Wholesale Personal Super

Pages 19 to 21 – the following investment options have been added:

Option name

Total administration

and investment fees

and costs (p.a.)

Administration

fees and costs

(p.a.)

Investment fees

and costs

(p.a.)

Performance fee

(p.a.)

Buy/sell spread

(%)

Diversied Real Return

Drummond Dynamic Plus 1.05%

0.20% 0.85%

0.20

Australian Share

Innity Core Australian Equity 0.89%

0.20% 0.69%

0.20

Australian Share – Small Companies

Innity SMID Australian Equity 1.07%

1,5

0.20% 0.87%

0.00%

1,5

0.20

FirstChoice Wholesale Retirement Pension

Pages 24 to 26 – the following investment options have been added:

Option name

Total administration

and investment fees

and costs (p.a.)

Administration

fees and costs

(p.a.)

Investment fees

and costs

(p.a.)

Performance fee

(p.a.)

Buy/sell spread

(%)

Diversied Real Return

Drummond Dynamic Plus 1.05%

0.20% 0.85%

0.20

Australian Share

Innity Core Australian Equity 0.89%

0.20% 0.69%

0.20

Australian Share – Small Companies

Innity SMID Australian Equity 1.07%

1,5

0.20% 0.87%

0.00%

1,5

0.20

FirstChoice Wholesale Pre-Retirement Pension

Pages 29 and 30 – the following investment options have been added:

Option name

Total administration

and investment fees

and costs (p.a.)

Administration

fees and costs

(p.a.)

Investment fees

and costs

(p.a.)

Performance fee

(p.a.)

Buy/sell spread

(%)

Diversied Real Return

Drummond TTR Dynamic Plus 1.05%

0.20% 0.85%

0.20

Australian Share

Innity TTR Core Australian Equity 0.89%

0.20% 0.69%

0.20

Australian Share – Small Companies

Innity TTR SMID Australian Equity 1.07%

1,6

0.20% 0.87%

0.00%

1,6

0.20

+ +

4 of 5

The following information is in addition to that found in the ‘Transaction costs’ section in the PDS.

FirstChoice Wholesale Personal Super

Pages 37 and 39 - the following investment options have been added:

Option name

(A)

Gross transaction

costs (p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Diversied Real Return

Drummond Dynamic Plus

0.09% 0.08% 0.01%

Australian Share

Innity Core Australian Equity

0.20% 0.20% 0.00%

Australian Share – Small Companies

Innity SMID Australian Equity

0.25% 0.20% 0.05%

FirstChoice Wholesale Retirement Pension

Pages 42 to 44 - the following investment options have been added:

Option name

(A)

Gross transaction

costs (p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Diversied Real Return

Drummond Dynamic Plus

0.09% 0.08% 0.01%

Australian Share

Innity Core Australian Equity

0.20% 0.20% 0.00%

Australian Share – Small Companies

Innity SMID Australian Equity

0.25% 0.20% 0.05%

FirstChoice Wholesale Pre-Retirement Pension

Pages 47 and 48 - the following investment options have been added:

Option name

(A)

Gross transaction

costs (p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Diversied Real Return

Drummond TTR Dynamic Plus

0.09% 0.08% 0.01%

Australian Share

Innity TTR Core Australian Equity

0.20% 0.20% 0.00%

Australian Share – Small Companies

Innity TTR SMID Australian Equity

0.25% 0.20% 0.05%

5 of 5

Update information about

‘Other operating expenses

and abnormal costs’

The following information replaces the

‘Otheroperating expenses and abnormal costs’

section onpage 50 in the PDS:

Cost and expenses relating to the Fund

Subject to superannuation law, the trustee has the

discretion to recover the ongoing operating costs

and expenses that relate to the Fund out of the

assets of the Fund. The trust deed does not place

any limit on the amount of these costs that can be

paid out of the Fund. Where the recovered expenses

affect your account, they are reflected in the fees

and costs shown.

The PDS is otherwise unchanged. The information contained in this SPDS is general information only and does not take into account your individual objectives, nancial or

taxation situation or needs. You should read the SPDS carefully (together with the PDS) and assess whether the information is appropriate for you and consider talking to a

nancial adviser before making an investment decision. 29891/FS8275/0324

Issue No 2023/2, dated 18 November 2023

Colonial First State FirstChoice Wholesale Personal Super USI FSF0511AU

Colonial First State FirstChoice Wholesale Pension USIFSF0510AU

FirstChoice Wholesale Personal Super and FirstChoice Wholesale Pension areoffered

from the Colonial First State FirstChoice Superannuation Trust ABN26 458 298 557

by Avanteos Investments Limited ABN 20 096 259 979 AFSL 245531

Personal Super

and Pension

Product Disclosure Statement

FirstChoice Wholesale

This document is the Product Disclosure Statement (PDS) for FirstChoice

Wholesale Personal Super and Pension. The PDS also includes references to the

following documents which contain statements and information incorporated by

reference and which are taken to be included in the PDS:

• FirstChoice Investment Options Menu

• Reference Guide – FirstChoice Wholesale Personal Super and Pension

• FirstChoice Wholesale Personal Super Insurance booklet

• Reference Guide – Complex Funds

• Reference Guide – FirstChoice Managed Accounts

• Thrive+ Sustainable Investment Charter.

A reference to ‘the PDS’ includes a reference to all of these documents. You

should assess whether the product is appropriate for you and speak to your

nancial adviser before making a decision to invest in the product. You should

also read the PDS and all statements and information incorporated by reference

into the PDS before making a decision about the product. You can obtain a copy

ofthat information, free of charge, by calling us on 13 13 36, visiting our website

atcfs.com.au/fcwps, or from your nancial adviser.

You should regularly review how the superannuation and taxation laws affect you

with your nancial adviser.

If any part of the PDS (such as a term or condition) is invalid or unenforceable under

the law, it is excluded so that it does not in any way affect the validity or enforceability

of the remainingparts.

FirstChoice Wholesale Personal Super and FirstChoice Wholesale Pension (‘the

funds’) are offered through the Colonial First State FirstChoice Superannuation

Trust ABN 26458 298 557 (‘FirstChoice Trust’). The FirstChoice Trust is a public

offer superannuation fund which offers personal super, employer super and

pensionproducts.

The FirstChoice Trust is a resident, regulated superannuation fund within the

meaning of the Superannuation Industry (Supervision) Act 1993 and is not subject

toa direction not to accept contributions.

This PDS is issued by Avanteos Investments Limited (‘AIL’, ‘the trustee’, ‘we’, ‘our’ or

‘us’), the trustee of the FirstChoice Trust. Colonial First State Investments Limited

ABN 98 002 348 352 AFSL 232468 (CFSIL) is the responsible entity of the underlying

managed investment schemes into which the FirstChoice Wholesale product (both

super and pension) invest.

Colonial First State (CFS) refers to Superannuation and Investments HoldCo Pty

Limited ABN 64 644 660 882 and its subsidiaries which include AIL and CFSIL.

CFSismajority owned by an afliate of Kohlberg Kravis Roberts & Co. L.P. (KKR),

with the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (CBA)

holding a signicant minority interest.

The insurance provider is AIA Australia Limited ABN 79 004 837 861 AFSL 230043

(AIA Australia, the ‘Insurer’). AIA Australia is part of the AIA Group. The insurance

cover is provided under policies issued to the trustee. AIA Australia is not part

of the CFS group of companies. CFS and its subsidiaries, CFSIL and AIL, do not

guarantee the obligations or performance of AIA Australia or the products it offers.

The investment performance and the repayment of capital of AIL products is not

guaranteed. Investments in the funds are subject to investment risk, including loss

ofincome and capital invested.

The issue of this PDS is authorised solely by AIL. Apart from AIL, no other CFS

entities are responsible forany statement or information contained within the PDS

relating to thefunds.

The trustee may change any of the terms and conditions contained or referred to in

the PDS, subject to compliance with the Trust Deed and laws and, where a change is

material, the trustee will notify you in writing within the timeframes provided for in

the relevant legislation.

Information contained in this PDS which is not materially adverse information is

subject to change from time to time and may be updated via our website and can be

found at any time by visiting www.cfs.com.au/product-updates. A paper or electronic

copy of any updated information is available free of charge on request by contacting

us on 13 1336.

An interest in the funds cannot be issued to you unless you complete the application

form attached to or accompanied by either a paper or an electronic copy of thePDS.

The trustee of the funds is not bound to accept an application.

The offer made in this PDS is available only to persons who are receiving the PDS within

Australia and accepting the offer within Australia. It does not constitute an offer in any

other country or jurisdiction including the European Union. Accordingly the applicant

must have an Australian residential address at the point of opening an account.

You should note that unless an investment option is suspended, restricted or

unavailable you may withdraw from an investment option in accordance with our

normal processes.

The investment managers of the investment options available for investment through

the funds have given, and not withdrawn, their consent to be included in the PDS in

the form and context in which they are included. The investment managers are acting

as investment managers only for the relevant options. They are not issuing, selling,

guaranteeing, underwriting or performing any other function in relation to the options.

CFSIL reserves the right to outsource any or all of its investment management

functions, including to related parties, without notice to investors.

Taxation considerations are general and based on present taxation laws, rulings and

their interpretation as at 18 November 2023. You should seek professional tax advice

on your situation before making any decision based on this information.

AIL is also not a registered tax (nancial) adviser under the Tax Agent Services Act

2009 and you should seek tax advice from a registered tax agent or a registered tax

(nancial) adviser if you intend to rely on this information to satisfy the liabilities or

obligations or claim entitlements that arise, or could arise, under a taxation law.

The information provided in this PDS is general information only and does not take

account of your objectives, personal nancial or taxation situation or needs. Because of

this, before acting on the information, you should consider its appropriateness having

regard to these factors. You should consider obtaining nancial advice relevant to your

personal circumstances before investing. You should also consider the PDS before

making any decision to acquire, or continue to hold, an interest in either of the funds.

All monetary amounts referred to in the PDS are, unless specically identied to the

contrary, references to Australian dollars.

FirstChoice and FirstNet are trademarks of Colonial First State Investments Limited.

The Target Market Determinations (TMD) for our nancial products can be found

at www.cfs.com.au/tmd and include a description of who the nancial product is

appropriate for.

Trustee contact details

Avanteos Investments Limited

GPO Box 3956

Sydney NSW 2001

Telephone 13 13 36

Email [email protected]om.au

Contents

1 About Colonial First State 1

2 Benets of investing with FirstChoice Wholesale 1

3 How super and pensions work 2

4 Risks 5

5 Fees and other costs 9

6 Taxation 53

7 Insurance in FirstChoice Wholesale Personal Super 55

8 How to open an account, cooling‑off period,

nancialadvice and complaints 56

Privacy

Your personal information is important to us. The CFS Privacy Policy may be

accessed at www.cfs.com.au/privacy

Information about how we collect, use, exchange and protect your personal

information is also set out in the Reference Guide – FirstChoice Wholesale

Personal Super and Pension. Our Privacy Policy outlineshow we do this

andcovers:

• information we collect

• how we use your information

• who we exchange information with

• keeping your information secure

• accessing, updating and correcting your information

• making a privacy complaint.

You should read this information when you apply to make an investment in

our products and also when you transact with us. We regularly update this

information, so it’s important to check the most up-to-date Privacy Policy

available online.

If you do not want to receive any direct marketing information, including

telemarketing, please call us on 13 13 36 to opt out.

You consent and agree to how we deal with the collection, use and disclosure

ofyour personal information as set out in the current Reference Guide –

FirstChoice Wholesale Personal Super and Pension when you apply to make

an investment in or otherwise transact on the products available. This consent

continues to operate even though yourrelationship with us may come to an end.

Product Disclosure Statement 1

1 About Colonial First State

At Colonial First State, we’ve been helping Australians

withtheir investment needs since 1988.

We’re one of Australia’s leading nancial services

organisations that provides investment, superannuation

and pension products to individual, corporate and

superannuation fund investors. Our investment

management expertise spans Australian and global shares,

property, xed interest and credit, cash and infrastructure.

Our business has been built on people who exercise good

judgement and are acknowledged as leaders in their

respective elds of expertise. We’ve succeeded by doing

the small things well, and we’re absolutely dedicated to

thenancial wellbeing of our investors.

Colonial First State’s consistent, disciplined approach to

investing has been recognised by many awards within the

investment management industry.

For further information about Colonial First State, please

refer to the ‘About Us’ section on cfs.com.au

2 Benets of investing with

FirstChoice Wholesale

FirstChoice Wholesale is designed to help you achieve

your super and retirement goals. FirstChoice Wholesale

providesyou with exceptional value, service and choice.

Value

We are committed to providing you with a competitively

priced product that gives you value for money. We seek

toprovide a great platform for a competitive price.

Service

Our brand is synonymous with service excellence.

Youwillreceive fast and personal service.

Product options

Depending on your lifestage, you can choose to have

a superannuation account, pre‑retirement pension

(commonly referred to as a transition to retirement

pension), or account based pension. Refer to section 3

‘Howsuper and pensions work’, for more information.

Investment options

You can access more than 180 investment options from over

70 well‑respected Australian and international investment

managers (except for pre‑retirement pension members

who have access to a limited investment menu ofover 130

investment options).

These options include specialist boutique investment

managers, across different asset classes such as shares,

xed interest, property, term deposits and cash, giving you

real choice and diversity so that you can tailor an investment

portfolio to meet your needs. You can choose one option or

a combination of different options, and transfer your money

between investment options at any time.

You can choose from:

• multi‑manager portfolios that are pre‑mixed for you

• single manager options allowing you to tailor‑make

yourportfolio

• a range of FirstChoice Managed Accounts within our

FirstChoice Managed Accounts service, if you have

anadviser.

FirstChoice Managed Accounts are tailored investment

portfolios managed by us in consultation with an appointed

portfolio consultant, your adviser’s dealer group or licensee.

Once you select to invest in a FirstChoice Managed Account,

your portfolio will be regularly reviewed for you. For more

details, you should consult with your nancial adviser or refer

to the Reference Guide – FirstChoice Managed Accounts.

Warning: Before choosing an investment option or a

range of investment options in which to invest, you

should consider the likely investment return of each

option, the risk of investing in any or all of those options

and your investment timeframe.

When you are invested in FirstChoice Wholesale, your money

is combined with other investors’ money in FirstChoice

Wholesale. Each option invests in an underlying ‘pool’ which

is managed according to the option’s objectives. Each option

has a different level of risk and potential level of returns.

Personal customer service every time

We understand that our success depends on our ability to

provide you with great service – every time. We have some

of the most dedicated and highly trained people in the

market, and we constantly aim for exceptional service.

FirstNet makes it easy

You can access up‑to‑date information on your investments

at any time via FirstNet.

FirstNet e-Post

e‑Post is the fast and secure way to submit original forms

and requests via FirstNet, our secure online service. You no

longer need to post the originals, saving you time and effort.

You will receive an instant email conrmation when you

submit your request and a reference number.

Receive informative material

As a member in FirstChoice Wholesale, you can look forward

to receiving:

• iQ magazine

• annual statements

• conrmation letters.

2 FirstChoice Wholesale Personal Super and Pension

Minimums

FirstChoice Wholesale

Personal Super

FirstChoice

Wholesale Pension

Initial investment

No minimum $20,000

Account balance $1,500 Not applicable

Additional investment No minimum Not applicable

Regular investment

plan (monthly)

$100 per month

Not applicable

Switch No minimum No minimum

Withdrawal

No minimum

Insurance for FirstChoice

Wholesale Personal Super

You can choose from:

• Death only cover

• Death and Total and Permanent Disablement (TPD) cover

• Salary Continuance Insurance (SCI) cover.

You should refer to section 7 ‘Insurance in FirstChoice

Wholesale Personal Super’ for more information.

Transfers between FirstChoice Wholesale

Super and Pension products

FirstChoice Wholesale Personal Super and FirstChoice

Wholesale Pension are offered from the same FirstChoice

Trust. This may allow us to offer you a refund of buy/

sell spreads where you transfer between like‑for‑like

investment options, between these FirstChoice products.

For more information, refer to section 3 ‘How super and

pensions work’.

Estate planning

Estate planning is important as it provides you with more

certainty about who will receive your death benet when

you die.

In the event of your death, a death benet will become

payable from the super fund either to:

• your dependants or your legal personal representative

nominated on your valid ‘Non‑lapsing death benet

nomination’ form, or

• your reversionary beneciary (pension accounts only)

– the pension continues to be paid to this person after

yourdeath, or

• in any other case, your legal personal representative,

tobe distributed in accordance with your Will or the

lawsofintestacy.

You should read the Investment Options Menu and all the

statements and information incorporated by reference in

the Reference Guide – FirstChoice Wholesale Personal

Super and Pension, available online at cfs.com.au/fcwps

or by calling 13 13 36. The material relating to

investments may change between the time you read

thePDS and the day you sign the application form.

3 How super and pensions work

What is super?

Super is a long‑term form of savings which is designed to be

paid to you when you retire. For most people, your employer

will contribute to your super.

The Federal Government provides a number of tax

concessions to super making it a tax‑effective way to save

for your retirement. These include generally applying a 15%

tax rate to concessional contributions and taxing earnings

at a maximum of 15%. Additionally, your super benets

can generally be paid to you tax free after age 60. Refer to

section 6 ‘Taxation’, for more information.

Contributing to your super

If you are an employee, your employer is generally required

to contribute a percentage of your ordinary time earnings

(earnings for your ordinary hours of work) to a super fund for

you. In addition to the contributions made by your employer,

you can contribute to your super fund for yourself (or your

spouse can do so on your behalf).

There are different types of contributions that can be made

to your super fund. The main types of contributions are:

• Compulsory employer contributions – these are

contributions an employer is required to make on your

behalf by law. They include Superannuation Guarantee

contributions and contributions required under an

industrial award.

• Voluntary employer contributions – these are

contributions an employer makes on your behalf in

excess of any compulsory contributions. They include

salary sacrice contributions, where you negotiate to give

up some of your pre‑tax salary in return for additional

employer contributions.

• Personal contributions – these are contributions that

you make for yourself. Depending on your circumstances,

you may be entitled to claim a tax deduction for the

amount of the contribution, or you may be entitled to a

Government co‑contribution.

• Spouse contributions – these are contributions that you

make for your spouse.

• Other third party contributions – these are contributions

made by a third party, other than an employer or

yourspouse.

The Federal Government applies caps to the different types

of contributions. Contributions made in excess of these caps

may be subject to signicant additional tax up to the top

marginal tax rate (plus applicable levies). Refer to section 6

‘Taxation’, for more information.

Consolidating your super

You may have super accounts in other funds. Consolidating

your accounts will help you keep track of your super balance

more easily and may mean you pay less fees.

It’s important to consider whether you’ll lose any existing

insurance cover after consolidating your super funds and

whether your remaining cover is sufcient.

You can consolidate super accounts through themyGov

website www.my.gov.au.

1 We may accept amounts less than the minimum, at our discretion.

2 Subject to minimum account balance requirements and normal conditions of release. For those account based pensions that are pre-retirement pensions,

someconditions apply to withdrawals. Refer to the Reference Guide – FirstChoice Wholesale Personal Super and Pension for further details.

3 We have the discretion to close your account once it falls below $3,000 or if your pension payment is more than your account balance.

Product Disclosure Statement 3

You may have more than one super account in our FirstChoice

product range which includes, FirstChoice Employer Super and

FirstChoice Wholesale Personal Super. If you hold multiple

accounts, we will inform you in writing and you can choose to

consolidate your accounts if you wish. We may use your TFN

tohelp identify if you have morethan one super account.

If you have a nancial adviser, we recommend that you

speak with them about whether consolidating is the best

option for your situation.

Accessing your super

Generally, you can’t fully access your super until after you

reach your preservation age and retire.

Your preservation age is set by the Federal Government.

Ifyou were born before 1 July 1960, your preservation

age is 55. If you were born later, your preservation age is

between ages 56 and 60 depending on your date of birth.

Tond out your preservation age, go to www.ato.gov.au

Once you have full access to your super, you can commence

an account based pension to allow you to use your super

money as an income stream, as well as make lump sum

withdrawals.

Alternatively, if you have reached your preservation age,

youcan commence a pre‑retirement pension (without

needing to meet any other requirements such as retiring).

Other ways in which you may be able to access your

super(conditions of release) include:

• reaching preservation age and ceasing gainful employment

(at any time) and having no intention of being gainfully

employed for 10 or more hours per week in the future

• ceasing gainful employment after reaching age 60

• reaching age 65

• nancial hardship

• compassionate grounds

• permanent incapacity

• a terminal medical condition

• death

• temporary incapacity

• eligible withdrawals under the First Home Super

SaverScheme

• departing Australia superannuation payment

(forformertemporary residents only).

How your super is valued

FirstChoice Wholesale Personal Super is an accumulation

super product which is designed to help you accumulate

and grow your savings for your retirement.

You’ll have an account balance which changes over time

(for example due to contributions received, net investment

returns, and fund costs). When a contribution is made

to your account, it will be used to purchase units in your

chosen investment options. For example, if you make

a contribution of $100 and the entry unit price for your

chosen option is $1.00, you’ll will receive 100 units.

The value of your units will fluctuate due to the receipt

of investment income and changes in the value of the

underlying assets held in each option (except for FirstRate

options, where the number of units change as a result of the

payment of interest). The unit price you receive will also be

affected by other factors such as the payment of fees and

costs, and taxes from either your account or the assets of

your investment options in which you are invested.

Other costs that relate specically to you, such as the payment

of insurance premiums or adviser service fees, may also be

deducted from your account via the withdrawalof units.

This means that your account balance can fluctuate on a

daily basis depending on market movements, the costs of

running the fund and any expenses that relate specically

toyour account.

The following table provides a number of factors which may

impact the value of your superannuation account.

Things that may increase your

super account balance

Things that may reduce your

super account balance

• Contributions, such as

employer, personal and

spouse contributions.

• Rollovers from other funds.

• Increases in the unit price of

an option due to the accrual

of investment income and

changes in the market value

ofthe underlying assets.

• Family law payment splits

received and spouse

contribution splitting

payments received.

• Co‑contributions or low

income super tax offset paid

by the Government.

• Tax (including tax levied on

contributions and the fund’s

investment income).

• Decreases in the unit price of

an investment option due to

changes in the market value of

the underlying assets.

• Benet payments (lump sum

and income stream payments).

• Fund fees and charges.

• Insurance premiums or

adviser service fees.

• Family law payment splits and

spouse contribution splitting

payments.

What is a pension?

A pension is a regular income stream achieved by drawing

upon your superannuation once you have reached

preservation age for pre‑retirement pensions or met a

relevant condition of release for account based pensions.

FirstChoice Wholesale Pension offers the payment of the

following types of pensions:

• a pre‑retirement pension

• an account based pension.

Depending on your personal circumstances, a pension may

be a tax‑effective way of receiving income. Investment

earnings of account based pensions are not subject to tax.

For pre‑retirement pensions, a maximum of 15% tax on the

investment earnings is applicable.

If you commence a pension

before you reach age 60, tax may be withheld from your

pension payment amounts. Please refer to section 6 ‘Taxation’

for more information about the tax treatment ofpensions.

Your regular income is based on a percentage of your

account balance as at 1 July each year. In the rst nancial

year that you commence your pension, a percentage of your

account balance as at the commencement date of your

pension is used instead.

The pension ceases to be paid to you when your account

balance is reduced to zero.

You should speak with your nancial adviser about whether

a pension account may be appropriate for your individual

objectives, nancial situation andneeds.

1 Once you reach age 65 or notify us that you have met another eligible condition of release, your pension will be treated as a retirement phase account based

pension, and will no longer be subject to tax on investment earnings.

2 We have the discretion to close your account once it falls below $3,000 or if your pension payment is more than your account balance.

4 FirstChoice Wholesale Personal Super and Pension

How a pension account is valued

Your account balance is initially equal to your rollovers and

super contributions made to commence your pension. Once

you commence a pension you cannot invest additionalmoney.

The money invested to establish your pension is used to

purchase units in your chosen investment options. For

example, if you invest $100,000 and the entry unit price for

your chosen option is $1.00, you’ll receive 100,000 units.

The value of your units will fluctuate due to the receipt

of investment income and changes in the value of the

underlying assets held in each option (except for FirstRate

options, where the number of units change as a result of

the payment of interest). The unit price you receive will also

be affected by other factors such as the payment of certain

fees and costs, and taxes from either your account or the

assets of the investment options in which you are invested.

Account deductions which may cause your pension account

balance to reduce include:

• pension payment amounts and other super benets

paidto you

• fees and costs as well as benets paid due to a release

authority (e.g. the release of excess contributions)

• family law payment split.

Account based pensions

If you commence an account based pension, we must pay

you at least a minimum pension payment amount each

year (rounded to the nearest 10 whole dollars) but you can

choose to receive as much income above that amount that

you wish, or withdraw a lump sum benet at any time.

Your minimum pension payment, which is calculated each

year, is calculated by multiplying your account balance as

at 1 July (or as at the commencement of your pension if

your pension commenced during the nancial year) by a

percentage factor depending on your age (see the section

titled ‘Minimum pension payment requirements’, below for

details). There is no maximum pension payment amount

you must receive from an account based pension.

There is a cap

on the total amount of your superannuation

savings you can use to commence retirement phase income

streams, which include account based pensions. The ATO

tracks how much you transfer to retirement phase pensions,

in a notional ‘transfer balance account’ available on my.gov.au.

Your transfer balance account includes the value of existing

retirement phase income streams at 30June 2017 and the

starting value of new retirement phase income streams from

1 July 2017. Please refer to the Reference Guide – FirstChoice

Wholesale Personal Super and Pension for further information.

Pre-retirement pensions

Pre‑retirement pensions are typically available to members

who have reached their preservation age. A pre‑retirement

pension is also known as a ‘transition to retirement pension’.

It is similar to an account based pension, except that it is

designed to supplement your income in the later years of

your working life, before you retire.

Minimum pension payment requirements (as outlined in the

section titled ‘Minimum pension payment requirements’

below) are applicable to pre‑retirement pension accounts.

A pre‑retirement pension is also restricted to a maximum

pension payment amount each year of 10% of your account

balance as at 1 July (or, in the rst nancial year that you

commence your pension, your account balance as at the

date of commencement).

In addition, there are restrictions on when you can take

an additional lump sum super benet from your account

balance while you are receiving a pre‑retirement pension.

Your pre‑retirement pension will convert to the rules of an

account based pension (with no maximum pension payment

amount or restrictions on lump sum super benets) on the

earlier of the date that:

• you notify us that you have met an eligible condition

of release (refer to the Reference Guide – FirstChoice

Wholesale Personal Super and Pension for details), or

• you turn age 65.

Initially, your pre‑retirement pension will not increase your

transfer balance account. However, when your pre‑retirement

pension converts to the rules of an account based pension,

it will also become a retirement phase income stream and

be included in your transfer balance account. Refer to the

Reference Guide – FirstChoice Wholesale Personal Super

andPension for further information.

Minimum pension payment requirements

The percentage factors used to calculate minimum

drawdown requirements for account based pensions are

shown in the following table.

Age Minimum percentage factor

Under 65 4%

65 to 74 5%

75 to 79 6%

80 to 84 7%

85 to 89 9%

90 to 94 11%

95 or over 14%

The Government may change these pension minimums at

any time. If required by law, we may adjust your minimum

pension payment amount (or maximum for pre‑retirement

pensions) to comply with the legislation.

We must pro rata your minimum pension payment amount

in the rst nancial year of your pension for the number of

days remaining in the nancial year. If you commence your

pension on or after 1 June, no minimum pension payment

amount is required to be made for that nancial year.

SuperFirst Transfer Facility

The SuperFirst Transfer Facility is a temporary account that

allows you to consolidate your super savings (including

super held by other super funds) and make additional super

contributions before:

• commencing your pension for the rst time, or

• rolling over an existing pension, with the addition of the

funds in SuperFirst, and commencing a new pension.

Refer to the Reference Guide – FirstChoice Wholesale

Personal Super and Pension for further details.

1 This cap is the ‘transfer balance cap’. If you commence a retirement phase income stream for the rst time in 2023–24, your cap is $1.9 million. If you

commenced one in an earlier year, your cap is a lower value.

Product Disclosure Statement 5

Transfers between Super and Pension

FirstChoice Wholesale Personal Super and FirstChoice

Wholesale Pension are offered from the same FirstChoice

Trust. Many of the same investment options are offered in

both products which may allow us to offer you a refund of

buy/sell spreads where you transfer between like‑for‑like

investment options, between these FirstChoice products.

When you transfer from FirstChoice Wholesale Personal

Super to FirstChoice Wholesale Pension, any tax liability

willbe deducted.

If you hold a FirstRate Term Deposit option, you can

transfer your super benet from FirstChoice Wholesale

Personal Super to FirstChoice Wholesale Pension

and retain this investment without incurring an early

withdrawaladjustment.

If you transfer from a pre‑retirement pension to an account

based pension in FirstChoice Wholesale Pension, you’ll not

incur a buy/sell spread. This is because we’ll process the

transfer using net asset value unit prices.

With the exception of pension payments, this transfer is

the only transaction that can occur on your account on

the day of transfer. All other requested transactions will

be processed as soon as practical, after this transfer has

beencompleted.

For more information about early withdrawal adjustments,

please refer to the Reference Guide – FirstChoice Wholesale

Personal Super and Pension.

Please refer to section 6 ‘Taxation’, for more information

about taxation.

4 Risks

Understanding investment risk is important in successfully

developing your investment strategy. Before you consider

yourinvestment strategy, it is important to understand that:

• all investments are subject to risk

• there may be a loss of principal, capital or earnings

• different strategies carry different levels of risk

depending onthe assets that make up the strategy

• assets with the highest long‑term returns may also

carrythehighest level of short‑termrisk.

When considering your investment, it is important

tounderstandthat:

• the value of investment options will go up and down

• returns are not guaranteed

• you may lose money

• previous returns don’t predict future performance

• laws affecting superannuation and pensions may change

• the amount of your superannuation savings may not

beadequate for your retirement

• your level of risk will vary, depending on your age,

investment timeframe, where other parts of your money

are invested and how comfortable you are with the

possibility of losing some ofyour super in someyears.

Different investments perform differently over time.

Investments that have provided higher returns over the longer

term have also tended to produce a wider range of returns.

These investments are generally described as more risky, as

there is a higher chance of losing money, but they can also give

you a better chance of achieving your long‑term objectives.

Investments that have provided more stable returns are

considered less risky, but they may not provide sufcient long‑

term returns for you toachieve your long‑term goals. Selecting

the investments that best match your investment needs and

timeframe is crucial inmanaging thisrisk.

Your adviser can help you understand investment risks,

including those applicable to complex options, and design

aninvestment strategy that is right foryou.

General risks for all investment options

The main risks which typically affect all investment

optionsare:

Market risk

Investment returns are influenced by the performance of

themarket as a whole. This means that your investments

can be affected by things like changes in interest rates,

investor sentiment and global events, depending on which

markets or asset classes you invest in and the timeframe

you are considering.

If you are invested in the FirstRate Saver or FirstRate Saver

Non‑Auto‑rebalancing investment options, while returns

are generally stable, a low interest rate environment may

impact the future growth of your super. Investing in these

investment options may result in a very low or negative

return. This will depend on prevailing market interest rates,

fee amounts charged, the proportion of your super invested

in these options and your total super account balance.

Security and investment-specic risk

Within each asset class and each option, individual securities

like mortgages, shares, xed interest securities or hybrid

securities can be affected by risks that are specic to that

investment or that security. For example, the value of a

company’s shares can be influenced by changes in company

management, its business environment or protability. These

risks can also impact on the company’s ability to repay its debt.

Management risk

Each option in the PDS has an investment manager to

manage your investments on your behalf. There is a risk

thatthe investment manager will not perform to expectation.

Management risk may arise from the use of nancial models

by the investment manager to simulate the performance of

nancial markets. The performance of nancial markets may

differ to that anticipated by the nancial models.

Liquidity risk

Liquidity risk refers to the difculty in selling an asset for

cash quickly without an adverse impact on the price received.

Assets such as shares in large listed companies are generally

considered liquid, while ‘real’ assets such as direct property

andinfrastructure are generally considered illiquid. Under

abnormal or difcult market conditions, some normally liquid

assets may become illiquid, restricting our ability to sell them

and to make withdrawal payments or process switches for

investors without apotentially signicantdelay.

Please note: For FirstRate options, in the event we have

initiated awithdrawal from deposits held with CBA, other

than at your direction, the payment of any withdrawals or

switches requested by you may be delayed for a period no

greater than 35 days.

Counterparty risk

This is the risk that a party to a transaction such as a swap,

foreign currency forward or stock lending fails to meet

its obligations such as delivering a borrowed security or

settling obligations under a nancial contract.

6 FirstChoice Wholesale Personal Super and Pension

Legal, regulatory and foreign investment risk

This is the risk that any change in taxation, corporate or

other relevant laws, regulations or rules may adversely

affect yourinvestment.

In particular, for funds investing in assets outside Australia,

your investment may also be adversely impacted by

changes in broader economic, social or political factors,

regulatory change and legal risks applicable to where the

investment ismade or regulated.

Environmental, social and governance(ESG)

and climate risk

The value of individual securities may be influenced by

environmental, social and governance factors. These risks

may be real or perceived and may lead to nancial penalties

and reputational damage. For example, environmental risks

include waste and pollution, resource depletion and land

use. Social risks are where the investment may be impacted

by social, labour and human rights risks and include health

and safety. Governance risks can impact sustainability

of an investment and cover business practices such as

board diversity and independence, voting procedures,

transparency and accountability.

Climate change also poses a risk – not only to the

environment, but also to the broader economy and valuation

of an investment. Typically, climate change risks can be split

between physical and transition risks.

• Physical risks refer to the direct impact that climate change

has on our physical environment. For example, acompany’s

revenue may be reduced due to weather events and this

may reduce the value of the company’s shares.

• Transition risks refer to the much wider set of changes

in policy, law, markets, technology and prices that

may be needed to address the mitigation and adaption

requirements which are necessary for the transition to a

low carbon economy.

Securities lending risk

If investment options engage in securities lending, there is

a risk that the borrower may become insolvent or otherwise

become unable to meet, or refuse to honour, its obligations

to return the loaned assets. In this event, the option could

experience delays in recovering assets and/or accessing

collateral which may incur a capital loss. Where an option

invests any collateral it receives as part of the securities

lending program, such investments are also subject to the

general investment risks, and in some cases credit risk, as

outlined in this PDS.

Investment performance risk from

sustainability exclusions

Some investment options will exclude certain industries from

their portfolios in accordance with their sustainability criteria.

This means that their portfolios will differ from that of

traditional funds not predominantly focused on sustainable

investment. As a result, the investment performance may

deviate from traditional funds in the short to medium term.

Over the longer term, the expected risk and return objectives

are likely to be consistent with traditional funds.

Option-specic risks

Currency risk

Investments in global markets or securities which are

denominated in foreign currencies give rise to foreign currency

exposure. This means that the Australian dollar value of these

investments may vary depending on changes in the exchange

rate. Investment options in the PDS which have signicant

currency risks adopt different currency management

strategies. These strategies may include currency hedging,

which involves reducing or aiming to remove the impact

of currency movements on the value of the investment,

whereassome investment options remain unhedged.

Information on the currency management strategy for

each option with a signicant currency risk is set out in

thatoption’s description in the Investment OptionsMenu.

Because different options have different currency

management strategies, you should consult your nancial

adviser on the best approach foryou.

Derivatives risk

Derivatives are contracts between two parties that usually

derive their value from the price of a physical asset or

market index. They can be used to manage certain risks

ininvestment portfolios or as part of an investment strategy.

However, they can also increase other risks in a portfolio

or expose a portfolio to additional risks. Risks include:

thepossibility that the derivative position is difcult or

costly to reverse; that there is an adverse movement in the

asset or index underlying the derivative; or that the parties

do not perform their obligations under the contract.

In general, investment managers may use derivatives to:

• protect against changes in the market value of

existinginvestments

• achieve a desired investment position without buying

orselling the underlying asset

• leverage a portfolio

• manage actual or anticipated interest rate and credit risk

• alter the risk prole of the portfolio or the various

investmentpositions

• manage currencyrisk.

Derivatives may be used in an option to provide leverage

andmay result in the effective exposure to a particular

asset, asset class or combination of asset classes exceeding

the value of the portfolio. The effect of using derivatives

toprovide leverage may not only result in capital losses

but also an increase in the volatility and magnitude of the

returns (bothpositive and negative) for theoption.

As nancial instruments, derivatives are valued regularly, and

movements in the value of the underlying asset or index should

be reflected in the value of the derivative. Information on

whether an option in this PDS uses derivatives, such as futures,

options, forward currency contracts and swaps, is outlined in

the strategy of the option inthe Investment OptionsMenu.

Credit risk

Credit risk refers to the risk that a party to a credit

transaction fails to meet its obligations, such as defaulting

under a mortgage, a mortgage‑backed security, a hybrid

security, a xed interest security or a derivative contract.

Thiscreates an exposure to underlying borrowers and the

nancial condition of issuers of these securities.

Term deposit risk

An investment in FirstRate Term Deposits provides a xed

interest rate. This means you are protected from decreases

in interest rates during the term of your investment.

However, you may not be able to take advantage ofinterest

rate increases should interest rates rise during the term of

your investment.

Product Disclosure Statement 7

Early withdrawal risk

These FirstRate deposit choices are designed tobeheld

fora specied period.

• FirstRate Term Deposit options for terms uptoand

including 12 months

Should you need to withdraw or switch from FirstRate

Term Deposits prior to the maturity date, the interest

rateapplying on the amount withdrawn is reduced.

• FirstRate Term Deposit options for terms greater

than12 months

Withdrawals of all or part of your investment before

the end of the specied period may be subject to an

adjustment (reduction) to the withdrawal proceeds

because of therecovery of costs and other charges

connected with withdrawal. It is possible that you may

receive back a net amountthat is less than the amount

ofinitial principal invested.

The amount of the reduction considers reasonable costs

incurred in connection with termination or replacement of

funding for the FirstRate deposit. These costs can include

break costs, administrative costs and replacement

funding costs. Some major influences that may affect the

size of the withdrawal costs are:

• market interest rates are higher than when you

acquiredthe term deposit

• liquidity in the nancial markets

• market pricing of credit risk

• the term remaining for theoffer.

Further details about early withdrawal adjustments for

FirstRate Term Deposits are contained in the Reference

Guide – FirstChoice Wholesale Personal Super and

Pension, available online at cfs.com.au/fcwps or by

calling1313 36.

Gearing risk

Some of the options in the PDS use gearing. Gearing

means that theoption borrows so that it can invest more

to increase potential gains. Gearing can magnify gains and

always magnies losses fromthe option’sinvestments.

For an option geared at 50%, if the growth of underlying

investments is less than the option’s borrowing and

administration and investment fees and costs, then it is

unlikely that the geared option will outperform an equivalent

ungeared portfolio. Consequently, a geared option will not

always magnify market gains (particularly in a low return

environment), butit will always magnify marketlosses.

In extreme market conditions, you may lose all your capital.

We suggest you consult a nancial adviser regarding the

impact ofthese investments on your overall portfolio.

Short selling risk

Some of the options in the PDS use short selling. Short

selling means the option sells a security it does not own

totry and prot from a decrease in the value of the security.

This is generally done by borrowing the security from another

party to make the sale. The short sale of a security can

greatly increase the risk of loss, as losses on a short position

are not limited tothe purchased value of the security.

Short selling strategies involve additional risks such as:

Liquidity risk

In certain market conditions, an option that adopts a

short selling strategy may not be able to reverse a short

position because the security it needs to buy may not be

available for purchase ina reasonable timeframe or at all.

In this event, losses may bemagnied.

• Leverage risk

Whilst short selling can often reduce risk, it is also

possible for an option’s long positions and short positions

to both lose money at the sametime.

• Prime broker risk

When short selling is employed, the assets of the

investment option are generally held by the prime

broker (which provides broking, stock lending and other

services). As part of this arrangement, assets may be

used by or transferred to the prime broker under a

securities lending arrangement which will also expose

the option to securities lending risk. There is a risk that

the prime broker does not return equivalent assets or

value to the option (for example, because of insolvency).

This would have a substantial negative impact on the

value of your investment. This risk is managed by having

arrangements with large, well‑established and globally

operating prime brokers. If you would like details of our

prime broker, please contactus.

If an option uses short selling, this is detailed in the strategy

ofthe option – refer to the Investment OptionsMenu.

Emerging markets risk

Due to the nature of the investments in emerging markets,

there is an increased risk that the political and/or legal

framework may change and adversely impact your

investments. This could include the ability to sell assets.

Options that invest in global markets may have exposure

toemerging markets.

Term risk

Risk associated with investing funds at a xed rate of

interest for a specied term. If interest rates rise ‑ including

owing to factors such as inflation ‑ then the investor could

have obtained more returns from investing for a shorter

term, multiple times.

Equity risk

Risk, or the potential for variability in returns ‑ which comes

from investing in companies, generally driven by growth in

earnings and dividends.

Small cap risk

Risk associated with investing in smaller companies, which

generally exhibit higher growth rates, while also carrying

greater risk compared to larger companies.

Valuation risk

Risk that the value of an asset is mis‑stated. This is due to

the potential disparity between an asset’s accounting value

as compared to its actual fair market value when traded.

Measuring assets at fair value across time ensures equity

for members as they invest into, withdraw from or switch

between different investments and options.

8 FirstChoice Wholesale Personal Super and Pension

All of the investment options in the PDS are subject to some or all of these risks, which can also vary from time to time.

You should consult your nancial adviser before making a decision to invest. Your nancial adviser is required to be

qualied in understanding the risk and return associated with the wide range of investment options available to you

and can help you make decisions regarding these investment options.

Further details about option‑specic risks, such as currency,gearing, emerging markets and short selling risks and ways

to manage investment risk are contained in the Investment Options Menu, which forms part of thePDS.

You should read all the important information about theinvestment risks and diversication in the Investment Options

Menu, which forms part of the PDS, before making an investment decision. The material relating toinvestments may

change between the time you read the PDS and the day you sign the application form.

Role of your nancial adviser

Your nancial adviser may play a large role in implementing your nancial plan and can assist you to meet your nancial

needs. We have therefore designed an online platform service to enable your nancial adviser to monitor the progress of

your portfolio and make transactions on your behalf if you nominate this.

Your nancial adviser will automatically be given transaction authority unless you choose to opt out of this option by

completing the Adviser Transaction Authority section in the application form.

By granting your nancial adviser transaction authority, you authorise the named adviser, and their authorised delegates,

access to the details of your account(s) to perform the following activities using our services on yourbehalf:

• make an additional investment, set up or modify a regular investment plan, switch investment options and nominate

the investment option from which account based fees (including adviser service fees) will be deducted

• cancel an adviser service fee

• modify personal and account details, excluding bank account details

• modify investment selection and frequency, including auto‑rebalancing and elections in relation to managedaccounts

• withdraw an investment to your pre‑nominated bankaccount

• make super and pension withdrawals, excluding transfers and rollovers, to your pre‑nominated bankaccount

• transact on FirstRate products, including managing maturity instructions.

If your circumstances change and this authority is no longer consistent with your needs, youhave the ability torevoke

your authorisation.

AIL can, at any time, remove an adviser or refuse to record or deal with an adviser nominated on your account.

As part of normal business practice, advice businesses may be sold, a new adviser may take over a book of clients,

oranadviser may transfer from one dealer group to another. Where this occurs a new adviser may be nominated on

youraccount or the dealer group attached to your account may change without your direction.

Where your account is transferred to a new dealer group or adviser they (and their delegates) will be authorised to

access information regarding your account. If the adviser nominated on your account changes, any adviser transaction

authority you previously authorised will transfer to your new adviser.

Your annual statement will contain details of the adviser nominated on your account.

Additional disclosure required for hedge

funds and other complex options

Hedge funds and funds with certain hedge fund

characteristics can pose more complex risks for investors

than traditional managed investment schemes. This can

arise due to their diverse investment strategies, in many

cases involving the use ofleverage, and complex and

offshore structures.

The Australian Securities and Investments Commission

(ASIC) has identied some characteristics that distinguish

hedge funds from other managed investment schemes

in its Regulatory Guide 240, such as the use of leverage,

derivatives and short selling, charging performance fees,

orfunds that have complex investment strategies or

structures. Where an option exhibits two or more of the

characteristics dened, ASIC requires responsible entities

to provide additional reporting and disclosure. Whilstthese

ASIC requirements only apply to managed investment

schemes, not super or pension options, we will still provide

this additional reporting and disclosure for thefollowing

superannuation investment options:

Option name

Antipodes Global

Aspect Absolute Return

Aspect Diversied Futures

Brandywine Global Income Optimiser

First Sentier Target Return Income

CFS Alternatives

Perpetual Share‑Plus Long‑Short

Platinum Asia

Platinum International

PM Capital Enhanced Yield

PM Capital Global Companies

Sage Capital Equity Plus

Product Disclosure Statement 9

For each option identied, we will report against the

followingbenchmarks as required by ASIC:

• valuation of assets: information about whether

assets whichare not exchange‑traded are valued

by an independent administrator or an independent

valuationservice provider,and

• periodic reporting.

Where we can’t provide all the components of the periodic

reporting benchmark, we will explain why we can’t and the

types of information which will be provided instead, sothat

youcan monitor the performance of yourinvestment.

In addition, for each option identied, we will provide the

following information in the Reference Guide – Complex

Funds, available at cfs.com.au/complex. This information

will be updated from time to time, inaccordance withour

legal obligations.

Disclosure principle Description

Investment

strategy

Details of the option’s investment strategy,

including the type of strategy, how it works

andhow risks are managed.

Investment

manager

Information about the people responsible for

managing the option’s investments.

Fund structure An explanation of the investment structures

involved.

Valuation, location

and custody of

assets

Disclosure about the types of assets held,

where they are located, how they are valued

and the custodial arrangements.

Liquidity The option’s ability to realise its assets in a timely

manner and the risks of illiquid classes of assets.

Leverage Outlines the maximum level of leverage (where

applicable) of the option.

Derivatives The purpose and types of derivatives used

bythe appointed investment manager and

theassociated risks.

Short selling How short selling (where applicable) may be

used as part of the investment strategy and

theassociated risks and costs of short selling.

Withdrawals Circumstances in which AIL allows withdrawals.

A full explanation of how your withdrawal will be

processed can be found in the Reference Guide

for the product you are investing in, which is

available on cfs.com.au

This disclosure principle information is available on our

website at cfs.com.au/complex

5 Fees and other costs

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

account balance rather than 1% could reduce your nal

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 or your employer, as applicable, may be able to

negotiate to pay lower fees.

Ask the fund or your

nancial adviser.

TO FIND OUT MORE

If you would like to nd out more, or see the impact

of the fees based on your own circumstances, the

Australian Securities and Investments Commission

(ASIC) MoneySmart website (www.moneysmart.gov.au)

has a superannuation calculator to help you check out

different fee options.

This section shows fees and other costs that you may be

charged. These fees and other costs may be deducted from

your money, from the returns on your investment or from the

assets of the superannuation entity as a whole. Other fees,

such as activity fees, advice fees for personal advice and

insurance fees, may also be charged, but these will depend

on the nature of the activity, advice or insurance chosen

by you. Entry fees and exit fees cannot be charged. Taxes,

insurance fees and other costs relating to insurance are

set out in another part of this document. You should read

all the information about fees and other costs because it is

important tounderstand their impact on your investment.

The fees and other costs for each investment option offered

by the superannuation entity are set out in the ‘Additional

explanation of fees and costs’ section.

1 Please note: Although we are required by law to include this wording, individual members of FirstChoice Wholesale Personal Super and Pension and their

employers (if applicable) are not able to negotiate any administration fees.

10 FirstChoice Wholesale Personal Super and Pension

1 If your account balance for a product offered by the superannuation entity is less than $6,000 at the end of the entity’s income year, certain fees and costs charged

to you in relation to administration and investment are capped at 3% of the account balance. Any amount charged in excess of that cap must be refunded.

2 All gures disclosed include the net effect of GST and any related GST credits.

3 We may derive monetary or administrative benets from CBA. Refer to ‘Are there any other benets to CFSIL?’ in the Investment OptionsMenu.

4 Even though switching fees and exit fees are not charged, buy/sell spreads apply to most options (refer to ‘Buy/sell spreads’ for further details).

5 Although your investments in FirstChoice Employer Super, the First Sentier Strategic Cash and the FirstRate investment options in any of the eligible FirstChoice

products count towards whether you are eligible for the portfolio rebate, no rebate is payable on amounts invested in those options. Please refer to ‘Portfolio

rebate’ for further details.

6 Past costs are not a reliable indicator of future costs. Future costs may differ.

7 For further details about other fees and costs that may apply, including Insurance fees and Adviser Service Fees, please refer to the ‘Additional explanation of fees

and costs’ section below.

8 Investment fees and costs include an amount for performance fees as set out in pages 18 to 31. The calculation basis for this amount is set out under

‘Additional explanation of fees and costs’.

9 The fees and costs are estimates based on the costs incurred in the previous nancial year.

Fees and costs summary

Type of fee or cost Amount

How and when paid

Ongoing annual fees and costs

1, 9

Administration fees

andcosts

FirstRate Saver

and FirstRate

Saver Non‑Auto‑rebalancing

From 0.35% to 0.70% p.a.

The current fee is set out at cfs.com.au/rstratereturns

FirstRate Term Deposit

0.00% p.a.

All other options

0.20% p.a.

You may be entitled to a portfolio rebate which may

reducethefeesand costs of your investment.

The rebates are as follows:

Value of eligible FirstChoice products

and investment options

Portfolio

rebate (p.a.)

$0–$100,000 Nil

next $400,000 0.05%

next $500,000 0.10%

over $1,000,000 0.20%

The administration fees and costs are reflected in the

daily unit price and are deducted from the assets of

the relevant option on a monthly basis.

The portfolio rebate is calculated monthly based on

the value of your total portfolio and is credited to your

account half‑yearly in the form of additional units.

Please refer to ‘Portfolio rebate’ for details on the

portfolio rebates.

Investment fees

andcosts

1, 6, 8

FirstRate options

0.00% p.a.

Geared options

0.92% to 2.48% p.a. (estimated)

Options with performance fees 0.41% to 4.61% p.a. (estimated)

All other options

0.09% to 1.83% p.a. (estimated)

See pages 18 to 31 for the investment fees and costs and

performance fees for each investment option.

The investment fees and costs are reflected in the

daily unit price and is generally deducted from the

assets of the investment option on a monthly basis.

Performance fees may also be payable on some

options. See pages 18 to 31 for details of options

with performance fees.

Transaction costs

1, 6

0% to 0.49% p.a. (estimated) depending on the option.

Refer to pages 36 to 49 for the transaction costs that applies

toeach option.

These costs are deducted from the underlying assets

of the option and are reflected in the daily unit price

for that option. Depending on the cost, they may be

deducted daily, monthly or at some other time.

Member activity related fees and costs

Buy/sell spread 0% to 0.50% of the transaction, depending onthe option.

Refer to pages 18 to 31 for the buy/sell spreads for each

option. These spreads may change without notice to you,

to reflect changing market conditions. Please refer to the

‘ProductUpdate’ section of our website at cfs.com.au/product‑

updates for any changes to buy/sell spreads.

This fee is payable each time you add to, withdraw

from or switch to/from an option.

Switching fee

Nil N/A

Other fees and costs

Insurance fee

For details of insurance costs, refer to the FirstChoice Wholesale

Personal Super Insurance booklet. Thecost includes the

premium and an insurance administration fee of 10% (including

the net effect of GST and any related GSTcredits) of insurance

premiums (including applicable stampduty).

Adviser service fees

As agreed between you and your adviser.

Please refer to page 50 for further details.

Deducted directly from your account in advance

eachmonth.

A fee for advice and advice services negotiated

with your adviser and deducted directly from your

account. Ongoing and xed term adviser service fees

are generally deducted from your account at the

beginning of each month. One‑off adviser service fees

may be deducted at any time. These fees are optional

and can only be deducted foradvice relating to your

investment in the fund.

Product Disclosure Statement 11

Example of annual fees and costs

for superannuation products

This table gives an example of how the ongoing annual fees

and costs for the First Sentier Diversied option for this

superannuation product can affect your superannuation

investment over aone‑yearperiod.

You should use this table to compare this superannuation

product with other superannuation products.

EXAMPLE – First Sentier

Diversied

option

BALANCE OF $50,000

Administration

fees andcosts

0.20% p.a. For every $50,000 you have in the

superannuation product, you will be

charged or have deducted from your

investment $100 in administration

fees and costs

PLUS

Investment fees

andcosts

2,3

0.83% p.a. And, you will be charged or have

deducted from your investment $415

in investment fees and costs

PLUS

Transaction

costs

2,3

0.06% p.a. And, you will be charged or have

deducted from your investment $30

intransaction costs

EQUALS

Cost of product

If your balance was $50,000, at the

beginning of the year, then for that year

you will be charged fees and costs of

$545 for the superannuation product.

These gures are inclusive of the net effect of GST and any

related GST credits. This does not take into account any

entitlement to portfolio rebates which mayreduce the fees

and costs of your investment.

Please note that this is just an example. In practice, the

actual investment balance of an investor will vary daily,

and the actual fees and expenses we charge are based on

the value of the option, which also fluctuatesdaily. Buy/

sell spreads also apply. Refer to ‘Additional explanation of

feesand costs’.

Cost of product for 1 year

The cost of product gives a summary calculation about

how ongoing annual fees and costs can affect your

superannuation investment over a one‑year period for all

superannuation products and investment options. It is

calculated in the manner shown in the Example of annual

fees and costs.

The cost of product information assumes a balance of $50,000

at the beginning of the year. Additional fees such as a buy/sell

spread may apply. Refer to the Fees and costs summary for

the relevant superannuation product orinvestment option.

You should use this gure to help compare superannuation

products and investment options.

FirstChoice Wholesale Personal Super

Option name

Cost of

product

CFS Multi-Manager Multi-Sector

CFS Defensive $470

CFS Conservative $535

CFS Diversied $545

CFS Moderate $565

CFS Balanced $580

CFS Growth $600

CFS High Growth $620

CFS Geared GrowthPlus $1,215

CFS Multi-Manager Single-Sector

CFS Fixed Interest $430

CFS Alternatives $1,210

CFS Australian Share $555

CFS Australian Small Companies $765

CFS Global Share $645

CFS Global Share – Hedged $725

CFS Asian Share $825

CFS Emerging Markets $780

CFS Property Securities $490

CFS Global Property Securities $675

CFS Global Infrastructure Securities $695

CFS Geared AustralianShare $1,210

CFS Geared GlobalShare $1,030

CFS ETF Exposure Series

CFS ETF Exposure Series: US Treasury Bills $235

CFS ETF Exposure Series: Physical Gold $325

CFS ETF Exposure Series: All‑World ex‑US Shares $165

CFS ETF Exposure Series: US Shares $145

CFS Lifestage options

CFS Lifestage 1945–49 $340

CFS Lifestage 1950–54 $335

CFS Lifestage 1955–59 $335

CFS Lifestage 1960–64 $340

CFS Lifestage 1965–69 $325

CFS Lifestage 1970–74 $320

CFS Lifestage 1975–79 $320

CFS Lifestage 1980–84 $320

CFS Lifestage 1985–89 $315

CFS Lifestage 1990–94 $315

CFS Lifestage 1995–99 $310

CFS Lifestage 2000–04 $315

CFS Lifestage 2005–09 $310

CFS Sustainability

CFS Thrive+ Sustainable Growth $640

1 This option targets a 30% allocation to income asset classes and a 70% allocation to growth asset classes.

2 If your account is invested in an investment option other than First Sentier Diversied, the investment fees and costs and transaction costs may be different to

those displayed in this example. Refer to ‘Additional explanation of fees and costs’ for more information.

3 The investment fees and costs and transaction costs displayed are estimates only and are based on the the investment fees and costs and transaction costs

incurred for the year ended 30 June 2023. The actual amount you’ll be charged in subsequent nancial years will depend on the actual fees and costs incurred

by the trustee in managing the investment option. Investment fees and costs may include an amount for performance fees.

4 Additional fees may apply.

12 FirstChoice Wholesale Personal Super and Pension

Option name

Cost of

product

CFS Enhanced Index Series

CFS Enhanced Index Conservative $335

CFS Enhanced Index Diversied $350

CFS Enhanced Index Moderate $360

CFS Enhanced Index Balanced $370

CFS Enhanced Index Growth $385

CFS Enhanced Index High Growth $405

CFS Index Series

CFS Index Conservative $185

CFS Index Diversied $185

CFS Index Moderate $185

CFS Index Balanced $185

CFS Index Growth $185

CFS Index High Growth $185

CFS Index Australian Bond $170

CFS Index GlobalBond $210

CFS Index Australian Share $175

CFS Index Global Share $180

CFS Index Global Share – Hedged $210

CFS Index Property Securities $170

CFS Index Global Property Securities $195

CFS Index Global Listed Infrastructure Securities $195

CFS Geared Index Australian Share $565

CFS Geared Index Global Share $570

Single-Manager Multi-Sector

Alternative Income

Acadian Defensive Income $335

First Sentier Target Return Income $330

Pendal Monthly Income Plus $525

Conservative

AZ Sestante Conservative $410

Context Capital Short Term $440

First Sentier Conservative $425

Perpetual Conservative Growth $610

Moderate

AZ Sestante Diversied $490

Context Capital Medium Term $510

Evidentia Medium Term $445

First Sentier Balanced $490

Perpetual Diversied Growth $675

Growth

First Sentier Diversied $545

Pendal Sustainable Balanced $610

Perpetual Balanced Growth $695

Diversied Real Return

Perpetual Diversied Real Return $625

Schroder Real Return $600

High Growth

AZ Sestante Growth $570

Context Capital Long Term $515

Evidentia Long Term $500

First Sentier High Growth $620

Option name

Cost of

product

Single-Manager Single-Sector

Cash and Deposits

FirstRate Saver $350

FirstRate Saver Non‑Auto‑rebalancing $350

FirstRate Term Deposits $0

Enhanced Cash

CFS Enhanced Cash $180

First Sentier Strategic Cash $195

Short Duration Fixed Interest

First Sentier Global Credit Income $365

Franklin Australian Absolute Return Bond $410

Kapstream Absolute Return Income $470

Macquarie Income Opportunities $455

Mutual Income $315

Perpetual Diversied Income $475

PM Capital Enhanced Yield $505

Schroder Absolute Return Income $460

Yarra Enhanced Income $415

Diversied Fixed Interest

Afrmative Global Impact Bond $535

Bentham Global Income $470

Brandywine Global Income Optimiser $495

Colchester Global Government Bond $475

First Sentier Diversied Fixed Interest $310

PIMCO Diversied Fixed Interest $395

PIMCO Global Bond $400

T. Rowe Price Dynamic Global Bond $475

UBS Diversied Fixed Income $400

Australian Fixed Interest

First Sentier Australian Bond $245

Janus Henderson Tactical Income $375

Pendal Sustainable Australian Fixed Interest $370

PIMCO Australian Bond $370

Western Asset Australian Bond $335

Alternatives

Aspect Absolute Return $1,030

Aspect Diversied Futures $2,540

Lower Volatility Share

AB Managed Volatility Equities $645

Acadian Global Managed Volatility Equity $460

First Sentier Equity Income $650

Merlon Australian Share Income $660

State Street Australian Equity $525

Australian Share

Acadian Australian Equity $430

Airlie Australian Share $525

Alphinity Sustainable Share $605

Antares Ex‑20 Australian Equities $605

Ausbil Active Sustainable Equity $520

Ausbil Australian Active Equity $530

Bennelong Ex‑20 Australian Equities $865

DNR Capital Australian Equities High Conviction $525

DNR Capital Australian Equity Income $525

Product Disclosure Statement 13

Option name

Cost of

product

Fidelity Australian Equities $555

First Sentier Concentrated Australian Share $500

First Sentier Imputation $515

Investors Mutual Australian Share $625

Lazard Select Australian Equity $570

Pendal Australian Share $525

Pendal Sustainable Australian Share $525

Perennial Value Australian Share $635

Perpetual Australian Share $665

Perpetual Industrial Share $700

Realindex Australian Share Value $320

Schroder Australian Equity $530

Solaris Core Australian Equity $550

T. Rowe Price Australian Equity $545

WaveStone Australian Share $555

Australian share – Small Companies

Ausbil Australian Emerging Leaders $685

Celeste Australian Small Companies $565

Eiger Australian Small Companies $1,400

First Sentier Australian Small Companies $570

First Sentier Developing Companies $695

First Sentier Future Leaders $795

OC Premium Small Companies $1,125

Realindex Australian Small Companies Value $420

Global Share

Acadian Sustainable Global Equity Fund $530

Antipodes Global $885

Baillie Gifford Sustainable Growth $510

Baillie Gifford Long Term Global Growth $550

Barrow Hanley Concentrated Global Share $625

Barrow Hanley Global Share $700

Epoch Global Equity Shareholder Yield $690

GQG Partners Global Equity $500

GQG Partners Global Equity ‑ Hedged $515

Hyperion Global Growth Companies $1,705

Intermede Global Equities $595

Ironbark Royal London Concentrated Global Share $660

Ironbark Royal London Core Global Share $425

Magellan Global Share $750

Magellan Global Share – Hedged $755

MFS Global Equity $625

Nanuk New World $575

Pendal Global Select $600

Realindex Global Share Value $375

Realindex Global Share Value – Hedged $390

Stewart Investors Worldwide Leaders Sustainability $615

Stewart Investors Worldwide Sustainability $525

Talaria Global Equity $675

T. Rowe Price Global Equity $665

T. Rowe Price Global Equity – Hedged $680

Global share – Emerging Markets

Fidelity Asia $710

Pendal Global Emerging Market Opportunities $800

Option name

Cost of

product

Platinum Asia $1,020

Realindex Emerging Markets Value $480

Stewart Investors Global Emerging Markets Leaders

Sustainability

$655

Specialist Share

Acadian Australian Equity Long Short $600

Acadian Global Equity Long Short $720

Bell Global Emerging Companies $810

CFS Global Health & Biotechnology $620

CFS Global Small Companies $735

CFS Global Technology & Communications $685

Janus Henderson Global Natural Resources $825

L1 Capital Catalyst $720

Perpetual Share‑Plus Long‑Short $735

Platinum International $985

PM Capital Global Companies $1,625

Sage Capital Equity Plus $740

Australian Property and Infrastructure Securities

First Sentier Property Securities $425

Ironbark Property Securities $450

Martin Currie Real Income $530

Pendal Property Investment $545

Global Property and Infrastructure Securities

First Sentier Global Listed Infrastructure $740

First Sentier Global Property Securities $650

Macquarie Global Listed Real Estate $675

Magellan Infrastructure $780

Quay Global Real Estate – Unhedged $510

Resolution Capital Global Property Securities $680

Geared

Acadian Geared Australian Equity $1,120

Acadian Geared Sustainable Global Equity $1,345

CFS Geared Share $1,165

FirstChoice Wholesale Retirement Pension

Option name

Cost of

product

CFS Multi-Manager Multi-Sector

CFS Defensive $470

CFS Conservative $540

CFS Diversied $550

CFS Moderate $570

CFS Balanced $580

CFS Growth $605

CFS High Growth $625

CFS Geared Growth Plus $1,240

CFS Multi-Manager Single-Sector

CFS Fixed Interest $430

CFS Alternatives $1,225

CFS Australian Share $550

CFS Australian Small Companies $770

CFS Global Share $645

CFS Global Share – Hedged $730

14 FirstChoice Wholesale Personal Super and Pension

Option name

Cost of

product

CFS Asian Share $830

CFS Emerging Markets $780

CFS Property Securities $490

CFS Global Property Securities $680

CFS Global Infrastructure Securities $695

CFS Geared Australian Share $1,200

CFS Geared Global Share $1,055

CFS ETF Exposure Series

CFS ETF Exposure Series: US Treasury Bills $235

CFS ETF Exposure Series: Physical Gold $325

CFS ETF Exposure Series: All‑World ex‑US Shares $165

CFS ETF Exposure Series: US Shares $145

CFS Lifestage options

CFS Lifestage 1945‑49 $340

CFS Lifestage 1950‑54 $335

CFS Lifestage 1955‑59 $335

CFS Lifestage 1960‑64 $340

CFS Sustainability

CFS Thrive+ Sustainable Growth $650

CFS Enhanced Index Series

CFS Enhanced Index Conservative $335

CFS Enhanced Index Diversied $350

CFS Enhanced Index Moderate $360

CFS Enhanced Index Balanced $370

CFS Enhanced Index Growth $385

CFS Enhanced Index High Growth $405

CFS Index Series

CFS Index Conservative $185

CFS Index Diversied $185

CFS Index Moderate $185

CFS Index Balanced $185

CFS Index Growth $185

CFS Index High Growth $185

CFS Index Australian Bond $170

CFS Index Global Bond $210

CFS Index Australian Share $170

CFS Index Global Share $180

CFS Index Global Share – Hedged $210

CFS Index Property Securities $170

CFS Index Global Property Securities $195

CFS Index Global Listed Infrastructure Securities $195

CFS Geared Index Australian Share $560

CFS Geared Index Global Share $570

Other Options

Alternative Income

Acadian Defensive Income $330

First Sentier Target Return Income $330

Pendal Monthly Income Plus $525

Conservative

AZ Sestante Conservative $405

Context Capital Short Term $440

First Sentier Conservative $425

Perpetual Conservative Growth $610

Option name

Cost of

product

Moderate

AZ Sestante Diversied $490

Context Capital Medium Term $510

Evidentia Medium Term $445

First Sentier Balanced $490

Perpetual Diversied Growth $680

Growth

First Sentier Diversied $545

Pendal Sustainable Balanced $615

Perpetual Balanced Growth $690

Diversied Real Return

Perpetual Diversied Real Return $625

Schroder Real Return $600

High Growth

AZ Sestante Growth $570

Context Capital Long Term $515

Evidentia Long Term $500

First Sentier High Growth $625

Single Manager Single-Sector

Cash And Deposits

FirstRate Saver $350

FirstRate Saver Non‑Auto‑rebalancing $350

FirstRate Term Deposits $0

Enhanced Cash

CFS Enhanced Cash $180

First Sentier Strategic Cash $195

Short Duration Fixed Interest

First Sentier Global Credit Income $365

Franklin Australian Absolute Return Bond $410

Kapstream Absolute Return Income $470

Macquarie Income Opportunities $460

Mutual Income $315

Perpetual Diversied Income $475

PM Capital Enhanced Yield $525

Schroder Absolute Return Income $460

Yarra Enhanced Income $415

Diversied Fixed Interest

Afrmative Global Impact Bond $535

Bentham Global Income $470

Brandywine Global Income Optimiser $495

Colchester Global Government Bond $480

First Sentier Diversied Fixed Interest $310

PIMCO Diversied Fixed Interest $395

PIMCO Global Bond $400

T. Rowe Price Dynamic Global Bond $475

UBS Diversied Fixed Income $400

Australian Fixed Interest

First Sentier Australian Bond $245

Janus Henderson Tactical Income $375

Pendal Sustainable Australian Fixed Interest $370

PIMCO Australian Bond $370

Western Asset Australian Bond $335

Product Disclosure Statement 15

Option name

Cost of

product

Alternatives

Aspect Absolute Return $1,160

Aspect Diversied Futures $2,490

Lower Volatility Share

AB Managed Volatility Equities $645

Acadian Global Managed Volatility Equity $460

First Sentier Equity Income $635

Merlon Australian Share Income $650

State Street Australian Equity $520

Australian Share

Acadian Australian Equity $425

Airlie Australian Share $525

Alphinity Sustainable Share $610

Antares Ex‑20 Australian Equities $605

Ausbil Active Sustainable Equity $525

Ausbil Australian Active Equity $520

Bennelong Ex‑20 Australian Equities $890

DNR Capital Australian Equities High Conviction $525

DNR Capital Australian Equity Income $525

Fidelity Australian Equities $545

First Sentier Concentrated Australian Share $495

First Sentier Imputation $500

Investors Mutual Australian Share $620

Lazard Select Australian Equity $550

Pendal Australian Share $520

Pendal Sustainable Australian Share $525

Perennial Value Australian Share $630

Perpetual Australian Share $660

Perpetual Industrial Share $690

Realindex Australian Share Value $320

Schroder Australian Equity $520

Solaris Core Australian Equity $545

T. Rowe Price Australian Equity $550

WaveStone Australian Share $545

Australian Share – Small Companies

Ausbil Australian Emerging Leaders $760

Celeste Australian Small Companies $560

Eiger Australian Small Companies $1,615

First Sentier Australian Small Companies $570

First Sentier Developing Companies $700

First Sentier Future Leaders $805

OC Premium Small Companies $1,225

Realindex Australian Small Companies Value $425

Global Share

Acadian Sustainable Global Equity $525

Antipodes Global $880

Baillie Gifford Sustainable Growth $510

Baillie Gifford Long Term Global Growth $550

Barrow Hanley Concentrated Global Share $625

Barrow Hanley Global Share $690

Epoch Global Equity Shareholder Yield $690

GQG Partners Global Equity $500

Option name

Cost of

product

GQG Partners Global Equity – Hedged $515

Hyperion Global Growth Companies $1,190

Intermede Global Equities $595

Ironbark Royal London Concentrated Global Share $650

Ironbark Royal London Core Global Share $425

Magellan Global Share $755

Magellan Global Share ‑ Hedged $760

MFS Global Equity $625

Nanuk New World $575

Pendal Global Select $600

Realindex Global Share Value $375

Realindex Global Share Value ‑ Hedged $390

Stewart Investors Worldwide Leaders Sustainability $600

Stewart Investors Worldwide Sustainability $525

Talaria Global Equity $675

T. Rowe Price Global Equity $665

T. Rowe Price Global Equity – Hedged $680

Global Share – Emerging Markets

Fidelity Asia $710

Pendal Global Emerging Market Opportunities $800

Platinum Asia $1,030

Realindex Emerging Markets Value $485

Stewart Investors Global Emerging Markets Leaders

Sustainability

$665

Specialist Share

Acadian Australian Equity Long Short $590

Acadian Global Equity Long Short $720

Bell Global Emerging Companies $810

CFS Global Health & Biotechnology $615

CFS Global Small Companies $740

CFS Global Technology & Communications $685

Janus Henderson Global Natural Resources $810

L1 Capital Catalyst $720

Perpetual Share‑Plus Long‑Short $735

Platinum International $985

PM Capital Global Companies $1,580

Sage Capital Equity Plus $740

Australian Property and Infrastructure Securities

First Sentier Property Securities $425

Ironbark Property Securities $450

Martin Currie Real Income $530

Pendal Property Investment $545

Global Property and Infrastructure Securities

First Sentier Global Listed Infrastructure $740

First Sentier Global Property Securities $655

Macquarie Global Listed Real Estate $675

Magellan Infrastructure $780

Quay Global Real Estate – Unhedged $510

Resolution Capital Global Property Securities $680

Geared

Acadian Geared Australian Equity $1,100

Acadian Geared Sustainable Global Equity $1,385

CFS Geared Share $1,140

16 FirstChoice Wholesale Personal Super and Pension

FirstChoice Wholesale Pre-Retirement Pension

Option name

Cost of

product

CFS Multi-Manager Multi-Sector

CFS TTR Defensive $470

CFS TTR Conservative $540

CFS TTR Diversied $555

CFS TTR Moderate $570

CFS TTR Balanced $590

CFS TTR Growth $610

CFS TTR High Growth $630

CFS Multi-Manager Single-Sector

CFS TTR Fixed Interest $430

CFS TTR Alternatives $1,225

CFS TTR Australian Share $560

CFS TTR Australian Small Companies $765

CFS TTR Global Share $645

CFS TTR Emerging Markets $795

CFS TTR Property Securities $500

CFS TTR Global Infrastructure Securities $700

CFS Lifestage options

CFS TTR Lifestage 1955‑59 $335

CFS TTR Lifestage 1960‑64 $340

CFS Sustainability

CFS TTR Thrive+ Sustainable Growth $645

CFS Enhanced Index Series

CFS TTR Enhanced Index Conservative $340

CFS TTR Enhanced Index Diversied $355

CFS TTR Enhanced Index Moderate $365

CFS TTR Enhanced Index Balanced $380

CFS TTR Enhanced Index Growth $390

CFS TTR Enhanced Index High Growth $415

CFS Index

CFS TTR Index Conservative $190

CFS TTR Index Diversied $190

CFS TTR Index Moderate $185

CFS TTR Index Balanced $185

CFS TTR Index Growth $185

CFS TTR Index High Growth $190

CFS TTR Index Australian Bond $170

CFS TTR Index Global Bond $215

CFS TTR Index Australian Share $175

CFS TTR Index Global Share $180

CFS TTR Index Global Share – Hedged $210

CFS TTR Index Property Securities $170

CFS TTR Index Global Property Securities $195

CFS TTR Index Global Listed Infrastructure Securities $195

Other Multi Sector

Alternative Income

Acadian TTR Defensive Income $355

Pendal TTR Monthly Income Plus $525

Option name

Cost of

product

Conservative

AZ Sestante TTR Conservative $430

Context Capital TTR Short Term $440

First Sentier TTR Conservative $430

Perpetual TTR Conservative Growth $610

Moderate

AZ Sestante TTR Diversied $495

Context Capital TTR Medium Term $510

Evidentia TTR Medium Term $445

First Sentier TTR Balanced $485

Perpetual TTR Diversied Growth $710

Growth

First Sentier TTR Diversied $555

Perpetual TTR Balanced Growth $715

Diversied Real Return

Perpetual TTR Diversied Real Return $625

Schroder TTR Real Return $600

High Growth

AZ Sestante TTR Growth $525

Context Capital TTR Long Term $515

Evidentia TTR Long Term $500

Single Manager Single-Sector

Cash And Deposits

FirstRate TTR Saver $350

FirstRate TTR Saver Non‑Auto‑rebalancing $350

Enhanced Cash

First Sentier TTR Strategic Cash $195

Short Duration Fixed Interest

First Sentier TTR Global Credit Income $365

Franklin TTR Australian Absolute Return Bond $410

Kapstream TTR Absolute Return Income $470

Macquarie TTR Income Opportunities $460

Mutual TTR Income $315

Perpetual TTR Diversied Income $475

PM Capital TTR Enhanced Yield $500

Schroder TTR Absolute Return Income $460

Yarra TTR Enhanced Income $415

Diversied Fixed Interest

Bentham TTR Global Income $470

Brandywine TTR Global Income Optimiser $495

Colchester TTR Global Government Bond $480

First Sentier TTR Diversied Fixed Interest $310

PIMCO TTR Diversied Fixed Interest $395

PIMCO TTR Global Bond $400

T. Rowe Price TTR Dynamic Global Bond $475

UBS TTR Diversied Fixed Income $400

CFS TTR Lifestage 1955‑59

CFS TTR Lifestage 1960‑64

Product Disclosure Statement 17

Option name

Cost of

product

Australian Fixed Interest

First Sentier TTR Australian Bond $250

Janus Henderson TTR Tactical Income $375

Pendal TTR Sustainable Australian Fixed Interest $375

PIMCO TTR Australian Bond $370

Western Asset TTR Australian Bond $335

Alternatives

Aspect TTR Diversied Futures $2,450

Lower Volatility Share

Acadian TTR Global Managed Volatility Equity $475

First Sentier TTR Equity Income $660

Merlon TTR Australian Share Income $680

State Street TTR Australian Equity $525

Australian Share

Alphinity TTR Sustainable Share $625

Antares TTR Ex‑20 Australian Equities $605

Ausbil TTR Australian Active Equity $525

Bennelong TTR Ex‑20 Australian Equities $895

DNR Capital TTR Australian Equities High Conviction $525

Fidelity TTR Australian Equities $550

First Sentier TTR Concentrated Australian Share $515

First Sentier TTR Imputation $520

Investors Mutual TTR Australian Share $630

Lazard TTR Select Australian Equity $575

Pendal TTR Australian Share $540

Perennial Value TTR Australian Share $640

Perpetual TTR Australian Share $680

Perpetual TTR Industrial Share $705

Realindex TTR Australian Share Value $320

Schroder TTR Australian Equity $535

T. Rowe Price TTR Australian Equity $550

WaveStone TTR Australian Share $555

Australian Share – Small Companies

Ausbil TTR Australian Emerging Leaders $695

First Sentier TTR Australian Small Companies $580

OC TTR Premium Small Companies $1,055

Option name

Cost of

product

Global Share

Baillie Gifford TTR Long Term Global Growth $555

Barrow Hanley TTR Global Share $670

Epoch TTR Global Equity Shareholder Yield $695

GQG Partners TTR Global Equity $500

GQG Partners TTR Global Equity – Hedged $515

Intermede TTR Global Equities $595

Ironbark Royal London TTR Concentrated Global Share $655

Ironbark Royal London TTR Core Global Share $425

Magellan TTR Global Share $750

Magellan TTR Global Share – Hedged $755

MFS TTR Global Equity $625

Nanuk TTR New World $575

Pendal TTR Global Select $600

Realindex TTR Global Share Value $375

Realindex TTR Global Share Value – Hedged $390

Stewart Investors TTR Worldwide Sustainability $525

Talaria TTR Global Equity $690

T. Rowe Price TTR Global Equity $670

T. Rowe Price TTR Global Equity – Hedged $685

Global Share – Emerging Markets

Pendal TTR Global Emerging Market Opportunities $815

Platinum TTR Asia $1,030

Specialist Share

Bell TTR Global Emerging Companies $745

L1 Capital TTR Catalyst $720

Perpetual TTR Share‑Plus Long‑Short $735

Platinum TTR International $985

Sage Capital TTR Equity Plus $740

Australian Property and Infrastructure Securities

Pendal TTR Property Investment $555

Global Property and Infrastructure Securities

First Sentier TTR Global Listed Infrastructure $755

First Sentier TTR Global Property Securities $665

Macquarie TTR Global Listed Real Estate $675

Magellan TTR Infrastructure $785

Quay TTR Global Real Estate – Unhedged $510

Resolution Capital TTR Global Property Securities $680

Geared

CFS TTR Geared Share $1,180

18 FirstChoice Wholesale Personal Super and Pension

Additional explanation of fees and costs

Fees and costs – FirstChoice Wholesale Personal Super

Option name

Total administration

and investment

feesand costs (p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

CFS Multi-Manager Multi-Sector (These investment options are located in the Investment Options Menu.)

CFS Defensive

0.94%

0.20% 0.74% 0.15

CFS Conservative 1.04%

0.20% 0.81% 0.03%

0.15

CFS Diversied 1.07%

0.20% 0.84% 0.03%

0.15

CFS Moderate 1.09%

0.20% 0.86% 0.03%

0.15

CFS Balanced 1.13%

0.20% 0.89% 0.04%

0.15

CFS Growth 1.15%

0.20% 0.91% 0.04%

0.15

CFS High Growth 1.19% 0.20% 0.99% 0.15

CFS Geared Growth Plus

1.14%(g)/2.33%(n) 0.10%(g)/0.20%(n) 1.04%(g)/2.13%(n) 0.10–0.30

CFS Multi-Manager Single-Sector (These investment options are located in the Investment Options Menu.)

CFS Fixed Interest 0.86% 0.20% 0.66% 0.20

CFS Alternatives 2.19%

0.20% 1.53% 0.46%

0.10

CFS Australian Share 1.05% 0.20% 0.85% 0.15

CFS Australian Small Companies 1.34% 0.20% 1.14% 0.20

CFS Global Share 1.25% 0.20% 1.05% 0.10

CFS Global Share – Hedged 1.41% 0.20% 1.21% 0.10

CFS Asian Share 1.61% 0.20% 1.41% 0.20

CFS Emerging Markets 1.56% 0.20% 1.36% 0.20

CFS Property Securities 0.94% 0.20% 0.74% 0.20

CFS Global Property Securities 1.32% 0.20% 1.12% 0.10

CFS Global Infrastructure Securities 1.32% 0.20% 1.12% 0.10

CFS Geared Australian Share

1.03%(g)/2.27%(n) 0.09%(g)/0.20%(n) 0.94%(g)/2.07%(n) 0.05–0.15

CFS Geared Global Share

1.19%(g)/1.75%(n) 0.14%(g)/0.20%(n) 1.05%(g)/1.55%(n) 0.10–0.16

CFS ETF Exposure Series (These investment options are located in the Investment Options Menu.)

CFS ETF Exposure Series: US Treasury Bills 0.47%

0.20% 0.27%

0.10

CFS ETF Exposure Series: Physical Gold 0.65%

0.20% 0.45%

0.10

CFS ETF Exposure Series: All‑World ex‑US Shares 0.33%

0.20% 0.13%

0.10

CFS ETF Exposure Series: US Shares 0.29%

0.20% 0.09%

0.10

CFS Lifestage options (These investment options are located in the Investment Options Menu.)

CFS Lifestage 1945‑49 0.61%

0.20% 0.41%

0.10

CFS Lifestage 1950‑54 0.61%

0.20% 0.41%

0.10

CFS Lifestage 1955‑59 0.61%

0.20% 0.41%

0.10

CFS Lifestage 1960‑64 0.62%

0.20% 0.42%

0.10

CFS Lifestage 1965‑69 0.61%

1, 5

0.20% 0.41%

0.00%

1, 5

0.10

CFS Lifestage 1970‑74 0.61%

1, 5

0.20% 0.41%

0.00%

1, 5

0.10

CFS Lifestage 1975‑79 0.61%

1, 5

0.20% 0.41%

0.00%

1, 5

0.10

CFS Lifestage 1980‑84 0.61%

1, 5

0.20% 0.41%

0.00%

1, 5

0.10

CFS Lifestage 1985‑89 0.61%

1, 5

0.20% 0.41%

0.00%

1, 5

0.10

CFS Lifestage 1990‑94 0.61%

1, 5

0.20% 0.41%

0.00%

1, 5

0.10

CFS Lifestage 1995‑99 0.61%

1, 5

0.20% 0.41%

0.00%

1, 5

0.10

CFS Lifestage 2000‑04 0.61%

1, 5

0.20% 0.40%

0.01%

1, 5

0.10

CFS Lifestage 2005‑09 0.62%

1, 5

0.20% 0.41%

0.01%

1, 5

0.10

CFS Sustainability (This investment option is located in the Investment Options Menu.)

CFS Thrive+ Sustainable Growth 1.04%

1, 5

0.20% 0.70%

0.14%

1, 5

0.10

CFS Index Series (These investment options are located in the Investment Options Menu.)

CFS Enhanced Index Conservative 0.66% 0.20% 0.46% 0.10

CFS Enhanced Index Diversied 0.70% 0.20% 0.50% 0.10

CFS Enhanced Index Moderate 0.72% 0.20% 0.52% 0.10

Refer to page 22 for footnotes 1–7.

Product Disclosure Statement 19

Option name

Total administration

and investment

feesand costs (p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

CFS Index Series (These investment options are located in the Investment Options Menu.)

CFS Enhanced Index Balanced 0.74% 0.20% 0.54% 0.10

CFS Enhanced Index Growth 0.77% 0.20% 0.57% 0.10

CFS Enhanced Index High Growth 0.81% 0.20% 0.61% 0.10

CFS Index Conservative 0.36% 0.20% 0.16% 0.05

CFS Index Diversied 0.37% 0.20% 0.17% 0.05

CFS Index Moderate 0.37% 0.20% 0.17% 0.10

CFS Index Balanced 0.37% 0.20% 0.17% 0.10

CFS Index Growth 0.37% 0.20% 0.17% 0.10

CFS Index High Growth 0.37% 0.20% 0.17% 0.05

CFS Index Australian Bond 0.34% 0.20% 0.14% 0.10

CFS Index Global Bond 0.42% 0.20% 0.22% 0.10

CFS Index Australian Share 0.35% 0.20% 0.15% 0.05

CFS Index Global Share 0.36% 0.20% 0.16% 0.05

CFS Index Global Share – Hedged 0.42% 0.20% 0.22% 0.05

CFS Index Property Securities 0.34% 0.20% 0.14% 0.05

CFS Index Global Property Securities 0.39% 0.20% 0.19% 0.05

CFS Index Global Listed Infrastructure Securities 0.39% 0.20% 0.19% 0.05

CFS Geared Index Australian Share

0.52%(g)/1.13%(n)

0.09%(g)/0.20%(n) 0.43%(g)/0.93%(n)

0.05–0.20

CFS Geared Index Global Share

0.54%(g)/1.14%(n)

0.09%(g)/0.20%(n) 0.45%(g)/0.94%(n)

0.05–0.20

Single-Manager Multi-Sector (These investment options are located in the Investment Options Menu.)

Alternative Income

Acadian Defensive Income 0.64% 0.20% 0.44% 0.10

First Sentier Target Return Income 0.66%

0.20% 0.40% 0.06%

0.15

Pendal Monthly Income Plus 1.05% 0.20% 0.85% 0.15

Conservative

AZ Sestante Conservative 0.80%

0.20% 0.55% 0.05%

0.10

Context Capital Short Term 0.84%

1, 5

0.20% 0.64%

0.00%

0.10

First Sentier Conservative 0.82% 0.20% 0.62% 0.10

Perpetual Conservative Growth 1.22% 0.20% 1.02% 0.25

Moderate

AZ Sestante Diversied 0.95%

0.20% 0.65% 0.10%

0.10

Context Capital Medium Term 0.99%

1, 5

0.20%

0.79%

0.00%

0.10

Evidentia Medium Term 0.89%

1, 5

0.20%

0.69%

0.00%

0.10

First Sentier Balanced 0.92% 0.20% 0.72% 0.15

Perpetual Diversied Growth 1.35% 0.20% 1.15% 0.25

Growth

First Sentier Diversied 1.03% 0.20% 0.83% 0.20

Pendal Sustainable Balanced 1.20%

0.20% 1.00%

0.20

Perpetual Balanced Growth 1.38% 0.20% 1.18% 0.25

Diversied Real Return

Perpetual Diversied Real Return 1.25%

0.20% 1.05%

0.15

Schroder Real Return 1.20% 0.20% 1.00% 0.20

High Growth

AZ Sestante Growth 1.07%

0.20% 0.76% 0.11%

0.10

Context Capital Long Term 0.99%

1, 5

0.20% 0.79%

0.00%

0.10

Evidentia Long Term 0.99%

1, 5

0.20% 0.79%

0.00%

0.10

First Sentier High Growth 1.20% 0.20% 1.00% 0.15

Single Manager Single Sector (These investment options are located in the Investment Options Menu.)

Cash and Deposits

FirstRate Saver 0.35% to 0.70%

0.35% to 0.70%

0.00% nil

Refer to page 22 for footnotes 1–7.

20 FirstChoice Wholesale Personal Super and Pension

Option name

Total administration

and investment

feesand costs (p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

FirstRate Saver Non‑Auto‑rebalancing 0.35% to 0.70%

5, 7

0.35% to 0.70%

0.00%

nil

FirstRate Term Deposits 0.00% 0.00% 0.00% nil

Enhanced Cash

CFS Enhanced Cash 0.36%

0.20% 0.16%

nil

First Sentier Strategic Cash 0.39% 0.20% 0.19% nil

Short Duration Fixed Interest

First Sentier Global Credit Income 0.73% 0.20% 0.53% 0.15

Franklin Australian Absolute Return Bond 0.82% 0.20% 0.62% 0.10

Kapstream Absolute Return Income 0.94% 0.20% 0.74% 0.10

Macquarie Income Opportunities 0.91% 0.20% 0.71% 0.15

Mutual Income 0.63%

0.20% 0.43%

nil

Perpetual Diversied Income 0.95% 0.20% 0.75% 0.15

PM Capital Enhanced Yield 1.01%

0.20% 0.55% 0.26%

0.10

Schroder Absolute Return Income 0.92% 0.20% 0.72% 0.20

Yarra Enhanced Income 0.80%

0.20% 0.60%

0.10

Diversied Fixed Interest

Afrmative Global Impact Bond 1.07% 0.20% 0.87% 0.10

Bentham Global Income 0.93%

0.20% 0.73%

0.38

Brandywine Global Income Optimiser 0.99% 0.20% 0.79% 0.15

Colchester Global Government Bond 0.95% 0.20% 0.75% 0.10

First Sentier Diversied Fixed Interest 0.62% 0.20% 0.42% 0.20

PIMCO Diversied Fixed Interest 0.79% 0.20% 0.59% 0.10

PIMCO Global Bond 0.80% 0.20% 0.60% 0.10

T. Rowe Price Dynamic Global Bond 0.65%

0.20% 0.45%

0.15

UBS Diversied Fixed Income 0.80% 0.20% 0.60% 0.15

Australian Fixed Interest

First Sentier Australian Bond 0.49% 0.20% 0.29% 0.10

Janus Henderson Tactical Income 0.70%

0.20% 0.50%

0.10

Pendal Sustainable Australian Fixed Interest 0.74% 0.20% 0.54% 0.10

PIMCO Australian Bond 0.74% 0.20% 0.54% 0.10

Western Asset Australian Bond 0.67%

0.20% 0.47%

0.10

Alternatives

Aspect Absolute Return 1.75%

0.20% 0.90% 0.65%

nil

Aspect Diversied Futures 4.81%

0.20% 2.58% 2.03%

nil

Lower Volatility Share

AB Managed Volatility Equities 0.80%

0.20% 0.60%

0.10

Acadian Global Managed Volatility Equity 0.90% 0.20% 0.70% 0.05

First Sentier Equity Income 1.26% 0.20% 1.06% 0.05

Merlon Australian Share Income 1.22% 0.20% 1.02% 0.15

State Street Australian Equity 1.05% 0.20% 0.85% 0.05

Australian Share

Acadian Australian Equity 0.85% 0.20% 0.65% 0.05

Airlie Australian Share 1.05%

0.20% 0.85%

0.10

Alphinity Sustainable Share 1.19% 0.20% 0.99% 0.10

Antares Ex‑20 Australian Equities 1.10%

0.20% 0.90%

0.15

Ausbil Active Sustainable Equity 1.04% 0.20% 0.84% 0.10

Ausbil Australian Active Equity 1.06% 0.20% 0.86% 0.15

Bennelong Ex‑20 Australian Equities 1.69%

0.20% 0.94% 0.55%

0.20

DNR Capital Australian Equities High Conviction 1.05%

0.20% 0.85%

0.20

DNR Capital Australian Equity Income 1.05%

0.20% 0.85%

0.20

Fidelity Australian Equities 1.11% 0.20% 0.91% 0.10

Refer to page 22 for footnotes 1–7.

Product Disclosure Statement 21

Option name

Total administration

and investment

feesand costs (p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

First Sentier Concentrated Australian Share 0.99% 0.20% 0.79% 0.10

First Sentier Imputation 1.00% 0.20% 0.80% 0.15

Investors Mutual Australian Share 1.25% 0.20% 1.05% 0.20

Lazard Select Australian Equity 1.07% 0.20% 0.87% 0.10

Pendal Australian Share 1.05% 0.20% 0.85% 0.15

Pendal Sustainable Australian Share 1.05% 0.20% 0.85% 0.10

Perennial Value Australian Share 1.05% 0.20% 0.85% 0.20

Perpetual Australian Share 1.27% 0.20% 1.07% 0.15

Perpetual Industrial Share 1.27% 0.20% 1.07% 0.15

Realindex Australian Share Value 0.64% 0.20% 0.44% 0.05

Schroder Australian Equity 1.06% 0.20% 0.86% 0.15

Solaris Core Australian Equity 1.05% 0.20% 0.85% 0.15

T. Rowe Price Australian Equity 0.99% 0.20% 0.79% 0.10

WaveStone Australian Share 1.06% 0.20% 0.86% 0.15

Australian Share – Small Companies

Ausbil Australian Emerging Leaders 1.14%

0.20% 0.94% 0.00%

0.15

Celeste Australian Small Companies 1.04%

0.20% 0.84% 0.00%

0.30

Eiger Australian Small Companies 2.79%

0.20% 1.05% 1.54%

0.20

First Sentier Australian Small Companies 1.14% 0.20% 0.94% 0.15

First Sentier Developing Companies 1.34% 0.20% 1.14% 0.20

First Sentier Future Leaders 1.34% 0.20% 1.14% 0.20

OC Premium Small Companies 2.10%

0.20% 1.19% 0.71%

0.20

Realindex Australian Small Companies Value 0.84% 0.20% 0.64% 0.05

Global Share

Acadian Sustainable Global Equity Fund 1.01% 0.20% 0.81% 0.05

Antipodes Global 1.65%

0.20% 1.42% 0.03%

0.10

Baillie Gifford Sustainable Growth 1.01% 0.20% 0.81% 0.10

Baillie Gifford Long Term Global Growth 1.10% 0.20% 0.90% 0.05

Barrow Hanley Concentrated Global Share 1.25%

0.20% 1.05%

0.10

Barrow Hanley Global Share 1.36% 0.20% 1.16% 0.10

Epoch Global Equity Shareholder Yield 1.35% 0.20% 1.15% 0.05

GQG Partners Global Equity 1.00%

0.20% 0.80%

0.10

GQG Partners Global Equity – Hedged 1.03%

0.20% 0.83%

0.10

Hyperion Global Growth Companies 3.41%

0.20% 0.80% 2.41%

0.15

Intermede Global Equities 1.19%

0.20% 0.99%

0.10

Ironbark Royal London Concentrated Global Share 1.32% 0.20% 1.12% 0.10

Ironbark Royal London Core Global Share 0.85%

0.20% 0.65%

0.15

Magellan Global Share 1.50% 0.20% 1.30% 0.05

Magellan Global Share – Hedged 1.51% 0.20% 1.31% 0.05

MFS Global Equity 1.25% 0.20% 1.05% 0.05

Nanuk New World 1.15%

0.20% 0.95%

0.20

Pendal Global Select 1.15%

0.20% 0.95%

0.10

Realindex Global Share Value 0.75% 0.20% 0.55% 0.10

Realindex Global Share Value ‑ Hedged 0.78% 0.20% 0.58% 0.10

Stewart Investors Worldwide Leaders Sustainability 1.23% 0.20% 1.03% 0.10

Stewart Investors Worldwide Sustainability 1.05% 0.20% 0.85% 0.10

Talaria Global Equity 1.35% 0.20% 1.15% 0.20

T. Rowe Price Global Equity 1.30% 0.20% 1.10% 0.05

T. Rowe Price Global Equity – Hedged 1.30% 0.20% 1.10% 0.05

Refer to page 22 for footnotes 1–7.

22 FirstChoice Wholesale Personal Super and Pension

Option name

Total administration

and investment

feesand costs (p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

Global Share – Emerging Markets

Fidelity Asia 1.42% 0.20% 1.22% 0.15

Pendal Global Emerging Market Opportunities 1.60% 0.20% 1.40% 0.15

Platinum Asia 2.02% 0.20% 1.82% 0.15

Realindex Emerging Markets Value 0.90% 0.20% 0.70% 0.10

Stewart Investors Global Emerging Markets Leaders

Sustainability

1.29% 0.20% 1.09% 0.15

Specialist Share

Acadian Australian Equity Long Short 1.16% 0.20% 0.96% 0.15

Acadian Global Equity Long Short 1.31% 0.20% 1.11% 0.05

Bell Global Emerging Companies 1.62% 0.20% 1.42% 0.15

CFS Global Health & Biotechnology 1.22% 0.20% 1.02% 0.05

CFS Global Small Companies 1.36% 0.20% 1.16% 0.10

CFS Global Technology & Communications 1.27% 0.20% 1.07% 0.05

Janus Henderson Global Natural Resources 1.22% 0.20% 1.02% 0.10

L1 Capital Catalyst 1.44%

1, 5

0.20% 1.24%

0.00%

0.15

Perpetual Share‑Plus Long‑Short 1.19%

1, 5

0.20% 0.99%

0.00%

0.20

Platinum International 1.92% 0.20% 1.72% 0.10

PM Capital Global Companies 3.25%

0.20% 1.05% 2.00% 0.25

Sage Capital Equity Plus 1.10%

1, 5

0.20% 0.90%

0.00%

1, 5

0.20

Australian Property and Infrastructure Securities

First Sentier Property Securities 0.85% 0.20% 0.65% 0.10

Ironbark Property Securities 0.85% 0.20% 0.65% 0.05

Martin Currie Real Income 1.04% 0.20% 0.84% 0.10

Pendal Property Investment 1.09% 0.20% 0.89% 0.15

Global Property and Infrastructure Securities

First Sentier Global Listed Infrastructure 1.47% 0.20% 1.27% 0.10

First Sentier Global Property Securities 1.28% 0.20% 1.08% 0.10

Macquarie Global Listed Real Estate 1.35% 0.20% 1.15% 0.15

Magellan Infrastructure 1.56%

0.20% 1.16% 0.20%

0.10

Quay Global Real Estate – Unhedged 1.02%

1, 5

0.20% 0.82%

0.00%

1, 5

0.15

Resolution Capital Global Property Securities 1.36% 0.20% 1.16% 0.10

Geared

Acadian Geared Australian Equity

0.98%(g)/2.17%(n) 0.09%(g)/0.20%(n) 0.89%(g)/1.97%(n) 0.05‑0.20

Acadian Geared Sustainable Global Equity

1.24%(g)/2.63%(n) 0.09%(g)/0.20%(n) 1.15%(g)/2.43%(n) 0.05–0.15

CFS Geared Share

1.06%(g)/2.32%(n) 0.09%(g)/0.20%(n) 0.97%(g)/2.12%(n) 0.20–0.50

These gures are inclusive of the net effect ofGST and any related GST credits.

1 Refer to pages 33 to 34 for more details on the different types of performance fees, how they have been calculated and how they have been estimated in the

assessment of fees and costs. This estimate is generally based on the average of the performance fees charged in the ve previous nancial years to 30 June 2023.

As past performance is not a reliable indicator of future performance, the performance fee charged in the future may differ.

2 The fees and costs are estimates based on the costs incurred in the previous nancial year. This excludes any performance fee which is shown separately in the

next column.

3 The gures shown above for the geared share options express the investment and Total administration and investment fees and costs as a percentage of both the

gross (g) and net (n) assets. Gross assets include assets acquired from borrowings and net assets exclude assets acquired from borrowings. The net fees reflect

the level of gearing as a percentage at 30 June 2023. Your investment returns will reduce by the net Total administration and investment fees and costs. The net

investment fees and costs will vary in line with the gearing level of the option. Borrowingsinclude any exposure to borrowings from an option investing directly or

indirectly into another managed investment scheme that borrows.

4 Buy/sell spreads depend on the specic gearing level of theoption.

5 These options have not been in existence for 12 months (as at 30 June 2023). For these options, these are estimated gures. For any options with performance

fees, weassume no outperformance.

6 These spreads may change without notice to you to reflect changing market conditions. Please refer to the ‘Product Update’ section of our website at

www.cfs.com.au/product-updates for any changes to buy/sell spreads.

7. This fee range will be effective from 15 January 2024. Current fee range is 0.35% to 0.50%.

Product Disclosure Statement 23

Fees and costs – FirstChoice Wholesale Retirement Pension

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

CFS Multi-Manager Multi-Sector (These investment options are located in the Investment Options Menu.)

CFS Defensive 0.94% 0.20% 0.74% 0.15

CFS Conservative 1.04%

0.20% 0.81% 0.03%

0.15

CFS Diversied 1.07%

0.20% 0.84% 0.03%

0.15

CFS Moderate 1.09%

0.20% 0.86% 0.03%

0.15

CFS Balanced 1.13%

0.20% 0.89% 0.04%

0.15

CFS Growth 1.15%

0.20% 0.91% 0.04%

0.15

CFS High Growth 1.19% 0.20% 0.99% 0.15

CFS Geared Growth Plus

1.14%(g)/2.36%(n) 0.10%(g)/0.20%(n) 1.04%(g)/2.16%(n) 0.10–0.30

CFS Multi-Manager Single-Sector (These investment options are located in the Investment Options Menu.)

CFS Fixed Interest 0.86% 0.20% 0.66% 0.20

CFS Alternatives 2.21%

0.20% 1.54% 0.47%

0.10

CFS Australian Share 1.04% 0.20% 0.84% 0.15

CFS Australian Small Companies 1.34% 0.20% 1.14% 0.20

CFS Global Share 1.25% 0.20% 1.05% 0.10

CFS Global Share – Hedged 1.42% 0.20% 1.22% 0.10

CFS Asian Share 1.61% 0.20% 1.41% 0.20

CFS Emerging Markets 1.56% 0.20% 1.36% 0.20

CFS Property Securities 0.94% 0.20% 0.74% 0.20

CFS Global Property Securities 1.32% 0.20% 1.12% 0.10

CFS Global Infrastructure Securities 1.32% 0.20% 1.12% 0.10

CFS Geared Australian Share

1.03%(g)/2.24%(n) 0.09%(g)/0.20%(n) 0.94%(g)/2.04%(n) 0.05–0.15

CFS Geared Global Share

1.19%(g)/1.77%(n) 0.13%(g)/0.20%(n) 1.06%(g)/1.57%(n) 0.10–0.16

CFS ETF Exposure Series (These investment options are located in the Investment Options Menu.)

CFS ETF Exposure Series: US Treasury Bills 0.47%

0.20% 0.27%

0.10

CFS ETF Exposure Series: Physical Gold 0.65%

0.20% 0.45%

0.10

CFS ETF Exposure Series: All‑World ex‑US Shares 0.33%

0.20% 0.13%

0.10

CFS ETF Exposure Series: US Shares 0.29%

0.20% 0.09%

0.10

CFS Lifestage options (These investment options are located in the Investment Options Menu.)

CFS Lifestage 1945‑49 0.61%

0.20% 0.41%

0.10

CFS Lifestage 1950‑54 0.61%

0.20% 0.41%

0.10

CFS Lifestage 1955‑59 0.61%

0.20% 0.41%

0.10

CFS Lifestage 1960‑64 0.62%

0.20% 0.42%

0.10

CFS Sustainability (This investment option is located in the Investment Options Menu.)

CFS Thrive+ Sustainable Growth 1.04%

1, 5

0.20% 0.70%

0.14%

1, 5

0.10

CFS Enhanced Index Series (These investment options are located in the Investment Options Menu.)

CFS Enhanced Index Conservative 0.66% 0.20% 0.46% 0.10

CFS Enhanced Index Diversied 0.70% 0.20% 0.50% 0.10

CFS Enhanced Index Moderate 0.72% 0.20% 0.52% 0.10

CFS Enhanced Index Balanced 0.74% 0.20% 0.54% 0.10

CFS Enhanced Index Growth 0.77% 0.20% 0.57% 0.10

CFS Enhanced Index High Growth 0.81% 0.20% 0.61% 0.10

CFS Index Series (These investment options are located in the Investment Options Menu.)

CFS Index Conservative 0.36% 0.20% 0.16% 0.05

CFS Index Diversied 0.37% 0.20% 0.17% 0.05

CFS Index Moderate 0.37% 0.20% 0.17% 0.10

CFS Index Balanced 0.37% 0.20% 0.17% 0.10

CFS Index Growth 0.37% 0.20% 0.17% 0.10

CFS Index High Growth 0.37% 0.20% 0.17% 0.05

CFS Index Australian Bond 0.34% 0.20% 0.14% 0.10

Refer to page 27 for footnotes 1–7.

24 FirstChoice Wholesale Personal Super and Pension

Refer to page 27 for footnotes 1–7.

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

CFS Index Global Bond 0.42% 0.20% 0.22% 0.10

CFS Index Australian Share 0.34% 0.20% 0.14% 0.05

CFS Index Global Share 0.36% 0.20% 0.16% 0.05

CFS Index Global Share – Hedged 0.42% 0.20% 0.22% 0.05

CFS Index Property Securities 0.34% 0.20% 0.14% 0.05

CFS Index Global Property Securities 0.39% 0.20% 0.19% 0.05

CFS Index Global Listed Infrastructure Securities 0.39% 0.20% 0.19% 0.05

CFS Geared Index Australian Share

0.52%(g)/1.12%(n)

0.09%(g)/0.20%(n) 0.43%(g)/0.92%(n)

0.05–0.20

CFS Geared Index Global Share

0.54%(g)/1.14%(n)

0.09%(g)/0.20%(n) 0.45%(g)/0.94%(n)

0.05–0.20

Other Options (These investment options are located in the Investment Options Menu.)

Alternative Income

Acadian Defensive Income 0.64% 0.20% 0.44% 0.10

First Sentier Target Return Income 0.66%

0.20% 0.40% 0.06%

0.15

Pendal Monthly Income Plus 1.05% 0.20% 0.85% 0.15

Conservative

AZ Sestante Conservative 0.80%

0.20% 0.55% 0.05%

0.10

Context Capital Short Term 0.84%

1, 5

0.20% 0.64%

0.00%

0.10

First Sentier Conservative 0.82% 0.20% 0.62% 0.10

Perpetual Conservative Growth 1.22% 0.20% 1.02% 0.25

Moderate

AZ Sestante Diversied 0.96%

0.20% 0.65% 0.11%

0.10

Context Capital Medium Term 0.99%

1, 5

0.20% 0.79%

0.00%

0.10

Evidentia Medium Term 0.89%

1, 5

0.20% 0.69%

0.00%

0.10

First Sentier Balanced 0.92% 0.20% 0.72% 0.15

Perpetual Diversied Growth 1.36% 0.20% 1.16% 0.25

Growth

First Sentier Diversied 1.03% 0.20% 0.83% 0.20

Pendal Sustainable Balanced 1.20% 0.20% 1.00% 0.20

Perpetual Balanced Growth 1.38% 0.20% 1.18% 0.25

Diversied Real Return

Perpetual Diversied Real Return 1.25% 0.20% 1.05% 0.15

Schroder Real Return 1.20% 0.20% 1.00% 0.20

High Growth

AZ Sestante Growth 1.07%

0.20% 0.76% 0.11%

0.10

Context Capital Long Term 0.99%

1, 5

0.20% 0.79%

0.00%

0.10

Evidentia Long Term 0.99%

1, 5

0.20% 0.79%

0.00%

0.10

First Sentier High Growth 1.20% 0.20% 1.00% 0.15

Single Manager Single-Sector (These investment options are located in the Investment Options Menu.)

Cash and Deposits

FirstRate Saver 0.35% to 0.70%

0.35% to 0.70%

0.00% nil

FirstRate Saver Non‑Auto‑rebalancing 0.35% to 0.70%

0.35% to 0.70%

0.00% nil

FirstRate Term Deposits 0.00% 0.00% 0.00% nil

Enhanced Cash

CFS Enhanced Cash 0.36%

0.20% 0.16%

nil

First Sentier Strategic Cash 0.39% 0.20% 0.19% nil

Short Duration Fixed Interest

First Sentier Global Credit Income 0.73% 0.20% 0.53% 0.15

Franklin Australian Absolute Return Bond 0.82% 0.20% 0.62% 0.10

Kapstream Absolute Return Income 0.94% 0.20% 0.74% 0.10

Macquarie Income Opportunities 0.92% 0.20% 0.72% 0.15

Mutual Income 0.63%

0.20% 0.43%

nil

Product Disclosure Statement 25

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

Perpetual Diversied Income 0.95% 0.20% 0.75% 0.15

PM Capital Enhanced Yield 1.05%

0.20% 0.55%

0.30%

0.10

Schroder Absolute Return Income 0.92% 0.20% 0.72% 0.20

Yarra Enhanced Income 0.80%

0.20% 0.60%

0.10

Diversied Fixed Interest

Afrmative Global Impact Bond 1.07% 0.20% 0.87% 0.10

Bentham Global Income 0.93%

0.20% 0.73%

0.38

Brandywine Global Income Optimiser 0.99% 0.20% 0.79% 0.15

Colchester Global Government Bond 0.96% 0.20% 0.76% 0.10

First Sentier Diversied Fixed Interest 0.62% 0.20% 0.42% 0.20

PIMCO Diversied Fixed Interest 0.79% 0.20% 0.59% 0.10

PIMCO Global Bond 0.80% 0.20% 0.60% 0.10

T. Rowe Price Dynamic Global Bond 0.65%

0.20% 0.45%

0.15

UBS Diversied Fixed Income 0.80% 0.20% 0.60% 0.15

Australian Fixed Interest

First Sentier Australian Bond 0.49% 0.20% 0.29% 0.10

Janus Henderson Tactical Income 0.70%

0.20% 0.50%

0.10

Pendal Sustainable Australian Fixed Interest 0.74% 0.20% 0.54% 0.10

PIMCO Australian Bond 0.74% 0.20% 0.54% 0.10

Western Asset Australian Bond 0.67%

0.20% 0.47%

0.10

Alternatives

Aspect Absolute Return 2.01%

0.20% 0.90% 0.91%

nil

Aspect Diversied Futures 4.71%

0.20% 2.56% 1.95%

nil

Lower Volatility Share

AB Managed Volatility Equities 0.80%

0.20% 0.60%

0.10

Acadian Global Managed Volatility Equity 0.90% 0.20% 0.70% 0.05

First Sentier Equity Income 1.24% 0.20% 1.04% 0.05

Merlon Australian Share Income 1.21% 0.20% 1.01% 0.15

State Street Australian Equity 1.04% 0.20% 0.84% 0.05

Australian Share

Acadian Australian Equity 0.84% 0.20% 0.64% 0.05

Airlie Australian Share 1.05%

0.20% 0.85%

0.10

Alphinity Sustainable Share 1.19% 0.20% 0.99% 0.10

Antares Ex‑20 Australian Equities 1.10%

1, 5

0.20% 0.90%

1, 5

0.00%

0.15

Ausbil Active Sustainable Equity 1.04% 0.20% 0.84% 0.10

Ausbil Australian Active Equity 1.04% 0.20% 0.84% 0.15

Bennelong Ex‑20 Australian Equities 1.74%

0.20% 0.94% 0.60%

0.20

DNR Capital Australian Equities High Conviction 1.05%

0.20% 0.85%

0.20

DNR Capital Australian Equity Income 1.05%

0.20% 0.85%

0.20

Fidelity Australian Equities 1.09% 0.20% 0.89% 0.10

First Sentier Concentrated Australian Share 0.99% 0.20% 0.79% 0.10

First Sentier Imputation 0.99% 0.20% 0.79% 0.15

Investors Mutual Australian Share 1.24% 0.20% 1.04% 0.20

Lazard Select Australian Equity 1.04% 0.20% 0.84% 0.10

Pendal Australian Share 1.04% 0.20% 0.84% 0.15

Pendal Sustainable Australian Share 1.04% 0.20% 0.84% 0.10

Perennial Value Australian Share 1.04% 0.20% 0.84% 0.20

Perpetual Australian Share 1.27% 0.20% 1.07% 0.15

Perpetual Industrial Share 1.25% 0.20% 1.05% 0.15

Realindex Australian Share Value 0.64% 0.20% 0.44% 0.05

Refer to page 27 for footnotes 1–7.

26 FirstChoice Wholesale Personal Super and Pension

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

Schroder Australian Equity 1.04% 0.20% 0.84% 0.15

Solaris Core Australian Equity 1.04% 0.20% 0.84% 0.15

T. Rowe Price Australian Equity 0.99% 0.20% 0.79% 0.10

WaveStone Australian Share 1.04% 0.20% 0.84% 0.15

Australian Share – Small Companies

Ausbil Australian Emerging Leaders 1.28%

0.20% 0.94% 0.14%

0.15

Celeste Australian Small Companies 1.04%

0.20% 0.84% 0.00%

0.30

Eiger Australian Small Companies 3.23%

0.20% 1.05% 1.98%

0.20

First Sentier Australian Small Companies 1.14% 0.20% 0.94% 0.15

First Sentier Developing Companies 1.34% 0.20% 1.14% 0.20

First Sentier Future Leaders 1.34% 0.20% 1.14% 0.20

OC Premium Small Companies 2.30%

0.20% 1.19% 0.91%

0.20

Realindex Australian Small Companies Value 0.84% 0.20% 0.64% 0.05

Global Share

Acadian Sustainable Global Equity 1.00% 0.20% 0.80% 0.05

Antipodes Global 1.65%

0.20% 1.42% 0.03%

0.10

Baillie Gifford Sustainable Growth 1.01% 0.20% 0.81% 0.10

Baillie Gifford Long Term Global Growth 1.10% 0.20% 0.90% 0.05

Barrow Hanley Concentrated Global Share 1.25%

0.20% 1.05%

0.10

Barrow Hanley Global Share 1.35% 0.20% 1.15% 0.10

Epoch Global Equity Shareholder Yield 1.35% 0.20% 1.15% 0.05

GQG Partners Global Equity 1.00%

0.20% 0.80%

0.10

GQG Partners Global Equity – Hedged 1.03%

0.20% 0.83%

0.10

Hyperion Global Growth Companies 2.38%

0.20% 0.80%

1.38%

0.15

Intermede Global Equities 1.19%

0.20% 0.99%

0.10

Ironbark Royal London Concentrated Global Share 1.30%

0.20% 1.10%

0.10

Ironbark Royal London Core Global Share 0.85%

0.20% 0.65%

0.15

Magellan Global Share 1.51% 0.20% 1.31% 0.05

Magellan Global Share – Hedged 1.52% 0.20% 1.32% 0.05

MFS Global Equity 1.25% 0.20% 1.05% 0.05

Nanuk New World 1.15%

0.20% 0.95%

0.20

Pendal Global Select 1.15%

0.20% 0.95%

0.10

Realindex Global Share Value 0.75% 0.20% 0.55% 0.10

Realindex Global Share Value – Hedged 0.78% 0.20% 0.58% 0.10

Stewart Investors Worldwide Leaders Sustainability 1.20% 0.20% 1.00% 0.10

Stewart Investors Worldwide Sustainability 1.05% 0.20% 0.85% 0.10

Talaria Global Equity 1.35% 0.20% 1.15% 0.20

T.Rowe Price Global Equity 1.30% 0.20% 1.10% 0.05

T. Rowe Price Global Equity – Hedged 1.30%

0.20% 1.10%

0.05

Global Share – Emerging Markets

Fidelity Asia 1.42% 0.20% 1.22% 0.15

Pendal Global Emerging Market Opportunities 1.60% 0.20% 1.40% 0.15

Platinum Asia 2.03% 0.20% 1.83% 0.15

Realindex Emerging Markets Value 0.90% 0.20% 0.70% 0.10

Stewart Investors Global Emerging Markets Leaders

Sustainability

1.30% 0.20% 1.10% 0.15

Specialist Share

Acadian Australian Equity Long Short 1.14% 0.20% 0.94% 0.15

Acadian Global Equity Long Short 1.30% 0.20% 1.10% 0.05

Bell Global Emerging Companies 1.62%

0.20% 1.42%

0.15

CFS Global Health & Biotechnology 1.21% 0.20% 1.01% 0.05

Refer to page 27 for footnotes 1–7.

Product Disclosure Statement 27

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

CFS Global Small Companies 1.37% 0.20% 1.17% 0.10

CFS Global Technology & Communications 1.27% 0.20% 1.07% 0.05

Janus Henderson Global Natural Resources 1.20% 0.20% 1.00% 0.10

L1 Capital Catalyst 1.44%

1, 5

0.20% 1.24%

0.00%

1,5

0.15

Perpetual Share‑Plus Long‑Short 1.19%

1, 5

0.20% 0.99%

0.00%

1,5

0.20

Platinum International 1.92% 0.20% 1.72% 0.10

PM Capital Global Companies 3.16%

0.20% 1.04% 1.92%

0.25

Sage Capital Equity Plus 1.10%

1, 5

0.20% 0.90%

0.00%

1, 5

0.20

Australian Property and Infrastructure Securities

First Sentier Property Securities 0.85% 0.20% 0.65% 0.10

Ironbark Property Securities 0.85% 0.20% 0.65% 0.05

Martin Currie Real Income 1.04% 0.20% 0.84% 0.10

Pendal Property Investment 1.09% 0.20% 0.89% 0.15

Global Property and Infrastructure Securities

First Sentier Global Listed Infrastructure 1.48% 0.20% 1.28% 0.10

First Sentier Global Property Securities 1.29% 0.20% 1.09% 0.10

Macquarie Global Listed Real Estate 1.35% 0.20% 1.15% 0.15

Magellan Infrastructure 1.56%

0.20% 1.16% 0.20%

0.10

Quay Global Real Estate – Unhedged 1.02%

1, 5

0.20% 0.82%

0.00%

1, 5

0.15

Resolution Capital Global Property Securities 1.36%

0.20% 1.16%

0.10

Geared

Acadian Geared Australian Equity

0.98%(g)/2.13%(n) 0.09%(g)/0.20%(n) 0.89%(g)/1.93%(n) 0.05‑0.20

Acadian Geared Sustainable Global Equity

1.24%(g)/2.68%(n) 0.09%(g)/0.20%(n) 1.15%(g)/2.48%(n) 0.05–0.15

CFS Geared Share

1.06%(g)/2.28%(n) 0.09%(g)/0.20%(n) 0.97%(g)/2.08%(n) 0.20–0.50

These gures are inclusive of the net effect ofGST and any related GST credits.

1 Refer to pages 33 to 34 for more details on the different types of performance fees, how they have been calculated and how they have been estimated in the

assessment of fees and costs. This estimate is generally based on the average of the performance fees charged in the ve previous nancial years to 30 June 2023.

As past performance is not a reliable indicator of future performance, the performance fee charged in the future may differ.

2 The fees and costs are estimates based on the costs incurred in the previous nancial year. This excludes any performance fee which is shown separately in the

next column.

3 The gures shown above for the geared share options express the investment and Total administration and investment fees and costs as a percentage of both the

gross (g) and net (n) assets. Gross assets include assets acquired from borrowings and net assets exclude assets acquired from borrowings. The net fees reflect

the level of gearing as a percentage at 30 June 2023. Your investment returns will reduce by the net Total administration and investment fees and costs. The net

investment fees and costs will vary in line with the gearing level of the option. Borrowingsinclude any exposure to borrowings from an option investing directly or

indirectly into another managed investment scheme that borrows.

4 Buy/sell spreads depend on the specic gearing level of theoption.

5 These options have not been in existence for 12 months (as at 30 June 2023). For these options, these are estimated gures. For any options with performance

fees, weassume no outperformance.

6 These spreads may change without notice to you to reflect changing market conditions. Please refer to the ‘Product Update’ section of our website at

www.cfs.com.au/product-updates for any changes to buy/sell spreads.

7. This fee range will be effective from 15 January 2024. Current fee range is 0.35% to 0.50%.

28 FirstChoice Wholesale Personal Super and Pension

Fees and costs – FirstChoice Wholesale Pre-Retirement Pension

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

CFS Multi-Manager Multi-Sector (These investment options are located in the Investment Options Menu.)

CFS TTR Defensive 0.94% 0.20% 0.74% 0.15

CFS TTR Conservative 1.04%

0.20% 0.81% 0.03%

0.15

CFS TTR Diversied 1.07%

0.20% 0.84% 0.03%

0.15

CFS TTR Moderate 1.09%

0.20% 0.86% 0.03%

0.15

CFS TTR Balanced 1.13%

0.20% 0.89% 0.04%

0.15

CFS TTR Growth 1.15%

0.20% 0.91% 0.04%

0.15

CFS TTR High Growth 1.19% 0.20% 0.99% 0.15

CFS Multi-Manager Single-Sector (These investment options are located in the Investment Options Menu.)

CFS TTR Fixed Interest 0.86% 0.20% 0.66% 0.20

CFS TTR Alternatives 2.21%

0.20% 1.54% 0.47%

0.10

CFS TTR Australian Share 1.05% 0.20% 0.85% 0.15

CFS TTR Australian Small Companies 1.34% 0.20% 1.14% 0.20

CFS TTR Global Share 1.25% 0.20% 1.05% 0.10

CFS TTR Emerging Markets 1.56% 0.20% 1.36% 0.20

CFS TTR Property Securities 0.94% 0.20% 0.74% 0.20

CFS TTR Global Infrastructure Securities 1.32% 0.20% 1.12% 0.10

CFS Lifestage options (These investment options are located in the Investment Options Menu.)

CFS TTR Lifestage 1955‑59 0.61%

0.20% 0.41%

0.10

CFS TTR Lifestage 1960‑64 0.62%

0.20% 0.42%

0.10

CFS Sustainability (This investment option is located in the Investment Options Menu.)

CFS TTR Thrive+ Sustainable Growth 1.03%

1, 6

0.20% 0.69%

0.14%

1, 6

0.10

CFS Enhanced Index Series (These investment options are located in the Investment Options Menu.)

CFS TTR Enhanced Index Conservative 0.66% 0.20% 0.46% 0.10

CFS TTR Enhanced Index Diversied 0.70% 0.20% 0.50% 0.10

CFS TTR Enhanced Index Moderate 0.72% 0.20% 0.52% 0.10

CFS TTR Enhanced Index Balanced 0.74% 0.20% 0.54% 0.10

CFS TTR Enhanced Index Growth 0.77% 0.20% 0.57% 0.10

CFS TTR Enhanced Index High Growth 0.81% 0.20% 0.61% 0.10

CFS Index Series (These investment options are located in the Investment Options Menu.)

CFS TTR Index Conservative 0.36% 0.20% 0.16% 0.05

CFS TTR Index Diversied 0.37% 0.20% 0.17% 0.05

CFS TTR Index Moderate 0.37% 0.20% 0.17% 0.10

CFS TTR Index Balanced 0.37% 0.20% 0.17% 0.10

CFS TTR Index Growth 0.37% 0.20% 0.17% 0.10

CFS TTR Index High Growth 0.37% 0.20% 0.17% 0.05

CFS TTR Index Australian Bond 0.34% 0.20% 0.14% 0.10

CFS TTR Index Global Bond 0.43% 0.20% 0.23% 0.10

CFS TTR Index Australian Share 0.35% 0.20% 0.15% 0.05

CFS TTR Index Global Share 0.36% 0.20% 0.16% 0.05

CFS TTR Index Global Share – Hedged 0.42% 0.20% 0.22% 0.05

CFS TTR Index Property Securities 0.34% 0.20% 0.14% 0.05

CFS TTR Index Global Property Securities 0.39% 0.20% 0.19% 0.05

CFS TTR Index Global Listed Infrastructure Securities 0.39% 0.20% 0.19% 0.05

Other Multi-Sector (These investment options are located in the Investment Options Menu.)

Alternative Income

Acadian TTR Defensive Income 0.65% 0.20% 0.45% 0.10

Pendal TTR Monthly Income Plus 1.05% 0.20% 0.85% 0.15

Refer to page 31 for footnotes 1–7.

Product Disclosure Statement 29

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

Conservative

AZ Sestante TTR Conservative 0.75%

0.20% 0.55% 0.00%

0.10

Context Capital TTR Short Term 0.84%

1, 6

0.20% 0.64%

0.00%

0.10

First Sentier TTR Conservative 0.82% 0.20% 0.62% 0.10

Perpetual TTR Conservative Growth 1.22% 0.20% 1.02% 0.25

Moderate

AZ Sestante TTR Diversied 0.95%

0.20% 0.65% 0.10%

0.10

Context Capital TTR Medium Term 0.99%

1, 6

0.20% 0.79%

0.00%

0.10

Evidentia TTR Medium Term 0.89%

1, 6

0.20% 0.69%

0.00%

0.10

First Sentier TTR Balanced 0.92% 0.20% 0.72% 0.15

Perpetual TTR Diversied Growth 1.34% 0.20% 1.14% 0.25

Growth

First Sentier TTR Diversied 1.03% 0.20% 0.83% 0.20

Perpetual TTR Balanced Growth 1.38% 0.20% 1.18% 0.25

Diversied Real Return

Perpetual TTR Diversied Real Return 1.25% 0.20% 1.05% 0.15

Schroder TTR Real Return 1.20% 0.20% 1.00% 0.20

High Growth

AZ Sestante TTR Growth 0.97%

1, 6

0.20% 0.77%

0.00%

0.10

Context Capital TTR Long Term 0.99%

1, 6

0.20% 0.79%

0.00%

0.10

Evidentia TTR Long Term 0.99%

1, 6

0.20% 0.79%

0.00%

0.10

Single Manager Single Sector (These investment options are located in the Investment Options Menu.)

Cash and Deposits

FirstRate TTR Saver 0.35% to 0.70%

0.35% to 0.70%

0.00% nil

FirstRate TTR Saver Non‑Auto‑rebalancing 0.35% to 0.70%

6, 7

0.35% to 0.70%

6, 7

0.00%

nil

Enhanced Cash

First Sentier TTR Strategic Cash 0.39% 0.20% 0.19% nil

Short Duration Fixed Interest

First Sentier TTR Global Credit Income 0.73% 0.20% 0.53% 0.15

Franklin TTR Australian Absolute Return Bond 0.82% 0.20% 0.62% 0.10

Kapstream TTR Absolute Return Income 0.94% 0.20% 0.74% 0.10

Macquarie TTR Income Opportunities 0.92% 0.20% 0.72% 0.15

Mutual TTR Income 0.63%

0.20% 0.43%

nil

Perpetual TTR Diversied Income 0.95% 0.20% 0.75% 0.15

PM Capital TTR Enhanced Yield 1.00%

0.20% 0.55% 0.25%

0.10

Schroder TTR Absolute Return Income 0.92% 0.20% 0.72% 0.20

Yarra TTR Enhanced Income

0.80%

0.20% 0.60%

0.10

Diversied Fixed Interest

Bentham TTR Global Income 0.93%

0.20% 0.73%

0.38

Brandywine TTR Global Income Optimiser 0.99% 0.20% 0.79% 0.15

Colchester TTR Global Government Bond 0.96% 0.20% 0.76% 0.10

First Sentier TTR Diversied Fixed Interest 0.62% 0.20% 0.42% 0.20

PIMCO TTR Diversied Fixed Interest 0.79% 0.20% 0.59% 0.10

PIMCO TTR Global Bond 0.80% 0.20% 0.60% 0.10

T. Rowe Price TTR Dynamic Global Bond 0.65%

0.20% 0.45%

0.15

UBS TTR Diversied Fixed Income 0.80% 0.20% 0.60% 0.15

Refer to page 31 for footnotes 1–7.

30 FirstChoice Wholesale Personal Super and Pension

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

Australian Fixed Interest

First Sentier TTR Australian Bond 0.50% 0.20% 0.30% 0.10

Janus Henderson TTR Tactical Income 0.70%

0.20% 0.50%

0.10

Pendal TTR Sustainable Australian Fixed Interest 0.75%

0.20% 0.55%

0.10

PIMCO TTR Australian Bond 0.74% 0.20% 0.54% 0.10

Western Asset TTR Australian Bond 0.67%

0.20% 0.47%

0.10

Alternatives

Aspect TTR Diversied Futures 4.64%

0.20% 2.58% 1.86%

nil

Lower Volatility Share

Acadian TTR Global Managed Volatility Equity 0.91% 0.20% 0.71% 0.05

First Sentier TTR Equity Income 1.27% 0.20% 1.07% 0.05

Merlon TTR Australian Share Income 1.24% 0.20% 1.04% 0.15

State Street TTR Australian Equity 1.05% 0.20% 0.85% 0.05

Australian Share

Alphinity TTR Sustainable Share 1.20% 0.20% 1.00% 0.10

Antares TTR Ex‑20 Australian Equities 1.10%

1, 6

0.20% 0.90%

0.00%

0.15

Ausbil TTR Australian Active Equity 1.05% 0.20% 0.85% 0.15

Bennelong TTR Ex‑20 Australian Equities 1.70%

0.20% 0.94% 0.56%

0.20

DNR Capital TTR Australian Equities High Conviction 1.05%

0.20% 0.85%

0.20

Fidelity TTR Australian Equities 1.10% 0.20% 0.90% 0.10

First Sentier TTR Concentrated Australian Share 1.00% 0.20% 0.80% 0.10

First Sentier TTR Imputation 1.00% 0.20% 0.80% 0.15

Investors Mutual TTR Australian Share 1.26% 0.20% 1.06% 0.20

Lazard TTR Select Australian Equity 1.07% 0.20% 0.87% 0.10

Pendal TTR Australian Share 1.05% 0.20% 0.85% 0.15

Perennial Value TTR Australian Share 1.05% 0.20% 0.85% 0.20

Perpetual TTR Australian Share 1.28% 0.20% 1.08% 0.15

Perpetual TTR Industrial Share 1.26% 0.20% 1.06% 0.15

Realindex TTR Australian Share Value 0.64% 0.20% 0.44% 0.05

Schroder TTR Australian Equity 1.06% 0.20% 0.86% 0.15

T. Rowe Price TTR Australian Equity 0.99% 0.20% 0.79% 0.10

WaveStone TTR Australian Share 1.05% 0.20% 0.85% 0.15

Australian Share – Small Companies

Ausbil TTR Australian Emerging Leaders 1.14%

0.20% 0.94% 0.00%

0.15

First Sentier TTR Australian Small Companies 1.15% 0.20% 0.95% 0.15

OC TTR Premium Small Companies 1.93%

0.20% 1.19% 0.54%

0.20

Global Share

Baillie Gifford TTR Long Term Global Growth 1.10% 0.20% 0.90% 0.05

Barrow Hanley TTR Global Share 1.34%

0.20% 1.14%

0.10

Epoch TTR Global Equity Shareholder Yield 1.35% 0.20% 1.15% 0.05

GQG Partners TTR Global Equity 1.00%

0.20% 0.80%

0.10

GQG Partners TTR Global Equity – Hedged 1.03%

0.20% 0.83%

0.10

Intermede TTR Global Equities 1.19%

0.20% 0.99%

0.10

Ironbark Royal London TTR Concentrated Global Share 1.31% 0.20% 1.11% 0.10

Ironbark Royal London TTR Core Global Share 0.85%

0.20% 0.65%

0.15

Magellan TTR Global Share 1.50%

0.20% 1.30% 0.05

Magellan TTR Global Share – Hedged 1.51%

0.20% 1.31% 0.05

MFS TTR Global Equity 1.25% 0.20% 1.05% 0.05

Nanuk TTR New World 1.15%

0.20% 0.95%

0.20

Pendal TTR Global Select 1.15%

0.20% 0.95%

0.10

Refer to page 31 for footnotes 1–7.

Product Disclosure Statement 31

Option name

Total administration

and investment

feesand costs(p.a.)

Administration

fees and

costs(p.a.)

Investment fees

and costs (p.a.)

Performance

fee(p.a.)

Buy/sell

spread

(%)

Realindex TTR Global Share Value 0.75% 0.20% 0.55% 0.10

Realindex TTR Global Share Value – Hedged 0.78% 0.20% 0.58% 0.10

Stewart Investors TTR Worldwide Sustainability 1.05% 0.20% 0.85% 0.10

Talaria TTR Global Equity 1.35% 0.20% 1.15% 0.20

T. Rowe Price TTR Global Equity 1.30% 0.20% 1.10% 0.05

T. Rowe Price TTR Global Equity – Hedged

1.30%

0.20% 1.10%

0.05

Global Share – Emerging Markets

Pendal TTR Global Emerging Market Opportunities 1.61% 0.20% 1.41% 0.15

Platinum TTR Asia 2.03% 0.20% 1.83% 0.15

Specialist Share

Bell TTR Global Emerging Companies 1.44%

0.20% 1.24%

0.15

L1 Capital TTR Catalyst 1.44%

1, 6

0.20% 1.24%

0.00%

0.15

Perpetual TTR Share‑Plus Long‑Short 1.19%

1, 6

0.20% 0.99%

0.00%

0.20

Platinum TTR International 1.92% 0.20% 1.72% 0.10

Sage Capital TTR Equity Plus 1.10%

1, 6

0.20% 0.90%

0.00%

1, 6

0.20

Australian Property and Infrastructure Securities

Pendal TTR Property Investment 1.09% 0.20% 0.89% 0.15

Global Property and Infrastructure Securities

First Sentier TTR Global Listed Infrastructure 1.48% 0.20% 1.28% 0.10

First Sentier TTR Global Property Securities 1.29% 0.20% 1.09% 0.10

Macquarie TTR Global Listed Real Estate 1.35% 0.20% 1.15% 0.15

Magellan TTR Infrastructure 1.57%

0.20% 1.16% 0.21%

0.10

Quay TTR Global Real Estate – Unhedged 1.02%

1, 6

0.20% 0.82%

0.00%

1, 6

0.15

Resolution Capital TTR Global Property Securities 1.36% 0.20% 1.16% 0.10

Geared

CFS TTR Geared Share

1.06%(g)/2.29%(n) 0.09%(g)/0.20%(n) 0.97%(g)/2.09%(n) 0.20–0.50

These gures are inclusive of the net effect ofGST and any related GST credits.

1 Refer to pages 33 to 34 for more details on the different types of performance fees, how they have been calculated and how they have been estimated in the

assessment of fees and costs. This estimate is generally based on the average of the performance fees charged in the ve previous nancial years to 30 June 2023.

As past performance is not a reliable indicator of future performance, the performance fee charged in the future may differ.

2 The fees and costs are estimates based on the costs incurred in the previous nancial year. This excludes any performance fee which is shown separately in the

next column.

3 The gures shown above for the geared share options express the Investment fees and costs and Total administration and investment fees and costs as

a percentage of both the gross (g) and net (n) assets. Gross assets include assets acquired from borrowings and net assets exclude assets acquired from

borrowings. The net fees reflect the level of gearing as a percentage at 30 June 2023. Your investment returns will reduce by the net Total administration and

investment fees and costs. The net Investment fees and costs will vary in line with the gearing level of the option. Borrowingsinclude any exposure to borrowings

from an option investing directly or indirectly into another managed investment scheme that borrows.

4 Buy/sell spreads depend on the specic gearing level of theoption.

5 These spreads may change without notice to you to reflect changing market conditions. Please refer to the ‘Product Update’ section of our website at

www.cfs.com.au/product-updates for any changes to buy/sell spreads.

6 These options have not been in existence for 12 months (as at 30 June 2023). For these options, these are estimated gures. For any options with performance

fees, we assume no outperformance.

7. This fee range will be effective from 15 January 2024. Current fee range is 0.35% to 0.50%.

32 FirstChoice Wholesale Personal Super and Pension

Dened fees

Type of fee Description Does this fee apply?

Activity fees A fee is an activity fee if:

a the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to

an activity of the trustee:

(i) that is engaged in at the request, or with theconsent, of a member; or

(ii) that relates to a member and is required by law; and

b those costs are not otherwise charged as administration fees and costs, investment fees and costs,

transaction costs, abuy/sell spread, a switching fee, an advice fee or an insurance fee.

N/A

Administration

fees and costs

Administration fees and costs are fees and costs that relate to the administration or operation of the

superannuation entity and includes costs incurred by the trustee of the entity that:

a relate to the administration or operation of the entity; and

b are not otherwise charged as investment fees and costs, a buy/sell spread, a switching fee, an activity

fee, an advice fee or an insurance fee.

Yes – refer to pages

18to 31 for details

Advice fees A fee is an advice fee if:

a the fee relates directly to costs incurred by the trustee of the superannuation entity because of the

provision ofnancial product advice to a member by:

(i) a trustee of the entity; or

(ii) another person acting as an employee of, or under an arrangement with, the trustee of the entity; and

b those costs are not otherwise charged as administration fees and costs, investment fees and costs,

aswitching fee, an activity fee or an insurance fee.

N/A

Buy/sell

spreads

A buy/sell spread is a fee to recover costs incurred by the trustee of the superannuation entity inrelation

tothe sale and purchase of assets of the entity.

Yes – refer to pages

18to 31 for details

Exit fees An exit fee is a fee, other than a buy/sell spread, that relates to the disposal of all or part of a member’s

interests in a superannuation entity.

N/A

Insurance fee A fee is an insurance fee if:

a the fee relates directly to either or both of the following:

(i) insurance premiums paid by the trustee of a superannuation entity in relation to a member or

members of the entity;

(ii) costs incurred by the trustee ofa superannuation entity in relation to the provision ofinsurance for a

member or members of the entity; and

b the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a

contract of insurance that relates to a benet to the member that is based on the performance of an

investment rather than the realisation of a risk; and

c the premiums and costs to which the fee relates are not otherwise charged as an administration fee,

aninvestment fee, a switching fee, an activity fee or an advice fee.

Yes – refer to page

52 for details

Investment

fees and costs

Investment fees and costs are fees and costs that relates to the investment of the assets of a superannuation

entity and includes:

a fees in payment for the exercise of care and expertise in the investment of those assets (including

performance fees), and

b costs incurred by the trustee of the entity that:

(i) relate to the investment of assets of the entity; and

(ii) are not otherwise charged as administration fees and costs, a buy/sell spread, a switching fee,

anactivity fee, an advice fee or an insurance fee.

Yes – refer to pages

18to 31 for details

Switching

fees

A switching fee for superannuation products other than a MySuper product, is a fee to recover the costs

of switching all or part of a member’s interest in a superannuation entity from one investment option or

product in the entity to another.

N/A

Transaction

costs

Transaction costs are costs associated with the sale and purchase of assets of the superannuation entity

other than costs that are recovered by the superannuation entity charging buy/sell spreads.

Yes – refer to pages

36 to 49 for details

Low account balances

If your account balance is below $6,000 at the end of the

nancial year or at the time you exit the fund, you will not

pay more than 3% of your account balance in administration

fees and costs, investment fees and costs and transaction

costs for the nancial year. We will assess whether you have

paid more than 3% in the relevant fees and costs at 30 June

each year, or at your date of exit if you leave the fund before

this date, and any excess will be refunded to you.

Managed account fees

When you invest in a FirstChoice Managed Account, you do

not pay any additional fees or costs. Fees and costs will be

deducted from the investment options that form part of your

nominated FirstChoice Managed Account. Therefore, the

total fees and costs you pay will reflect the fees and costs of

the investment options and any changes to them that form

your FirstChoice Managed Account.

Refer to the tables in the ‘Additional explanation of fees and

costs’ section for the fees and costs of each option.

The composition of investment options that form your

FirstChoice Managed Account may change over time as

the portfolio is reviewed on your behalf. If this occurs,

the underlying investments will change along with fees

and costs that you pay. Refer to the Reference Guide –

FirstChoice Managed Accounts for details on when and

howthe portfolio may be reviewed.

1 Buy/sell spreads apply to most options (refer to ‘Buy/sell spreads’ for further details).

Product Disclosure Statement 33

Performance fees

Performance fees are payable from some investment

options if the investment returns of the option, or a portion

of the option’s investments, exceed specied targets.

Thetablesin the ‘Additional explanation of fees and costs’

section show which options are subject to performance fees.

Performance fees increase the investment fees and costs

for the relevant option. Performance fees are reflected

inthedaily unit price and are paid monthly at the relevant

rate (inclusive of the net effect of GST and any related

GSTcredits).

The fee is calculated as a percentage rate of the relevant

investment return outperformance. The outperformance

isthepercentage return above the relevant benchmark.

Sometimes the calculation of the performance fee will

result in a negative dollar amount (negative performance

fee). This negative performance fee is offset against any

entitlement to future performance fees. We do not have to

reimburse the option for negative performance. In extreme

circumstances (e.g. if the net outflow from the option is

more than 10% in one month), the negative performance fee

which is offset may be reduced pro rata with the percentage

of net outflow. However, ifthere is a change to the option,

such as a change of investment manager or investment

strategy, the performance fee for the new option may be

based on the rates prescribed in the tables above and will

not take into account any negative performance fee for the

previousoption.

It is also possible for the investment manager to exceed

the relevant benchmark (and therefore be entitled

to a performance fee) even where an option has had

negative performance over a period, as that option may

haveperformed better relative to the benchmark.

For periods of high outperformance, the performance fee

may be substantial. We recommend you discuss this with

your nancial adviser to understand the impact of the

performancefee.

Please note: There is no standard that is applied to how

performance fees are calculated. You should carefully

compare the different performance fee types in the tables

below, noting which benchmark they aim to outperform and

whether performance fees are calculated before or after

administration and investment feesand costs are charged.

Performance fees disclosed in this PDS are estimates only.

The actual amounts paid may be greater or less than the

amounts disclosed.

Performance fee before administration

and investment fees and costs

Option Benchmark

Base investment

and administration

fee (p.a.)

Performance

fee rate

Ausbil Australian

Emerging Leaders

Composite

benchmark 1.13% 15%

1 This fee excludes indirect costs and the amounts included under ‘Other

operating expenses and abnormal costs’.

2 This rate is inclusive of the net effect ofGST and any related GST credits.

3 The composite benchmark consists of a weighting of 70% to the S&P/ASX

Midcap 50 Accumulation Index and 30% to the S&P/ASX Small Ordinaries

AccumulationIndex.

Performance fee after administration

and investment fees and costs

Option Benchmark

Base

investment and

administration

fee (p.a.)

Performance

fee rate

Antares Ex‑20

Australian Equities

S&P/ASX 300

ex S&P/ASX 20

Index 1.08% 15%

Antipodes Global MSCI All Country

World Index 1.48% 15%

Aspect Absolute

Return

RBA cash rate

0.83% 10%

Aspect Diversied

Futures

RBA cash rate

1.43% 20%

Bennelong ex‑20

Australian Equities

S&P/ASX 300

Accumulation

Index (minus S&P/

ASX 20 Index) 1.13% 15%

Celeste Australian

Small Companies

S&P/ASX Small

Ordinaries

Accumulation

Index 1.03% 20%

Eiger Australian

Small Companies

S&P/ASX Small

Ordinaries

Accumulation

Index 1.23% 20%

First Sentier Target

Return Income

RBA cash rate

plus 0.5% 0.53% 10%

Hyperion Global

Growth Companies

MSCI World Index

0.98% 20%

L1 Capital Catalyst S&P/ASX 200

Accumulation

Index 1.42% 20.5%

Magellan

Infrastructure

S&P Global

Infrastructure

Index (Hedged) 1.33% 10%

OC Premium Small

Companies

S&P/ASX Small

Ordinaries

Accumulation

Index 1.38% 20%

Perpetual Share‑

Plus Long‑Short

S&P/ASX 300

Accumulation

Index plus 2% 1.15% 13.98%

PM Capital

Enhanced Yield

RBA cash rate

0.73% 25%

PM Capital Global

Companies

RBA cash rate

plus 4.5% 1.23% 20%

Quay Real Estate –

Unhedged

FTSE/EPRA

NAREIT

Developed Index

Net TR AUD 1.00% 15.375%

Sage Capital

EquityPlus

S&P/ASX200

Accumulation

Index 1.08% 20.5%

4 This fee excludes indirect costs and the amounts included under ‘Other

operating expenses and abnormal costs’.

5 This rate is inclusive of the net effect ofGST and any related GST credits.

6 The performance fee is calculated based on the amount by which the

investment return of the option (after administration and investment

fees and costs) is greater than the return generated by the S&P/ASX 300

Accumulation Index excluding that part of the return that is generated by

theconstituents that are also members of the S&P/ASX 20 Index.

7 The return on the option includes total income, inclusive of overseas

withholding tax deducted at source and grossed up by the amounts of

Australian frankingcredits.

34 FirstChoice Wholesale Personal Super and Pension

Performance fees – alternative investments

The following performance fees are paid on the returns

achieved from assets managed under a particular mandate,

not the option as a whole; in this case, our alternatives

mandate. Alternative investments typically include

investments in futures, forwards and options and are not

limited to investments in shares, bonds, cash and/or property.

CFS Conservative, CFS Diversied, CFS Moderate, CFS

Balanced and CFS Growth may have an exposure to

alternative investments by investing in multiple underlying

funds that hold these investments. Theirrespective

allocations are shown intheInvestment Options Menu.

CFS Alternatives also has exposure to alternative

investments by investing in multiple underlying funds

that hold these investments that, together, comprise the

investment option. Each of the underlying funds that hold

the alternative investments may pay a performance fee

to the alternative investment managers of up to 27.50%

for performance above a benchmark of either 0%

or a

benchmark such as the RBA cash rate.

The effect of any performance fee paid is reflected in

the return of the allocation that each option makes

toalternative investments.

Example – performance fees for multi-manager,

multi-sector options

Assuming all alternative investment managers achieve 2%

performance above their relevant benchmark, CFS Balanced

(which has a 7%allocation to alternative investments)

could effectively incur 0.039% in performance fees(2% ×

7% × 27.50%), which would reduce the performance of the

CFSBalanced option bythisamount.

CFS Thrive+ Sustainable Growth, AZ Sestante,

Context Capital, Evidentia and CFS Lifestage options

These options each have exposures to multiple underlying

funds that, together, comprise the assets of the CFS Thrive+

Sustainable Growth, AZ Sestante, Context Capital, Evidentia

and CFS Lifestage options. These underlying funds may pay

a performance fee to the underlying investment manager of

up to 30% for absolute performance or performance above a

benchmark, such as the S&P/ASX 300 Accumulation Index or

the RBA cash rate. Such performance fees may be calculated

before or after the deduction of management fees depending

on the underlying fund. Theeffect of any performance fees

paid by the underlying fund is reflected in the return of the

allocation that the options make to each underlying fund, and

this will result in areduction of the investment performance

for the options. The allocation to underlying investment

funds with or without performance fees may change at any

time without notice to investors. Although performance

fees may be paid to the underlying investment managers,

noperformance fees are paid to CFS, AZ Sestante, Context

Capital or Evidentia.

Example – performance fees for AZ Sestante Diversied

This example assumes that the AZ Sestante Diversied

option includes a 15% allocation to three underlying

investment funds that each have a performance fee. Each

of the underlying investment funds has a5% allocation and

achieves the following outcomes:

• Investment manager 1: 3% return and applies a 20%

performance fee on absolute return (3% × 5% × 20%).

• Investment manager 2: 3% return above RBA cash rate

andapplies a 20% performance fee (3% × 5% × 20%).

• Investment manager 3: 2% return above S&P/ASX 300

Accumulation Index and applies a 30% performance fee

(2% × 5% × 30%).

The overall investment performance of the AZ Sestante

Diversied option would effectively be reduced by

0.09% due to performance fees (3% × 5% × 20%) +

(3% × 5% × 20%) + (2% × 5% × 30%).

Example – performance fees for CFS Thrive+

SustainableGrowth

This example assumes that CFS Thrive+ Sustainable Growth

includes a 28% allocation to an underlying investment fund

that has a performance fee. Theunderlying investment fund

achieves a 2% return above the MSCI World (ex Australia)

Index and applies a 20% performancefee.

The overall investment performance of CFS Thrive+

Sustainable Growth would effectively be reduced by

0.11%due to performance fees (2% × 20% × 28%).

Gross and net fees for geared options

Geared options borrow money to acquire additional assets

on behalf of investors. We apply the fees against the total

(gross) assets of the option.

We also disclose what this cost is equivalent to as a

percentage of the assets excluding the value of assets

acquired with the borrowing. These are the net fees.

The net fees will vary in line with changes in the level of

borrowing (gearing). The net total administration and

investment fees and costs (p.a.) represents the effective

costtoinvestors.

Example – assume a geared option has gross

administration and investment fees and costs of 1.00%

and current gearing level of 55%.

Calculation Amount

Total investor assets

45% of total assets

$50,000,000

Assets from borrowing

55% of total assets

$62,000,000

Total value of assets $112,000,000

Gross administration and investment fees and costs

$112,000,000 × 1.0%

$1,120,000

Net administration and investment fees and costs

$1,120,000 ÷ $50,000,000

2.24%

1 The performance fee is calculated on the dollar value of positive performance (less carried forward negative performance) generated on the trading accounts only

(thismay include futures, forwards and/or options). Please note: Earnings generated on cash allocations held outside the trading accounts are excluded from

attracting aperformance fee. Also, the performance fee is calculated before the deduction of the option’s administration and investment fees and costs.

Product Disclosure Statement 35

Increases or alterations to the fees

We may vary the fees set out in the ‘Additional explanation

of fees and costs’ section at anytime at our absolute

discretion, without your consent, within the limits prescribed

in the trust deed. If the variation is an increase in a fee or

charge, we will give you at least 30days prior written notice.

The trust deed provides for the following maximum fees to

be paid to the trustee (feesareinclusive of the net effect of

GST and any related GST credits):

• a maximum management fee of 3% (referred to in this

PDSasadministration and investment fees and costs)

• insurance administration fee of 10% of premium

(for membersentering the fund after 16 April 2004)

• a maximum switching fee of 5% of the value of the

investmentswitched

• (for options with performance fees) a maximum

performance fee rate of 25%

• a maximum transaction fee of $50 (CPI‑adjusted from

1 March 1994):

• for each switch in excess of four per year

• for each change in the frequency or amount of pension

payments (other than those effective as from 1 July

inanyyear)

• for any other matter to which the trustee must attend

in relation to a member, where the trustee reasonably

considers a transaction fee is justied.

Please note: The maximums are provided for information

and are not the current fees charged (except for the

insurance administration fee and, for the PM Capital

Enhanced Yield investment option, the maximum

performance fee rate). The current fees are shown in the

‘Additional explanation of fees and costs’ section.

The law and the trust deed allow us to charge reasonable

fees for requests for information relating to family law cases

and the super splitting provisions. At this time we have

elected not to charge these fees; however, we reserve the

right to charge them at a laterdate.

Transaction costs

Transaction costs are the costs of buying and selling assets

directly or indirectly held by an option and may include

brokerage (and other related broker costs), government

taxes/duties/levies, bank charges, custodian charges on

transactions and the buy/sell spread of any underlying funds.

If the amount payable to acquire an investment exceeds

the price for which it would be disposed of at that time,

thedifference is also a transaction cost.

Transaction costs are shown net of amounts recovered by

buy/sell spread charged and is an additional cost where it has

not already been recovered by the buy/sell spread charged.

Transaction costs are an additional cost to you but no part

ofa transaction cost (including the buy/sell spread) is paid

to us or an investment manager. Transaction costs are

usually paid for from the assets directly or indirectly held

byan option at the time of the transaction.

Buy/sell spreads

For most options, there is a difference between the unit

price used to issue and redeem units and the value of the

option’s assets. This difference is due to what is called

the buy/sell spread. When you (or any person you have

authorised) invest, switch or withdraw all or part of your

investment in these options, we use the buy/sell spread

to pay for the transaction costs incurred as a result of

the transaction. We use the buy/sell spread to allocate

transaction costs to the investor transacting rather than

other investors in the option.

An option’s buy/sell spread is set to reflect the estimated

transaction costs the option will incur as a result of member

transactions. The buy/sell spread that applies to each option

is shown in the tables in the ‘Additional explanation of fees

and costs’ section.

Please note: The buy/sell spreads are not paid to us or the

investment manager. They are paid to the option and can

be altered at any time and may be altered without prior

noticetoyou.

Buy/sell spreads example: If you make a $50,000 investment

in or withdrawal from the First Sentier Diversied option

(which charges a 0.20% buy spread), you will incur a buy/

sell spread of $100.

FirstRate Deposits

If you withdraw or switch from a FirstRate Term Deposit

within the specied period, early withdrawal adjustments

may apply. Please refer to the Reference Guide – FirstChoice

Wholesale Personal Super and Pension for moredetails.

36 FirstChoice Wholesale Personal Super and Pension

Other transaction costs

Not all transaction costs are funded from the buy/sell

spread. One reason for this is that an investment option may

buy or sell assets even though there have been no member

transactions. Additional transaction costs may be incurred

either in the investment option or in underlying funds, and

these will reduce the returns of the investment option.

The ‘Gross transaction costs (A)’ for each investment option,

for the 12 months to 30 June 2023, the ‘Cost recovered (B)’

and the ‘Net transaction costs (C)’ which reduce the returns

on the investment option are set out in the tables on pages

36 to 49.

Transaction costs – FirstChoice Wholesale Personal Super

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

CFS Multi-Manager Multi-Sector (These investment options are located in the Investment Options Menu.)

CFS Defensive 0.05% 0.05% 0.00%

CFS Conservative 0.07% 0.04% 0.03%

CFS Diversied 0.07% 0.05% 0.02%

CFS Moderate 0.07% 0.03% 0.04%

CFS Balanced 0.07% 0.04% 0.03%

CFS Growth 0.08% 0.03% 0.05%

CFS High Growth 0.08% 0.03% 0.05%

CFS Geared Growth Plus

0.18% 0.08% 0.10%

CFS Multi-Manager Single-Sector (These investment options are located in the Investment Options Menu.)

CFS Fixed Interest 0.05% 0.05% 0.00%

CFS Alternatives 0.28% 0.05% 0.23%

CFS Australian Share 0.10% 0.04% 0.06%

CFS Australian Small Companies 0.23% 0.04% 0.19%

CFS Global Share 0.06% 0.02% 0.04%

CFS Global Share – Hedged 0.08% 0.04% 0.04%

CFS Asian Share 0.12% 0.08% 0.04%

CFS Emerging Markets 0.11% 0.11% 0.00%

CFS Property Securities 0.09% 0.05% 0.04%

CFS Global Property Securities 0.08% 0.05% 0.03%

CFS Global Infrastructure Securities 0.11% 0.04% 0.07%

CFS Geared Australian Share

0.26% 0.11% 0.15%

CFS Geared Global Share

0.37% 0.06% 0.31%

CFS ETF Exposure Series (These investment options are located in the Investment Options Menu.)

CFS ETF Exposure Series: US Treasury Bills

0.00% 0.00% 0.00%

CFS ETF Exposure Series: Physical Gold

0.01% 0.01% 0.00%

CFS ETF Exposure Series: All‑World ex‑US Shares

0.01% 0.01% 0.00%

CFS ETF Exposure Series: US Shares

0.01% 0.01% 0.00%

CFS Lifestage options (These investment options are located in the Investment Options Menu.)

CFS Lifestage 1945‑49

0.09% 0.02% 0.07%

CFS Lifestage 1950‑54

0.10% 0.04% 0.06%

CFS Lifestage 1955‑59

0.09% 0.03% 0.06%

CFS Lifestage 1960‑64

0.08% 0.02% 0.06%

CFS Lifestage 1965‑69

0.06% 0.02% 0.04%

CFS Lifestage 1970‑74

0.05% 0.02% 0.03%

CFS Lifestage 1975‑79

0.05% 0.02% 0.03%

CFS Lifestage 1980‑84

0.05% 0.02% 0.03%

CFS Lifestage 1985‑89

0.05% 0.03% 0.02%

CFS Lifestage 1990‑94

0.06% 0.04% 0.02%

CFS Lifestage 1995‑99

0.07% 0.06% 0.01%

CFS Lifestage 2000‑04

0.11% 0.09% 0.02%

CFS Lifestage 2005‑09

0.19% 0.19% 0.00%

Refer to page 40 for footnotes 1–3.

Product Disclosure Statement 37

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

CFS Sustainability (This investment option is located in the Investment Options Menu.)

CFS Thrive+ Sustainable Growth

0.49% 0.25% 0.24%

CFS Enhanced Index Series (These investment options are located in the Investment Options Menu.)

CFS Enhanced Index Conservative 0.04% 0.03% 0.01%

CFS Enhanced Index Diversied 0.03% 0.03% 0.00%

CFS Enhanced Index Moderate 0.03% 0.03% 0.00%

CFS Enhanced Index Balanced 0.03% 0.03% 0.00%

CFS Enhanced Index Growth 0.04% 0.04% 0.00%

CFS Enhanced Index High Growth 0.04% 0.04% 0.00%

CFS Index Series (These investment options are located in the Investment Options Menu.)

CFS Index Conservative 0.04% 0.03% 0.01%

CFS Index Diversied 0.03% 0.03% 0.00%

CFS Index Moderate 0.05% 0.05% 0.00%

CFS Index Balanced 0.05% 0.05% 0.00%

CFS Index Growth 0.03% 0.03% 0.00%

CFS Index High Growth 0.04% 0.04% 0.00%

CFS Index Australian Bond 0.03% 0.03% 0.00%

CFS Index Global Bond 0.05% 0.05% 0.00%

CFS Index Australian Share

0.01% 0.01% 0.00%

CFS Index Global Share

0.01% 0.01% 0.00%

CFS Index Global Share – Hedged 0.01% 0.01% 0.00%

CFS Index Property Securities 0.01% 0.01% 0.00%

CFS Index Global Property Securities 0.02% 0.02% 0.00%

CFS Index Global Listed Infrastructure Securities 0.03% 0.03% 0.00%

CFS Geared Index Australian Share

0.13% 0.13% 0.00%

CFS Geared Index Global Share

0.10% 0.10% 0.00%

Single-Manager Multi-Sector (These investment options are located in the Investment Options Menu.)

Alternative Income

Acadian Defensive Income 0.13% 0.10% 0.03%

First Sentier Target Return Income 0.03% 0.03% 0.00%

Pendal Monthly Income Plus 0.03% 0.03% 0.00%

Conservative

AZ Sestante Conservative 0.06% 0.04% 0.02%

Context Capital Short Term

0.07% 0.03% 0.04%

First Sentier Conservative 0.05% 0.02% 0.03%

Perpetual Conservative Growth 0.03% 0.03% 0.00%

Moderate

AZ Sestante Diversied 0.09% 0.06% 0.03%

Context Capital Medium Term

0.08% 0.05% 0.03%

Evidentia Medium Term

0.05% 0.05% 0.00%

First Sentier Balanced 0.08% 0.02% 0.06%

Perpetual Diversied Growth 0.05% 0.05% 0.00%

Growth

First Sentier Diversied 0.09% 0.03% 0.06%

Pendal Sustainable Balanced 0.07% 0.05% 0.02%

Perpetual Balanced Growth 0.08% 0.07% 0.01%

Diversied Real Return

Perpetual Diversied Real Return

0.16% 0.16% 0.00%

Schroder Real Return 0.04% 0.04% 0.00%

Refer to page 40 for footnotes 1–3.

38 FirstChoice Wholesale Personal Super and Pension

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

High Growth

AZ Sestante Growth 0.12% 0.05% 0.07%

Context Capital Long Term

0.08% 0.04% 0.04%

Evidentia Long Term

0.06% 0.05% 0.01%

First Sentier High Growth 0.07% 0.03% 0.04%

Single Manager Single Sector (These investment options are located in the Investment Options Menu.)

Cash and Deposits

FirstRate Saver 0.00% 0.00% 0.00%

FirstRate Saver Non‑Auto‑rebalancing

0.00% 0.00% 0.00%

FirstRate Term Deposits 0.00% 0.00% 0.00%

Enhanced Cash

CFS Enhanced Cash

0.00% 0.00% 0.00%

First Sentier Strategic Cash 0.00% 0.00% 0.00%

Short Duration Fixed Interest

First Sentier Global Credit Income 0.06% 0.06% 0.00%

Franklin Australian Absolute Return Bond 0.13% 0.13% 0.00%

Kapstream Absolute Return Income 0.03% 0.03% 0.00%

Macquarie Income Opportunities 0.05% 0.05% 0.00%

Mutual Income

0.00% 0.00% 0.00%

Perpetual Diversied Income 0.04% 0.04% 0.00%

PM Capital Enhanced Yield 0.03% 0.03% 0.00%

Schroder Absolute Return Income 0.09% 0.09% 0.00%

Yarra Enhanced Income

0.19% 0.16% 0.03%

Diversied Fixed Interest

Afrmative Global Impact Bond 0.06% 0.06% 0.00%

Bentham Global Income 0.02% 0.01% 0.01%

Brandywine Global Income Optimiser 0.11% 0.11% 0.00%

Colchester Global Government Bond 0.09% 0.09% 0.00%

First Sentier Diversied Fixed Interest 0.06% 0.06% 0.00%

PIMCO Diversied Fixed Interest 0.16% 0.16% 0.00%

PIMCO Global Bond 0.04% 0.04% 0.00%

T. Rowe Price Dynamic Global Bond

0.42% 0.12% 0.30%

UBS Diversied Fixed Income 0.03% 0.03% 0.00%

Australian Fixed Interest

First Sentier Australian Bond 0.04% 0.04% 0.00%

Janus Henderson Tactical Income

0.06% 0.01% 0.05%

Pendal Sustainable Australian Fixed Interest 0.18% 0.18% 0.00%

PIMCO Australian Bond 0.02% 0.02% 0.00%

Western Asset Australian Bond

0.03% 0.03% 0.00%

Alternatives

Aspect Absolute Return 0.31% 0.00% 0.31%

Aspect Diversied Futures 0.27% 0.00% 0.27%

Lower Volatility Share

AB Managed Volatility Equities

0.52% 0.03% 0.49%

Acadian Global Managed Volatility Equity 0.06% 0.04% 0.02%

First Sentier Equity Income 0.06% 0.02% 0.04%

Merlon Australian Share Income 0.20% 0.10% 0.10%

State Street Australian Equity 0.02% 0.02% 0.00%

Refer to page 40 for footnotes 1–3.

Product Disclosure Statement 39

Refer to page 40 for footnotes 1–3.

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Australian Share

Acadian Australian Equity 0.04% 0.03% 0.01%

Airlie Australian Share

0.12% 0.12% 0.00%

Alphinity Sustainable Share 0.08% 0.06% 0.02%

Antares Ex‑20 Australian Equities

0.26% 0.15% 0.11%

Ausbil Active Sustainable Equity 0.05% 0.05% 0.00%

Ausbil Australian Active Equity 0.03% 0.03% 0.00%

Bennelong Ex‑20 Australian Equities 0.15% 0.11% 0.04%

DNR Capital Australian Equities High Conviction

0.09% 0.09% 0.00%

DNR Capital Australian Equity Income

0.00% 0.00% 0.00%

Fidelity Australian Equities 0.01% 0.01% 0.00%

First Sentier Concentrated Australian Share 0.03% 0.02% 0.01%

First Sentier Imputation 0.08% 0.05% 0.03%

Investors Mutual Australian Share 0.05% 0.05% 0.00%

Lazard Select Australian Equity 0.11% 0.04% 0.07%

Pendal Australian Share 0.05% 0.05% 0.00%

Pendal Sustainable Australian Share 0.05% 0.05% 0.00%

Perennial Value Australian Share 0.28% 0.06% 0.22%

Perpetual Australian Share 0.13% 0.07% 0.06%

Perpetual Industrial Share 0.16% 0.03% 0.13%

Realindex Australian Share Value 0.01% 0.01% 0.00%

Schroder Australian Equity 0.04% 0.04% 0.00%

Solaris Core Australian Equity 0.12% 0.07% 0.05%

T. Rowe Price Australian Equity 0.12% 0.02% 0.10%

WaveStone Australian Share 0.10% 0.05% 0.05%

Australian Share – Small Companies

Ausbil Australian Emerging Leaders 0.28% 0.05% 0.23%

Celeste Australian Small Companies 0.18% 0.09% 0.09%

Eiger Australian Small Companies

0.37% 0.36% 0.01%

First Sentier Australian Small Companies 0.09% 0.09% 0.00%

First Sentier Developing Companies 0.12% 0.07% 0.05%

First Sentier Future Leaders 0.29% 0.04% 0.25%

OC Premium Small Companies 0.25% 0.10% 0.15%

Realindex Australian Small Companies Value 0.02% 0.02% 0.00%

Global Share

Acadian Sustainable Global Equity Fund 0.07% 0.02% 0.05%

Antipodes Global 0.18% 0.06% 0.12%

Baillie Gifford Sustainable Growth 0.06% 0.05% 0.01%

Baillie Gifford Long Term Global Growth 0.02% 0.02% 0.00%

Barrow Hanley Concentrated Global Share

0.04% 0.04% 0.00%

Barrow Hanley Global Share 0.15% 0.11% 0.04%

Epoch Global Equity Shareholder Yield 0.05% 0.02% 0.03%

GQG Partners Global Equity

0.18% 0.18% 0.00%

GQG Partners Global Equity – Hedged

0.12% 0.12% 0.00%

Hyperion Global Growth Companies 0.15% 0.15% 0.00%

Intermede Global Equities

0.03% 0.03% 0.00%

Ironbark Royal London Concentrated Global Share 0.09% 0.09% 0.00%

Ironbark Royal London Core Global Share

0.07% 0.07% 0.00%

Magellan Global Share 0.02% 0.02% 0.00%

Magellan Global Share – Hedged 0.04% 0.04% 0.00%

40 FirstChoice Wholesale Personal Super and Pension

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

MFS Global Equity 0.01% 0.01% 0.00%

Nanuk New World

0.10% 0.10% 0.00%

Pendal Global Select 0.08% 0.03% 0.05%

Realindex Global Share Value 0.04% 0.04% 0.00%

Realindex Global Share Value – Hedged 0.03% 0.03% 0.00%

Stewart Investors Worldwide Leaders Sustainability 0.02% 0.02% 0.00%

Stewart Investors Worldwide Sustainability 0.04% 0.04% 0.00%

Talaria Global Equity 0.42% 0.42% 0.00%

T. Rowe Price Global Equity 0.06% 0.03% 0.03%

T. Rowe Price Global Equity – Hedged 0.17% 0.11% 0.06%

Global Share – Emerging Markets

Fidelity Asia 0.27% 0.27% 0.00%

Pendal Global Emerging Market Opportunities 0.10% 0.10% 0.00%

Platinum Asia 0.08% 0.06% 0.02%

Realindex Emerging Markets Value 0.12% 0.06% 0.06%

Stewart Investors Global Emerging Markets Leaders Sustainability 0.07% 0.05% 0.02%

Specialist Share

Acadian Australian Equity Long Short 0.11% 0.07% 0.04%

Acadian Global Equity Long Short 0.18% 0.05% 0.13%

Bell Global Emerging Companies 0.15% 0.15% 0.00%

CFS Global Health & Biotechnology 0.03% 0.01% 0.02%

CFS Global Small Companies 0.13% 0.02% 0.11%

CFS Global Technology & Communications 0.13% 0.03% 0.10%

Janus Henderson Global Natural Resources 0.46% 0.03% 0.43%

L1 Capital Catalyst

0.15% 0.15% 0.00%

Perpetual Share‑Plus Long‑Short

0.45% 0.17% 0.28%

Platinum International 0.08% 0.03% 0.05%

PM Capital Global Companies 0.09% 0.09% 0.00%

Sage Capital Equity Plus

0.76% 0.38% 0.38%

Australian Property and Infrastructure Securities

First Sentier Property Securities 0.01% 0.01% 0.00%

Ironbark Property Securities 0.06% 0.01% 0.05%

Martin Currie Real Income 0.08% 0.06% 0.02%

Pendal Property Investment 0.08% 0.08% 0.00%

Global Property and Infrastructure Securities

First Sentier Global Listed Infrastructure 0.06% 0.05% 0.01%

First Sentier Global Property Securities 0.07% 0.05% 0.02%

Macquarie Global Listed Real Estate 0.05% 0.05% 0.00%

Magellan Infrastructure 0.05% 0.05% 0.00%

Quay Global Real Estate – Unhedged

0.10% 0.10% 0.00%

Resolution Capital Global Property Securities 0.18% 0.18% 0.00%

Geared

Acadian Geared Australian Equity 0.12% 0.05% 0.07%

Acadian Geared Sustainable Global Equity 0.14% 0.08% 0.06%

CFS Geared Share 0.11% 0.10% 0.01%

These gures are inclusive of the net effect of GST and any related GST credits. Please note: Past costs are not a reliable indicator of future costs. Future costs may differ.

1 The gures are estimates as these options have not been in existence for 12 months (as at 30 June 2023).

2 The gures shown above are based on the net assets of each of the geared options. Please note that borrowing costs include costs incurred directly or indirectly

inanunderlying fund.

3 The costs are estimates based on the costs incurred in the previous nancial year.

Product Disclosure Statement 41

Transaction costs – FirstChoice Wholesale Retirement Pension

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

CFS Multi-Manager Multi-Sector (These investment options are located in the Investment Options Menu.)

CFS Defensive 0.05% 0.05% 0.00%

CFS Conservative 0.08% 0.04% 0.04%

CFS Diversied 0.07% 0.04% 0.03%

CFS Moderate 0.08% 0.03% 0.05%

CFS Balanced 0.08% 0.05% 0.03%

CFS Growth 0.09% 0.03% 0.06%

CFS High Growth 0.10% 0.04% 0.06%

CFS Geared Growth Plus

0.25% 0.13% 0.12%

CFS Multi-Manager Single-Sector (These investment options are located in the Investment Options Menu.)

CFS Fixed Interest 0.09% 0.09% 0.00%

CFS Alternatives 0.30% 0.06% 0.24%

CFS Australian Share 0.11% 0.05% 0.06%

CFS Australian Small Companies 0.25% 0.05% 0.20%

CFS Global Share 0.07% 0.03% 0.04%

CFS Global Share – Hedged 0.07% 0.03% 0.04%

CFS Asian Share 0.15% 0.10% 0.05%

CFS Emerging Markets 0.13% 0.13% 0.00%

CFS Property Securities 0.09% 0.05% 0.04%

CFS Global Property Securities 0.09% 0.05% 0.04%

CFS Global Infrastructure Securities 0.12% 0.05% 0.07%

CFS Geared Australian Share

0.22% 0.06% 0.16%

CFS Geared Global Share

0.44% 0.10% 0.34%

CFS ETF Exposure Series (These investment options are located in the Investment Options Menu.)

CFS ETF Exposure Series: US Treasury Bills

0.00% 0.00% 0.00%

CFS ETF Exposure Series: Physical Gold

0.01% 0.01% 0.00%

CFS ETF Exposure Series: All‑World ex‑US Shares

0.01% 0.01% 0.00%

CFS ETF Exposure Series: US Shares

0.01% 0.01% 0.00%

CFS Lifestage options (These investment options are located in the Investment Options Menu.)

CFS Lifestage 1945‑49

0.09% 0.02% 0.07%

CFS Lifestage 1950‑54

0.10% 0.04% 0.06%

CFS Lifestage 1955‑59

0.09% 0.03% 0.06%

CFS Lifestage 1960‑64

0.08% 0.02% 0.06%

CFS Sustainability (This investment option is located in the Investment Options Menu.)

CFS Thrive+ Sustainable Growth

0.40% 0.14% 0.26%

CFS Enhanced Index Series (These investment options are located in the Investment Options Menu.)

CFS Enhanced Index Conservative 0.04% 0.03% 0.01%

CFS Enhanced Index Diversied 0.04% 0.04% 0.00%

CFS Enhanced Index Moderate 0.04% 0.04% 0.00%

CFS Enhanced Index Balanced 0.04% 0.04% 0.00%

CFS Enhanced Index Growth 0.06% 0.06% 0.00%

CFS Enhanced Index High Growth 0.08% 0.08% 0.00%

CFS Index Series (These investment options are located in the Investment Options Menu.)

CFS Index Conservative 0.04% 0.03% 0.01%

CFS Index Diversied 0.02% 0.02% 0.00%

CFS Index Moderate 0.04% 0.04% 0.00%

Refer to page 45 for footnotes 1–3.

42 FirstChoice Wholesale Personal Super and Pension

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

CFS Index Balanced 0.04% 0.04% 0.00%

CFS Index Growth 0.04% 0.04% 0.00%

CFS Index High Growth 0.04% 0.04% 0.00%

CFS Index Australian Bond 0.02% 0.02% 0.00%

CFS Index Global Bond 0.03% 0.03% 0.00%

CFS Index Australian Share 0.01% 0.01% 0.00%

CFS Index Global Share 0.00% 0.00% 0.00%

CFS Index Global Share – Hedged 0.01% 0.01% 0.00%

CFS Index Property Securities 0.01% 0.01% 0.00%

CFS Index Global Property Securities 0.02% 0.02% 0.00%

CFS Index Global Listed Infrastructure Securities 0.02% 0.02% 0.00%

CFS Geared Index Australian Share

0.11% 0.11% 0.00%

CFS Geared Index Global Share

0.08% 0.08% 0.00%

Other Options (These investment options are located in the Investment Options Menu.)

Alternative Income

Acadian Defensive Income 0.11% 0.09% 0.02%

First Sentier Target Return Income 0.05% 0.05% 0.00%

Pendal Monthly Income Plus 0.04% 0.04% 0.00%

Conservative

AZ Sestante Conservative 0.06% 0.05% 0.01%

Context Capital Short Term

0.07% 0.03% 0.04%

First Sentier Conservative 0.06% 0.03% 0.03%

Perpetual Conservative Growth 0.05% 0.05% 0.00%

Moderate

AZ Sestante Diversied 0.09% 0.07% 0.02%

Context Capital Medium Term

0.08% 0.05% 0.03%

Evidentia Medium Term

0.05% 0.05% 0.00%

First Sentier Balanced 0.11% 0.05% 0.06%

Perpetual Diversied Growth 0.09% 0.09% 0.00%

Growth

First Sentier Diversied 0.12% 0.06% 0.06%

Pendal Sustainable Balanced 0.08% 0.05% 0.03%

Perpetual Balanced Growth 0.11% 0.11% 0.00%

Diversied Real Return

Perpetual Diversied Real Return 0.16% 0.16% 0.00%

Schroder Real Return 0.06% 0.06% 0.00%

High Growth

AZ Sestante Growth 0.15% 0.08% 0.07%

Context Capital Long Term

0.08% 0.04% 0.04%

Evidentia Long Term

0.06% 0.05% 0.01%

First Sentier High Growth 0.12% 0.07% 0.05%

Single Manager Single-Sector (These investment options are located in the Investment Options Menu.)

Cash and Deposits

FirstRate Saver 0.00% 0.00% 0.00%

FirstRate Saver Non‑Auto‑rebalancing 0.00% 0.00% 0.00%

FirstRate Term Deposits 0.00% 0.00% 0.00%

Enhanced Cash

CFS Enhanced Cash

0.00% 0.00% 0.00%

First Sentier Strategic Cash 0.00% 0.00% 0.00%

Refer to page 45 for footnotes 1–3.

Product Disclosure Statement 43

Refer to page 45 for footnotes 1–3.

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Short Duration Fixed Interest

First Sentier Global Credit Income 0.07% 0.07% 0.00%

Franklin Australian Absolute Return Bond

0.12% 0.12% 0.00%

Kapstream Absolute Return Income 0.06% 0.06% 0.00%

Macquarie Income Opportunities 0.06% 0.06% 0.00%

Mutual Income

0.00% 0.00% 0.00%

Perpetual Diversied Income 0.03% 0.03% 0.00%

PM Capital Enhanced Yield 0.04% 0.04% 0.00%

Schroder Absolute Return Income 0.10% 0.10% 0.00%

Yarra Enhanced Income

0.19% 0.16% 0.03%

Diversied Fixed Interest

Afrmative Global Impact Bond 0.07% 0.07% 0.00%

Bentham Global Income

0.02% 0.01% 0.01%

Brandywine Global Income Optimiser 0.13% 0.13% 0.00%

Colchester Global Government Bond 0.08% 0.08% 0.00%

First Sentier Diversied Fixed Interest 0.08% 0.08% 0.00%

PIMCO Diversied Fixed Interest

0.13% 0.13% 0.00%

PIMCO Global Bond 0.04% 0.04% 0.00%

T. Rowe Price Dynamic Global Bond

0.42% 0.12% 0.30%

UBS Diversied Fixed Income 0.05% 0.05% 0.00%

Australian Fixed Interest

First Sentier Australian Bond 0.05% 0.05% 0.00%

Janus Henderson Tactical Income

0.06% 0.01% 0.05%

Pendal Sustainable Australian Fixed Interest 0.17% 0.17% 0.00%

PIMCO Australian Bond

0.03% 0.03% 0.00%

Western Asset Australian Bond

0.03% 0.03% 0.00%

Alternatives

Aspect Absolute Return 0.31% 0.00% 0.31%

Aspect Diversied Futures 0.27% 0.00% 0.27%

Lower Volatility Share

AB Managed Volatility Equities

0.53% 0.04% 0.49%

Acadian Global Managed Volatility Equity 0.06% 0.04% 0.02%

First Sentier Equity Income 0.06% 0.03% 0.03%

Merlon Australian Share Income 0.16% 0.07% 0.09%

State Street Australian Equity 0.03% 0.03% 0.00%

Australian Share

Acadian Australian Equity 0.05% 0.04% 0.01%

Airlie Australian Share

0.12% 0.12% 0.00%

Alphinity Sustainable Share 0.10% 0.07% 0.03%

Antares Ex‑20 Australian Equities

0.26% 0.15% 0.11%

Ausbil Active Sustainable Equity 0.06% 0.05% 0.01%

Ausbil Australian Active Equity 0.03% 0.03% 0.00%

Bennelong Ex‑20 Australian Equities 0.16% 0.12% 0.04%

DNR Capital Australian Equities High Conviction

0.09% 0.09% 0.00%

DNR Capital Australian Equity Income

0.00% 0.00% 0.00%

Fidelity Australian Equities 0.02% 0.02% 0.00%

First Sentier Concentrated Australian Share 0.07% 0.07% 0.00%

First Sentier Imputation 0.09% 0.08% 0.01%

Investors Mutual Australian Share 0.06% 0.06% 0.00%

Lazard Select Australian Equity 0.11% 0.05% 0.06%

44 FirstChoice Wholesale Personal Super and Pension

Refer to page 45 for footnotes 1–3.

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Pendal Australian Share 0.05% 0.05% 0.00%

Pendal Sustainable Australian Share 0.06% 0.05% 0.01%

Perennial Value Australian Share 0.30% 0.08% 0.22%

Perpetual Australian Share 0.15% 0.10% 0.05%

Perpetual Industrial Share 0.17% 0.04% 0.13%

Realindex Australian Share Value 0.01% 0.01% 0.00%

Schroder Australian Equity 0.04% 0.04% 0.00%

Solaris Core Australian Equity 0.13% 0.08% 0.05%

T. Rowe Price Australian Equity 0.13% 0.02% 0.11%

WaveStone Australian Share 0.10% 0.05% 0.05%

Australian Share – Small Companies

Ausbil Australian Emerging Leaders 0.29% 0.05% 0.24%

Celeste Australian Small Companies 0.22% 0.14% 0.08%

Eiger Australian Small Companies 0.29% 0.29% 0.00%

First Sentier Australian Small Companies 0.08% 0.08% 0.00%

First Sentier Developing Companies 0.15% 0.09% 0.06%

First Sentier Future Leaders 0.31% 0.04% 0.27%

OC Premium Small Companies 0.26% 0.11% 0.15%

Realindex Australian Small Companies Value 0.03% 0.02% 0.01%

Global Share

Acadian Sustainable Global Equity 0.07% 0.02% 0.05%

Antipodes Global 0.20% 0.09% 0.11%

Baillie Gifford Sustainable Growth 0.04% 0.03% 0.01%

Baillie Gifford Long Term Global Growth 0.02% 0.02% 0.00%

Barrow Hanley Concentrated Global Share

0.05% 0.05% 0.00%

Barrow Hanley Global Share 0.16% 0.13% 0.03%

Epoch Global Equity Shareholder Yield 0.05% 0.02% 0.03%

GQG Partners Global Equity

0.18% 0.18% 0.00%

GQG Partners Global Equity – Hedged

0.12% 0.12% 0.00%

Hyperion Global Growth Companies 0.15% 0.15% 0.00%

Intermede Global Equities

0.03% 0.03% 0.00%

Ironbark Royal London Concentrated Global Share 0.12% 0.12% 0.00%

Ironbark Royal London Core Global Share

0.07% 0.07% 0.00%

Magellan Global Share 0.03% 0.03% 0.00%

Magellan Global Share – Hedged 0.06% 0.06% 0.00%

MFS Global Equity 0.01% 0.01% 0.00%

Nanuk New World

0.10% 0.10% 0.00%

Pendal Global Select

0.08% 0.03% 0.05%

Realindex Global Share Value 0.03% 0.03% 0.00%

Realindex Global Share Value – Hedged 0.03% 0.03% 0.00%

Stewart Investors Worldwide Leaders Sustainability 0.03% 0.03% 0.00%

Stewart Investors Worldwide Sustainability 0.06% 0.06% 0.00%

Talaria Global Equity 0.29% 0.29% 0.00%

T. Rowe Price Global Equity 0.06% 0.03% 0.03%

T. Rowe Price Global Equity – Hedged 0.17% 0.11% 0.06%

Product Disclosure Statement 45

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Global Share – Emerging Markets

Fidelity Asia 0.29% 0.29% 0.00%

Pendal Global Emerging Market Opportunities 0.09% 0.09% 0.00%

Platinum Asia 0.11% 0.08% 0.03%

Realindex Emerging Markets Value 0.12% 0.05% 0.07%

Stewart Investors Global Emerging Markets Leaders Sustainability 0.06% 0.03% 0.03%

Specialist Share

Acadian Australian Equity Long Short 0.11% 0.07% 0.04%

Acadian Global Equity Long Short 0.17% 0.03% 0.14%

Bell Global Emerging Companies 0.20% 0.20% 0.00%

CFS Global Health & Biotechnology 0.05% 0.03% 0.02%

CFS Global Small Companies 0.15% 0.04% 0.11%

CFS Global Technology & Communications 0.35% 0.25% 0.10%

Janus Henderson Global Natural Resources 0.47% 0.05% 0.42%

L1 Capital Catalyst

0.15% 0.15% 0.00%

Perpetual Share‑Plus Long‑Short

0.45% 0.17% 0.28%

Platinum International 0.10% 0.05% 0.05%

PM Capital Global Companies 0.10% 0.10% 0.00%

Sage Capital Equity Plus

0.76% 0.38% 0.38%

Australian Property and Infrastructure Securities

First Sentier Property Securities 0.02% 0.02% 0.00%

Ironbark Property Securities 0.07% 0.02% 0.05%

Martin Currie Real Income 0.09% 0.07% 0.02%

Pendal Property Investment 0.08% 0.08% 0.00%

Global Property and Infrastructure Securities

First Sentier Global Listed Infrastructure 0.06% 0.06% 0.00%

First Sentier Global Property Securities 0.08% 0.06% 0.02%

Macquarie Global Listed Real Estate 0.05% 0.05% 0.00%

Magellan Infrastructure 0.05% 0.05% 0.00%

Quay Global Real Estate – Unhedged

0.10% 0.10% 0.00%

Resolution Capital Global Property Securities 0.19% 0.19% 0.00%

Geared

Acadian Geared Australian Equity 0.11% 0.04% 0.07%

Acadian Geared Sustainable Global Equity 0.18% 0.09% 0.09%

CFS Geared Share 0.20% 0.20% 0.00%

These gures are inclusive of the net effect of GST and any related GST credits. Please note: Past costs are not a reliable indicator of future costs. Future costs may differ.

1 The gures are estimates as these options have not been in existence for 12 months (as at 30 June 2023).

2 The gures shown above are based on the net assets of each of the geared options. Please note that borrowing costs include costs incurred directly or indirectly

inanunderlying fund.

3 The costs are estimates based on the costs incurred in the previous nancial year.

46 FirstChoice Wholesale Personal Super and Pension

Transaction costs – FirstChoice Wholesale Pre-Retirement Pension

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

CFS Multi-Manager Multi-Sector (These investment options are located in the Investment Options Menu.)

CFS TTR Defensive 0.12% 0.12% 0.00%

CFS TTR Conservative 0.10% 0.06% 0.04%

CFS TTR Diversied 0.12% 0.08% 0.04%

CFS TTR Moderate 0.12% 0.07% 0.05%

CFS TTR Balanced 0.14% 0.09% 0.05%

CFS TTR Growth 0.13% 0.06% 0.07%

CFS TTR High Growth 0.15% 0.08% 0.07%

CFS Multi-Manager Single-Sector (These investment options are located in the Investment Options Menu.)

CFS TTR Fixed Interest 0.11% 0.11% 0.00%

CFS TTR Alternatives 0.30% 0.06% 0.24%

CFS TTR Australian Share 0.13% 0.06% 0.07%

CFS TTR Australian Small Companies 0.33% 0.14% 0.19%

CFS TTR Global Share 0.08% 0.04% 0.04%

CFS TTR Emerging Markets 0.14% 0.11% 0.03%

CFS TTR Property Securities 0.18% 0.12% 0.06%

CFS TTR Global Infrastructure Securities 0.25% 0.17% 0.08%

CFS Lifestage options (These investment options are located in the Investment Options Menu.)

CFS TTR Lifestage 1955‑59

0.09% 0.03% 0.06%

CFS TTR Lifestage 1960‑64

0.08% 0.02% 0.06%

CFS Sustainability (This investment option is located in the Investment Options Menu.)

CFS TTR Thrive+ Sustainable Growth

0.40% 0.14% 0.26%

CFS Enhanced Index Series (These investment options are located in the Investment Options Menu.)

CFS TTR Enhanced Index Conservative 0.06% 0.04% 0.02%

CFS TTR Enhanced Index Diversied 0.06% 0.05% 0.01%

CFS TTR Enhanced Index Moderate 0.05% 0.04% 0.01%

CFS TTR Enhanced Index Balanced 0.07% 0.05% 0.02%

CFS TTR Enhanced Index Growth 0.07% 0.06% 0.01%

CFS TTR Enhanced Index High Growth 0.10% 0.08% 0.02%

CFS Index Series (These investment options are located in the Investment Options Menu.)

CFS TTR Index Conservative 0.09% 0.07% 0.02%

CFS TTR Index Diversied 0.08% 0.07% 0.01%

CFS TTR Index Moderate 0.14% 0.14% 0.00%

CFS TTR Index Balanced 0.11% 0.11% 0.00%

CFS TTR Index Growth 0.10% 0.10% 0.00%

CFS TTR Index High Growth 0.09% 0.08% 0.01%

CFS TTR Index Australian Bond 0.11% 0.11% 0.00%

CFS TTR Index Global Bond 0.13% 0.13% 0.00%

CFS TTR Index Australian Share 0.01% 0.01% 0.00%

CFS TTR Index Global Share 0.02% 0.02% 0.00%

CFS TTR Index Global Share – Hedged 0.02% 0.02% 0.00%

CFS TTR Index Property Securities 0.02% 0.02% 0.00%

CFS TTR Index Global Property Securities 0.06% 0.06% 0.00%

CFS TTR Index Global Listed Infrastructure Securities 0.08% 0.08% 0.00%

Refer to page 49 for footnotes 1–3.

Product Disclosure Statement 47

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Other Multi-Sector (These investment options are located in the Investment Options Menu.)

Alternative Income

Acadian TTR Defensive Income 0.17% 0.11% 0.06%

Pendal TTR Monthly Income Plus 0.08% 0.08% 0.00%

Conservative

AZ Sestante TTR Conservative 0.19% 0.08% 0.11%

Context Capital TTR Short Term

0.07% 0.03% 0.04%

First Sentier TTR Conservative 0.11% 0.07% 0.04%

Perpetual TTR Conservative Growth 0.30% 0.30% 0.00%

Moderate

AZ Sestante TTR Diversied 0.08% 0.04% 0.04%

Context Capital TTR Medium Term

0.08% 0.05% 0.03%

Evidentia TTR Medium Term

0.05% 0.05% 0.00%

First Sentier TTR Balanced 0.59% 0.54% 0.05%

Perpetual TTR Diversied Growth 0.23% 0.15% 0.08%

Growth

First Sentier TTR Diversied 0.22% 0.14% 0.08%

Perpetual TTR Balanced Growth 0.66% 0.61% 0.05%

Diversied Real Return

Perpetual TTR Diversied Real Return 0.16% 0.16% 0.00%

Schroder TTR Real Return 0.10% 0.10% 0.00%

High Growth

AZ Sestante TTR Growth

0.21% 0.13% 0.08%

Context Capital TTR Long Term

0.08% 0.04% 0.04%

Evidentia TTR Long Term

0.06% 0.05% 0.01%

Single Manager Single-Sector (These investment options are located in the Investment Options Menu.)

Cash and Deposits

FirstRate TTR Saver 0.00% 0.00% 0.00%

FirstRate TTR Saver Non‑Auto‑rebalancing

0.00% 0.00% 0.00%

Enhanced Cash

First Sentier TTR Strategic Cash 0.00% 0.00% 0.00%

Short Duration Fixed Interest

First Sentier TTR Global Credit Income 0.29% 0.29% 0.00%

Franklin TTR Australian Absolute Return Bond 0.14% 0.14% 0.00%

Kapstream TTR Absolute Return Income 0.06% 0.06% 0.00%

Macquarie TTR Income Opportunities 0.06% 0.06% 0.00%

Mutual TTR Income

0.00% 0.00% 0.00%

Perpetual TTR Diversied Income 0.07% 0.07% 0.00%

PM Capital TTR Enhanced Yield 0.08% 0.08% 0.00%

Schroder TTR Absolute Return Income 0.13% 0.13% 0.00%

Yarra TTR Enhanced Income

0.19% 0.16% 0.03%

Diversied Fixed Interest

Bentham TTR Global Income

0.02% 0.01% 0.01%

Brandywine TTR Global Income Optimiser 0.28% 0.28% 0.00%

Colchester TTR Global Government Bond 0.10% 0.10% 0.00%

First Sentier TTR Diversied Fixed Interest 0.52% 0.52% 0.00%

PIMCO TTR Diversied Fixed Interest 0.16% 0.16% 0.00%

PIMCO TTR Global Bond 0.07% 0.07% 0.00%

T. Rowe Price TTR Dynamic Global Bond

0.42% 0.12% 0.30%

UBS TTR Diversied Fixed Income 0.07% 0.07% 0.00%

Refer to page 49 for footnotes 1–3.

48 FirstChoice Wholesale Personal Super and Pension

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Australian Fixed Interest

First Sentier TTR Australian Bond 0.14% 0.14% 0.00%

Janus Henderson TTR Tactical Income

0.06% 0.01% 0.05%

Pendal TTR Sustainable Australian Fixed Interest 0.05% 0.05% 0.00%

PIMCO TTR Australian Bond 0.04% 0.04% 0.00%

Western Asset TTR Australian Bond

0.03% 0.03% 0.00%

Alternatives

Aspect TTR Diversied Futures 0.26% 0.00% 0.26%

Lower Volatility Share

Acadian TTR Global Managed Volatility Equity 0.10% 0.06% 0.04%

First Sentier TTR Equity Income 0.09% 0.04% 0.05%

Merlon TTR Australian Share Income 0.22% 0.10% 0.12%

State Street TTR Australian Equity 0.08% 0.08% 0.00%

Australian Share

Alphinity TTR Sustainable Share 0.17% 0.12% 0.05%

Antares TTR Ex‑20 Australian Equities

0.26% 0.15% 0.11%

Ausbil TTR Australian Active Equity 0.19% 0.19% 0.00%

Bennelong TTR Ex‑20 Australian Equities 0.20% 0.11% 0.09%

DNR Capital TTR Australian Equities High Conviction

0.09% 0.09% 0.00%

Fidelity TTR Australian Equities 0.03% 0.03% 0.00%

First Sentier TTR Concentrated Australian Share 0.15% 0.12% 0.03%

First Sentier TTR Imputation 0.40% 0.36% 0.04%

Investors Mutual TTR Australian Share 0.09% 0.09% 0.00%

Lazard TTR Select Australian Equity 0.16% 0.08% 0.08%

Pendal TTR Australian Share 0.26% 0.23% 0.03%

Perennial Value TTR Australian Share 0.69% 0.46% 0.23%

Perpetual TTR Australian Share 0.26% 0.18% 0.08%

Perpetual TTR Industrial Share 0.42% 0.27% 0.15%

Realindex TTR Australian Share Value 0.02% 0.02% 0.00%

Schroder TTR Australian Equity 0.08% 0.07% 0.01%

T. Rowe Price TTR Australian Equity 0.16% 0.05% 0.11%

WaveStone TTR Australian Share 0.13% 0.07% 0.06%

Australian Share – Small Companies

Ausbil TTR Australian Emerging Leaders 0.34% 0.09% 0.25%

First Sentier TTR Australian Small Companies 0.27% 0.26% 0.01%

OC TTR Premium Small Companies 0.31% 0.13% 0.18%

Global Share

Baillie Gifford TTR Long Term Global Growth 0.09% 0.08% 0.01%

Barrow Hanley TTR Global Share

0.12% 0.12% 0.00%

Epoch TTR Global Equity Shareholder Yield 0.07% 0.03% 0.04%

GQG Partners TTR Global Equity

0.18% 0.18% 0.00%

GQG Partners TTR Global Equity – Hedged

0.12% 0.12% 0.00%

Intermede TTR Global Equities

0.03% 0.03% 0.00%

Ironbark Royal London TTR Concentrated Global Share

0.27% 0.27% 0.00%

Ironbark Royal London TTR Core Global Share

0.07% 0.07% 0.00%

Magellan TTR Global Share 0.03% 0.03% 0.00%

Magellan TTR Global Share – Hedged 0.04% 0.04% 0.00%

MFS TTR Global Equity 0.02% 0.02% 0.00%

Nanuk TTR New World

0.10% 0.10% 0.00%

Refer to page 49 for footnotes 1–3.

Product Disclosure Statement 49

Option name

(A)

Gross transaction

costs(p.a.)

(B)

Costs recovered

(p.a.)

(C)

Net transaction

costs (p.a.)

(C=A-B)

Pendal TTR Global Select

0.08% 0.03% 0.05%

Realindex TTR Global Share Value 0.06% 0.06% 0.00%

Realindex TTR Global Share Value – Hedged 0.19% 0.19% 0.00%

Stewart Investors TTR Worldwide Sustainability 0.07% 0.07% 0.00%

Talaria TTR Global Equity 0.66% 0.63% 0.03%

T. Rowe Price TTR Global Equity 0.07% 0.03% 0.04%

T. Rowe Price TTR Global Equity – Hedged 0.18% 0.11% 0.07%

Global Share – Emerging Markets

Pendal TTR Global Emerging Market Opportunities 0.28% 0.26% 0.02%

Platinum TTR Asia 0.16% 0.13% 0.03%

Specialist Share

Bell TTR Global Emerging Companies

0.13% 0.08% 0.05%

L1 Capital TTR Catalyst

0.15% 0.15% 0.00%

Perpetual TTR Share‑Plus Long‑Short

0.45% 0.17% 0.28%

Platinum TTR International 0.10% 0.05% 0.05%

Sage Capital TTR Equity Plus

0.76% 0.38% 0.38%

Australian Property and Infrastructure Securities

Pendal TTR Property Investment 0.11% 0.09% 0.02%

Global Property and Infrastructure Securities

First Sentier TTR Global Listed Infrastructure 0.08% 0.05% 0.03%

First Sentier TTR Global Property Securities 0.16% 0.12% 0.04%

Macquarie TTR Global Listed Real Estate 0.08% 0.08% 0.00%

Magellan TTR Infrastructure 0.08% 0.08% 0.00%

Quay TTR Global Real Estate – Unhedged

0.10% 0.10% 0.00%

Resolution Capital TTR Global Property Securities 0.15% 0.15% 0.00%

Geared

CFS TTR Geared Share 0.21% 0.14% 0.07%

These gures are inclusive of the net effect of GST and any related GST credits. Please note: Past costs are not a reliable indicator of future costs. Future costs may differ.

1 The gures are estimates as these options have not been in existence for 12 months (as at 30 June 2023).

2 The gures shown above are based on the net assets of each of the geared options. Please note that borrowing costs include costs incurred directly or indirectly

inanunderlying fund.

3 The costs are estimates based on the costs incurred in the previous nancial year.

50 FirstChoice Wholesale Personal Super and Pension

Other operating expenses and abnormal costs

The trust deed allows for the ongoing operating costs,

charges and expenses (such as registry, audit, regulatory,

production of the offer documents and taxation advice) and

other administration and management costs, charges and

expenses that relate to the trust, to be paid directly from

thetrust. Alternatively, the trustee is entitled to recover

these costs from the trust. However, wepay such amounts

ourselves. The trust deed does not place any limit on the

amount of these costs that can bepaid from the trust.

Abnormal costs such as the costs of investor meetings,

changes to the trust deed, recovery and realisation of

assets and defending legal proceedings are paid from the

FirstChoice Trust. These costs are incurred fairly infrequently.

What is paid to your adviser?

The adviser recommending this product may receive from

us certain non‑monetary benets allowed under law (‘soft

dollar’). Under our obligations pursuant to the Corporations

Act 2001 and the Financial Services Council Code of

Practice, we keep arecord of soft dollar payments which

weare entitled to make todealer groups or advisers.

Dealer groups and other licensees who have an arrangement

with us may receive remuneration from us to the extent that

it is permitted under law. This includes remuneration for

services provided to us in relation to FirstChoice Managed

Accounts which will be negotiated directly with individual

dealer groups or licensees. Any remuneration will be paid

out of the fees wederive fromyouthat are indicated in

the tablesin the ‘Additional explanation of fees and costs’

section in a given year. If these amounts are paid, they are

paid by us from our revenue andare not an extra amount

paid from the fund, nor are theyafurther amount you

pay. Please see the Financial Services Guide forfurther

information on related party remuneration.

Adviser service fee

You can arrange for the cost of advice services provided

by your adviser, which relates to your investment in the

fund, to be deducted from your account by setting up an

adviser service fee (ASF). An ASF can be deducted monthly

as an ongoing or xed term arrangement, or as a one‑off

arrangement.

Where an ASF is deducted from your superannuation or

pension account it must be:

• consented to by you in writing and provided to us

• for advice and services provided only to you

• for advice relating to your superannuation or pension

account, from which the fee is being deducted

• a reasonable amount for the advice and services

providedto you.

Your adviser must provide you with a detailed summary of the

fees you’ve agreed to pay, including the amount which relates

to your superannuation account. No amount of the ASF may

relate to advice about an insurance product held outside of

superannuation, a non‑superannuation investment such as an

investment property, or other superannuation accounts. AIL

has complete discretion to decline a request to pay adviser

service fees, including in order to comply with its obligations

under any applicable laws. An ASF deduction which does

notrelate to advice concerning your superannuation account

in the fund may be considered to be an illegal early release of

superannuation and tax penalties may apply.

In the event where the rights of your adviser and/or their

licensee have been assigned or novated to another person

or entity, the agreed fees and payments of these fees, may

transfer to that person or entity. Where your superannuation

account balance is transferred due to a Successor Fund

Transfer/Intra‑Fund Transfer (trustee does not change),

theagreed fees may transfer to the new account.

You can generally choose the investment option from

which your ASF is deducted. Where you do not nominate an

investment option or the investment option you nominate has

insufcient funds to pay the fee, we will generally deduct the

fee from the most conservative investment option you hold

at the time the fee is deducted. ASFs are typically deducted

within the rst ve business days of the following month.

One-off adviser service fee

A one‑off adviser service fee is charged as a set dollar

amount. You can choose to have this one‑off fee deducted

proportionately from all investment options in which you’re

invested or from one specied investment option. Where

the fee is deducted from all your investment options, it will

be based the investment weighting of your account as at the

day the fee is deducted.

Ongoing or xed term adviser service fees

An ongoing or xed term adviser service fee, which is

deducted monthly, can be charged as:

• a percentage of your account value, and/or

• a set dollar amount.

You can’t arrange for both an ongoing and a xed term fee

to be deducted at the same time. Where the fee is charged

as a percentage of your account balance, the fee deduction

will occur at the beginning of each month and will generally

be calculated based on the number of days in the previous

month that the fee was applied to your account. If you

request for a specic dollar amount to be deducted each

month, that amount will thereafter be deducted at the

beginning of each month until the fee arrangement ends or

is terminated. Pro‑rata fee calculations are not applied to

xed dollar fee arrangements. No deduction will occur after

the arrangement ends or is terminated, except where the

arrangement ends on the last day of the month.

In the event where your adviser changes the ongoing or xed

term adviser service fee arrangement from a percentage of

your account balance to a xed dollar amount or vice versa,

this will affect the amount of adviser service fee you pay

for that month. However the total adviser service fees for

the duration of the xed dollar fee arrangement with your

adviser remain the same.

The below table outlines the calculation of adviser service

fees in the month where there is a change of adviser service

fee arrangement.

Product Disclosure Statement 51

Example – Balance of $50,000 and new ASF request

received on 15 June 2023

ASF changed from

xed dollar amount

to percentage of

accountbalance

ASF changed from

percentage of account

balance to xed

dollaramount

Existing ASF $30 per month 1% of the account

balance p.a.

New ASF 1% of the account

balance p.a.

$30 per month

Total ASF

deducted

for the

month of

June 2023

$0 for the xed dollar

amount fee for the month

of June.

Note: no deduction will

occur if the arrangement

ends or is terminated,

except where the

arrangement ends on the

last day of the month.

PLUS

$22.22 for the percentage

based fees deducted for

the 16 days from 15–30

June 2023.

Total: $22.22

$20.83 for the percentage

based fees deducted for

the 15 days from 1–15

June 2023.

PLUS

$30 for the xed dollar

amount fee for the month

of June.

Note: no deduction will

occur if the arrangement

ends or is terminated,

except where the

arrangement ends on the

last day of the month.

Total: $50.83

Please note: This example is for illustration purposes only

and assumes the daily account balance does not change. In

practice, the actual percentage based fees are calculated

daily and will vary based on the account balance which also

fluctuates daily.

An ongoing or xed term adviser service fee may only be

deducted from one investment option and it must be the

same investment option from which other account based

fees and costs, such as insurance premiums, are deducted.

Where you agree to pay an ongoing or xed term adviser

service fee this will continue to be deducted from your

account until:

• the term of the arrangement ends and, if an ongoing fee

arrangement, you do not renew the arrangement, or

• you, or your adviser, ask us to stop the fee arrangement.

We recommend speaking to your adviser before making

changes to the ASF as this may affect the advice and

services they provide to you.

Any ongoing or xed term adviser service fee will be paid to

the current adviser listed on your account. You can change

your adviser or renegotiate your adviser service fee with

your adviser at any time by providing a new written consent.

Your written consent todeductthefeesfrom

your account

To set‑up an adviser service fee on your account, we must be

provided with a completed adviser service fee form. This form

requires you to consent to the amount of the adviser service

fee that is to be deducted from your account and to which

adviser the fee is to be paid (through their dealer group).

The form also outlines the frequency, time and amount of

any fees, a reasonable estimate of the fees you will pay in

the next 12 months if it is not a set dollar fee and, for xed

term and one‑off fees, the services to be provided by your

adviser. In addition to the form provided to us, details of the

adviser service fee must also be disclosed to you by your

adviser in a Statement of Advice or other related advice

documentation, such as a Record ofAdvice.

Where you do not consent to an ASF, your adviser can’t

arrange for it to be deducted from your account. Your

consent for an ongoing adviser service fee must be renewed

annually through your adviser. The fee arrangement will

terminate on the ‘end date’ you and your adviser provide to

us on an adviser service fee form, if you do not provide prior

consent to renew the fee.

Please note: Paying an adviser service fee from a FirstRate

Term Deposit will be treated as an early withdrawal and this

will reduce your interest rate, or the amount you receive may

be subject to an adjustment (reduction), depending on the

investment term you choose. Please refer to the Reference

Guide – FirstChoice Wholesale Personal Super and Pension

for further details. The trustee may at its discretion limit,

reduce or refuse to deduct an adviser service fee or refuse to

record or deal with your adviser at any time.

The trustee sets guidelines for the amount of adviser

service fees deemed reasonable to be released from your

superannuation account based on your account balance.

Where your fees are outside of these set guidelines they

will be reduced or removed. We will notify you and your

adviser if this occurs. You and your adviser may discuss

analternative means for payment.

You should discuss the services your adviser will provide to

you as a result of the fees you pay. If you have any queries

in relation to the advice or services received your adviser is

best placed to assist you with these.

If you want to know how much you are paying in fees to your

adviser, you can visit FirstNet to view your transaction history,

alternatively you can contact us or your adviser directly.

Portfolio rebate

You may be entitled to a portfolio rebate of part of the

administration and investment fees and costs on your

investment options depending on the size of your portfolio

invested in eligible FirstChoice products. Eligible FirstChoice

products included in the calculation of your portfolio rebateare:

• FirstChoice Wholesale Investments,

• FirstChoice Wholesale Personal Super,

• FirstChoice Wholesale Pension,

• FirstChoice Investments, and

• FirstChoice Employer Super.

Portfolio rebates are calculated and paid net of income tax.

Portfolio rebates are calculated monthly using your account

balances

and the rebate rate that applied on the last day of

the month. Portfolio rebates will be credited to your account

in the form of additional units six‑monthly in September and

March while your account remains open. If you close your

account, your redemption will only include a rebate up to

the most recently completed calculation prior to the nal

redemption.

Unless you nominate a particular option, the portfolio

rebates will be paid to your options as outlined on page A2

(FirstChoice Wholesale Personal Super) and A2 (FirstChoice

Wholesale Pension) in the application forms.

Although your investments in FirstChoice Employer Super,

the First Sentier Strategic Cash, CFS Enhanced Cash and

the FirstRate investment options in any of the eligible

FirstChoice products count towards whether you are eligible

for the portfolio rebate, no rebate is payable on amounts

invested in those options.

1 In calculating your portfolio rebate, your account balance is determined using the gross unit price of each option.

52 FirstChoice Wholesale Personal Super and Pension

FirstChoice accounts that are individually owned and held

under the same Member ID (OIN) are automatically counted

towards your portfolio rebate.

You can also nominate investments held in joint names or

as trustee for a trust or superannuation fund to be included

in your portfolio rebate – however this linking process does

not occur automatically for these account types. If you hold

more than one Member ID (OIN), or own a non‑individual

account, please contact us to ensure you are receiving the

correct level of rebate. Each account can only be linked to

one Member ID (OIN) for portfolio rebate purposes. We do

not allow linking of nominee companyaccounts.

If you have more than one eligible FirstChoice product, all

your investments will be aggregated for the purposes of

calculating the portfolio rebate, and the rebate will be paid

to each eligible product in proportion to your totalportfolio.

The following table details the level of portfolio rebate you

may be entitled to:

Value of eligible FirstChoice products

andinvestment options Portfolio rebate (p.a.)

$0–$100,000 Nil

next $400,000 0.05%

next $500,000 0.10%

over $1,000,000 0.20%

Please note: First Sentier Strategic Cash, CFS Enhanced

Cash, FirstRate investment options and FirstChoice

Employer Super are counted rst ineach tieramount.

Example calculation: A FirstChoice Wholesale Personal

Super member has the following investments:

• FirstRate Saver (Saver option) $100,000

• First Sentier Strategic Cash (Cash option) $100,000

• CFS Balanced $1,800,000

• TOTAL PORTFOLIO $2,000,000

Portfolio balance Rate

Portfolio

rebate

First $100,000

(Cash/Saver options countedrst)

$100,000 × 0.00% $0

Next $400,000

(Cash/Saver option – $100,000

remaining × 0.00% plus $300,000

× 0.05%)

$300,000 × 0.05% $150

Next $500,000 $500,000 × 0.10% $500

Over $1,000,000 $1,000,000 × 0.20% $2,000

TOTAL $2,650

Please note: This is just an example. In practice, any actual

portfolio rebate will depend on the options you are invested

in and your investment balance.

We may change the portfolio rebate level or eligibility

criteria at any time. If you require any clarication, please

refer to cfs.com.au, contact Investor Services on1313 36

or speak to your nancial adviser.

Avanteos Investments Limited ABN 20 096 259 979 AFSL

245531 is the issuer of each of the eligible FirstChoice

super and pension products. Colonial First State

Investments Limited ABN 98 002 348 352, AFSL 232468

is the issuer of each of the eligible FirstChoice investments

products. You should consider the PDS for the relevant

FirstChoice product (which is available by contacting us on

13 13 36) and consider talking to a nancial adviser before

making an investment decision in relation to the product.

Client fee rebate

We may choose to offer a rebate of the monthly

Administration fee in respect of members of certain

advisers. If you are eligible for a rebate, it will be credited

to your accounts monthly and referred to as a ‘Client fee

rebate’ in the annual statement and on FirstNet. If you leave

your adviser, your rebate may cease. If you close or rollover

your account prior to the date of the rebate calculation

and payment, your withdrawal benet will not include any

rebate.

If we choose to reduce or cease to apply a Client fee rebate,

we will provide you with at least 30 days’ notice prior to the

change. Other changes to the fee rebate may occur without

any prior notice.

Insurance costs (FirstChoiceWholesale

Personal Super only)

Insurance premiums

The cost of insurance premiums depends on the amount of

cover you choose and your personal circumstances, including

your gender, health, occupation, age and smokingstatus.

The insurance premium is deducted monthly in advance

from one of your options. You or your adviser must specify

the option from which the insurance premium isdeducted

on theinsurance applicationform.

Please note: Choosing FirstRate Term Deposits investment

options for premium deductions will be an ‘early withdrawal’

and reduce the interest you receive. Please refer to the

Reference Guide – FirstChoice Wholesale Personal Super

and Pension.

Insurance administration fee

An insurance administration fee of up to 10.0% (including

the net effect of GST and any related GST credits) of Death,

Death and Total and Permanent Disablement and Salary

Continuance premiums is charged for administering your

insurance arrangements.

This administration fee is included in the standard premium

rates andis not an additional fee charged to your account.

For more information on insurance, please refer to section 7

‘Insurance in FirstChoice Wholesale Personal Super’ and the

FirstChoice Wholesale Personal Super Insurancebooklet.

Product Disclosure Statement 53

Taxation

Please refer to section 6 ‘Taxation’ for furtherdetails.

Expenses

Where any expenses of an option other than outlined below

are tax deductible, the benet is already reflected inthe

daily unit price for theoption.

Tax deductibility of fees

The fees quoted in this PDS are shown before any allowance

fortax payable.

Under current tax legislation, the fund may be able to claim a

tax deduction (currently at the rate of 15%) on fees payable

in the fund, including administration fees and costs. This

deduction is passed on to the members of the fund at the time

the fees are levied (through the unit price for administration

and investment fees and costs). As a result, the actual fees

charged are net of the tax deduction and cannot be claimed

in your personal tax return (where applicable).

Tax deductibility of insurance premiums

Similarly, the insurance premiums quoted in the PDS are

shown before any allowance for tax payable.

Under current tax legislation, the fund is able to claim

ataxdeduction in respect of all or part of the insurance

premiums paid through your account.

This deduction is passed on to the members of the fund,

atthe time each monthly premium is deducted from your

account. Asaresult, the actual insurance premium charged

against your account reflects the benet of the tax deduction

and cannot be claimed inyour personal taxreturn.

6 Taxation

Super is taxed in three stages: when it comes into the fund

(super contributions), when it is in the fund (investment

earnings) and when it leaves the fund (super benets).

Thereare many rules surrounding these taxes and a variety

of factors which may impact the amount of tax youpay.

Tax on super contributions

Tax is deducted from certain contributions made to your

account. The trustee pays the tax directly to the Australian

Taxation Ofce (ATO). Compulsory employer contributions

(e.g. Super Guarantee), salary sacrice contributions, and

personal contributions for which you claim a tax deduction,

made to your account are generally subject to 15% tax

unless you exceed your concessional contributionscap.

Personal contributions that you make from your post‑tax

salary are classied as non‑concessional contributions.

Youdo not pay tax on these contributions as long as they

are below your non‑concessional contributions cap and you

have notclaimed a tax deduction for them.

Please refer to the Reference Guide – FirstChoice Wholesale

Personal Super and Pension for further information about

the taxation of super contributions and contributionscaps.

Warning: If you exceed the contributions caps, you

may also be liable for tax of up to the top marginal

tax rate (plus applicable levies), depending on your

circumstances and the types of contributions.

Warning: Your Tax File Number (TFN)

Under super law (Superannuation Industry (Supervision)

Act1993), we can collect, use and disclose your TFN.

Ifyou provide your TFN, itwill be treated condentially.

We may disclose your TFN to another superannuation

provider when your benets are being transferred, unless

you request us in writing that your TFN not be disclosed

to any other superannuation provider.

If you give us your TFN you are giving us consent

touseitforlegal purposes, including:

• calculating the tax on any benets you’re entitled to

• providing information, including your TFN, to the

Commissioner of Taxation.

What are the advantages of providing it?

You don’t have to give us your TFN – it’s not required by

law and it is not an offence to decline to give us your TFN.

But giving us your TFN has the following advantages:

• we will be able to accept all permitted types of

contributions to your account(s)

• other than the tax that may ordinarily apply, you will

not pay more tax than you need to – this affects both

contributions to your super and benet payments

when you start drawing down your super benets

• it will make it much easier to nd different super

accounts in your name so that you receive all your

superbenets when you retire.

When will we be checking and updating your TFN?

Under current legislation, we are required to check

whether you have supplied us with a valid TFN whenever

we roll over or transfer your account balance. We may do

this more often, to ensure that we have the most current

and valid data for you. Where you don’t provide us with

a valid TFN, we may update our records with a valid TFN

provided by the ATO. In such an event, we will not inform

you of this update. If we receive a TFN from the ATO, you

will be taken to have provided your TFN.

If you don’t provide your TFN and you roll over your balance

from another fund, the trustee of the other fund may provide

your TFN. If so, we will update our records accordingly.

Please note: The legal purposes may change in the future

following legislative change and the consequences of not

providing your TFN may also change.

54 FirstChoice Wholesale Personal Super and Pension

Tax on investment earnings in accumulation

Income which is earned in the fund (investment earnings)

is taxed at a maximum rate of 15%

. The effective rate

of tax varies from fund to fund, depending on the level of

tax deductions in the fund plus any tax offsets available.

Thismay actually result inthe tax being lower than 15%.

Taxation costs are reflected in the unit price of each option,

except for the FirstRate options. The FirstRate options have

a xed unit price, and the interest rate credited will be net of

super earnings tax of 15%.

Tax on super benets

The amount of tax you pay on your super benets depends

onthe type of super benet, your age and whether you

choose to receive your benets as a lump sum or a pension.

The amount of tax will also depend on the tax components

that make up your superbenet.

In most cases, all super benets, both lump sum and

pension from taxed super funds such as this fund, are not

subject to tax if you’re age 60 or over (excluding certain

death benet payments). If you access your super before

age60, you may have to pay tax on all or part of your benet.

There may be tax advantages in rolling your super into

apension, rather than taking it as a lumpsum.

How pensions are taxed

If you hold an account based pension, the fund does not

pay tax on investment earnings on assets supporting

your pension, whereas earnings on assets supporting a

pre‑retirement pension are taxed at a maximum of 15%.

On commencement of your pension, your account balance

willbeproportioned between your:

• taxable component, and

• tax‑free component.

For further information on your tax components, pleasecall

Investor Services on 13 1336.

The taxation components of each pension payment amount

will be in the same proportion as your account balance on

the commencement of your pension. You should talk to your

nancial adviser about what this means for you given your

individual objectives, nancial situation andneeds.

No tax is payable:

• on your whole pension payment amount if you are

age60orover

• on the tax‑free component of your pension payment

amount,or

• on your whole pension payment amount if you are

receiving a pension because you are an eligible pension

dependant of a member who died age 60 orover.

If you are under age 60, tax may be withheld from the

taxablecomponent of your pension payment amount:

• calculated on current income tax rates (taking into

accountwhether you can claim the tax‑free threshold

andvarious taxoffsets)

• if you have reached your preservation age (your

preservation age will be between ages 55 and 60,

depending on your date of birth) or are permanently

disabled or are an eligible pension dependant of a

member who died under age 60, you are entitled to a

15%pension taxoffset on the tax withheld

• at the highest marginal tax rate (plus applicable levies),

if you have not quoted your TFN and do not have a

TFNexemption.

If tax is withheld from your pension payment amounts,

wewillgive you a Payment Summary annually that you

mustinclude inyour personal income taxreturn.

Please note: Irregular pension payments and lump sum

payments taken outside of your scheduled pension

payments maybe taxed differently.

You should talk with your nancial adviser about how a

pension may be appropriate for your individual objectives,

nancial situation andneeds.

Capital gains tax

Accumulation and pre-retirement pension

A net capital gain realised upon the sale of assets is also

included in the fund’s assessable income for tax purposes.

For assets held for more than 12 months, only 2/3 of the net

capital gain is assessable. Tax costs due to realised capital

gains are reflected in the unit price of your investment option.

A provision is also made for future estimated tax liabilities

associated with unrealised capital gains and losses on

assets held by the fund and is also reflected in the unit

price of your investment option. When withdrawing from

an investment option or switching, capital gains tax is not

separately deducted from your account. This is because

an estimate of future tax on unrealised capital gains has

already been factored in.

Retirement phase pension

The fund does not pay tax on retirement phase pension

investment earnings – this includes where your pre‑

retirement pension has become a retirement phase income

stream (for example where you have retired and notied

us, or reached age 65). Account based pensions are also

retirement phase pensions.

You should talk with your nancial adviser about how

super ora pension may be appropriate for your individual

objectives, nancial situation andneeds.

You should read the important information (incorporated

by reference) about how super and pensions are taxed

before making a decision. Please refer to the Reference

Guide – FirstChoice Wholesale Personal Super and

Pension, available online at cfs.com.au/fcwps or by

calling 131336. The material relating to tax may change

between the time you read this PDS and the day you sign

the application form.

1 The Government has proposed applying an additional 15% tax to super earnings corresponding to total super balances above $3 million from the 2025–26 year.

While draft legislation has been released for consultation, at the time of writing this proposal is not yet law.

2 Once you reach age 65, or notify us that you satisfy another eligible condition of release (retirement, terminal medical condition or permanent incapacity),

futureearnings on investments used to fund your pension are tax free.

3 If you would like us to adjust the amount withheld from payments made to you, or need to advise us of changes to information you have previously provided,

youmust complete a ‘Withholding declaration and upward variation agreement’ form, available from www.ato.gov.au

Product Disclosure Statement 55

7 Insurance in FirstChoice

Wholesale Personal Super

Insurance is a very important part of your nancial planning,

as it provides you and your family with nancial security

should something unexpected happen to you. Linking

insurance to your super can potentially be both cost and

tax‑effective.

Insurance cover is provided through group policies issued

tothe trustee.

Types of insurance cover

FirstChoice Wholesale Personal Super offers a range of

insurance cover options to suit your individual needs.

Theseoptions are:

• Death only cover

• Death and Total and Permanent Disablement (TPD) cover

• Salary Continuance Insurance (SCI) cover.

Insurance cover can be increased or reduced to meet your

changing needs. It is therefore important that you regularly

review your insurance arrangements. We recommend that

you speak toyour nancial adviser before applying for

insurancecover.

When does your cover commence?

Your application for insurance cover will need to be

assessed byAIA Australia (the insurer). Your insurance

cover will commence when:

• the insurer has accepted your application for insurance,

and

• you have a sufcient account balance in FirstChoice

Wholesale Personal Super to cover the monthly

insurancepremiums.

You will be notied in writing of AIA Australia’s assessment

of your application and, if it is accepted, the date that your

insurance cover or increase in cover commences.

How much does your insurance covercost?

Insurance premiums are the cost that you pay for insurance

cover. Insurance premiums vary according to your age,

gender, occupation and type of cover. Insurance premiums

may also be affected by your health, whether or not you

smoke and any sporting or recreational activities in which

youmay participate.

Premiums are calculated based on your age next birthday,

the type of insurance cover that you hold and the applicable

premium rate. To work out how much your premium is likely

to cost, please refer to the FirstChoice Wholesale Personal

Super Insurance booklet for more detailed information or

call usfora premium estimate on13 1336.

Premiums are paid each month in advance and are

deducted from your account on or around the 15th of

eachmonth.

You can cancel your insurance at any time but if you

subsequently decide you would like to reinstate your

insurance, you may be required to provide medical evidence.

If you wish to apply for insurance cover, you must complete

theinsurance application form and personal statement

which isprovided in the FirstChoice Wholesale Personal

Super Insurance booklet.

Important information (incorporated by reference)

regarding the insurance benets available to you is

outlined in the FirstChoice Wholesale Personal Super

Insurance booklet, which is available online at

cfs.com.au/rstchoiceinsurance. Alternatively, your

adviser can provide you with this booklet or you can

call Investor Services on 13 1336 and a copy will be

provided to you free of charge. You should read this

information carefully in order to decide whether the

insurance offered is appropriate foryourcircumstances.

56 FirstChoice Wholesale Personal Super and Pension

8 How to open an account, cooling‑off

period, nancial advice and complaints

You should read all parts of the PDS. You can

contact Investor Services on 13 13 36 or email us at

[email protected]om.au if you would like a paper copy to

be sent to you free of charge or for further information

regarding the product. You should assess whether the

product is appropriate for you and speak to your nancial

adviser before making a decision to invest in theproduct.

If you decide to invest in the product, you should always

check that you are completing an application accompanying

themost up‑to‑date version of thePDS.

By completing the application, you agree to the content of

the PDS available at the date you rst become an investor

in FirstChoice Wholesale Personal Super or FirstChoice

Wholesale Pension. Thereafter, we will notify you of changes

to the information in the PDS inaccordance with our legal

obligations. The trustee of the funds is not bound to accept

an application.

Complete the forms

Complete the application included with or accompanied

by the PDS (either paper or online) and send or submit it

to us in accordance with the instructions. If you complete

the paper application, please refer to the application form

checklist to help you determine which forms to complete.

Units in FirstChoice Wholesale cannot be issued to you

unless you use the paper or online application (and

complete all steps detailed in the checklist if paper

application is used).

If we cannot issue the product immediately after receiving

your application and application monies (for whatever

reason), these monies will be deposited in a trust account.

Any interest on these monies will be retained by us. This

does not apply if a SuperFirst Transfer Facility (see page 4)

is used.

Documents available on the website

Information regarding trustee and executive remuneration

and other documents we are required to provide under

super legislation (such as a copy of the trust deed) are

available online.

You can nd all this information at cfs.com.au/about‑us/

corporate‑governance/trustee‑and‑fund‑documents

FirstChoice Wholesale Personal Super only

Product dashboards (when required) will also be available

online at cfs.com.au

Is there a cooling-offperiod?

A 14‑day ‘cooling‑off period’ will apply to your initial

investment in the funds in certain circumstances. Scheduled

pension payments for FirstChoice Wholesale Pension

accounts will not be made during this time. If, during

the14‑day cooling‑off period, you decide that FirstChoice

Wholesale Personal Super, FirstChoice Wholesale Pension

or the SuperFirst Transfer Facility does not meet your needs,

then contact your nancial adviser and advise us in writing.

Amounts that are, or become ‘preserved’ or ‘restricted

non‑preserved’ cannot be refunded directly to you if you

take advantage of the 14‑day cooling‑off period (unless

you satisfy acondition of release). We will roll over or

transfer these amounts to the super fund, Retirement

Savings Account (RSA) or Approved Deposit Fund (ADF)

you nominate. However, the amount will still be reported

totheATO.

The 14 days start when your transaction conrmation is

received by you or ve days after your units are issued,

whichever is earlier.

We will refund your investment, reduced or increased for

market movements. We will also deduct any tax or duty

incurred and an amount for reasonable transaction and

administration costs we incur in relation to your investment

in the fund, including determining your application. As a

result, the amount returned to you may be less than your

originalinvestment.

Please note that the cooling‑off period will lapse if you

transact on your account within the 14days.

Under normal circumstances we will return your investment

within seven working days of you notifying us (and, where

relevant, once we have established your identity). For more

information, please call Investor Services on 13 1336.

Financial advice

We understand that the world of superannuation can be

confusing. That is why we have selected Otivo* to provide

you with access to ‘limited advice’ which includes advice on

a range of important topics, like:

• understanding the most suitable investment option(s)

within the fund

• advising on what contributions you can make and how to

make additional contributions

• determining what insurance is available to you in the fund

and what cover may be suitable for you

Limited advice is available from Otivo by calling our contact

centre on 13 13 36. All aspects of limited advice may not

be available as at the date of this PDS. Provision of Otivo

advice will require your consent before deduction of a small

fee from your superannuation account enabling you to

access a range of Otivo limited advice topics for a period of

12 months. Full terms and conditions for the Otivo limited

advice service are available at cfs.otivo.com. Otivo is not a

related party of CFSIL or AIL.

Please note that the advice provided by Otivo is limited

advice, which may or may not be sufcient for your needs.

Full personal advice is more comprehensive and capable of

taking into account more complex needs. If you believe your

needs are more complex, but don’t already have an adviser,

you can locate an adviser on the CFS ‘nd an adviser’ tool

on our website. Alternatively, there is a full list of advisers in

Australia on the ASIC MoneySmart website. If you engage

with a nancial adviser and receive personal advice, you

may be able to deduct the cost of the advice from your

superannuation account.

* Otivo Pty Ltd (ABN 47 602 457 732 AFSL 485665)

Product Disclosure Statement 57

What to do if you have a complaint

We recognise that even in the best run organisations things

can go wrong. If you have a complaint, please tell us so

we can work with you to try and x the problem. We aim

toresolve complaints promptly and we will do all we can

toresolve the situation for you.

In resolving your complaint, we will:

• acknowledge your complaint and make sure we

understandthe issues

• record your complaint and investigate the matters raised

• do everything we can to x any problems

• keep you informed of our progress

• give you our name, a reference number and contact

detailsso that you can follow up at any time and

• provide a written resolution letter (for complaints not

resolved within 5 business days), which explains our

investigation, decision and reasons for our decision.

We will make every effort to resolve your query as quickly as

possible, but no later than 45 days, unless your complaint

relates to a death benet distribution, in which case no later

than 90 days.

Occasionally, there may be delays in responding to your

complaint, due to the complexity of the resolution or due to

circumstances outside of our control. If this occurs we will

let you know about the delay, the reason for the delay and

your options, including your right to complain to the external

dispute body.

To lodge a complaint, you can contact us by:

Phone 13 13 36

Monday to Friday – for our contact centre operating

hours, please refer to cfs.com.au/about‑us/contact‑us

Email [email protected]om.au

Website Submit a feedback form (cfs.com.au/feedback)

Mail CFS Complaints Resolution

GPO Box 3956

Sydney NSW 2001

External dispute resolution

If at any time you are not satised with the handling of

your complaint or the resolution we have provided, you can

lodge a complaint with the Australian Financial Complaints

Authority (AFCA). AFCA provides fair and independent

nancial services complaint resolution that is free to

consumers. You can contact AFCA by:

Website: www.afca.org.au

Email: [email protected]g.au

Phone: 1800 931 678 (free call)

Mail: Australian Financial Complaints Authority

GPO Box 3

Melbourne VIC 3001

Time limits may apply to complain to AFCA so you should

act promptly or otherwise consult the AFCA website

to nd out if or when the time limit relevant to your

circumstancesexpires.

Managing conflicts of interest

CBA holds an interest in CFS through its signicant minority

interest in HoldCo.

All related party transactions are conducted on arm’s length

terms. Accordingly, AIL believes that related parties are

receiving reasonable remuneration. Any conflict of interest

or potential conflict of interest is managed in accordance

with CFS’s Conflicts Management Policy. AIL is the trustee of

superannuation funds and makes its investment decisions

in accordance with its systems and processes separately

from other CFS entities and CBA. The available investments

may include securities or other nancial products issued

by other CFS entities or CBA. As a result, their activities

may have an effect on the investments. Other CFS entities

may have investments in CFS and may derive associated

benets/ returns on those investments.

AIL makes no representation as to the future performance

of any underlying investments held in the superannuation

funds, including those issued by other CFS entities or

CBA. AIL, other CFS entities, members of CBA and their

directors and employees may hold, buy or sell shares

or other nancial products included in the options in

the superannuation funds. They may have business

relationships (including joint ventures) with related parties

or any of the entities included in the superannuation funds.

In addition, they may from time to time advise AIL in

relation to activities unconnected with the superannuation

funds. Such relationships and advisory roles may include

acting as general nancial adviser in respect of, without

limitation, corporate advice, nancing, funds management,

property and other services. The directors and employees

of AIL, other CFS entities and members of CBA may

hold directorships in the companies included in the

superannuation funds. Any condential information they

receive as a result of the business relationships, advisory

roles and directorships discussed above will not be made

available to AIL.

Scan the QR code with your mobile

device for an interactive PDF of the

FirChoice Wholesale Personal

Super application form

Units in FirChoice Wholesale Personal Super

will only be issued on receipt of the completed

application form and any documents required

to be attached, issued together with the PDS

dated 18 November 2023. You should read

all parts of the current PDS before applying.

Referto the Application form checkli for

inructions onhow to complete this form.

Scan the QR code with your mobile

device for an interactive PDF of

the FirChoice Wholesale Pension

application form

A FirChoice Wholesale Pension account will

only be eablished on receipt of a completed

application form and any documents required

to be attached, issued together with the PDS

dated 18 November 2023. Youshould read

all parts of the current PDS before applying.

Referto the Application form checkli for

inructions on how to complete this form.

FirstChoice Wholesale

Personal Super

FirstChoice Wholesale

Pension

Issue No 2024/2, dated 15 June 2024

Issued by Avanteos Investments Limited ABN 20 096 259 979 AFSL 245531

Personal Super

Application Forms

FirstChoice Wholesale

FirstChoice Wholesale Personal Super – application forms A1

Application form checklist

Send your completed application form to:

Colonial First State, Reply Paid 27, Sydney NSW 2001 or via the secure online system (e-Post) with FirstNet Investor and FirstNet Adviser

Which forms should you complete?

How can you …

Application Form

(page A3)

Non-lapsing Death

Beneﬁt Nomination

(page C1)

Consolidate mysuper

(page D1)

Make a super contribution

•

Transfer/Roll over super fundsfromanotherinstitution

• •

Nominate who receives your benet on death

•

FirstChoice Wholesale Personal Super application form

To ensure that we are able to process your application quickly and efciently, please check that you have completed the following steps:

Step 1 – Part A Your details – Complete sections 1–4

Account details Nominate to open a new account or link to an existing account.

Investor details Provide your full name, date of birth and Tax File Number (refer to the PDS for furtherdetails).

Contact details Provide your contact details, including residential address.

Online services You are automatically provided with access to online services. Do not cross the box if you want online access.

Step 2 – Part B Your investment – Complete sections 5–7

Contribution/Rollover details Provide details of your contribution and/or rollover. If you are making a personal contribution and intend to claim

a personal tax deduction, you must provide us with a completed notice of intent to claim or vary a deduction for

personal super contributions form, available in the forms library at cfs.com.au/forms orfrom the ATO.

You must have already notied the trustee of your super fund and received an acknowledgement from the trustee

before applying for a pension. You will not be able to lodge this request once you have commenced apension.

Note: If you are making a Downsizer contribution, you will need to provide us with a Downsizer contribution into

super form (available from the ATO). You must give your signed and dated election form to us either with the

contribution or before it is made. It is not valid if the contribution is already made.

Note: If you are making a CGT contribution, you will need to provide us with a CGT cap election form (available from

the ATO) either with the contribution or before it is made. If you don’t provide us with the form, we must treat the

contribution as a non-concessional contribution and it will count towards your non-concessional contributions cap.

Note: If you are making a personal injury payment, you will need to provide us with a contribution for personal

injury election form (available from the ATO) either with the contribution or before it is made. If you don’t provide

us with this form, we must treat the contribution asanon-concessional contribution.

Note: If you are making a re-contribution of COVID-19 early release of superannuation amounts, you will need to

provide us with a Notice of re-contribution of COVID-19 early release amounts form (available from the ATO) either

with the contribution or before it is made. If you don’t provide us with this form, we must treat the contribution as

anon-concessional contribution.

We can receive Downsizer contributions, CGT contributions, personal injury contributions, and re-contributions of

COVID-19 early release superannuation amounts in the form of a direct debit deduction from your bank account.

We can’t accept these payments via Electronically Funded Transfers or B

pay.

Due to regulatory changes, we can only receive SMSF rollovers via the SuperStream electronic payment system.

Please contact your SMSF Administrator or SMSF messaging provider to facilitate your rollover.

Please contact Investor Services on 13 13 36 or speak with your adviser if you require further information.

Payment details

Indicate your method of payment. If investing by direct debit, please complete your bank details.

Investment allocation Complete your investment allocation details including:

• the option(s) you wish to invest in

• the percentage to be attributed to each option for initial investments

• the percentage to be attributed to each option for your regular investment plan (if applicable).

Note: If no investment option is selected, your investment will be delayed.

Step 3 – Parts C and D Other information and declaration – Complete sections 8–12

Auto-rebalancing facility This facility allows you to rebalance the percentage amounts across each of your investment options, back in line with

your preferred investment strategy. Please refer to the Reference Guide – FirstChoice Wholesale Personal Super and

Pension for further details of this facility.

Adviser service fee You only need to complete this section if you have agreed with your nancial adviser to have an ongoing and/or

one-off adviser service fee deducted from your investment.

Portfolio rebate Select the investment option to which any portfolio rebate that may be applicable is to be credited.

RefertothePDS to see if you are eligible and for further details on the portfoliorebate.

Declaration and signature Sign the declaration. If you are signing under an authority provided under a legally binding authority,

suchasaPower of Attorney or a Guardianship, please see below.

1 We require a separate direct debit request to be completed in all cases where the bank account details do not exactly match the investor details on this account. In this case,

you will need to obtain a separate direct debit request form, available from cfs.com.au/forms.

Complete pages A3–A18

A2 FirstChoice Wholesale Personal Super – application forms

Step 4 Identiﬁcation and veriﬁcation

You or your adviser may also like to complete the ‘Identication and Verication Form’ on page B1 so that we

can establish your identity (for the purposes of Anti-Money Laundering and Counter-Terrorism Financing laws)

andassist us in processing any future withdrawal request efciently.

Note: If you are signing under an authority provided under

a legally binding authority, such as a Power of Attorney or

aGuardianship, please comply with the following:

• Attach a certied copy of the document.

• Each page of the document must be certied by a Justice

ofthe Peace, Notary Public or Solicitor.

• Should the document NOT contain a sample of the authority

holder’s signature, please also supply a certied copy of the

identication documents for the authority holder, containing a

sample of their signature, e.g. Driver’s Licence, Passport, etc.

• The authority holder will also need to complete a ‘Power of

Attorney (POA) & Guardianship Order’ form (to enable us to

establish the identity of the authority holder) which can be

obtained from our forms library at cfs.com.au or by phoning

Investor Services on 13 13 36.

Default order for deduction

offeesand portfolio rebates

Note: Where amounts are to be deducted from or credited to

your investment; for example, insurance premiums, adviser

service fees or portfolio rebates, and no option or an invalid

option has been nominated by you, a default order exists.

Generally, the default order draws from or credits to your more

conservative option, as determined by us. Special rules may

apply where you hold FirstRate Term Deposit options. Please

call Investor Services on13 13 36 should yourequire further

information.

Direct Debit Request Service Agreement

This is your Direct Debit Service Agreement with Colonial First State Investments Limited, User ID 011802 & 619909, ABN 98 002 348

352 (the Debit User). It explains what your obligations are when undertaking a Direct Debit arrangement with us. It also details what

our obligations are to you as your Direct Debit provider. Please keep this agreement for future reference. It forms part of the terms and

conditions of your Direct Debit Request (DDR) and should be read in conjunction with your DDR authorisation.

Our commitment to you

• We will send you regular transaction statements in addition to

the initial conrmation of your drawings.

• Where the due date for a drawing falls on a non-business day,

we will draw the amount on the next business day. If you are

unsure about which day your account has or will be debited

you should ask your nancial institution.

• We may vary any details of this agreement or a Direct Debit

Request at any time by giving you at least fourteen (14) days

written notice sent to the preferred email or address you

have given us. If you are unhappy with any changes we make,

you may cancel your direct debit arrangement without fee or

charge by providing us with written notice as outlined under

the heading ‘Yourrights’.

• We may terminate your direct debit arrangement if drawings

are returned unpaid, or if debit is unsuccessful three times

inany 12-month period.

• We may disclose your direct debit and related account details

at the request of your nancial institution in connection with

a claim made for an alleged incorrect or wrongful debit, or to

the extent specically required by law. Otherwise, we will keep

all information provided by you, and details of your nominated

account at the nancial institution, private and condential.

• We will investigate and deal promptly with any queries, claims

or complaints regarding debits, providing a response within

21business days.

Your commitment to us

• It is your responsibility to check with your nancial institution

whether direct debiting is available from your account as direct

debiting is not available through BECS on all accounts offered

by nancial institutions.

• It is your responsibility to ensure that the authorisation on the

direct debit request is identical to the account signing instruction

held by the nancial institution of the nominatedaccount.

• It is your responsibility to ensure at all times that sufcient

funds are available in the nominated account to meet a

drawing on the due date for payment.

• It is your responsibility to advise us if the account nominated

by you to receive the drawings is altered, transferred or closed.

• It is your responsibility to arrange with us a suitable alternative

payment method if the drawing arrangements are stopped

either by you or by the nominated nancial institution.

• It is your responsibility to meet any charges resulting from the

use of the direct debit system. This may include fees charged

by us as a result of drawings returned unpaid, such fees being

equal to actual costs we incur.

Your rights

• You may request to defer or alter the agreed drawing schedule

by giving written notice to us or by calling Investor Services on

13 13 36. Such notice should be received by us at least ve

business days prior to the due date for the next drawing.

• You may cancel the direct debit arrangement at any time by

giving written notice to us or by calling Investor Services on

13 13 36. Such notice should be received by us at least ve

business days prior to the due date for the next drawing. Your

nominated nancial institution may also accept a request to

cancel your direct debit arrangement with us.

• All transaction disputes, queries and claims should be raised

directly with us. We will provide a verbal or written response

within 21 business days from the date of the notice. If the

claim/dispute is successful, we will reimburse you by way

ofcheque or electronic credit to your nominated account.

Alternatively you can contact your nancial institution

forassistance.

Please phone Investor Services on 13 13 36 with any enquiries

orsend an email to [email protected].

FirstChoice Wholesale Personal Super – application forms A3

Colonial First State – FirstChoice Employer Super

Investor Selected Insurance Application Form

PLEASE DO NOT STAPLE

15 June 2024

Units in FirstChoice Wholesale Personal Super will only be issued on receipt of the completed

application form and any documents required to be attached, issued together with the PDS dated

18 November 2023 and the Supplementary PDSs dated 16 March 2024 and 15 June 2024.

You should read all parts of the current PDS before applying. Refer to the Application form checklist

for instructions on how to complete this form. Please phone Investor Services on 13 13 36

with any enquiries.

FirstChoice Wholesale Personal Super

Application Form

Complete this form using BLACK INK and print well within the boxes in CAPITAL LETTERS. Mark appropriate answer boxes with

across

. Start at the left of each answer space and leave a gap between words.

Fields marked with an asterisk (*) must be completed for the purposes of anti-money laundering laws.

The Target Market Determinations (TMD) for our nancial products can be found at cfs.com.au/tmd and include a description of who

the nancial product is appropriate for.

PART A – YOUR DETAILS

ACCOUNT DETAILS

This is a new account

This is a new account to be linked to my account number

This is an additional investment into my account number

2 INVESTOR DETAILS

Title Gender

Mr Mrs Miss Ms Other

Male Female

Full given name(s)*

Surname*

You are not obliged to disclose your Tax File Number (TFN), but there may be tax consequences. Refer to the PDS for information

on the implications of not providing your TFN.

TFN

If you have (an) existing FirstChoice superannuation and/or pension account(s) with Avanteos Investments Limited (AIL), it is

possible that you may have already provided us with your TFN. We are authorised under the Superannuation Industry (Supervision)

Act (Cth) to collect your TFN for this application. We may also use your TFN to administer other superannuation and/or pension

accounts you hold with us in the future. Where we use your TFN in this way, we will only use it forlegal purposes, such as to

calculate tax on your benets, provide information to the Commissioner of Taxation or search for your other super accounts.

Yes, use my existing TFN information for this application

No, do not use my existing TFN information for this application

Date of birth*

(dd/mm/yyyy)

Are you a permanent resident of Australia?* Your main country of residence, if not Australia*

Yes No

Occupation* (If retired, state RETIRED)

Go to cfs.com.au/occupationandindustry for a list of occupations

B8BKAE

SAVE FORM

PRINT FORM

THIS IS AN INTERACTIVE FORM

A4 FirstChoice Wholesale Personal Super – application forms

3 CONTACT DETAILS

Australian residential address (PO Box is NOT acceptable)*

Unit

number

Street

number

Street

name

Suburb

State

Postcode

Country

AUSTRALIA

Postal address (if different to above)

Unit

number

Street

number

PO Box

Street

name

Suburb

State

Postcode

Country

Mobile phone number* Work phone number Home phone number

Email address*

Note: We require your mobile number and email address to help administer your account as outlined below.

We will use your contact details in the following way:

By providing your email address and mobile number you are consenting to receive important information about your account

including statements, transaction conrmations, signicant event notices, education and market updates via email, your account

online, SMS, mobile phone app or other electronic means. You are also consenting to receive marketing communications about

our products and services.

Please note, you are able to change your communications preferences at any time via your secure online login or by calling us

on13 13 36. However, you are unable to opt out of receiving communications which we are required to send you by law.

Your contact details will also be used for security validations and to provide secure access to your account. For more information

refer to the CFS Privacy Policy, which is available on our website at cfs.com.au/privacy.

4 ONLINE SERVICES

Please note that you will be automatically granted access to manage your investment through FirstNet. Onlineaccess is

provided under the terms and conditions provided in the Reference Guide – FirstChoice Wholesale Personal Super and Pension.

Cross (X) this box if you do not

wish to have online access to your investment.

FirstChoice Wholesale Personal Super – application forms A5

PAR

B – YOUR INVESTMENT

CONTRIBUTION/ROLLOVER DETAILS

Please indicate below the amount of your contribution and/or rollover. If you have multiple contributions and/or rollovers and

wish to invest in a FirstRate Term Deposit and only open one term deposit, cross (X) the box on page A15. We will then hold

funds in FirstRate Saver until all application monies are received.

Regular investment plan

Investment or contribution amount (Minimum $100 per month)

(a) Personal contribution $ $

If you intend to claim a tax deduction for your personal contributions, you will need to provide us with a completed ‘Notice of

intent to claim or vary a deduction for personal super contributions’ form, available on cfs.com.au or from the ATO. If you are

aged 67 to 74 at the time of the contribution, you must also meet the ATO’s work test or work test exemption to be eligible to

claim a tax deduction for a personal contribution.

(b) Employer contribution $ $

(d) Spouse contribution $ $

(e) Rollover $

If (e) is selected, provide the following information and ensure that your previous super funds have been instructed to roll over

your funds. If you would like us to initiate this rollover on your behalf, complete the ‘Consolidate my super’ form.

Name of previous institution Approximate amount

(f) CGT contribution

Please provide a ‘Capital gains tax cap election’ form at the time you make the contribution (available from the ATO).

(g) Personal injury payment

Please provide a ‘Contribution for personal injury election’ form at the time you make the contribution (available from the ATO).

(h) Downsizer contribution

You must have reached age 55 to make a downsizer contribution. Please provide a ‘Downsizer contribution into superannuation’

form at the time you make the contribution (available from the ATO).

(i) Re-contribution of COVID-19 early release superannuation amounts

Please provide a ‘Notice of re-contribution of COVID-19 early release amounts’ form at the time you make the contribution

(available from the ATO).

TOTAL INVESTMENT

$ $

A6 FirstChoice Wholesale Personal Super – application forms

6 PAYMENT DETAILS

How will this investment be made? NOTE: Cash is not accepted. We can only accept funds in Australian dollars.

WOULD YOU LIKE US TO DIRECT DEBIT THE FUNDS FROM YOUR BANK ACCOUNT?

Direct debit

(One-off

investment)

Complete your bank account details below so we can deduct the funds from yournominated account.

Please ensure cleared funds are available.

Earliest date funds are to be direct debited

(dd/mm/yyyy)

(leave blank if we can direct debit when your application is processed)

Direct debit

(Regular

investment plan)

Complete your bank account details below so we can deduct the funds from your nominated account.

Alsocomplete section 7.

You can only nominate a bank account that is held in the name on this application. If you wish to nominate a bank account thatis

held in a different name(s), please complete a separate ‘Direct Debit Request’ form, available from our forms library. By providing

your bank account details in this section, you authorise Colonial First State Investments Limited ABN 98 002 348 352 AFSL

232468 (CFSIL) to use these details for all futuretransaction requests that you nominate. Refer to the ‘Direct Debit Request

Service Agreement’ in the Application form checklist.

Provide your account details below if you have requested us to debit or credit your bank account.

Name of Australian nancial institution

Branch name

Branch number (BSB) Account number

—

Name of account holder

OR WOULD YOU LIKE TO TRANSFER THE FUNDS TO YOUR FIRSTCHOICE ACCOUNT?

Electronic funds

transfer (EFT)

Go to cfs.com.au/paymentoptions for details on how to make an EFT payment to youraccount

pay

Go to cfs.com.au/paymentoptions or www.bpay.com.au for details on how to make a Bpay payment

to your account

ARE THERE FUNDS COMING FROM ANOTHER SUPER ACCOUNT?

External rollover Complete the ‘Consolidate my super’ form and section 5 ofthisform

Internal rollover

If you are rolling funds from another AIL superannuation account, you do not need tocomplete the

‘Consolidate my super’ form. Please provide details on page A5.

1 If you are transferring from FirstChoice Employer Super and your new employer will be contributing to this account, please ensure that you have supplied your new employer

with achoice of fund nomination form. This will ensure they can continue to contribute to FirstChoice Wholesale Personal Super.

FirstChoice Wholesale Personal Super – application forms A7

6 PAYMENT DETAILS (CONTINUED)

INTERNAL FIRSTCHOICE ROLLOVER – 1

I would like to transfer funds from my existing FirstChoice superannuation or pension account number

Cross (X) one box only

I would like to transfer the entire balance. I understand that doing this will close my existing account.

Transfer exactly $ to open this new account.

Transfer the balance leaving exactly $ in my above mentioned existing account.

Leave the remaining funds invested in the following investment allocation:

If no investment allocation is indicated, we will leave the balance in your current weightings.

Transfer of insurance within FirstChoice superannuation accounts

Would you like to transfer your existing insurance cover (if applicable)? Yes No

Note: If a selection is not made, insurance cover cannot be transferred at a later date. A new insurance application form will be

required. If you are requesting an increase to your cover, you will need to complete the insurance application form in our FirstChoice

Wholesale Personal Super Insurance booklet. If you wish to transfer cover from an external superannuation fund (including

Commonwealth Essential Super), you will need to complete the ‘Transfer of insurance cover’ form, available from our forms

library at cfs.com.au/forms

INTERNAL FIRSTCHOICE ROLLOVER – 2