How to Select Investment Managers by ndr15631

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									                     Perpetual Select Investment Funds


                     Supplementary Product Disclosure Statement
                     number 1 dated 1 June 2011 for Product Disclosure Statement issue number 4
                     dated 31 March 2010 issued by Perpetual Investment Management Limited
                     ABN 18 000 866 535 AFSL 234426

                     About this Supplementary Product Disclosure                        Funds profiles
                     Statement                                                          Multi-asset class Funds
                     This Supplementary Product Disclosure Statement number 1
                                                                                          Footnotes to Funds profiles
                     (SPDS1) is to be read in conjunction with Product Disclosure
                     Statement issue number 4 dated 31 March 2010 (PDS) for
                     Perpetual Select Investment Funds.                                  Footnote 3 on page 17 of the PDS, which relates to the
                                                                                         Perpetual Select Conservative Fund, Perpetual Select
                     From 1 June 2011, the Product Disclosure Statement for              Diversified Fund, Perpetual Select Balanced Fund and
                     Perpetual Select Investment Funds comprises:                        Perpetual Select Growth Fund (refer pages 11-12 of the PDS),
                                                                                         is deleted and replaced with the following text.
                     ▪ the PDS
                                                                                        The currency exposure of international real estate assets in the
                     ▪ this SPDS1.
                                                                                        underlying Perpetual Select Real Estate Fund is monitored and
                                                                                        hedging strategies may be implemented (using derivatives) with
                     Purpose of this SPDS1
                                                                                        the aim of reducing the impact of adverse currency movements.
                     The purpose of this SPDS1 is to modify the strategy for managing
                     currency exposure relating to international assets in Perpetual    Single-asset class Funds
                     Select Real Estate Fund, which also impacts the multi-asset
                     class Funds that have exposure to real estate via the underlying   Perpetual Select Real Estate Fund
                     Perpetual Select Real Estate Fund.
                                                                                         The 2nd paragraph under the ‘Investment approach’ for
                                                                                         Perpetual Select Real Estate Fund on page 15 of the PDS is
                                                                                         deleted and replaced with the following text.


                                                                                        The currency exposure of international assets is monitored and
                                                                                        hedging strategies may be implemented (using derivatives) with
                                                                                        the aim of reducing the impact of adverse currency movements.
163.1_DBPSIF1_0511




                                                                                                                          Perpetual Select Investment Funds 1
Perpetual Select Investment Funds




                                    Product Disclosure Statement
                                    Issue number 4 dated 31 March 2010
                                    Issued by Perpetual Investment
                                    Management Limited
                                    ABN 18 000 866 535
                                    AFSL 234426
Important notes                                                        We recommend that you seek financial advice before making an
In this Product Disclosure Statement (PDS), ‘Funds’ means              investment decision. You should consider the tax implications of
Perpetual Select Investment Funds collectively and ‘Fund’              investing in the Funds, which your financial and/or tax adviser will
means one of the Funds, or a particular Fund within Perpetual          be able to help you with. If you don’t have a financial adviser, you
Select Investment Funds, as the context requires. Each Fund            can contact us and we can put you in touch with someone who
is a managed investment scheme that is registered with the             can help.
Australian Securities and Investments Commission (ASIC) – see
                                                                       We may update this PDS (including the terms and features of
‘Funds profiles’ for details.
                                                                       the Funds where we can according to the Funds’ constitutions
References in this PDS to ‘we’, ‘us’, ‘our’, ‘Perpetual Investments’   and the law) with changes that are not materially adverse without
and ‘Perpetual’ are to Perpetual Investment Management                 issuing a supplementary PDS. The PDS and updated information
Limited as:                                                            will be available at our website and you can also obtain a paper
                                                                       copy free of charge, on request. If we become aware of any
▪ the responsible entity of the Funds                                  change that is materially adverse, we’ll replace this PDS or issue
                                                                       a supplementary PDS. If there is an increase in fees or charges
▪ the issuer of units in the Funds and this PDS
                                                                       (other than government fees or charges), we’ll give you or your
▪ the investment manager responsible for the selection of              Service operator (as applicable) at least 30-days’ prior written
  the specialist underlying investment managers (Perpetual             notice.
  Investments may also be a specialist investment manager).
                                                                       You should keep a copy of the current PDS and any
Perpetual Investment Management Limited is a wholly owned              supplementary PDS for future reference. You can access further
subsidiary of Perpetual Limited (ABN 86 000 431 827).                  information that has been made publicly available by contacting
                                                                       us. We’ll tell you if there is a charge for this information.
‘Perpetual Group’ means Perpetual Limited and its subsidiaries.
                                                                       Visit our website or contact us for the most up-to-date past
We authorise the use of this PDS as disclosure for both investors      investment returns for the Funds. Past investment returns are not
investing directly in the Funds and indirect investors who wish to     indicative of future returns, so you shouldn’t base your decision
access the Funds through an investor directed portfolio service        to invest in the Funds on past investment returns.
(IDPS), IDPS-like scheme, or a nominee or custody service
(collectively referred to in this PDS as a ‘Service’).                 Neither we nor any company in the Perpetual Group guarantee
                                                                       that you will earn any return on your investment or that your
If you are an investor gaining exposure to the Funds through a         investment will gain in value or retain its value. Investment in the
Service, you do not yourself become an investor in the Fund.           Funds is subject to investment risk, including possible delays in
Instead it is the Service operator, which invests for you, that        repayment and loss of income and capital invested.
has the rights of a member. Certain provisions of the Funds’
constitutions are not relevant to indirect investors. For example,     This PDS can only be used by investors receiving it (electronically
indirect investors cannot attend member meetings or transfer           or otherwise) in Australia.
or mortgage units in a Fund. You can request reports on your
                                                                       All amounts in this PDS are in Australian dollars and all times
investment from the Service operator and you should direct any
                                                                       quoted are Sydney time (unless otherwise specified). A business
inquiries to them.
                                                                       day is a working day for Perpetual in Sydney.
‘You’ or ‘your’ refers to direct (including Service operators)
and/or indirect investors in the Funds, as the context requires.

This PDS describes the important features of the Funds. You
should read it carefully before you decide to invest as it will help
you to decide whether the Funds are appropriate for you. It
contains general information only and doesn’t take into account
your specific investment goals. This PDS may also help when
comparing the Funds to others you may be considering.
Contents
Important notes                              inside front cover
                                                                  Contents
                                                                  Tax                                                         30

                                                                  Tax position of the Funds                                   30
Welcome to Perpetual Select                                  2
                                                                  Australian resident investors                               30
Building and protecting your wealth                          2
                                                                  Non-resident investors                                      31
Why should I invest in the Funds?                            2
                                                                  Annual tax statement                                        31

Perpetual Select Investment Funds at a glance                3    Tax file number (TFN)/Australian business number (ABN)      31

                                                                  Goods and services tax (GST)                                31
The Funds’ investment approach                               4

A multi-manager investment approach                          4    Additional information                                      32

The specialist investment managers                           4    Your cooling-off rights                                     32

The multi-manager investment process                         4    How units are priced and investments are valued             32

                                                                  Reporting                                                   32
Asset classes available                                      5
                                                                  Continuous disclosure documents                             33
Understanding investment risk                                7    Inquiries and complaints                                    33
The risks of investing                                       7    Your privacy                                                33
Managing the risks                                           8    Anti-Money Laundering/Counter-Terrorism Financing laws      33

                                                                  Investments and social security                             34
Funds profiles                                              10
                                                                  Mortgage of units                                           34
Multi-asset class Funds                                     11
                                                                  Transfer of units                                           34
Single-asset class Funds                                    14
                                                                  Our role as responsible entity                              34
Fees and other costs                                        18
                                                                  Constitutions                                               34
Fees and other costs                                        18
                                                                  Borrowing powers                                            34
Additional explanation of fees and costs                    19
                                                                  Our liability                                               34
Example of annual fees and costs for
                                                                  Rights of direct investors                                  34
Perpetual Select Balanced Fund                              23
                                                                  Suspension of applications, switches and withdrawals        35
Operating your account                                      24    Delays in calculating and publishing unit prices            35
Investments                                                 25    Other conditions                                            35
Switches                                                    27    Incorporation by reference                                  35
Withdrawals                                                 27
                                                                  Applying for an investment                                  36
Distributions                                               28
                                                                  Direct investors                                            36
Authorised representative                                   29
                                                                  Indirect investors                                          37
Online Account Access                                       29

Interest earned on application, withdrawal                        Application form                                            39
and distribution accounts                                   29
                                                                  Contact details                               inside back cover
Welcome to Perpetual Select

Building and protecting your wealth

    Perpetual Select offers you a comprehensive suite of products designed to help you achieve your financial goals now and
    in the future.

    Perpetual Select’s flexible options allow you to adapt your approach to suit your stage of life – from building and protecting
    your wealth to generating a tax-efficient income stream in retirement.

    Our multi-manager approach takes care of the important investment decisions for you so you can focus on what really
    matters – building and protecting your wealth.


                                                              You and your financial adviser
                                                                                ê
                                                              Perpetual Select product suite
                                                                                ê
       INVESTMENT FUNDS                                                 SUPER PLAN1                                           PENSION PLAN1
               |                                                             |                                                           |
       wealth accumulation                               wealth accumulation and protection                                     income in retirement
                  |                                                              |                                                             |
    ▪ savings                              ▪ rollovers                                                                        ▪ regular pension income

    ▪ investments                          ▪ personal, employer and spouse contributions

                                           ▪ Government co-contributions

                                           ▪ death, disability and salary continuance insurance cover
                 ê                                                              ê                                                             ê
                                                                     Your financial future


Why should I invest in the Funds?                                                    We can save you time
                                                                                     The Funds let you keep track of your investments by providing
The Funds offer a range of multi-manager investment funds,
                                                                                     a consolidated report and online access. Here you can quickly
providing you with a practical solution to managing and
                                                                                     and easily check your current account balance and transaction
diversifying your investment portfolio.
                                                                                     history as well as access performance summaries and unit
We offer choice and convenience                                                      prices. See ‘Operating your account’ on page 24 for further
The Funds provide a choice of investments across different                           information.
asset classes, geographical regions and markets. We also offer
                                                                                     We are an organisation you can trust
diversification across a range of specialist investment managers.
                                                                                     Perpetual Investments is one of Australia’s leading investment
We do the work                                                                       managers, with $29.3 billion in funds under management (as
Our experienced investment team regularly reviews where and                          at 31 December 2009). Perpetual Investments is part of the
how we invest your money. The team applies a robust investment                       Perpetual Group, which has been in operation for more than
process that is based on the objectives of the Fund(s) you choose                    120 years. By employing some of the industry’s best investment
(see ‘Funds profiles’ on page 10 for details).                                       specialists and applying a proven investment philosophy,
                                                                                     Perpetual Investments has been able to help generations of
                                                                                     Australians manage their wealth.



1 Perpetual Select Super Plan and Perpetual Select Pension Plan are offered through Perpetual’s Select Superannuation Fund (ABN 51 068 260 563, RSE
  R1057034), where Perpetual Superannuation Limited (ABN 84 008 416 831, AFSL 225246, RSE L0003315) is the trustee. Please refer to the separate product
  disclosure statements issued by Perpetual Superannuation Limited, which are available at our website, for further information about Perpetual Select Super Plan
  and Perpetual Select Pension Plan.



2
Perpetual Select Investment
Funds at a glance
Current minimum amounts                Summary information                                                                     Further information

 Initial investment per Fund            $5,000 (payable by cheque, direct debit or BPAY)                                             page 25

 Additional investment per Fund         One-off investment: $1,000 (payable by cheque, direct debit or BPAY)                         page 26
                                        Savings plan: $200 (payable by direct debit)
 Investment portfolio switch            $1,000                                                                                       page 27

 Withdrawals per Fund                   One-off withdrawal: No minimum                                                               page 27
                                        Regular withdrawal plan: $200 (monthly or quarterly)
 Investment balance per Fund            $5,000                                                                                       page 27

Features                               Summary information                                                                     Further information

 Investment choice                      There are five multi-asset class and six single-asset class Funds to choose from             page 10

 Investment management                  The Funds are managed by a range of specialist investment managers                            page 4

 Direct debit                           For authorising us to debit your nominated account directly to make your initial             page 25
                                        and/or additional investments

 BPAy®                                  For making investments electronically                                                        page 25

 Savings plan                           For making regular investments by direct debit                                               page 26

 Switching                              For restructuring your investment portfolio                                                  page 27

 Auto-rebalancing                       For maintaining your investment strategy                                                     page 27

 Regular withdrawal plan                For receiving regular payments from your investment                                          page 28

 Phone transactions                     For making withdrawals, switches and various changes                                         page 28

 Online Account Access                  For switching online and easy online access to information about your investments            page 29

Reporting                              Summary information                                                                     Further information

 Initial investment statement           For your initial investment                                                                  page 32

 Additional investment                  For each additional investment (except savings plan)                                         page 32
 statement

 Investment restructure                 For every Fund switch                                                                        page 32
 statement

 Partial withdrawal statement           For every partial withdrawal (except regular withdrawal plan)                                page 32

 Withdrawal (exit) statement            When you make a full withdrawal from a Fund                                                  page 32

 Distribution statement                 Following the payment of any distributions                                                   page 32

 Annual statement                       Yearly as at 30 June                                                                         page 32

 Annual report                          Provided online (copy by mail available on request)                                          page 32

 Tax statement                          Yearly (after the end of the financial year)                                                 page 33
® Registered to BPAY Pty Ltd ABN 69 079 137 518.




                                                                                                                   Perpetual Select Investment Funds 3
The Funds’ investment approach

A multi-manager investment approach                                      The specialist investment managers
The Fund adopts a multi-manager approach to investing, where             The specialist investment managers are regularly reviewed and
Perpetual chooses several specialist investment managers for the         may be appointed or removed at any time without notifying
various asset classes to manage the assets of the Funds. This            you. As a result, the specialist investment managers may vary
multi-manager approach reduces the risk associated with using            throughout the life of your investment. Details about the current
a single specialist investment manager, as an individual specialist      specialist investment managers at any time are available at our
investment manager’s performance can change over time or with            website (see ‘Incorporation by reference’ on page 35 for details)
different market conditions.                                             or can be obtained free of charge by phoning us.

Perpetual chooses specialist investment managers to combine
their different styles, philosophies, approaches and techniques in
                                                                         The multi-manager investment process
selecting their portfolios, with the aim of enhancing diversification    There are six main steps in the multi-manager investment
within each asset class and producing more consistent returns.           process.

Each specialist investment manager is subject to a rigorous
selection process and regular monitoring. The selection and
monitoring process is conducted by Perpetual’s experienced
investment team. External consultants contribute to certain
aspects of the specialist investment manager screening or
portfolio construction but any decisions about the appointment of
specialist investment managers rests with Perpetual.


    STEP 1                                         STEP 2                                        STEP 3

    Set the investment objectives                  Formulate the investment                      Choose the specialist investment
                                                   approach                                      managers
    Establish the investment objective for
    each Fund.                                     Establish the investment approach in          Identify specialist investment
                                                  line with a long-term strategic view         managers within each asset class
                                                   on the appropriate asset allocation.          that meet our selection criteria.
                                                   We aim to optimise the risk-and-
                                                   return position of each Fund given
                                                   its investment objective, which
                                                   determines the investment guidelines.

                                                                                                                    ê

    STEP 6                                         STEP 5                                        STEP 4

    Implement change                               Monitor the Funds                             Blend the managers’ investment
                                                                                                 styles
    If the need for change is identified           Regularly review the investment
                                                                                           
    from our monitoring, the changes are           approach of the Funds, including              Design a combination of investment
    implemented according to steps 1-4.            specialist investment manager                 managers with complementary
                                                   selection and allocations to each             investment styles.
                                                   asset class.




4
Asset classes available

The main asset classes in which you can invest via the Funds are summarised in the following table.

The main asset classes
 Asset class             Risk/potential         Description of investment
                         return1

 Defensive assets

 Cash                    Low                    Cash investments include discount securities (eg bank bills), short-term deposits and money
                                                market funds which may invest in fixed income instruments and loans. Cash provides a
                                                relatively consistent rate of return in the form of regular interest payments, generally in line
                                                with short-term interest rates and is widely considered the lowest investment risk.

 Enhanced cash           Low                    Enhanced cash investments include cash investments, fixed income instruments, hybrids,
                                                loans and other income generating securities. The maturity dates of investments are
                                                typically longer than cash and they may have a lower credit rating than those in a money
                                                market fund, however, they are usually managed to short interest rate exposures.

 Mortgages               Low to moderate        A mortgage investment involves lending money to a borrower to buy property. The borrower
                                                must offer adequate collateral to secure the loan. The interest payments on the loan
                                                represent the return on the mortgage investment.

 Fixed income            Low to moderate        Fixed income instruments involve investing in securities issued by an issuer for a
                                                pre-determined period. The issuers may include governments, banks, corporations and
                                                asset backed trusts. The instruments when issued usually provide a return in the form of
                                                defined periodic income payments and the return of principal at maturity. These income
                                                payments are either fixed when issued or set periodically against a benchmark.

 Growth assets

 Real estate             Moderate to high       A real estate (property) investment involves buying shares that represent a portion of
                                                ownership in a property related company, buying units in an unlisted property trust or
                                                buying property directly. Property investments can be in a range of sectors including
                                                commercial, industrial, residential and retail. Returns are usually generated from rental
                                                income and changes in the value of the underlying properties.

 Shares                  High                   Shares represent a portion of ownership in a company. Shareholders can benefit if a
                                                company passes on some of its profits to them through dividends and/or from capital
                                                growth if the share price rises.




                                                                                                               Perpetual Select Investment Funds 5
The main asset classes (continued)

    Asset class               Risk/potential              Description of investment
                              return1

    Alternative assets

    Defensive                 Moderate                    Specialist credit is an alternative strategy that has similar characteristics to fixed income.
    alternatives                                          However, it may involve investing in sectors that have higher credit risk and forego some
                                                          liquidity to target a higher return profile, such as high yield and convertible bonds.

                                                          Hedge funds – see ‘Defensive/growth alternatives’ below.

    Defensive/growth          Moderate to high            Hedge funds can display characteristics of either defensive or growth alternatives,
    alternatives                                          depending on the actual underlying assets and investment techniques used by the
                                                          investment managers. Furthermore, a portfolio of multiple hedge funds can be configured to
                                                          display either defensive or growth characteristics.
                                                          Hedge funds are actively managed investments that aim to produce returns in both rising
                                                          and falling markets by using a broad range of securities and investment techniques. These
                                                          techniques may be different to methods used by traditional fund managers and may
                                                          include:
                                                          ▪ the use of derivatives (see ‘Derivatives risk’ on page 7 for further information)
                                                          ▪ hedging – where the manager uses two or more securities that are likely to move in
                                                            opposition to each other, thereby attempting to mitigate risk
                                                          ▪ short selling (see ‘Short-position risk’ on page 8)
                                                          ▪ investments in exotic and/or low-liquid securities (see ‘Liquidity risk’ on page 8)
                                                          ▪ leverage – where the fund manager borrows or gears the fund’s assets (see ‘Gearing risk’
                                                            on page 8).
                                                          This means that hedge funds won’t necessarily follow the movements in the indices for
                                                          traditional assets, making them effective for diversification and for reducing portfolio risk
                                                          when used in conjunction with traditional assets. Investors can receive returns in the form of
                                                          income and/or capital appreciation.

    Growth alternatives       High                        Hedge funds – see ‘Defensive/growth alternatives’ above.

                                                          Infrastructure involves investing by purchasing listed or unlisted equity or debt securities
                                                          in companies and/or large projects that provide facilities and services needed by the
                                                          community (eg transport, power, roads, telecommunications or water supply), or in other
                                                          capital intensive assets (eg timberland and regional infrastructure). The return on an
                                                          infrastructure equity investment generally includes capital growth (or loss) and income.
                                                          Alternatively, infrastructure debt securities pay regular interest similar to that of other fixed
                                                          income investments.

                                                          Private equity comprises investments in unlisted companies that offer the prospect for
                                                          a major escalation in economic value through a range of strategies including product
                                                          development, market expansion, mergers and acquisitions, corporate and balance
                                                          sheet restructuring. They are generally long-term investments that aren’t liquid, and
                                                          usually generate their returns through an initial public offering, a sale or merger, or a
                                                          recapitalisation.

                                                          Private real estate is the real estate equivalent of unlisted private equity. It seeks high
                                                          returns by investing in property projects with a large potential escalation in economic value,
                                                          mainly via major redevelopment or repositioning of the asset.
1 See ‘Understanding investment risk’ on page 7 for an explanation of the risks of investing.




6
Understanding investment risk

The risks of investing                                                       Volatility is an important measure of overall investment risk.
                                                                             It generally refers to the fluctuation in the value of an asset, index
All investments are subject to risk which means the value of your
                                                                             or other type of security over a given period. The greater the
investment may rise or fall and/or you may not be able to redeem
                                                                             volatility of an asset, index or security, the larger the fluctuations
your investment quickly.
                                                                             between its high and low values and the greater the fluctuations
Before making an investment decision, it’s important to                      in its returns.
understand the risks that can affect the value of your investment.
                                                                             Your financial adviser can assist you in determining which Funds
While it’s not possible to identify every risk relevant to investing
                                                                             are suited to your financial needs.
in the Funds, we have detailed below significant risks that may
affect your investment. An investment within a Fund may not
necessarily be exposed to each of the risks.

 Type of risk               Description of risk
 Investment risk            The value of your investment may fall for a number of reasons, including the risks set out below, which means that
                            you may receive back less than your original investment when you withdraw.
 Market risk                Certain events may have a negative effect on the price of all types of investments within a particular market. These
                            events may include changes in economic, social, technological, political, legal, tax or accounting conditions, as
                            well as market sentiment.
 Asset risk                 A particular asset that a fund invests in may fall in value, which can result in a reduction in the value of your
                            investment.
 Currency risk              For investments in international assets, which have currency exposure, there is potential for adverse movements
                            in exchange rates to reduce their Australian dollar value. For example, if the Australian dollar rises, the value of
                            international investments expressed in Australian dollars can fall.
 Interest rate risk         Changes in interest rates may have a negative impact, either directly or indirectly, on investment returns.
 Credit risk                The issuer or party to a transaction may not repay the principal, make interest payments or fulfil other financial
                            obligations in full and/or on time.
                            The market value of an investment can also fall significantly when the perceived risk of a note or bond increases or
                            its credit rating declines.
 Liquidity risk             The absence of an established market or shortage of buyers for an investment can result in a loss if the holder of
                            the investment needs to sell it within a particular timeframe. A shortage of liquidity can also result in delays in the
                            payment of withdrawals from a fund – see ‘Liquidity risk’ on page 8 for further information.
 Derivatives risk           Losses can occur if there is an adverse movement in the asset underlying the derivative or where a derivative is
                            costly to reverse – see ‘Use of derivatives’ on page 8 for further information about how derivatives may be used by
                            the specialist investment managers.
 Counter-party risk         A loss may occur if the other party to a contract, including derivatives contracts or lending arrangements (cash or
                            stocks), defaults on their obligations under the contract.
 Foreign law and            Investing in foreign markets with different legal and regulatory systems means that foreign investments are
 regulatory risk            exposed to more risk than Australian assets because of potential changes in legal and regulatory policies.
 Portfolio concentration    Investing in a fund with a smaller number of investments may lead to more volatile returns than investing in a fund
 risk                       with a more diversified portfolio.
 Investment strategy        A fund’s investment strategy may involve specific risks. These include gearing risk and short-position risk – see
 risks                      page 8 for details.
 Other risks                The following risks are inherent within any of the Funds:
                            ▪ the investment professionals employed by the appointed specialist investment managers or Perpetual may
                              change, which may affect the future performance of a Fund
                            ▪ investing in a Fund may have a different tax outcome than investing directly because of the application of tax
                              laws to the Fund and the impact of investments and withdrawals by other investors. One result is that you may
                              receive back some of your capital as income in a distribution
                            ▪ transactions may be suspended, which may result in delays in paying withdrawal requests (see ‘Suspension of
                              applications, switches and withdrawals’ on page 35 for further information)
                            ▪ a Fund may be terminated.




                                                                                                                   Perpetual Select Investment Funds 7
Liquidity risk                                                          The gearing level for a geared fund may change regularly due to
In the absence of an established market or shortage of buyers           factors such as market movements, applications, withdrawals
for certain investments, such as unlisted property funds,               or changes to the amount borrowed. In certain circumstances,
mortgages, some alternative assets and fixed income, a Fund             it may be necessary to suspend withdrawals to manage the
may not be liquid from time to time. This means there is a risk         fund’s gearing position within its approved limits and protect the
you will have difficulty withdrawing your investment. While we          interests of all investors in the fund.
generally strive to make proceeds from your withdrawal request
available within 14 business days from when we have accepted            The lender may have the right to reduce the gearing level set
the request, in certain circumstances we may not be able to meet        for the geared fund or terminate the lending facility. This means
your withdrawal request when received (see ‘Suspension                  that a geared fund may need to promptly reduce the gearing
of applications, switches and withdrawals’ on page 35 for               level by selling assets, which may force the sale of assets at
further details).                                                       unfavourable prices. To control this risk, the investment manager
                                                                        may establish alternate sources of funding to limit the exposure to
Gearing risk                                                            any one lender.
With gearing, money is borrowed to increase the amount that can
be invested. While this can result in larger investment gains in a      Short-position risk
rising market, it can also magnify losses in a falling market.          Short-position risk is a factor in the multi-asset class Funds that
                                                                        have exposure to alternative assets.
Gearing increases the volatility of a fund’s investment
returns. Consequently, a geared fund is considered to                   Where permitted, a short position can be created when a fund
have a higher investment risk than a comparable fund that               sells a borrowed security before buying it back from the open
is ungeared.                                                            market to return to the securities lender. If the security falls in
                                                                        value, the fund makes a profit because it buys it back for less
The returns of a geared fund depend on the types of investments         than it was sold. However, if the security rises in value, the fund
in it as well as the level of gearing and the costs of borrowing,       will incur a loss when buying it back for more than it was sold.
including interest rates. The cost of borrowing will reduce the
returns of a geared fund.                                               Establishing a short position in a security involves a higher level of
                                                                        risk than investing in a security. This is because when you invest
The greater the level of gearing in a geared fund, the greater the      in a security, the maximum loss is generally limited to the amount
potential for loss of capital. As the following example shows, a        invested. With short positions there is no limit on the maximum
10 per cent fall in the market value of assets in an ungeared fund      loss because there is no upper limit on the security’s price. In
could translate into a 20 per cent fall in the value of the same        other words, the loss will continue to increase as the security’s
portfolio in a geared fund with a gearing level of 50 per cent          price rises.
(excluding any borrowing costs).
                                                                        A further risk is that the securities lender may recall a borrowed
                                                                        security, so the fund will have to find another securities lender
Example                                                                 willing to lend the security, or may have to buy the security
    your investment amount                $1,000           $1,000       quickly at an unfavourable price.

    Fund gearing level                       nil            50%
                                                                        Managing the risks
    Amount borrowed by fund                 n/a            $1,000
                                                                        Use of derivatives
    Amount invested in the market         $1,000           $2,000       A derivative is a financial instrument that derives its value from the
                                                                        price of a physical security or market index. Derivatives may be
    If the value of the fund’s assets falls by 10%:
                                                                        used by the specialist investment managers in the management
    Fall in value of fund’s assets         $100             $200        of their funds to:

    Value of fund’s assets after fall      $900            $1,800       ▪ protect against changes in the market value of existing
    Outstanding loan                        n/a            $1,000         investments in a managed fund

    Value of your investment               $900             $800        ▪ achieve a desired investment position without buying or selling
                                                                          the underlying physical asset
    Loss of investment capital             $100             $200

    Effective rate of loss                 10%              20%         ▪ manage actual and anticipated interest rate and credit risk for
                                                                          mortgages, cash and fixed income asset classes and/or

Consequently, the greater the level of gearing in a geared fund,        ▪ protect against adverse currency movements.
the less the fall in asset value needs to be for a total loss of your
investment capital.                                                     Derivatives may also be used for broader purposes to increase
                                                                        returns.




8
How we manage risk                                                       Our aim is to ensure that the interest costs of borrowings are
We can’t eliminate investment risks, however Perpetual (as the           adequately covered by the geared Funds’ income. The gearing
responsible entity of the Funds) and the specialist investment           level in a geared Fund will therefore depend on the present levels
managers (including Perpetual) aim to manage the impact of               and future expectations of its income (excluding franking credits)
these risks by following consistent and carefully considered             and the expected interest cost on borrowings. For example,
investment guidelines.                                                   if a geared Fund’s income is approximately three per cent per
                                                                         annum and the interest rate on its borrowings is approximately
Importantly, we aim to reduce the risk of investment returns by          six per cent per annum, the Fund could gear up to 50 per cent.
diversifying the investments of the Funds. We do this by:                If we believe that the expected income of a geared Fund will not
                                                                         be adequate to meet the interest costs of borrowing, we will
 Diversifying           How/why
                                                                         decrease the gearing level, for example, by selling the Fund’s
 across
                                                                         assets and repaying part of the borrowing.
 Several specialist     Investment managers have different
 investment             investment styles which may lead to              Note that the gearing level in a geared Fund may also be reduced
 managers               variations in returns in various market          to comply with any limits imposed by lenders (see ‘Gearing risk’
                        conditions. Diversifying across investment
                                                                         on page 8).
                        managers can reduce the reliance on one
                        style.
                                                                         How you can manage your investment risk
 Markets and            Spreading the investments of various asset       The most significant risk in investing is that you don’t reach
 regions                classes across companies, countries,             your financial goals. It’s important to consider your investment
                        industries and currencies can minimise the
                                                                         timeframe, your investment goals and your risk tolerance and
                        impact of a regional crash, or a downturn
                        in a particular industry.                        we recommend you consult a financial adviser to assist you in
                                                                         determining these. This will help with your choice of investment
 Different asset        Each asset class has its own volatility          and the level of diversification you need.
 classes                and return characteristics. For the multi-
                        asset class Funds we add an additional
                        diversification layer by spreading their
                                                                         Diversification
                        investments across the different major           Diversifying your investments can help reduce the volatility of
                        traditional asset classes like Australian        investment returns.
                        and international shares, real estate, fixed
                        income, cash and enhanced cash, as well          You can achieve diversification across different asset classes
                        as alternative assets, to assist in minimising   easily in the Funds by choosing a pre-mixed multi-asset class
                        the performance risk presented by cycles
                                                                         Fund or mixing your own investment portfolio by combining
                        in asset class returns.
                                                                         single-asset class Funds (or a combination of these approaches).

                                                                         Flexibility to change
Gearing policy
                                                                         After you have made your investment selection you still have
All Funds
                                                                         the flexibility to change your mind. It’s easy to restructure your
All of the Funds and underlying funds may borrow from time to
                                                                         investment at any time, giving you the ability to concentrate or
time to buy new assets or meet commitments rather than having
                                                                         diversify your portfolio as you require (see ‘Switches’ on page 27
to hold significant amounts of cash.
                                                                         for more details).
Except for the geared Funds (see below), gearing at any level, if
required, would generally be moderate (less than 10 per cent).
However, investments within the underlying funds in unlisted
property trusts and alternative assets where strategic gearing
typically occurs can result in significantly higher gearing levels for
that portion of the Funds’ investments.

Geared Funds
Perpetual Select Geared High Growth Fund and Perpetual
Select Geared Australian Share Fund borrow to gear their
investment exposure. The borrowings are secured against the
Funds’ assets. The income of these Funds, which includes
dividends and interest from the underlying investments, is used
to service the interest cost of borrowings and the gearing levels
are managed accordingly.




                                                                                                            Perpetual Select Investment Funds 9
Funds profiles
The Funds profiles on pages 11-17 provide a summary of the            Footnotes
Funds offered within Perpetual Select Investment Funds. For           You should refer to page 17 for details of any footnotes.
more details and any updated information about the Funds, visit
our website or contact us.                                            Environmental, social and ethical factors and labour
                                                                      standards
The following information explains certain terms and concepts         Increasingly members of the investment management industry
detailed in the Funds profiles.                                       (including Perpetual) are developing policies regarding their
                                                                      methods for considering environmental, social (including labour
Registered managed investment scheme                                  standards) and governance (ESG) factors which may influence
This shows the Fund’s Australian registered scheme number             the purchase, sale or retention of an individual investment.
(ARSN) issued by ASIC.
                                                                      As the responsible entity of the Funds, we consider these
Commencement date                                                     policies when choosing specialist investment managers only
The commencement date is the month and year that the Fund             to the extent that they may have an effect on an investment
commenced.                                                            manager’s style and investment performance. We will neither
                                                                      choose nor exclude a specialist investment manager solely on
Management costs                                                      their ESG policies/practices but it will contribute to our overall
These are an estimate of all significant fees and expenses (except    assessment of a manager’s style and capability.
for any abnormal operating costs) associated with managing and
administering the Fund (see ‘Management costs’ on page 19 for         Where Perpetual is the investment manager, we don’t attempt to
details). Management costs may vary in the future.                    apply ethical standards, and we will only take ESG factors into
                                                                      account to the extent that we believe they may impact the current
Relative volatility and suggested length of investment                and potential future quality or value of an individual investment
These are a guide only and not a recommendation. You should           (either positively or negatively).
discuss your investment with your financial adviser to ensure that
it meets your needs.                                                  Additional information
                                                                      The following additional information, which forms part of the
Distribution frequency and dates                                      PDS, is available at our website (see ‘Incorporation by reference’
The distribution frequency is how often the Fund usually makes        on page 35 for details) or can be obtained free of charge by
a distribution. The distribution dates are the effective dates for    contacting us:
distributions. The actual payment of distributions occurs after the
distribution date (see ‘Distributions’ on page 28 for details).       ▪ the buy/sell spread for each Fund (see ‘Transaction costs’ on
                                                                        page 21 for further information).
Objective
The objective is a summary of what the Fund aims to achieve.

Investment approach
This is the method or principles our investment team uses to
manage the Fund to meet its objectives. This may include using
derivatives and taking short positions (see ‘Use of derivatives’ on
page 8 and ‘Short-position risk’ on page 8 for more information).

Investment guidelines
These are the percentages of each asset class that may be held
by the Fund. The ‘benchmark’ shown in the investment guidelines
is the strategic asset allocation of the Fund. These are only a
guide as the actual asset and specialist investment manager
allocations may change daily within the ranges.

Cash may also be held for liquidity in the underlying funds, so the
overall cash allocation may be greater than stated.




10
Multi-asset class Funds
Perpetual Select Conservative Fund                                           Perpetual Select Diversified Fund

 Registered managed investment scheme                                        Registered managed investment scheme
 ARSN 100 476 882                                                            ARSN 098 775 690

 Commencement date                                                           Commencement date
 May 2002                                                                    March 1999

 Management costs (% pa)                                                     Management costs (% pa)
 2.39%1                                                                      2.27%1

 Relative volatility                                                         Relative volatility
 Low to moderate                                                             Moderate

 Suggested length of investment                                              Suggested length of investment
 Three years or more                                                         Five years or more

 Distribution frequency and dates                                            Distribution frequency and dates
 Quarterly – 31 March, 30 June, 30 September, 31 December                    Quarterly – 31 March, 30 June, 30 September, 31 December

 Objective                                                                   Objective
 Income and some long-term capital growth through investment in a            Long-term capital growth and income through investment in a
 diversified portfolio with an emphasis on fixed income and cash and         diversified portfolio.
 enhanced cash investments.

 Investment approach                                                         Investment approach
 Invests into a diverse mix of assets (see ‘Investment guidelines’           Invests into a diverse mix of assets (see ‘Investment guidelines’
 below).                                                                     below).
 The Fund is regularly reviewed and re-weighted to the benchmark.            The Fund is regularly reviewed and re-weighted to the benchmark.
 Re-weighting means realigning the asset allocation to the benchmark.        Re-weighting means realigning the asset allocation to the benchmark.
 This can help reduce the volatility of the Fund by avoiding over            This can help reduce the volatility of the Fund by avoiding over
 exposure to a particular asset class that has grown more quickly than       exposure to a particular asset class that has grown more quickly than
 another.                                                                    another.

 Investment guidelines                                                       Investment guidelines

 Benchmark                                                      Ranges       Benchmark                                                      Ranges

 Growth alternatives 5.0%                                            0-15%   Growth alternatives 5.0%                                            0-15%

 International shares 10.0%                                          0-20%   Real estate3 10.0%                                                  0-20%

 Cash and                                                                    International
 enhanced cash 25.0%                                             15-35%      shares 15.0%                                                        5-25%


 Australian                                                                  Fixed income2 30.0%                                             20-40%
 shares 12.0%                                                        0-20%
                                                                             Australian
 Real estate3 8.0%                                                   0-15%   shares 20.0%                                                    10-30%

                                                                             Defensive
 Defensive
                                                                             alternatives 10.0%                                               0-20%
 alternatives 10.0%                                                  0-20%
 Fixed income 30.0%
                2                                                20-40%      Cash and
                                                                             enhanced cash 10.0%                                                 0-20%




You should refer to page 17 for details of footnotes.




                                                                                                                   Perpetual Select Investment Funds 11
Multi-asset class Funds
Perpetual Select Balanced Fund                                               Perpetual Select Growth Fund

 Registered managed investment scheme                                        Registered managed investment scheme
 ARSN 098 775 869                                                            ARSN 098 775 921

 Commencement date                                                           Commencement date
 March 1999                                                                  March 1999

 Management costs (% pa)                                                     Management costs (% pa)
 2.21%1                                                                      2.37%1

 Relative volatility                                                         Relative volatility
 Moderate                                                                    Moderate to high

 Suggested length of investment                                              Suggested length of investment
 Five years or more                                                          Five years or more

 Distribution frequency and dates                                            Distribution frequency and dates
 Quarterly – 31 March, 30 June, 30 September, 31 December                    Quarterly – 31 March, 30 June, 30 September, 31 December

 Objective                                                                   Objective
 Long-term capital growth and income through investment in a                 Long-term capital growth and income through investment in a
 diversified portfolio with an emphasis on Australian and international      diversified portfolio with a strong emphasis on Australian and
 share investments.                                                          international share investments.

 Investment approach                                                         Investment approach
 Invests into a diverse mix of assets (see ‘Investment guidelines’           Invests into a diverse mix of assets (see ‘Investment guidelines’
 below).                                                                     below).
 The Fund is regularly reviewed and re-weighted to the benchmark.            The Fund is regularly reviewed and re-weighted to the benchmark.
 Re-weighting means realigning the asset allocation to the benchmark.        Re-weighting means realigning the asset allocation to the benchmark.
 This can help reduce the volatility of the Fund by avoiding over            This can help reduce the volatility of the Fund by avoiding over
 exposure to a particular asset class that has grown more quickly than       exposure to a particular asset class that has grown more quickly than
 another.                                                                    another.

 Investment guidelines                                                       Investment guidelines


 Benchmark                                                      Ranges       Benchmark                                                      Ranges
 Cash and                                                                    Cash and
 enhanced cash 2.0%                                                  0-10%   enhanced cash 2.0%                                                  0-10%
                                                                             Growth alternatives 15.0%                                           0-25%
 Growth alternatives 10.0%                                           0-20%

 Fixed income2 23.0%                                             15-35%      Fixed income2 13.0%                                                 5-25%
 Australian
 shares 26.0%                                                    15-35%      Real estate3 10.0%                                                  0-20%

 Defensive
 alternatives 5.0%                                               0-15%

 Real estate3 10.0%                                                  0-20%   International
                                                                             shares 28.0%                                                     20-40%

 International                                                               Australian
 shares 24.0%                                                    15-35%      shares 32.0%                                                     20-40%




You should refer to page 17 for details of footnotes.




12
Multi-asset class Funds
Perpetual Select Geared High Growth Fund

 Registered managed investment scheme
 ARSN 124 209 463

 Commencement date
 March 2007

 Management costs (% pa)
 2.45%1 (g) / 3.60% (n)4

 Relative volatility
 Very high

 Suggested length of investment
 Seven years or more

 Distribution frequency and dates
 Quarterly – 31 March, 30 June, 30 September, 31 December

 Objective
 Enhanced long-term capital growth through borrowing (gearing) to
 invest in a diversified portfolio with a strong emphasis on Australian
 and international shares, as well as growth alternative investments.

 Investment approach
 Invests into a diverse mix of assets (see ‘Investment guidelines’
 below).
 The Fund is regularly reviewed and re-weighted to the benchmark.
 Re-weighting means realigning the asset allocation to the benchmark.
 This can help reduce the volatility of the Fund by avoiding over
 exposure to a particular asset class that has grown more quickly
 than another.
 See ‘Gearing policy’ on page 9 for details on how the Fund’s gearing
 is managed.

 Investment guidelines

 Benchmark                                                      Ranges



 Cash and
 enhanced cash 2.0%                                                  0-12%

 Growth
 alternatives 15.0%                                                  0-25%

 International
 shares 35.0%                                                    25-45%


 Australian
 shares 48.0%                                                    35-60%




 Gearing level5                                                      0-50%




You should refer to page 17 for details of footnotes.




                                                                             Perpetual Select Investment Funds 13
Single-asset class Funds
Perpetual Select Australian Fixed Income Fund                               Perpetual Select International Fixed Income Fund

 Registered managed investment scheme                                       Registered managed investment scheme
 ARSN 098 776 179                                                           ARSN 098 776 222

 Commencement date                                                          Commencement date
 March 1999                                                                 March 1999

 Management costs (% pa)                                                    Management costs (% pa)
 1.82%                                                                      1.71%

 Relative volatility                                                        Relative volatility
 Low to moderate                                                            Low to moderate

 Suggested length of investment                                             Suggested length of investment
 Two years or more                                                          Two years or more

 Distribution frequency and dates                                           Distribution frequency and dates
 Quarterly – 31 March, 30 June, 30 September, 31 December                   Quarterly – 31 March, 30 June, 30 September, 31 December

 Objective                                                                  Objective
 Income and capital stability through investment in a diversified           Income and capital stability through investment in a diversified
 portfolio of Australian fixed income investments (including                portfolio of international fixed income investments.
 mortgages6).

 Investment approach                                                        Investment approach
 The Fund combines specialist investment managers with different            The Fund combines specialist investment managers with different
 investment styles and philosophies. The Fund is managed according          investment styles and philosophies. The Fund is managed according
 to its investment guidelines which have a set exposure to each             to its investment guidelines which have a set exposure to each
 specialist investment manager. The Fund is regularly reviewed and          specialist investment manager. The Fund is regularly reviewed and
 re-weighted to the benchmark. Re-weighting means realigning the            re-weighted to the benchmark. Re-weighting means realigning the
 asset allocation to the investment guidelines for each specialist          asset allocation to the investment guidelines for each specialist
 investment manager. This can help reduce the volatility of the Fund by     investment manager. This can help reduce the volatility of the Fund by
 avoiding over exposure to a particular specialist investment manager       avoiding over exposure to a particular specialist investment manager
 that has grown more quickly than another.                                  that has grown more quickly than another.
                                                                            Derivatives are currently used by the specialist investment managers
                                                                            to protect against most currency movements, although this can
                                                                            change at any time.

 Investment guidelines                                                      Investment guidelines


 Benchmark                                                      Ranges      Benchmark                                                      Ranges

 Australian fixed income                                                    International
 (including mortgages6) 100.0%                                 90-100%      fixed income 100.0%                                           90-100%

 Cash 0.0%                                                          0-10%   Cash 0.0%                                                          0-10%




You should refer to page 17 for details of footnotes.




14
Single-asset class Funds
Perpetual Select Real Estate Fund                                             Perpetual Select Australian Share Fund

 Registered managed investment scheme                                         Registered managed investment scheme
 ARSN 098 776 302                                                             ARSN 098 776 026

 Commencement date                                                            Commencement date
 March 1999                                                                   March 1999

 Management costs (% pa)                                                      Management costs (% pa)
 2.12%                                                                        2.12%8

 Relative volatility                                                          Relative volatility
 High                                                                         High

 Suggested length of investment                                               Suggested length of investment
 Five years or more                                                           Five years or more

 Distribution frequency and dates                                             Distribution frequency and dates
 Quarterly – 31 March, 30 June, 30 September, 31 December                     Quarterly – 31 March, 30 June, 30 September, 31 December

 Objective                                                                    Objective
 Income and long-term capital growth through investment in a                  Long-term capital growth and income through investment in a
 diversified portfolio of Australian and international real estate            diversified portfolio of Australian shares.9
 investment trusts and unlisted property trusts.7

 Investment approach                                                          Investment approach
 The Fund combines specialist investment managers with different              The Fund combines specialist investment managers with different
 investment styles and philosophies. The Fund is managed according            investment styles and philosophies. The Fund is managed according
 to its investment guidelines which have a set exposure to each               to its investment guidelines which have a set exposure to each
 specialist investment manager. The Fund is regularly reviewed and            specialist investment manager. The Fund is regularly reviewed and
 re-weighted to the benchmark. Re-weighting means realigning the              re-weighted to the benchmark. Re-weighting means realigning the
 asset allocation to the investment guidelines for each specialist            asset allocation to the investment guidelines for each specialist
 investment manager. This can help reduce the volatility of the Fund by       investment manager. This can help reduce the volatility of the Fund by
 avoiding over exposure to a particular specialist investment manager         avoiding over exposure to a particular specialist investment manager
 that has grown more quickly than another.                                    that has grown more quickly than another.
 The currency exposure of international assets is monitored and the
 capital component hedged into Australian dollars.


 Investment guidelines                                                        Investment guidelines


 Benchmark                                                           Ranges   Benchmark                                                     Ranges

 Real estate7 100.0%                                             90-100%      Australian shares9 100.0%                                     90-100%


 Cash 0.0%                                                            0-10%   Cash 0.0%                                                       0-10%




You should refer to page 17 for details of footnotes.




                                                                                                                   Perpetual Select Investment Funds 15
Single-asset class Funds
Perpetual Select Geared Australian Share Fund                             Perpetual Select International Share Fund

 Registered managed investment scheme                                     Registered managed investment scheme
 ARSN 124 209 203                                                         ARSN 098 776 115

 Commencement date                                                        Commencement date
 March 2007                                                               March 1999

 Management costs (% pa)                                                  Management costs (% pa)
 2.24%8 (g) / 4.36% (n)10                                                 2.36%11

 Relative volatility                                                      Relative volatility
 Very high                                                                High

 Suggested length of investment                                           Suggested length of investment
 Seven years or more                                                      Five years or more

 Distribution frequency and dates                                         Distribution frequency and dates
 Quarterly – 31 March, 30 June, 30 September, 31 December                 Quarterly – 31 March, 30 June, 30 September, 31 December

 Objective                                                                Objective
 Enhanced long-term capital growth through borrowing (gearing) to         Long-term capital growth through investment in a diversified portfolio
 invest in a diversified portfolio of Australian shares.9                 of international shares.12


 Investment approach                                                      Investment approach
 The Fund combines specialist investment managers with different          The Fund combines specialist investment managers with different
 investment styles and philosophies. The Fund is managed according        investment styles and philosophies. The Fund is managed according
 to its investment guidelines which have a set exposure to each           to its investment guidelines which have a set exposure to each
 specialist investment manager. The Fund is regularly reviewed and        specialist investment manager. The Fund is regularly reviewed and
 re-weighted to the benchmark. Re-weighting means realigning the          re-weighted to the benchmark. Re-weighting means realigning the
 asset allocation to the investment guidelines for each specialist        asset allocation to the investment guidelines for each specialist
 investment manager. This can help reduce the volatility of the Fund by   investment manager. This can help reduce the volatility of the Fund by
 avoiding over exposure to a particular specialist investment manager     avoiding over exposure to a particular specialist investment manager
 that has grown more quickly than another.                                that has grown more quickly than another.
 See ‘Gearing policy’ on page 9 for details on how the Fund’s gearing     The currency exposure of international assets is monitored and
 is managed.                                                              hedging strategies may be implemented (using derivatives) with the
                                                                          aim of reducing the impact of adverse currency movements.

 Investment guidelines                                                    Investment guidelines


 Benchmark                                                    Ranges      Benchmark                                                     Ranges

 Australian shares9 100.0%                                    90-100%     International shares12 100.0%                                90-100%


 Cash 0.0%                                                      0-10%     Cash 0.0%                                                       0-10%




 Gearing level5                                                 0-60%



You should refer to page 17 for details of footnotes.




16
Footnotes to Funds profiles
1 These multi-asset class Funds have varying exposure to Perpetual Select
  Australian Share Fund and Perpetual Select International Share Fund,
  where a performance fee may be payable to the specialist investment
  managers. The performance fee payable to specialist investment managers
  is included in the management costs of the Australian Share Fund and
  International Share Fund, which form a component of the total management
  costs of the multi-asset class Funds (see footnotes 8 and 11 below for
  information on Perpetual Select Australian Share Fund and Perpetual Select
  International Share Fund performance fees respectively).
2 The benchmark allocation for fixed income will typically comprise 30%
  Australian fixed income and 70% international fixed income.
3 The currency exposure of international real estate assets in the underlying
  Perpetual Select Real Estate Fund is monitored and the capital component
  hedged into Australian dollars.
4 Assumes the average gearing level is 33%. If the average gearing level over
  the year is lower or higher than 33%, the management costs expressed as
  a percentage of the net asset value will be lower or higher, as applicable.
5 The gearing level is the Fund’s borrowings divided by the total gross value
  of assets. It will depend on the present levels and future expectation of
  the underlying funds’ income (excluding franking credits) and the cost on
  borrowings. The maximum gearing limit may be exceeded for short periods
  of time due to extreme market volatility (see ‘Suspension of applications,
  switches and withdrawals’ on page 35 for further information).
6 Exposure to mortgages is limited to 45%.
7 Also permitted to be included are company shares, unit trusts and other
  securities that are expected to have a return related to property investments
  or management as their dominant underlying assets.
8 This amount includes estimated performance fees payable to the specialist
  investment managers. The total estimated performance fee component
  payable to specialist investment managers for the 12 months to 31
  December 2009 was approximately 0.03% (see ‘Performance fees’ on
  page 20 for more details).
9 As per the investment manager’s investment guidelines, securities listed on
  overseas exchanges may be purchased subject to agreed limits.
10 Assumes the average gearing level is 50%. If the average gearing level over
   the year is lower or higher than 50%, the management costs expressed as
   a percentage of the net asset value will be lower or higher, as applicable.
11 This amount includes estimated performance fees payable to the
   specialist investment managers. The total estimated performance fee
   component payable to specialist investment managers for the 12 months
   to 31 December 2009 was 0.00% (see ‘Performance fees’ on page 20 for
   more details).
12 As per the Fund’s investment guidelines, securities listed on the
   Australian Securities Exchange may be purchased subject to limits
   agreed by Perpetual.




                                                                                  Perpetual Select Investment Funds 17
Fees and other costs

 Did you know?                                                     Fees and other costs
 Small differences in both investment performance and fees and     This document shows fees and other costs that you may be
 costs can have a substantial impact on your long-term returns.    charged. These fees and costs may be deducted from your
                                                                   money, from the returns on your investment or from the Funds’
 For example, total annual fees and costs of 2 per cent of your
                                                                   assets as a whole.
 fund balance rather than 1 per cent could reduce your final
 return by up to 20 per cent over a 30-year period (for example,   Fees and costs for particular Funds are set out in the ‘Funds
 reduce it from $100,000 to $80,000).                              profiles’ on pages 11-17.

 You should consider whether features such as superior             Tax information, including goods and services tax (GST), is set
 investment performance or the provision of better member          out on pages 30-31. Unless otherwise stated, all fees and other
 services justify higher fees and costs.                           costs disclosed in this PDS are inclusive of the net effect of GST.

 You may be able to negotiate to pay lower contribution fees       You should read all information about fees and costs because it’s
 and management costs where applicable. Ask us or your             important to understand their impact on your investment.
 financial adviser.


 To find out more
 If you would like to find out more or see the impact of fees
 based on your own circumstances, the Australian Securities
 and Investments Commission (ASIC) website
 www.fido.asic.gov.au has a managed investment fee calculator
 to help you check out different fee options.


Fees and other costs

 Type of fee or cost                           Amount                                    How and when paid

 Fees when your money moves in or out of the Fund

 Establishment fee                             Nil.                                      Not applicable.
 The fee to open your investment

 Contribution fee1                             Up to 4.00%.2,3                           A contribution fee is charged when you
 The fee on each amount contributed to your                                              make an initial or additional investment into
 investment                                                                              a Fund. This fee is deducted directly from
                                                                                         your initial or additional investment and paid
                                                                                         to us.
                                                                                         Any initial commission payable to your
                                                                                         financial adviser is paid by us out of the
                                                                                         contribution fee. The amount of initial
                                                                                         commission and the contribution fee can be
                                                                                         negotiated with your financial adviser. If you
                                                                                         don’t use a financial adviser, the contribution
                                                                                         fee will generally still be payable and retained
                                                                                         by us.

 Withdrawal fee                                Nil.2,3                                   No withdrawal fee is currently charged
 The fee on each amount you take out of
 your investment

 Termination fee                               Nil.                                      Not applicable.
 The fee to close your investment




18
Fees and other costs (continued)

 Type of fee or cost                                     Amount                                                  How and when paid

 Management costs        1,4



 The estimated fees and costs for managing               1.71%-4.36% pa of your account balance                  Management costs are deducted directly
 your investment over a 12 month period                  within a Fund, depending on the Fund.3                  and indirectly from the Funds and are
 The estimated management costs for each                 These management costs consist of                       reflected in the unit price.
 Fund are shown in the ‘Funds profiles’ on               the management fee of 1.49% pa3 plus                    The method and frequency of deduction of
 pages 11-17.                                            estimated expense recoveries (including                 each component differs (see ‘Management
                                                         specialist investment manager fees and                  costs’ on pages 19-21 for details).
                                                         other expenses) of between 0.22% and                    The management fee component may
                                                         1.46%. As rebates may apply to the                      be rebated in certain circumstances (see
                                                         management fee and expense recoveries                   ‘Management fee rebates’ on page 19 for
                                                         are variable, it’s not possible to provide fixed        details).
                                                         management costs for the Funds.


 Service fees

 Investment switching fee                                Nil.2                                                   No switching fee is charged.
 The fee for changing Funds




1 This fee may include an amount payable to an adviser (see ‘Adviser remuneration’ on page 22 and ‘Differential fees’ on page 22 for details).
2 A buy/sell spread will generally apply (see ‘Transaction costs’ on page 21 for further information and ‘Incorporation by reference’ on page 35 for details of how to
  obtain current buy/sell spread amounts).
3 See ‘Maximum fees and charges’ on page 21 for details of the maximum fee amounts allowed under the Funds’ constitutions.
4 See ‘Management costs’ on page 19 for further details.



Additional explanation of fees and costs                                               To ensure overall efficiencies in the operation of the geared
                                                                                       Funds’ gearing, we are normally issued with units as payment for
Management costs
                                                                                       our management fee and to recover expenses (although these
The estimated management costs include:
                                                                                       Funds’ constitutions also allow payment in cash). This increases
▪ the management fee                                                                   the distributable income with an offsetting decrease in the unit
                                                                                       price. Where units are issued, we’ll redeem the units as soon as
▪ expense recoveries (including specialist investment manager                          practicable after they’re issued to us.
  fees and performance fees), other than abnormal operating
  expenses.                                                                            Management fee rebates
                                                                                       A management fee rebate is available to investors with large
Management fee                                                                         account balances. The size of your rebate is determined by the
We receive a management fee for overseeing the investments of                          value of your investment in the Funds at the end of each month
the Funds. This fee is included in the calculation of the unit price                   and is applied to your account at the next quarterly distribution.
of each Fund and is normally paid to us monthly.                                       The current rebate thresholds are shown in the following table
                                                                                       (GST doesn’t apply to rebates). If you withdraw your investment
The management fee does not include fees associated with                               from the Funds before the end of a quarterly distribution period
investment management services performed by the specialist                             you won’t receive any management fee rebate for that quarter.
investment managers.                                                                   We can change the qualifying levels and the size of rebates
                                                                                       applicable to your investment in the Funds. Any changes to
For each of the Funds other than Perpetual Select Geared High
                                                                                       management fee rebates are entirely at our discretion.
Growth Fund and Perpetual Select Geared Australian Share
Fund, we currently charge a management fee of 1.49 per cent per                        Management fee rebates
annum of the net asset value of the Fund.
                                                                                         Value of investment                               Rebate (% pa)
Geared Funds                                                                             First $150,000                                           Nil
The management fee for Perpetual Select Geared High Growth
Fund and Perpetual Select Geared Australian Share Fund will be                           Next $350,000                                           0.40
1.49 per cent per annum of their gross asset value (that is, asset                       Over $500,000                                           0.75
value before deduction for liabilities). As a result the management
costs for these Funds will not be directly comparable to the
management costs of the other Funds, which are calculated
using their net asset value.




                                                                                                                                Perpetual Select Investment Funds 19
Expense recoveries                                                      Specialist investment manager fees (continued)
Expense recoveries represent the operating expenses incurred in
                                                                         Method of placing investment     How fees are paid to the
the day-to-day operation of each Fund.                                   with specialist investment       specialist investment
                                                                         manager                          managers
Expense recoveries include fees payable to the specialist
                                                                         A mandate arrangement            The specialist investment
investment managers and other expense recovery items, such as
                                                                         between us and the specialist    manager directly charges us
audit fees, custody fees and expenses for publishing this PDS.           investment manager.              a fee. This fee is treated as an
                                                                                                          expense of the relevant Fund,
There is no limit in the Funds’ constitutions on the amount that                                          which is accrued in the unit
can be reimbursed for expense recoveries.                                                                 price of the Fund.
                                                                                                          Fees are normally paid to the
Expense recoveries can be paid directly from each Fund or, if the                                         specialist investment manager
expenses are incurred by us for the proper performance of our                                             quarterly in arrears.
duties and obligations, we’re entitled to be reimbursed for these
amounts from the Funds.                                                 Performance fees
                                                                        In addition to the specialist investment management fee, some
Estimated expense recoveries range between 0.22 and 1.46                of the specialist investment managers may be entitled to a
per cent per annum depending on the Fund. These expense                 performance fee. Performance fees are payable when a specialist
recoveries consist of:                                                  investment manager outperforms a defined performance hurdle
                                                                        (benchmark), for a defined period of time.
▪ specialist investment manager fees of between 0.19 and
  1.30 per cent per annum of the net asset value depending              Any performance fee payable to a particular investment manager
  on the Fund                                                           will be attributed to the overall management costs of the Fund.
                                                                        All performance fees will be incorporated in the unit price of the
▪ other expenses of between 0.02 and 0.31 per cent per annum
                                                                        Fund.
  of the net asset value depending on the Fund.
                                                                        Performance fees for certain specialist investment managers for
These amounts may vary in the future.
                                                                        Perpetual Select Australian Share Fund and Perpetual Select
Expense recoveries don’t include abnormal operating expenses            International Share Fund, together with the specialist investment
(see ‘Abnormal operating expenses’ on page 21 for details).             managers for alternative assets, form part of the specialist
                                                                        investment manager remuneration. Performance fees also apply
Specialist investment manager fees                                      to the geared and multi-asset class Funds, which have varying
The specialist investment managers are entitled to charge an            exposure to Australian shares and international shares through
investment management fee based on a percentage of the assets           Perpetual Select Australian Share Fund and Perpetual Select
invested with them. There are different ways that investments           International Share Fund respectively and alternative assets.
are placed with the specialist investment managers, as shown
in the following table. Consequently, there are different ways of       The exact methodologies for calculating performance fees vary
charging fees, different types of fees and different fee levels that    significantly between the specialist investment managers, and the
may be charged.                                                         amounts payable aren’t possible to predict. The estimated total
                                                                        performance fee payable to these specialist investment managers
Specialist investment manager fees                                      for the 12 months to 31 December 2009 was approximately 0.03
                                                                        per cent of the value of Perpetual Select Australian Share Fund
 Method of placing investment      How fees are paid to the
 with specialist investment        specialist investment                and 0.00 per cent of the value of Perpetual Select International
 manager                           managers                             Share Fund.
 Investment in a pooled trust      The underlying pooled trust
                                                                        The performance fee payable to these specialist investment
 managed by the specialist         charges a fee, which is
 investment manager.               reflected in the unit price of the   managers is based on a percentage earned on that manager’s
                                   underlying pooled trust and          outperformance of their respective benchmark. For specialist
                                   incorporated in the Fund’s unit      investment managers other than for alternative assets, this range
                                   price. The fee is percentage         is currently between 10 and 21 per cent of that outperformance,
                                   based and may include a
                                                                        depending on the manager.
                                   performance fee.
                                   The Funds don’t pay the              The maximum performance fee payable to any particular
                                   underlying pooled trusts a
                                                                        specialist investment manager other than for alternative assets
                                   separate fee.
                                                                        over an annual period currently ranges between 1.0 and 1.8 per
                                                                        cent. The outperformance of the benchmark required to achieve
                                                                        this maximum fee ranges between 5.0 and 17.5 per cent.




20
 Example                                                              This aims to ensure that other investors aren’t impacted by the
 If the manager outperformed their respective benchmark by 2          transaction costs associated with a particular investor buying or
 per cent and was entitled to 10 per cent of the outperformance,      selling units in the Fund. We have discretion to waive the buy/sell
 the performance fee payable would be 0.2 per cent (that is,          spread on investments or withdrawals where no transaction costs
 10 per cent of 2 per cent). Assuming a constant investment           are incurred.
 balance with that manager of $50,000, this would equate to
                                                                      A buy/sell spread is an additional cost to you. The spread, if
 a performance fee amount of $100.
                                                                      applicable, is based on our estimates of the average transaction
                                                                      costs incurred by a Fund. However, it is not a fee paid to us and
For alternative assets, where performance exceeds the specialist      is retained in the Fund to cover the actual transaction costs as
investment manager fee, the maximum performance fee payable           they are incurred.
is 25 per cent of any performance above the specialist investment
manager fee.                                                          The buy/sell spread will impact the return on your investment. As
                                                                      it is built into a Fund’s unit prices, it won’t be recorded separately
 Example                                                              on investor statements.
 If the specialist investment manager fee was 2.5 per cent
 and the gross return of the portfolio before fees was 50 per         The buy/sell spread for each Fund, which forms part of the
 cent, the return after the specialist investment manager fee         PDS, is publicly available at our website (see ‘Incorporation by
 but before performance fees would be 47.5 per cent. If the           reference’ on page 35 for details) or can be obtained free of
 manager was entitled to a performance fee of 20 per cent,            charge by contacting us.
 the performance fee payable would be 9.5 per cent (that is
                                                                      GST is not applicable to any buy/sell spread when you buy or sell
 20 per cent of 47.5 per cent). Assuming a constant investment
                                                                      units in the Funds.
 balance with that manager of $50,000, this would equate to
 a performance fee amount of $4,750.                                  Borrowing costs
                                                                      Borrowing costs (or gearing costs) are the costs associated with
Where a specialist asset consultant is engaged for hedge fund         borrowing money or securities, such as interest, establishment
investments and those investments outperform their performance        fees, government charges and stock borrowing fees. Borrowing
target, the consultant may receive up to 10 per cent of that          costs for Perpetual Select Geared High Growth Fund and
aggregated outperformance.                                            Perpetual Select Geared Australian Share Fund are not included
                                                                      in the management costs. Borrowing costs for these Funds (see
Abnormal operating expenses
                                                                      ‘Gearing policy’ on page 9 for further information) are paid out of
These charges are a reimbursement to us from the Funds
                                                                      the Funds’ investments and are reflected in their unit price.
to cover the abnormal operating expenses we incurred in
performing our duties and obligations in administering the Funds.     Miscellaneous fees
                                                                      If we incur a fee because a cheque or direct debit for your
These expenses aren’t generally incurred during the day-to-day
                                                                      investment in the Funds is dishonoured by your financial
operations of the Funds and aren’t necessarily incurred in any
                                                                      institution, the amount will be charged to your investment.
given year. They’re due to abnormal events such as the cost of
running a member meeting, or legal costs incurred by changes in
                                                                      Government charges
the Funds’ constitutions.
                                                                      Government charges will be applied to your account as
                                                                      appropriate.
Transaction costs
In managing the investments of the Funds, transaction costs such
                                                                      Maximum fees and charges
as brokerage, settlement costs, clearing costs and government
                                                                      Each Fund’s constitution allows us to charge maximum fees as
charges may be incurred in a Fund’s investment portfolio, or
                                                                      outlined below.
when a Fund experiences cash flows in or out of it.

When a Fund incurs transaction costs from changing its                 Fee or cost               Maximum
investment portfolio, they are paid out of the Fund’s assets and       Contribution fee          5.00% of the investment amount
are reflected in its unit price.
                                                                       Withdrawal fee            5.00% of the withdrawal amount
Transaction costs that are incurred because members buy or
                                                                       Management fee            Perpetual Select Geared High Growth
sell units in a Fund are also paid from the Fund’s assets, but they    (excluding expenses)      Fund and Perpetual Select Geared
are offset by the transaction cost allowances that are included in                               Australian Share Fund: 5.00% pa of total
the calculation of the Fund’s entry and/or exit unit prices, where                               assets of the Funds
relevant, as described under ‘Buy/sell spread’ below.                                            All other Funds: 2.00% pa of total assets
                                                                                                 of the Funds
Buy/sell spread
                                                                       Expense recoveries        Unlimited
Estimated transaction costs are allocated when a member
buys or sells units in a Fund by incorporating a buy/sell spread
between the Fund’s entry and exit unit prices, where appropriate.     Amounts disclosed are inclusive of 10 per cent GST.




                                                                                                          Perpetual Select Investment Funds 21
Increases or alterations to the fees                                       Initial commission
Fees may change for many reasons including changes in the                  This is the remuneration we pay to your financial adviser for
competitive, industry and regulatory environment or simply from            recommending that you invest in the Funds. It helps your adviser
changes in costs. We won’t increase our fees, or introduce new             to cover their costs and receive an income for the service they
fees, without giving you or your Service operator (as applicable)          provide. Initial commission is paid out of the contribution fee and
at least 30-days’ written notice except for government fees or             isn’t an additional cost to you.
charges.
                                                                           Some financial advisers may waive (or rebate) part or all of their
Differential fees                                                          initial commission, but aren’t obliged to. Any reduction (or rebate)
We may negotiate a rebate of all or part of the contribution fee           of initial commission will be used to buy additional units for the
or our management fee with wholesale clients (as defined by the            value of the rebate on your behalf.
Corporations Act) and employees of the Perpetual Group. Where
permitted by law, we may also waive the contribution fee for other         Ongoing commission
investors in respect of whom no commissions are paid by us.                This is the ongoing remuneration we pay to your financial adviser
                                                                           for providing ongoing service and investment advice to you in
The payment and terms of rebates or waivers are negotiated with            relation to your investment in the Funds. Ongoing commission is
wholesale clients but are ultimately at our discretion, subject to         paid out of our management fee and isn’t an additional cost to
the Corporations Act and ASIC policy. Please contact us or your            you.
adviser for details of any fee rebates or waivers that may have
been negotiated.                                                           Some financial advisers may waive (or rebate) part or all of their
                                                                           ongoing commission, but aren’t obliged to. A reduction (or rebate)
Tax                                                                        of ongoing commission may result in additional units for the value
Tax information, including GST, is set out on pages 30-31.                 of the rebate being purchased on your behalf.

Adviser remuneration                                                       As your account balance increases, the financial adviser
                                                                           commission percentages decrease. The current investment
Financial adviser commissions
                                                                           thresholds and commission amounts are explained in the
The commissions that can be paid to your financial adviser, as
                                                                           following table. The qualifying levels can be adjusted annually
summarised in the ‘Financial adviser commissions’ table below,
                                                                           by the CPI on 1 July.
aren’t an additional cost to you. They’re paid by us to your
financial adviser, if applicable, out of the contribution and/or           Ongoing adviser commission rates
management fees we charge on your investment in the Funds.
                                                                            Value of investment         Ongoing adviser commission (% pa)
For calculating commission, we’ll disclose information about                First $150,000                               0.55
your investment to your financial adviser (see ‘Your privacy’ on
page 33 for details).                                                       Next $350,000                                0.32

                                                                            Over $500,000                                0.22
Your financial adviser may provide a Financial Services Guide
or a Statement of Advice to you that details their remuneration
and other benefits, including those they may share with any                Other benefits
referral parties.                                                          As a result of your investment in the Funds your financial adviser
                                                                           may qualify for other benefits, which are not an additional cost to
Financial adviser commissions                                              you. We maintain a register (in compliance with the Industry Code
 Commission       Amount1        Cost per      How and when paid           of Practice on Alternative Forms of Remuneration) summarising
                                 $10,000                                   alternative forms of remuneration that are paid or provided to
                                 invested                                  certain financial advisers. If you would like to review this register
                                                                           please contact us.
 Initial          Up to          Up to         Calculated on the
 commission       4.29%          $429.00       amount of your initial or
                                               additional investments
                                               and paid at the end of
                                               the month out of the
                                               contribution fee.

 Ongoing          Up to          Up to         Calculated on the
 commission       0.55% pa       $55.00        average daily balance
                                               of your investment and
                                               paid monthly out of our
                                               management fee.


1 These amounts include 10% GST and are the amounts we pay to your
  financial adviser from the contribution fee and/or management fee we
  receive from the Funds (see the table within ‘Fees and other costs’ on
  pages 18-19 for further information about contribution and management
  fees payable to us for your investment in the Funds).




22
Example of annual fees and costs for Perpetual Select Balanced Fund
This table gives an example of how the fees and costs in Perpetual Select Balanced Fund can affect your investment over a one-year
period. You should use this table to compare the Fund with other managed investment products.

 EXAMPLE – Perpetual Select Balanced Fund                             Balance of $50,0001 with a contribution of $5,000 during year

 Contribution fees                     0.00% – 4.00%                  For every additional $5,000 you put in, you will be charged between $0.00 and
                                                                      $200.00.2

 PLUS                                  2.21%                          And, for every $50,000 you have in the Fund you will be charged $1,105.00 each
 Management costs1                                                    year.

 EQUALS                                                               If you had an investment of $50,000 at the beginning of the year and you put in an
 Cost of Fund                                                         additional $5,000 during that year, you would be charged fees of from:
                                                                                                        $1,105.00 to $1,305.00.
                                                                      What it costs you will depend on the Fund you choose and the fees you
                                                                      negotiate with us or your financial adviser.

1 We have assumed a constant value of $50,000 for the whole year.

2 A buy spread of 0.29% (as at the issue date of this PDS), equal to $14.50 on a $5,000 contribution, will also apply (see ‘Transaction costs’ on page 21 for
  further information).




                                                                                                                               Perpetual Select Investment Funds 23
Operating your account
Unless otherwise indicated, the information in this section (pages 24-29) applies to direct investors.

If you are investing indirectly through a Service, you should refer to your Service operator for details of minimum transaction amounts,
processing requirements and timeframes, distribution payment options, etc, as they may vary due to the Service operator’s requirements.
You should also use any relevant application and other forms provided by your Service operator.

 Feature/transaction        Summary information                                                                             Further information

 Initial investment         $5,000 minimum per Fund (this same minimum amount applies if you are establishing a                  page 25
                            savings plan – see below). After reading the PDS, complete the application form and send
                            it to us.
                            ▪ Investments by cheque – attach a cheque to your application form.
                            ▪ Investments by direct debit – we’ll debit your initial investment amount directly from
                              your nominated account once we’ve accepted your application.
                            ▪ Investments via BPAy (see below) – remit your investment amount to us once you’ve
                              received your Customer Reference Number (CRN) from us.

 Investment strategy        Unless you specify otherwise on your application form, the proportion of your initial                page 25
                            investment allocated to each Fund is recorded by us as your investment strategy for
                            additional investments (see below). You can change your investment strategy at any time.

 BPAy                       To use BPAY for making investments, you’ll need to quote the Funds’ BPAy biller code                 page 25
                            989459 and your CRN.

 Additional investments     $1,000 minimum per Fund (or $200 by savings plan – see below).                                       page 26
                            ▪ Investments by cheque – read the current PDS and send us a cheque (with your
                              instructions if you wish to allocate your additional investment differently to your current
                              investment strategy) quoting your existing account number.
                            ▪ Investments by direct debit:
                              − read the current PDS, complete an application form and send it to us or
                              − read the current PDS and submit your additional investment application and
                              − we’ll debit your additional investment amount directly from your nominated account
                                once we’ve accepted your application.
                            ▪ Investments via BPAy – read the current PDS and remit your additional investment
                              amount to us (no application form required).

 Savings plan               $200 minimum per Fund – If you wish to make regular additional investments by direct                 page 26
                            debit from your nominated account, complete section 4 of the application form.

 Switching                  $1,000 minimum – To switch all or part of your investment in a Fund (conditions apply),              page 27
                            submit a switch request through Online Account Access (see next page) or send us a
                            completed ‘Switch form’ (available from our website or by contacting us) by mail or fax.

 Auto-rebalancing           You can request us to regularly rebalance your investment portfolio to maintain your                 page 27
                            chosen investment strategy by completing section 5 of the application form.

 Withdrawals                There is no minimum amount for one-off withdrawals, however a minimum remaining                      page 27
                            investment balance of $5,000 per Fund applies. If you wish to make a withdrawal, send us
                            a completed ‘Withdrawal form’ (available from our website or by contacting us), write to us
                            stating your request (including your client number, account number, the amount or number
                            of units to be withdrawn and your payment instructions) or use our phone (maximum
                            withdrawal of $50,000 per day) or fax withdrawal facilities.


 Regular withdrawal plan    $200 minimum per Fund – You can choose to receive regular monthly or quarterly                       page 28
                            payments from your investment in the Funds (conditions apply) by completing section 4 of
                            the application form.




24
 Feature/transaction        Summary information                                                                            Further information

 Distributions              You can have your distributions in a Fund reinvested in the same Fund or deposited                   page 28
                            into your nominated account by noting your choice for each Fund in section 5 of the
                            application form.

 New instructions or        Please contact us to advise of any changes to your name, address/contact details, bank             pages 25-29
 changes                    account and other details/instructions.
                            Any acceptable changes by phone can only be made after we’ve confirmed your identity.
                            All changes to bank account details must be made in writing by mail.
                            When requesting any new features or changes/cancellations involving transactions (eg
                            investment strategy, regular savings plan, auto-rebalancing, regular withdrawal plan and
                            distribution payments), we must receive your instructions at least five business days
                            before a transaction date for it to apply to the next transaction.

 Authorised                 You can appoint an authorised representative to act on your behalf in relation to your               page 29
 representative             investment in the Funds by completing section 3 of the application form.

 Online Account Access      Online Account Access allows you to view information about your investment and switch                page 29
                            between Funds online. You should specify the level of access you want in section 4 of the
                            application form.

 Updated information        Go to our website or mail, phone, fax or email us for the latest information on unit prices,    inside back cover
                            buy/sell spreads and investment returns and any other updated information in relation to
                            the Funds. Other general information is also provided in the Funds’ annual report, which is
                            also available at our website.



Investments                                                               Direct debit
                                                                          You can authorise us on your application form to debit investment
Depending on your investment goals and the amount you have to
                                                                          amounts directly from your nominated Australian bank, building
invest, you can invest in a single Fund or multiple Funds.
                                                                          society or credit union account.
Initial investment
                                                                          We are unable to debit a third party account, so you must be a
The minimum initial investment in any Fund is $5,000 (this same
                                                                          party to the bank account nominated for direct debits. For joint
minimum amount applies if you are establishing a savings plan –
                                                                          investors, at least one investor must be a party to the nominated
see below), which may be paid:
                                                                          account.
▪ by cheque
                                                                          Direct Debit Request Service Agreement
▪ by direct debit (see below) or                                          If you elect to make investments (including savings plan – see
                                                                          ‘Savings plan’ on page 26) by direct debit authority, you must
▪ via BPAY (see below).                                                   read and accept the terms of our Direct Debit Request Service
                                                                          Agreement, which forms part of this PDS and is publicly available
You should indicate on your application form the amount or
                                                                          at our website (see ‘Incorporation by reference’ on page 35 for
proportion of your investment in each Fund.
                                                                          details) or can be obtained free of charge by contacting us.
Investment strategy
                                                                          BPAy
The proportion of your initial investment allocated to each Fund is
                                                                          BPAY is a convenient way for you to make investments in the
recorded as your default investment strategy for:
                                                                          Funds from your cheque or savings account using the phone
▪ all investments made via BPAY                                           or online banking facilities provided by most Australian banks,
                                                                          building societies and credit unions.
▪ any additional investments unless you nominate a different
  Fund(s).                                                                Unless you indicate otherwise on your application form, we’ll
                                                                          send you a Customer Reference Number (CRN) in your welcome
You need to specify on the application form if you want your              letter. You can also apply for a CRN at any other time by
investment strategy to differ from your initial investment.               contacting us.
Otherwise, your investment strategy will remain the same, even
when you perform a future transaction. You can change your                When using BPAY, you’ll need to quote your CRN and the Funds’
investment strategy at any time by notifying us in writing.               BPAy biller code 989459.




                                                                                                              Perpetual Select Investment Funds 25
Additional investments                                                  Impact of withdrawals and switches on existing
As the PDS may be updated or replaced from time to time, you            savings plans (continued)
must obtain the current PDS (available from our website or by            Type of transaction        Impact on future savings plan
contacting us) before making any additional investment.
                                                                         Full switch from           We’ll continue your savings plan for the
The minimum additional investment in any Fund is $1,000                  some savings plan          same dollar amount. The allocation of your
                                                                         Fund(s)                    savings plan that was previously invested
(or $200 by savings plan – see below), which may be paid:
                                                                                                    into the Fund(s) that you have switched
                                                                                                    from will be invested into the existing
▪ by sending us a cheque (with your instructions if you wish to
                                                                                                    and/or new Fund(s) that you switched to
  allocate your additional investment differently to your current                                   in the same proportion as the switch.
  investment strategy)
                                                                         Partial withdrawal         No change to your savings plan.1
▪ by direct debit (with an application form) or                          or switch from all or
                                                                         some savings plan
▪ via BPAY – no application form required.                               Fund(s)

Savings plan                                                            1 If a partial withdrawal or switch reduces your account balance in a Fund to
With a savings plan, you can make regular investments in                  less than $5,000 (or another amount that we may set and advise you), your
                                                                          savings plan in relation to that Fund may be cancelled.
the Funds automatically by direct debit from your nominated
Australian bank, building society or credit union account.              We can terminate, suspend or impose additional conditions on
                                                                        the operation of your savings plan at any time with notice to you.
The minimum savings plan investment is $200 per Fund, which
can be made as follows:
                                                                        How units are issued
▪ monthly (default frequency) – on the 10th or 20th of the month        Generally, if our Sydney office receives and accepts your
                                                                        investment application electronically or otherwise (including
▪ quarterly – on the 10th or 20th of January, April, July               investment amounts received via BPAY, where applicable) by
  and October.                                                          3.00pm on any asset valuation date (see ‘How units are priced
                                                                        and investments are valued’ on page 32 for further information),
If any of these days aren’t business days, the next business day        your investment will be processed using that day’s entry price. If
will apply.                                                             received and accepted after 3.00pm it will be processed using
                                                                        the next calculated entry price. If it’s a non-working day for
Your savings plan request must be received at least five business
                                                                        Perpetual in Sydney, your investment will be processed using the
days before the relevant commencement date. Otherwise, your
                                                                        next available entry price.
first debit will occur on the relevant date in the following month or
quarter, as applicable.                                                 For current entry prices, visit our website or contact us.

Please contact us if you wish to change the investment amount           The number of units issued to you is determined by dividing your
or frequency, or cancel your savings plan.                              investment amount (less fees and taxes) by the applicable entry
                                                                        price. See ‘How units are priced and investments are valued’ on
The following table shows the impact on your savings plan of
                                                                        page 32 for details about asset valuations and unit prices.
any withdrawals or switches from the Funds unless you provide
alternative instructions at the time of withdrawing or switching.       Accepting your application includes verifying your identity (see
                                                                        ‘Anti-Money Laundering/Counter-Terrorism Financing laws’ on
Impact of withdrawals and switches on existing                          page 33 for more information).
savings plans
 Type of transaction     Impact on future savings plan                  We have the discretion:

 Full withdrawal from    We’ll cancel your savings plan.                ▪ not to accept applications and can delay processing them if
 all savings plan
                                                                          we believe that’s in the best interests of investors or if required
 Fund(s)
                                                                          by the law (see ‘Suspension of applications, switches and
 Full withdrawal from    We’ll continue your savings plan for the         withdrawals’ on page 35 for further information)
 some savings plan       same dollar amount invested into the
 Fund(s)                 remaining Fund(s) in proportion to your        ▪ to accept lower investment amounts
                         previous savings plan allocations to the
                         remaining Fund(s).                             ▪ to accept transactions in our Sydney office up to 5.00pm on
                                                                          30 June only (or the preceding Friday should 30 June fall on a
 Full switch from all    We’ll transfer your savings plan to the          weekend).
 savings plan Fund(s)    Fund(s) that you switched to in the same
                         proportion as the switch.




26
Switches                                                                Withdrawals
You can switch all or part of your investment in a Fund into            You can withdraw all or part of your investment in a Fund at
another Fund(s) at any time as long as you meet the withdrawal          any time as long as you maintain a minimum balance (currently
and application criteria for the nominated Funds, including:            $5,000) in a Fund after any partial withdrawal from that Fund,
▪ a minimum switch amount of $1,000 (or $5,000 if switching to          otherwise we may close your account and pay the balance of
  a new Fund) and                                                       your investment to you.

▪ a minimum balance of $5,000 in a Fund after any partial switch        All written withdrawal requests must be signed by you or your
  from that Fund.                                                       authorised signatory.

The PDS may be updated or replaced from time to time and you            If our Sydney office receives and accepts your withdrawal request
should read the current version before you switch. You can obtain       by 3.00pm on any asset valuation date (see ‘How units are priced
a copy of the current PDS, free of charge, at our website or by         and investments are valued’ on page 32 for further information),
contacting us.                                                          your withdrawal will be processed using that day’s exit price.
                                                                        If received and accepted after 3.00pm it will be processed
Generally, if our Sydney office receives and accepts your switch
                                                                        using the next calculated exit price. If it’s a non-working day for
request (including those made via Online Account Access)
by 3.00pm on any asset valuation date (see ‘How units are               Perpetual in Sydney, your withdrawal will be processed using the
priced and investments are valued’ on page 32 for further               next available exit price.
information), your switch will be processed using that day’s exit
                                                                        For current exit prices, visit our website or contact us.
and entry prices. If received and accepted after 3.00pm it will be
processed using the next calculated exit and entry prices. If it’s      Generally your withdrawal proceeds can be:
a non-working day for Perpetual in Sydney, your switch will be
processed using the next available unit prices.                         ▪ deposited into a nominated Australian bank, building society or
                                                                          credit union account or
For current entry and exit prices, visit our website or contact us.
                                                                        ▪ paid to you (or a third party) by cheque.
We have the right to delay processing of switches where we
believe that’s in the best interests of investors, as well as impose    Withdrawal proceeds that are paid directly into your nominated
additional conditions (see ‘Suspension of applications, switches        account or by cheque are subject to clearance by your bank,
and withdrawals’ on page 35 for further information).
                                                                        building society or credit union from the date of deposit into
All switches involve a withdrawal of money from one Fund at its         your account.
exit price and an investment in another Fund at its entry price.
                                                                        We will confirm all withdrawals in writing. For your protection,
Consequently, there may be a cost to investors due to the
                                                                        withdrawals will not be paid in cash. Withdrawals of money
buy/sell spreads on unit prices (see ‘Transaction costs’ on
                                                                        invested by direct debit request, at our discretion, may be
page 21 for further information).
                                                                        required to be paid back into the account from which it was
A switch out of a Fund will generally be a disposal of units for tax    debited.
purposes, which may have tax implications for you (see ‘Tax’ on
pages 30-31 for details).                                               The proceeds from your withdrawal will usually be available within
                                                                        14 business days from when we have processed the request,
Auto-rebalancing                                                        given normal operating conditions. However, withdrawals from
The value of your investment in any particular Fund will change         Perpetual Select Geared High Growth Fund and Perpetual Select
over time and this movement may cause your investment                   Geared Australian Share Fund can take up to 180 days and other
portfolio allocation to deviate from your investment strategy.          Funds up to 90 days after we have accepted the request.

Auto-rebalancing is a form of automatic switching. This facility        We can delay processing withdrawal requests or stagger
provides a simple way for you to maintain your investment               the payment of large amounts from a Fund according to its
strategy by authorising us to withdraw and apply units in your          constitution if we believe that’s in the best interests of investors
chosen Funds to rebalance your investment portfolio regularly, as       (see ‘Suspension of applications, switches and withdrawals’ on
follows:                                                                page 35 for more information).
▪ quarterly – the next unit pricing date on or after (as applicable)
                                                                        If you withdraw your units before the end of a distribution
  the 15th of February, May, August and November
                                                                        period, you won’t receive a distribution for those units in that
▪ half-yearly (default frequency) – the next unit pricing date on or    period. Your withdrawal amount will generally include your share
  after (as applicable) the 15th of February and August or              of distributable income accrued in the Funds to the date of
▪ yearly – the next unit pricing date on or after (as applicable) the   withdrawal as capital.
  15th of August.
                                                                        We may determine that part of your withdrawal amount
If any of these days aren’t business days, the next business day        represents a share of the distributable income including realised
will apply.                                                             net capital gains for that distribution period. We will advise you if
                                                                        this happens.
Please contact us if you wish to change the frequency, cancel or
restart auto-rebalancing.


                                                                                                            Perpetual Select Investment Funds 27
Phone withdrawals                                                      Your regular withdrawal plan request must be received at least
Please complete section 4 of the application form if you wish          five business days before the relevant commencement date.
to be provided with a Personal Identification Number (PIN) for         Otherwise, your first payment will occur on the relevant date in
making withdrawals of up to $50,000 (or another amount that we         the following month or quarter, as applicable.
may set and advise you) per day by phone. You should keep your
PIN secure at all times and advise us immediately if you suspect it    The proceeds of your regular withdrawal plan withdrawals will:
has been compromised.
                                                                       ▪ only be deposited into your nominated Australian bank,
For your protection, we won’t accept phone withdrawal                    building society or credit union account
requests for:
                                                                       ▪ usually be available in your nominated account within 14
▪ cheques made payable to third parties                                  business days, given normal operating conditions.

▪ cheques to be sent to a third party address or                       Please contact us if you wish to change the frequency or amount,
                                                                       or cancel your regular withdrawal plan.
▪ deposits to accounts that have not been previously nominated
  by you by mail.                                                      We will automatically cancel your regular withdrawal plan relating
                                                                       to a nominated Fund if you withdraw your total investment from
Conditions apply to the phone withdrawal facility (see ‘Other          that Fund. We may also cancel your regular withdrawal plan
conditions’ on page 35 for details).                                   relating to a nominated Fund if a partial withdrawal (including
                                                                       regular withdrawal plan withdrawal) reduces your account
Fax withdrawal facility                                                balance in that Fund to less than $5,000 (or another amount that
We currently accept withdrawal requests by fax, provided we            we may set and advise you).
have no reason to believe the request isn’t genuine. However, for
your protection, we won’t accept fax requests for:                     We can terminate, suspend or impose additional conditions on
                                                                       the operation of your regular withdrawal plan at any time with
▪ cheques made payable to third parties                                notice to you.

▪ cheques to be sent to a third party address or
                                                                       Distributions
▪ deposits to accounts that have not been previously nominated         A distribution is the payment of a Fund’s distributable income to
  by you by mail.                                                      investors at predetermined intervals. The distributable income
                                                                       may include interest, dividends, foreign income, realised net
Conditions apply to the fax withdrawal facility (see ‘Other
                                                                       capital gains and other income (see ‘Tax’ on pages 30-31 for
conditions’ on page 35 for details).
                                                                       further information). The components of a distribution will depend
                                                                       on the Fund you invest in and the nature of its underlying assets.
Regular withdrawal plan
The regular withdrawal plan provides a convenient way for              The distribution amount depends on the Fund’s distributable
you to receive automatic payments from your investment for             income. The amount you receive will be proportionate to the
pre-determined amounts at nominated intervals. For example,            number of units you hold relative to the number of units on issue
if you are relying on your investment to provide you with a            at the end of the distribution period. The amount will vary from
regular income (other than distribution payments), this facility       year to year and sometimes there might not be any distribution.
eliminates the need for you to lodge a separate withdrawal
request each time.                                                     At the end of each distribution period, a Fund’s unit price
                                                                       will typically fall as it is adjusted to reflect the amount of any
The minimum withdrawal amount for a regular withdrawal plan is         distribution paid. As the distribution amount you receive is based
$200 per Fund. To establish a regular withdrawal plan, you must        on the entire distribution period, the closer you invest before
also have and maintain a minimum balance of $5,000 for each of         the end of a distribution period the greater the possibility is that
your selected Funds.                                                   you may receive back some of your capital as income in the
                                                                       distribution paid for that period.
You can choose regular withdrawals to be paid from your
selected Funds:                                                        Each Fund distributes quarterly as at 31 March, 30 June,
                                                                       30 September and 31 December. Distribution proceeds are
▪ monthly (default frequency) – as at the next unit pricing date
                                                                       generally paid within 14 days but no later than 90 days (or
  on or after the 10th or 20th of each month
                                                                       180 days for Perpetual Select Geared High Growth Fund and
▪ quarterly – as at the next unit pricing date on or after the 10th    Perpetual Select Geared Australian Share Fund) after the end of
  or 20th of January, April, July and October.                         the distribution period.

The regular withdrawal plan amount will be credited to your            Each Fund’s constitution lets us make special distributions on
nominated account on the 10th or 20th day of the relevant              an interim basis without prior notice to you. However, at 30 June
months, or the following business day if the applicable date isn’t a   each year, investors will be entitled to all distributable income that
business day, and the corresponding number of units redeemed           hasn’t been distributed.
from your investment as at the next unit pricing date.




28
Any realised net capital gains are generally included in the            We may provide joint investors, trustees of superannuation
30 June distribution.                                                   funds/trusts, companies, partnerships and trustee company
                                                                        accounts with more than one Login ID and temporary password
You still have to pay tax on the distribution even if you choose to     for Online Account Access.
reinvest it – see ‘Distributions’ under ‘Tax’ on page 30 for details.
                                                                        Conditions of use
Distribution payment options                                            To be able to use Online Account Access, you must accept
You can choose to have your distributions for each Fund:                the conditions of use (which form part of this PDS and are
                                                                        publicly available at our website (see ‘Incorporation by reference’
▪ reinvested in the same Fund
                                                                        on page 35 for details) or can be obtained free of charge by
▪ deposited into your Australian bank, building society or credit       contacting us) and change the temporary password we’ve
  union account.                                                        provided to a password of your choice when you first login to
                                                                        Online Account Access.
If you don’t make a choice or if we’re unable to credit your
nominated account (if applicable), we’ll reinvest your distribution.    Access by authorised representatives
                                                                        If you appoint an authorised representative, you can request us
If you choose to reinvest your distribution, it will be reinvested      to issue them with a unique Login ID and temporary password
as at the first business day of the month following the end of the      for Online Account Access and specify their level of online access
distribution period. The reinvestment price will be based on the        to either:
net asset value price (that is, excluding a buy spread) calculated
on the last business day of the distribution period, adjusted for       ▪ view your account only or
any distribution paid for that period.
                                                                        ▪ view and transact on your account (default access).

Authorised representative                                               Access by your adviser
If you are a direct investor, you can appoint a person, partnership     We’ll also give your adviser access to view details about your
or company as your authorised representative by nominating              investment and transact online on your behalf unless you ask us
them on your application form and having them sign the relevant         not to.
section. Your authorised representative will be empowered to
act on your behalf in all matters relating to your investment in
                                                                        Interest earned on application, withdrawal
the Funds.
                                                                        and distribution accounts
Conditions apply to the appointment of an authorised                    Application money, proceeds of withdrawal requests and
representative, as set out under ‘Other conditions’ on page 35.         distribution amounts are held in trust accounts prior to being
                                                                        processed. A member of the Perpetual Group retains any interest
Online Account Access                                                   earned on these accounts.

If you are a direct investor, Online Account Access via our website
provides easy and convenient online access for you to:

▪ check the total value of your investment in the Funds

▪ view your account summary, including the Fund(s) you are
  invested in, the number of units, unit price and current balance
  of the Fund(s)

▪ review your recent transaction history

▪ check your contact details

▪ restructure your investment by switching between Funds.

You can also elect to receive email notification of new account
correspondence (including any notification we are required to
provide under the Corporations Act) as it becomes available, so
that you can then receive it online (although there may be times
when we must also send online correspondence to you in paper
form). For security reasons, this email won’t include any of your
confidential information, nor will it provide a link to our website.

Unless you indicate otherwise on your application form, we’ll mail
you a Login ID and temporary password (separately for security
reasons) together with activation instructions.




                                                                                                          Perpetual Select Investment Funds 29
Tax
The tax consequences of investing in managed investment                 Foreign Investment Funds (FIF)
schemes are particular to your circumstances, so we recommend           Unrealised gains on investments held by the Funds at the end of
you see a tax adviser. This information is general only and             the financial year in certain foreign companies and trusts may be
shouldn’t be relied on.                                                 treated as taxable (FIF income) if one or more foreign investment
                                                                        fund (FIF) exemptions aren’t met.
If you are investing indirectly through a Service, you should also
refer to your Service operator for further information about the tax    We monitor the FIF position of the Funds and the conditions for
treatment of your investment in the Funds.                              exemption. It is our intention that no FIF income will have to be
                                                                        distributed to you.
Tax position of the Funds
                                                                        Withholding tax obligations
Generally, Australian income tax won’t be payable by the
                                                                        We may have to deduct tax from your distributions if you are a
Funds because investors will be ‘presently entitled’ to all of the
                                                                        non-resident investor (see page 31) or if you don’t provide a tax
distributable income of the Funds each year ending 30 June.
                                                                        file number (TFN) or Australian business number (ABN).
If there is net income of a Fund that no investor is ‘presently
entitled’ to, the Fund will be subject to tax at the highest marginal
tax rate (plus Medicare levy).                                          Australian resident investors
                                                                        Distributions
Realised gains                                                          For information about the calculation of your distribution
The distributable income of a Fund may be made up of taxable            entitlement, see ‘Distributions’ on page 28.
and non-taxable components. The taxable components may
include realised gains (capital and/or revenue), which will             The net income of the Funds allocated to you must be included in
be distributed as either net capital gains or ordinary income           your income tax return for the year of the entitlement even if the
(domestic or foreign).                                                  distribution is received or reinvested in the following year – see
                                                                        ‘Annual tax statement’ on page 31.
Gearing
In a geared Fund, the interest expense is expected to be a              Franking credits
significant portion of its deductible expenses so its net income        If a Fund is entitled to distribute franking credits, you’ll need to
may be lower than if it did not borrow.                                 include your share of franked dividend income and franking
                                                                        credits in your taxable income.
In some cases, the interest expense and other expenses may
reduce the net income to the extent that the Fund can’t distribute      A tax offset, equal to the amount of franking credits, will be
franking credits to investors.                                          applied to reduce the tax you would otherwise have to pay on
                                                                        your total taxable income. Your entitlement to claim this depends
Tax losses                                                              on you satisfying certain conditions.
If a Fund incurs a net revenue tax loss or a net capital loss, it
must be carried forward and applied against assessable income           Individuals and complying super funds may receive a refund for
or net capital gains in future years, if certain loss recoupment        excess franking credits. Corporate investors may be entitled to
tests are met.                                                          convert excess franking credits into tax losses.

Franking credits                                                        Foreign income and foreign tax credits
The Funds will receive franking credits from franked dividends          If a Fund is entitled to distribute foreign tax credits, you’ll need
received, which will be distributed to investors if certain             to include your share of foreign source income and foreign tax
conditions are met.                                                     credits in your taxable income.

It’s possible that a Fund won’t meet the required conditions            You may be able to use these foreign tax credits to reduce the
because of the investment strategy used (including taking               Australian tax payable on your foreign source income. Foreign
short positions), so some franking credits we receive can’t be          tax credits can only be used to offset the tax on the net foreign
distributed to you.                                                     source income portion of your taxable income. Any foreign tax
                                                                        credits distributed to you that cannot be used are not available to
Foreign income and foreign tax credits                                  be carried forward for use in later years.
The Funds may pay foreign tax on foreign source income. This
will create foreign tax credits that will be distributed to investors
if certain conditions are met.


30
Capital gains tax                                                        Goods and services tax (GST)
In addition to any realised net capital gains distributed to you,
                                                                         GST of 10 per cent generally applies to the fees, costs and
any withdrawal (including switching between Funds) or transfer
                                                                         expenses payable by the Funds, including management costs
of units in the Funds may create a taxable gain or loss, which
                                                                         and other fees payable to us.
will be treated as a capital gain or loss, or as ordinary income,
depending on your circumstances.                                         Generally, the Funds can’t claim a credit for all of the GST
                                                                         paid but may be entitled to claim a reduced input tax credit
Non-assessable amounts distributed to you may reduce the cost
                                                                         (RITC), which represents 75 per cent of the GST applicable to
base of your units, which will cause an increased capital gain or a
                                                                         management costs and certain other expenses.
reduced capital loss on the subsequent disposal of units.
                                                                         The management costs and other fees specified in the table
If you have held your units continuously for at least 12 months,
                                                                         within ‘Fees and other costs’ on page 18 show the approximate
individuals and trusts may be entitled to a capital gains tax
                                                                         net cost to the Funds of these amounts payable to us, on the
discount of 50 per cent while complying super funds may
                                                                         basis that the Fund is entitled to claim RITCs for the GST on
be entitled to a capital gains tax discount of 331/3 per cent.
                                                                         these amounts.
Companies are not entitled to any discount.


Non-resident investors
Australian tax will be deducted from certain Australian sourced
income and capital gains distributed to non-resident investors.
Non-resident investors may also be subject to tax in the country
they reside in, but may be entitled to a credit for some or all of the
tax deducted in Australia.


Annual tax statement
Direct investors
We’ll issue annual tax statements for the Funds at the end of
August each year, or shortly after. It will show the taxable and
non-taxable components of your distributions.

Indirect investors
If you are investing indirectly through a Service, your Service
operator will use the information we provide to prepare their
statements for you.


Tax file number (TFN)/
Australian business number (ABN)
Providing your TFN isn’t compulsory but without it or the
appropriate exemption information we have to withhold tax from
your distributions at the highest marginal tax rate (plus Medicare
levy) until your TFN or exemption1 is provided.

You may prefer to provide an ABN as an alternative to your TFN if
your investment is made as part of an enterprise.

Non-residents don’t have to provide a TFN or ABN.

We are authorised under tax laws to collect TFNs and ABNs in
connection with your investment in the Funds.

After 21 July each year the law prevents us from refunding to you
any tax that we have withheld during the previous financial year.
After this date you’ll need to claim a credit in your income tax
return for the tax withheld. If this isn’t appropriate, you can apply
to the Australian Taxation Office (ATO) for a refund.

1 See page 37 for details of TFN exemption codes.




                                                                                                          Perpetual Select Investment Funds 31
Additional information

Your cooling-off rights                                               The net asset value is calculated by deducting the value of a
                                                                      Fund’s liabilities from the value of its gross assets.
Direct investors
If you are a direct investor in a Fund, you have up to 21 days from   The net asset value of investments in the Funds includes
the day you invest where you can have your investment repaid          unrealised gains and losses and any income and realised gains
(‘cooling-off period’).                                               accrued but not yet distributed. If unrealised gains are realised in
                                                                      the future, any assessable portion will be distributed to investors.
The amount repaid will be adjusted for any transaction costs and
any increase or decrease in the value of your investment. Any         Investments of each Fund are valued at their market value, using
contribution fees or taxes paid will be refunded.                     a calculation method that we determine according to the Fund’s
                                                                      constitution. For investments in other managed funds, the value
Investments repaid may create a taxable gain or loss so we
                                                                      will normally be based on the exit price of units in the underlying
recommend that you see your tax adviser.
                                                                      fund(s). However, if necessary, we may use a different method
Your right to be repaid during the cooling-off period does not        of valuation.
apply if:
                                                                      As at the issue date of this PDS, we generally determine the net
▪ you are switching between Funds                                     asset value of each Fund and apply entry and exit unit prices
                                                                      each Wednesday but this may change to each business day at
▪ you exercise any of your rights as an investor in the relevant
                                                                      any time (including during the life of this PDS).
  Fund

▪ you are a wholesale client (as that term is defined in the          A copy of our unit pricing policy, including details of any
  Corporations Act).                                                  discretions that we may exercise in various circumstances, is
                                                                      available without charge on request.
If you’d like to have your investment repaid, write to us stating
that you want to be repaid during the cooling-off period (please      Reporting
include your account number). Your request must reach our
Sydney office before the end of the cooling-off period.               Direct investors
                                                                      Direct investors in the Funds receive:
When we receive your request, we will send you the details about
your repayment.                                                       ▪ an initial investment statement, generally within seven business
                                                                        days of your application being accepted and processed
Indirect investors
No cooling-off rights apply in respect of any investment in           ▪ an additional investment statement, generally within seven
the Fund acquired by your Service operator on your behalf.              business days of any additional investment (except regular
For information about any cooling-off rights that may apply to          savings plan investments) being accepted
you in respect of the Service that you invest through, please
                                                                      ▪ an investment restructure statement, generally within seven
contact your Service operator directly or refer to their disclosure
                                                                        business days of any switch request being processed
document.
                                                                      ▪ a withdrawal statement, generally within seven business days
How units are priced and investments are                                of any partial (except regular withdrawal plan withdrawal) or full
valued                                                                  withdrawal request being processed
Unit prices for each Fund are calculated by:
                                                                      ▪ a distribution statement following the payment of any
▪ establishing the net asset value of the Fund                          distributions

▪ for entry unit prices – adding the applicable transaction costs     ▪ an annual statement providing details of your investment as at
  (buy spread) to the net asset value and then dividing the             30 June each year
  adjusted net asset value by the number of units on issue to
  determine the entry unit price                                      ▪ an annual report (including financial statements) for each
                                                                        financial year ending 30 June will be available at our website
▪ for exit unit prices – deducting the applicable transaction costs     (copy by mail available on request)
  (sell spread) from the net asset value and then dividing the
  adjusted net asset value by the number of units on issue to
  determine the exit unit price.



32
▪ an annual tax statement and tax guide for the financial year,         Indirect investors
  generally sent by the end of August or shortly after to help you      If you are investing indirectly through a Service, any inquiries or
  prepare your income tax return                                        complaints about your investment through the Service or about
                                                                        the Service should be directed to your Service operator.
▪ confirmation of any other transactions that we are required to
  report on.
                                                                        Your privacy
Indirect investors                                                      Direct investors
All reports will be sent directly to your Service operator. They will   Privacy laws apply to our handling of personal information. We
use this information to provide you with regular reporting and          will not be able to process your application or administer your
information to help you complete your annual income tax return.         investment if you do not provide us with your relevant personal
Please contact your Service operator with any investor inquiries.       information.

                                                                        Our privacy policy, which forms part of this PDS, is publicly
Continuous disclosure documents
                                                                        available at our website (see ‘Incorporation by reference’ on
The Funds may be subject to certain regular reporting and               page 35 for details) or you can obtain a copy free of charge by
disclosure obligations. Copies of documents lodged with ASIC in         contacting us.
relation to the Funds may be obtained from, or inspected at, any
ASIC office. You may obtain a copy of the following at our website      Indirect investors
(in accordance with ASIC’s good practice guidance for website           If you are investing indirectly through a Service, we do not
disclosure) or from us free of charge on request:                       collect or hold your personal information in connection with your
                                                                        investment in the Fund. Please contact your Service operator for
▪ a Fund’s annual financial report most recently lodged with ASIC
                                                                        more information about their privacy policy.
▪ any half-yearly financial reports lodged with ASIC by a Fund
  after lodgement of that annual report                                 Anti-Money Laundering/
                                                                        Counter-Terrorism Financing laws
▪ any continuous disclosure notices given by a Fund after that
                                                                        The Anti-Money Laundering and Counter-Terrorism Financing Act
  date of lodgement of that annual report and
                                                                        2006 (AML Act) regulates financial services and transactions in a
▪ any other material updates.                                           way that is designed to detect and prevent money laundering and
                                                                        terrorism financing.
Inquiries and complaints
                                                                        Direct investors
Direct investors                                                        Under the AML Act, we are required to:
We’re committed to providing you with the highest level of
service and we have established procedures for dealing with             ▪ verify your identity before providing services to you
any inquiries and complaints relating to your investment in the
                                                                        ▪ where you supply documentation relating to your identity, keep
Funds. If you have an inquiry or complaint, you can either phone
                                                                          a record of this documentation for seven years after the end of
Perpetual on 1800 003 001 during business hours or write to:
                                                                          your relationship with Perpetual.
The Manager, Service & Operations
                                                                        To ensure we comply with our obligations under the law, we have
Perpetual Select Investment Funds
                                                                        implemented a number of measures and controls to verify your
GPO Box 4171
                                                                        identity and to monitor your transactions. As a result:
Sydney NSW 2001
                                                                        ▪ transactions may be delayed or refused where we require
We’ll acknowledge any complaint in writing within five business
                                                                          further information regarding your identity or we have
days and make every effort to resolve your issue within 30 days
                                                                          reasonable grounds to believe that the transaction breaches
of us being notified.
                                                                          the law or sanctions of Australia or any other country
If a complaint remains unresolved after 45 days you may refer
                                                                        ▪ where transactions are delayed or refused, we are not liable for
it to the Financial Ombudsman Service (FOS) of which we are
                                                                          any loss you suffer (including consequential loss) as a result of
a member. FOS is an external dispute resolution scheme that
                                                                          our compliance with the AML Act.
provides assistance to consumers to help resolve complaints
relating to financial service providers. Contact details for FOS are    We have certain reporting obligations under the AML Act and are
as follows:                                                             prevented from informing you that any such reporting has taken
                                                                        place. Where required by law, we may disclose your information
Address:            GPO Box 3
                                                                        to regulatory or law enforcement agencies, including the
                    Melbourne VIC 3001
                                                                        Australian Transaction Reports and Analysis Centre (AUSTRAC),
Phone:              1300 78 08 08                                       which is responsible for regulating the AML Act.
Website:            www.fos.org.au




                                                                                                           Perpetual Select Investment Funds 33
Customer identification requirements for individual investors are      Our role as responsible entity
collected in the application form included with this PDS. All other
                                                                       Perpetual Investment Management Limited is the responsible
prospective investors must complete the relevant ‘Customer
                                                                       entity of the Funds. Our main responsibilities are to manage a
identification form’, which is publicly available at our website or
                                                                       Fund according to its constitution and investment policy as well
can be obtained free of charge on request.
                                                                       as properly administering it. We have established investment
If we can’t satisfy our obligations under the Anti-Money               policy committees to set the investment objectives, investment
Laundering and Counter-Terrorism Financing Act 2006 to verify          guidelines and investment approach for the Funds. We may
your identity, there may be a delay in processing your application     change a Fund’s investment policy whenever we believe it’s in the
or paying you a withdrawal.                                            best interests of investors, without prior notice.

We may also require additional information from you to assess          In carrying out our duties, we are subject to the Corporations Act
your application and after we have accepted your investment.           and must:

We are not liable for any loss you may suffer as a result of our       ▪ act honestly and in the best interests of investors
compliance with this legistlation.
                                                                       ▪ exercise care and diligence.

Indirect investors
If you are investing indirectly through a Service, you will need       Constitutions
to satisfy your Service operator’s requirements for verifying          All registered managed investment schemes are governed by
your identity.                                                         a constitution. A Fund’s constitution (as amended) governs the
                                                                       Fund’s operation and, together with this PDS, the Corporations
Investments and social security                                        Act and other laws, regulates the Fund and our legal relationship
                                                                       with investors. The Funds’ constitutions have been lodged
If you are an individual investor, your investment in the Funds
                                                                       with ASIC.
may affect your social security or pension entitlements. The
calculations are complex so we recommend that you seek advice          We can amend the Funds’ constitutions as permitted by the
from your financial or tax adviser, or use the Centrelink Financial    Corporations Act. You may inspect the Funds’ constitutions at
Information or the Veterans’ Affairs Financial Information services.   our offices on any business day, free of charge, or obtain a free
                                                                       copy by contacting us.
Mortgage of units
If you are a direct investor, we may, in our absolute discretion,      Borrowing powers
note certain mortgagee interests over an investment (including         All of the Funds’ constitutions allow the Funds to borrow
any distribution reinvestment from that investment), and the           (limits apply in some cases) and borrowing may occur in the
following conditions will apply:                                       management of the Funds.

▪ you won’t be able to transfer or withdraw your investment            Perpetual Select Geared High Growth Fund and Perpetual Select
  (including any distributions reinvested) without the mortgagee’s     Geared Australian Share Fund actively borrow as part of their
  consent                                                              investment strategy. All other Funds currently don’t intend to
                                                                       borrow as part of their investment strategy. However, these other
▪ amounts paid or assets transferred on withdrawal will be
                                                                       Funds may invest in other funds that can borrow.
  forwarded to the mortgagee or paid at the mortgagee’s
  discretion                                                           To the extent permitted, the Funds may borrow from a variety
                                                                       of sources, including companies associated with the Perpetual
▪ the notice of mortgage can be removed only with the
                                                                       Group (in which case the terms are set on a commercial basis).
  mortgagee’s consent

▪ distributions that are not reinvested will be paid according         Our liability
  to any instructions in the notice of mortgage, or otherwise          Subject to the Corporations Act, we’re not liable to investors for
  according to the investor’s instructions on the application form.    any losses in any way relating to the Funds, except to the extent
                                                                       to which the loss is caused by our fraud, negligence or breach
Transfer of units                                                      of trust.
If you are a direct investor, subject to our consent, you may
                                                                       Our liability is, subject to the Corporations Act, limited to our
transfer units in a Fund to another person by providing us with a
                                                                       ability to be indemnified out of the assets of the Funds.
signed and completed standard transfer form (with duty paid, if
applicable) and any other documents we consider appropriate.
                                                                       Rights of direct investors
A transfer of units will generally be a disposal of units for tax      Each unit you hold in a Fund confers a proportional beneficial
purposes, which may have tax implications (see ‘Tax’ on pages          interest in the Fund. But, you’re not entitled to any particular part
30-31 for more details).                                               of the Fund, its assets or its management or operation (other than
                                                                       through investor meetings).




34
Each Fund’s constitution limits your liability to the value of         Other conditions
your interest or units in a Fund. However, the courts are yet to
                                                                       An investor that appoints an authorised representative or uses
conclusively determine the effectiveness of these provisions so
                                                                       the phone or fax withdrawal facility:
no absolute assurance can be given that your liability is limited in
every situation.                                                       ▪ acknowledges that they are bound by the acts of their
                                                                         authorised representative
Suspension of applications, switches and
                                                                       ▪ releases, discharges and agrees to indemnify us and each
withdrawals
                                                                         other member of the Perpetual Group from and against all
In certain emergency situations that impact the effective and            losses, liabilities, actions, proceedings, accounts, claims and
efficient operation of a market for an asset held by a Fund or in        demands arising from instructions we receive under the facility
circumstances where we otherwise consider it to be in investors’         and
interests, we may suspend processing all applications, switches
or withdrawals for that Fund. This may include situations where:       ▪ agrees that a payment or purported payment made according
                                                                         to the conditions of the facility shall be in complete satisfaction
▪ we cannot properly ascertain the value of an asset held by             of our obligations or those of any other member of the
  the Fund                                                               Perpetual Group to the investor for a payment, even if it
                                                                         was requested, made or received without the knowledge or
▪ an event occurs that results in Perpetual not being able to
                                                                         authority of the investor.
  reasonably acquire or dispose of assets held by the Fund

▪ an underlying fund suspends applications and withdrawals             Incorporation by reference
                                                                       The law allows us to provide certain information to you separately
▪ the law otherwise permits us to delay or restrict processing
                                                                       to the PDS, which is taken to be incorporated into the PDS,
  applications or withdrawals.
                                                                       provided the PDS identifies this additional information and how
We may also choose to delay processing applications or                 you can access it.
withdrawals until we have received the tax components for any
                                                                       The following incorporated information forms part of this PDS:
distributions paid by the specialist investment managers of the
underlying funds during any given financial year.                      ▪ the current buy/sell spread for each Fund
Applications, withdrawals or switch requests received during the       ▪ Direct Debit Request Service Agreement
suspension will be processed using the entry and/or exit price
applicable when the suspension is lifted.                              ▪ Online Account Access conditions of use

Non-liquid Funds                                                       ▪ our privacy policy
If a Fund becomes non-liquid (as defined in the Corporations
                                                                       ▪ details of current underlying specialist investment managers.
Act) withdrawals may only be made subject to an offer made
according to the Corporations Act. In these circumstances, you         This information is publicly available by following the links
will only be able to withdraw from a Fund if we make money             to downloading the PDS from
available for withdrawals. The Corporations Act requires us to         www.perpetual.com.au/investment_funds/default.aspx,
allocate this money on a pro rata basis among investors wanting        or can be obtained free of charge by contacting us.
to withdraw. We’re under no obligation to offer you an opportunity
to withdraw from a Fund while the Fund is non-liquid.                  You should also read this information.

We will advise investors if a Fund becomes non-liquid and the
terms of any withdrawal offer.


Delays in calculating and publishing
unit prices
Occasionally there may be delays in receiving unit prices or
investment valuations from the specialist investment managers
due to their finalisation of distributions in their underlying funds
or unforseen circumstances. This restricts our ability to calculate
and price the relevant Fund. Importantly, the timing of unit
prices impacts processing transactions including applications,
withdrawals and switches. When transactions are processed we’ll
generally use the applicable unit price you are entitled to, based
on the date we received your completed transaction instruction.




                                                                                                          Perpetual Select Investment Funds 35
Applying for an investment

Direct investors                                                      Completing the application form
                                                                      The table on page 37 will assist new investors in completing the
New investments
                                                                      ‘Investor details’ section of the application form, and also explains
Your initial investment in a Fund must be at least $5,000.
                                                                      who should sign the form and where TFN/ABN or exemption
To invest in the Funds:                                               details should be recorded.

▪ if investing by cheque – complete the application form, attach      Lodging your application form
  a cheque for your initial investment amount made payable to         You can lodge your completed application form (including
  ‘PIML – PSIF – [insert name of applicant(s)]’ and send them         your cheque, if applicable) with your financial adviser or at any
  to us                                                               Perpetual state office (see back cover for street address details)
                                                                      or post (no stamp required if posted in Australia) to:
▪ if investing by direct debit – complete the application form and
  send it to us (we’ll debit the initial investment amount directly   Reply Paid 4171
  from your nominated account once we’ve accepted your                Perpetual Select Investment Funds
  application)                                                        GPO Box 4171
                                                                      Sydney NSW 2001
▪ if investing by BPAy:                                               Australia

     1. complete the application form and send it to us
                                                                      Contribution fee
     2. remit your initial investment amount once you’ve received     Any applicable contribution fee will be deducted from the gross
        your Customer Reference Number (CRN) from us, quoting         investment amount that we receive. For example, if we receive
        your CRN and BPAy biller code 989459.                         an amount of $10,000 and a contribution fee of 4.00% applies,
                                                                      the actual amount invested in the Fund(s) after deducting the
In all cases for direct investors, we must verify your identity       contribution fee of $400 will be $9,600.
before considering your application:
                                                                      If you wish to invest a specific net amount, please calculate the
▪ for individual investors – relevant information is collected in     gross equivalent amount before the contribution fee is deducted,
  the application form                                                as follows:

▪ for all other types of investors – you should also complete         Gross amount = net amount ÷ (100% – contribution fee %)
  the relevant ‘Customer identification form’ (available at our
  website or by contacting us).                                       For example, the gross equivalent of a $10,000 net amount to be
                                                                      invested in the Fund(s) after a 4% contribution fee is $10,416.66,
Additional investments                                                as follows:
Additional investments in a Fund must be at least $1,000
                                                                      $10,000 ÷ (100% – 4%) = $10,416.66.
(or $200 by savings plan).

To make an additional investment in an existing Fund:                 Application conditions
                                                                      Please note:
▪ if investing by cheque – send us a cheque for your additional
  investment amount made payable to ‘PIML – PSIF – [insert            ▪ applicants must be at least 18 years of age
  name of applicant(s)]’ (with your instructions if you wish to
                                                                      ▪ investment amounts need not be in whole dollars
  allocate your additional investment differently to your current
  investment strategy) quoting your existing account number           ▪ there is no maximum investment amount

▪ if investing by direct debit – complete the application form        ▪ cash amounts are not accepted, however we can determine
  and send it to us (we’ll debit the additional investment amount       other acceptable methods of payment
  directly from your nominated account once we’ve accepted
  your application)                                                   ▪ for trust investors, only the trustee has rights and obligations
                                                                        under the Funds
▪ if investing by BPAy – simply remit your additional investment
  amount, quoting your CRN and BPAy biller code 989459 –              ▪ joint applicants will be assumed to be joint tenants (that is, the
  no application form required.                                         survivor(s) will be recognised as holding title to the interests of
                                                                        a deceased joint investor), unless you otherwise specify



36
▪ if signed under power of attorney:                                                     ▪ additional investments

  − the attorney certifies that he or she has not received notice                        ▪ savings plan
    of revocation of the power
                                                                                         ▪ switching
  − the power of attorney, or a certified copy, must be sent to us
                                                                                         ▪ withdrawals.
▪ we have absolute discretion to accept, reject or limit any
  application.                                                                           Company investments
                                                                                         Unless we receive additional information, only the company
Authorised signatories                                                                   directors, company secretary or attorney signing the application
If no amendments have been made, the authorised signatories                              form will be authorised signatories to the company investment.
to your investment are the individuals who signed the initial
investment application form.                                                             Existing accounts
                                                                                         If you request to apply any investments to an existing account
You can add authorised signatories or change the authorised                              number, any adviser or authorised representative who currently
signatories by written request signed by all existing authorised                         has access to transact on and/or view that account will be able
signatories and all new authorised signatories.                                          to transact on and/or view any additional investments under that
                                                                                         account. Any adviser currently receiving commissions from your
Joint investors                                                                          existing account will have those commissions applied to any
For joint investors, unless you specify otherwise, we will assume                        additional investments under that account number.
that any investor has the signing authority for the other investor(s)
for all future transactions and written changes, including:
                                                                                         Indirect investors
▪ address                                                                                If you are investing indirectly through a Service, you should
                                                                                         instead complete any relevant forms provided by your
▪ bank account details
                                                                                         Service operator.

Guide to completing the ‘Investor details’ section of the application form

 Investor type                  Section for           Who should sign                                                         Section for TFN/ABN or exemption
                                investor details                                                                              details1
 I – Individual                 2A                    Individual                                                              2A – for individual

 J – Joint individuals          2A                    Both individuals                                                        2A – for each individual2

 C – Company                    2B                    For a company:                                                          2B – for the company
                                                      ▪ two directors or
                                                      ▪ a director and company secretary or
                                                      ▪ if the company has a sole director/secretary, by that
                                                        person or a representative authorised by the company.
                                                      Companies can also sign under power of attorney.


 P – Partnership                2B                    Partners                                                                2B – for the partnership

 T – Trust                      2B                                                                                            2B – for the trust or
 Individual trustee(s)          2A                    If more than one trustee, all trustees should supply their              (if there is no TFN/ABN for the trust)
                                                      details and sign.                                                       2A – for each individual trustee2
 Corporate trustee              2B                    See ‘Company’ investors above.                                          2B – for the corporate trustee


 S – Superannuation             2B                                                                                            2B – for the superannuation fund or
 funds                                                                                                                        (if there is no TFN/ABN for the
 Individual trustee(s)          2A                    If more than one trustee, all trustees should supply their              superannuation fund)
                                                      details and sign.                                                       2A – for each individual trustee2
 Corporate trustee              2B                    See ‘Company’ investors above.                                          2B – for the corporate trustee


 O – Other entity               2B                    Office bearer(s) – if more than one office bearer, all office           2B – for the entity
                                                      bearers should supply their details and sign.
1 See page 31 for further information. TFN exemption codes for personal investors which are relevant in this context include:
  ▪ 444 444 441 – where you are a pensioner (eg recipient of Centrelink (age or disability support) pension or Service (veterans) pension)
  ▪ 444 444 442 – where you are a recipient of other eligible Centrelink pensions or benefits
  ▪ 888 888 888 – where you are a non-resident.
2 If there are more than two joint individual investors or more than two individual trustees – please copy section 2A, insert the additional investor or trustee details
  (as applicable) and attach to your completed application form.



                                                                                                                                   Perpetual Select Investment Funds 37
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                                  Perpetual Select Investment Funds
                                  Product Disclosure Statement
                                  Issue number 4 dated 31 March 2010
                                  Perpetual Investment Management Limited ABN 18 000 866 535 AFSL 234426




Application form
Please complete this form using BLACK INK and print well within the boxes in CAPITAL LETTERS. Mark appropriate boxes
with a cross like the following X . Start at the left of each answer space and leave a gap between words.
Please ensure this form is fully complete and all required documentation is provided to either your financial adviser
or us, so we can process your application.


1. Investment details
 Are you an existing Perpetual investor?

                         g
                        no

                     yes g       client number     ggggggggg
        new investment* g

   additional investment g       existing account number         ggggggggggg                                  please go to section 3

Investor type

          individual    g                  joint   g             sole trader   g               company     g      superannuation fund     g
                trust   g           partnership    g             association   g      government body      g              co-operative    g
* Individual and joint investors – Please follow the instructions in section 9 of this application form, ‘Identity verification for individual
  and joint investors’.
 Companies, trusts and all other investor types – Please complete a ‘Customer Identification form’ for your investor type inserted in
 the PDS or available on our website.

Residency status for tax purposes
Are you an Australian resident for tax purposes?

yes   g
no, please specify country of residence.

gggggggggggggggggggggggggggggggggg




                                                                                                                           page 1 of 10     39
                                     Perpetual Select Investment Funds – application form




2. Investor details
A. Individual and joint account holders
Investor 1 (individual account holder)                                  Investor 2 (joint account holder)
title                                                                   title

Mr   g     Mrs   g       Miss   g    Ms   g      other                  Mr   g     Mrs   g      Miss   g     Ms   g      other
first name(s)                                                           first name(s)

ggggggggggggggggg ggggggggggggggggg
last name                                                               last name

ggggggggggggggggg ggggggggggggggggg
date of birth (mandatory)                        gender                 date of birth (mandatory)                        gender

gg gg gggg                                       male     g   female   g gg gg gggg                                      male     g   female   g
tax file number (refer to page 31)                                      tax file number (refer to page 31)

ggg ggg ggg                                                             ggg ggg ggg
or TFN exemption code (if applicable, refer to page 37)                 or TFN exemption code (if applicable, refer to page 37)

ggg ggg ggg                                                             ggg ggg ggg
residential address (mandatory)
                                                                        same contact details as investor 1      g
unit number             street number                                   unit number           street number

gggg gggg                                                               gggg gggg
street name                                                             street name

ggggggggggggggggg ggggggggggggggggg
ggggggggggggggggg ggggggggggggggggg
suburb                                                                  suburb

ggggggggggggggggg ggggggggggggggggg
state                   postcode                                        state                  postcode

ggg                     gggg                                            ggg                    gggg
country                                                                 country

ggggggggggggggggg ggggggggggggggggg
phone (business hours)                                                  phone (business hours)

gg gggg gggg                                                            gg gggg gggg
phone (after hours)                                                     phone (after hours)

gg gggg gggg                                                            gg gggg gggg
mobile                                                                  mobile

gggg ggg ggg                                                            gggg ggg ggg
email address                                                           email address

ggggggggggggggggg ggggggggggggggggg
ggggggggggggggggg ggggggggggggggggg
By providing this email address, I/we agree that Perpetual may use this email address to provide me/us with information about
my/our investment (such as transaction confirmations, statements, reports and other materials or notifications required by the
Corporations Act) or Perpetual’s products, services and offers. From time to time we may still need to send you mail.

40       page 2 of 10
                                 Perpetual Select Investment Funds – application form




2. Investor details
A. Individual and joint account holders – Postal address (optional)
Investor 1 (individual account holder)                          Investor 2 (joint account holder)
                                                                   same contact details as investor 1
po box             unit number                street number        po box             unit number                street number

gggg gggg                                     gggg                 gggg gggg                                     gggg
street name                                                        street name

ggggggggggggggggg ggggggggggggggggg
ggggggggggggggggg ggggggggggggggggg
suburb                                                             suburb

ggggggggggggggggg ggggggggggggggggg
state               postcode                                       state               postcode

ggg                 gggg                                           ggg                 gggg
country                                                            country

ggggggggggggggggg ggggggggggggggggg
B. All other account holders

 company name/corporate trustee

ggggg ggggggggggggggggggggggggg
 name of superannuation fund, trust, partnership, association, government body or co-operative

ggggg ggggggggggggggggggggggggg
tax file number (refer to page 31)                                 or ABN

ggg ggg ggg                     gg ggg ggg ggg
c/- g g g g g g g g g g g g g g g g g g g g g g g g g g g g g
 po box            unit number                street number

gggg gggg                                     gggg
 street name

ggggg ggggggggggggggggggggggggg
 suburb

ggggg ggggggggggggggggggggggggg
 state              postcode

ggg                 gggg
 country

ggggg ggggggggggggggggggggggggg
 phone (business hours)                       mobile                                       fax

gg gggg gggg gggg ggg ggg gg gggg gggg
 email address

ggggg ggggggggggggggggggggggggg
By providing this email address, I/we agree that Perpetual may use this email address to provide me/us with information about
my/our investment (such as transaction confirmations, statements, reports and other materials or notifications required by the
Corporations Act) or Perpetual’s products, services and offers. From time to time we may still need to send you mail.
                                                                                                                  page 3 of 10   41
                                  Perpetual Select Investment Funds – application form




3. Authorised representative
Would you like to appoint an authorised representative? Before appointing an authorised representative, refer to page 29
for more details.


 no       g please go to section 4
 yes      please complete the details below.
          I have read the terms and conditions associated with appointing an authorised representative available on page 35.
 Online Account Access for my authorised representative

           view and transact (default)   g     or         view only   g               or   no access    g
 authorised representative details:

       first name(s)     gggggggggggggggggggggggggg
          last name      gggggggggggggggggggggggggg
        signature of
         authorised
      representative                                                                        date   gg gg gggg
4. Features
 Indicate which optional features you would like applied to your account                               Frequency (if applicable)

 Savings plan refer to page 26 for details
                                                                      yes                            monthly (default)
                                                                                                     quarterly                     g
                                                                                                     on 10th         or 20th

 BPAY for additional investments refer to page 25 for details                                                     n/a
                                                                      yes (default)

                                                                      no

 Regular withdrawal plan refer to page 28 for details
                                                                      yes                            monthly (default)
                                                                                                     quarterly                     g
                                                                                                     on 10th         or 20th

 Auto-rebalancing refer to page 27 for details
                                                                      yes                            quarterly                     g
                                                                                                     half-yearly (default)         g
                                                                                                     yearly                        g
 Phone withdrawal facility refer to page 28 for details                                                           n/a
                                                                      yes

 Investor Online Account Access refer to page 29                                                                  n/a
                                                                      view and
 for details
                                                                      transact (default)

                                                                      view only

                                                                      no access

 Adviser Online Account Access refer to page 29                                                                   n/a
                                                                      view and
 for details
                                                                      transact (default)
 Note: your adviser can access information about
 your account online                                                  view only




42        page 4 of 10
                                Perpetual Select Investment Funds – application form




 Investment information to be sent in the mail                                                                            n/a
                                                                      yes
 refer to page 29 for details
 Note: most of your investment information is
 also available through Online Account Access

 Annual financial reports to be sent in the mail                                                                          n/a
                                                                      yes
 refer to page 32 for details
 Note: annual financial reports are also available                    no (default)
 on our website

 Marketing material                                                                                                       n/a
                                                                      yes
 I/We would like to be informed about Perpetual’s products,
 services and offers                                                  no (default)


▪ For each optional feature you have selected, please ensure you have read and understood the relevant section in the PDS
  for that optional feature.

▪ If you have nominated an optional feature above, please ensure you fill out the relevant columns in the table in
  section 5 completely.



5. Investment allocation
The minimum investment amount is $5,000 per Fund.

 Investment Option                     short                Initial   savings plan or    investment                   distributions
                                                                                                             (indicate a preference with an X). If
                                       code              investment   withdrawal plan      strategy
                                                                                                            no selection is made, reinvest will be
                                                                                           (BPAY and
                                                                                                                           assumed
                                                                                        auto-rebalancing)

                                                          $ or %             $                 %               reinvest               bank
                                                                                                                                    account 1

 Conservative                     PCCF                                                                           g                     g
 Diversified                      PCBF                                                                           g                     g
 Balanced                         PCIG                                                                           g                     g
 Growth                           PCGF                                                                           g                     g
 Geared High Growth               PCGHGF                                                                         g                     g
 Australian Fixed Income          PCAFI                                                                          g                     g
 International Fixed Income       PCOFI                                                                          g                     g
 Real Estate                      PCPF                                                                           g                     g
 Australian Share                 PCASF                                                                          g                     g
 Geared Australian Share          PCGASF                                                                         g                     g
 International Share              PCOSF                                                                          g                     g
 Total                                               $                $




                           Please make cheque payable to ‘PIML–PSIF–[insert name(s) of applicant(s)].




                                                                                                                           page 5 of 10          43
                                Perpetual Select Investment Funds – application form




6. Bank account details
You can only nominate a bank account that is held in your name(s). By providing your bank account details in this section,
you authorise Perpetual to use these details for all future transaction requests that you nominate.
Bank account 1                                                     Bank account 2
Complete your account details in this section if you would         Only complete your account details in this section if you would
like us to debit or credit your bank account for applications,     like us to debit a different bank account for your savings plan.
withdrawals and payment of distributions, as applicable.

name of financial institution                                      name of financial institution

ggggggggggggggggg ggggggggggggggggg
branch name                                                        branch name

ggggggggggggggggg ggggggggggggggggg
branch number (BSB)             account number                     branch number (BSB)             account number

ggg–ggg                         ggggggggg ggg–ggg                                                  ggggggggg
name of account holder                                             name of account holder

ggggggggggggggggg ggggggggggggggggg
ggggggggggggggggg ggggggggggggggggg
signature of account holder A                                      signature of account holder A




signature of account holder B                                      signature of account holder B




date   gg gg gggg                                                  date   gg gg gggg




44      page 6 of 10
                                Perpetual Select Investment Funds – application form




7. Adviser use only
Initial commission contribution fee
The maximum contribution fee payable by your client is 4.0% (calculated to include GST less any RITC available to the Fund). Please
nominate the amount to be paid by your client. If no selection is made the maximum of 4.0% will be applied to each.


      initial investment   g.gg%           or
                                                $

             additional
           investments     g.gg%
          savings plan     g.gg%
Ongoing commission rebate

                                 To rebate all of your ongoing commission, please tick the box:    g

8. Declaration and signature
I/We declare and agree that:
▪ I/We have read and understood the attached Product Disclosure Statement (PDS) for Perpetual Select Investment Funds and
  have received and accepted the offer to invest in Australia
▪ all of the information provided in my/our application is true and correct
▪ I am/we are bound by any terms and conditions in this PDS and the provisions of the constitutions of the Funds that
  I am/we are invested in
▪ I/we have the legal power to invest and/or are at least 18 years of age
▪ I/we acknowledge that Perpetual will hold personal information about me/us and will disclose this information to my/our
  financial adviser (named in this form) in relation to the investments described in this form. I/We acknowledge that Perpetual
  will cease to disclose this personal information if I/we notify Perpetual that the financial adviser named in this form no longer
  acts on my/our behalf
▪ if I/we have received this PDS from the internet or other electronic means, that I/we received it personally or a print out of it,
  accompanied by or attached to this application form
▪ if this is a joint application, each of us agrees, unless otherwise indicated on this application, our investment is as joint tenants.
  Each of us is able to operate the account and bind the other(s) to any transaction including investments, switches or withdrawals
  by any available method
▪ in relation to trust investors, only the trustee has rights and obligations under the Fund
▪ withdrawals by companies must be signed by an authorised representative or in accordance with the company’s constitution
  or under power or attorney
▪ I/we confirm that I/we have provided my/our financial adviser with acceptable identification documentation as described in the
  application form (individual and joint investors) or relevant customer identification form (companies, trusts and other customer
  types) OR I/we are not investing through a financial adviser, and therefore have included certified copies of acceptable
  identification documentation as described in the application form (individual and joint investors) or relevant customer identification
  form (companies, trusts and other customer types).
I/We acknowledge that:
▪ the information contained in the PDS is not investment advice or a recommendation that any Fund is suitable having regard
  to my/our investment objectives, financial situation or particular needs
▪ Perpetual may be required to pass on my/our personal information or information about my/our investment to the relevant
  regulatory authority in compliance with the Anti-Money Laundering and Counter-Terrorism Act 2006 or associated regulation
▪ investments in the Funds are not investments, deposits or other liabilities of Perpetual Limited or its subsidiaries and are subject
  to investment and other risks, including possible delays in repayment and the loss of income and principal invested
▪ neither Perpetual Investment Management Limited nor Perpetual Limited or its subsidiaries guarantee the repayment of capital
  or the performance of the Funds or any particular rate of return from the Funds
▪ the PDS has referred me/us to additional information or terms and conditions (‘information’) of this product which may assist
  me/us in making my/our investment decision and I/we have referred to this information to the extent I/we considered it was
  necessary to make my/our investment decision.


                           Please make cheque payable to ‘PIML–PSIF–[insert name(s) of applicant(s)].




                                                                                                                    page 7 of 10     45
                                   Perpetual Select Investment Funds – application form




8. Declaration and signature (continued)
Joint applicants must both sign

signature of investor 1 or company officer                          signature of investor 2 or company officer




print name                                                          print name

ggggggggggggggggg ggggggggggggggggg
ggggggggggggggggg ggggggggggggggggg
Capacity (company investments only)                                 Capacity (company investments only)

g Sole Director g Director g Secretary                              g Director g Secretary
date                                                                date

gg gg gggg                                                          gg gg gggg
Important notes:                                                    Final checklist
▪ If signing under power of attorney, the attorney certifies that   Have you:
  he or she has not received notice of revocation of that power.    ▪ Completed all sections of your application form?
  The power of attorney, or a certified copy, must be sent to       ▪ Signed your application form?
  Perpetual, if not previously provided.                            ▪ Provided your financial adviser the customer identification
▪ Perpetual has the absolute discretion to accept or reject           documents requested in this application form or the relevant
  any application.                                                    Customer Identification form
▪ Investors should retain a copy of the PDS.                        ▪ OR, if you do not have a financial adviser, enclosed certified
▪ A business day is a working day for Perpetual in Sydney.            copies of your customer identification documents and
                                                                      relevant Customer Identification forms (only required for
                                                                      companies, trusts and non-individual investor types)?
                                                                    Please send your completed application form to:
                                                                    Reply Paid 4171
                                                                    Perpetual Select Investment Funds
                                                                    GPO Box 4171
                                                                    Sydney NSW 2001

Adviser details


     adviser name   gggggggggggggggggggggggggg
phone (after hours) g g g g g g g g g g     phone (business hours) g g g g g g g g g g

            mobile g g g g g g g g g g                         fax g g g g g g g g g g

             name g g g g g g g g g                   AFSL number g g g g g g g g g g
    AFSL licensee


  adviser number g g g g g g g g g g g
  either Perpetual


      dealer group g g g g g g g g g g g g g g g dealer branch g g g g g g g g g g
                or




 adviser signature                                                    date   gg gg gggg                               ADVISER
                                                                                                                       STAMP




IL GN                  /       /           (Group)

IL AN                  /       /           (Adviser)

IL CN                  /             /     (Client)



46      page 8 of 10
                                     Perpetual Select Investment Funds – application form




9. Identification verification for individuals and joint investors

This section is only applicable if you are investing as an individual or joint investor (as selected in section 1 of this form). If you are
investing as a company, trust or any other investor type, please complete the relevant ‘Customer Identification form’ inserted in the
PDS or available on our website.
The identity documentation requested below is required to meet our obligations under the Anti-Money Laundering and
Counter-Terrorism financing Act 2006. We cannot process you application without this information.

Identity documentation
Please provide a document from Part I. If you do not have a document from Part I, please provide the documents listed in Part II
OR Part III.

If you are a joint investor, please provide the relevant documents for BOTH investors.
▪ If you are applying directly with Perpetual - You will need to provide a certified copy of the document(s) with your application.
▪ If you are lodging this application through a financial adviser - You may provide a certified copy with your application OR have
  your adviser sight an original or certified copy of your document(s) and complete the Adviser Record of Verification section in
  this form.

 PART I – Primary ID documents

 Provide ONE of the following:


      Australian State / Territory driver’s licence containing your photograph.

      Australian passport (a passport that has expired within the preceding 2 years is acceptable)

      Card issued under a State or Territory law for the purpose of proving a person’s age containing your photograph

      Foreign passport or similar travel document containing your photograph and signature
                                                                    OR
 PART II – should only be completed if you do not own a document from Part I

 Provide ONE of the following:


      Australian birth certificate

      Australian citizenship certificate

      Pension card issued by Centrelink

      Health card issued by Centrelink

 AND provide ONE valid document from the following:


       A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision
       of financial benefits to you and contains your name and residential address
       A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by you to
       the Commonwealth (or by the Commonwealth to the individual), which contains your name and residential address.
      A document issued by a local government body or utilities provider within the preceding 3 months which records the
      provision of services to your address or to you (the document must contain your name and residential address)
                                                                    OR
 PART III – should only be completed if you do not own document(s) from Part I OR Part II

 BOTH documents from this section must be provided


      Foreign driver’s licence that contains a photograph of you and your date of birth*

      National ID card issued by a foreign government containing your photograph and your signature
Any documents written in a language that is not English must be accompanied by an English translation prepared by an
accredited translator.
                                                                                                                        page 9 of 10     47
                                  Perpetual Select Investment Funds – application form




Certified copies
A certified copy means a document that has been certified as a true and correct copy of a document by a person in one of the
occupations listed below, including all persons described in the Statutory Declarations Regulations 1993. Persons listed should have
a minimum of 2 years continuous service in the occupation, unless otherwise described.

▪ A bank, building society, credit union or finance company officer

▪ A fellow of the National Tax Accountants’ Association

▪ A judge of a court, Justice of the Peace or magistrate

▪ A legal practitioner including patent attorney, trade marks attorney with 5 or more years of continuous service.

▪ A medical practitioner including dentist, nurse, optometrist, pharmacist, physiotherapist, psychologist or veterinary surgeon with
  5 or more years of continuous service

▪ A permanent employee or agent of the Australian Postal Corporation

▪ A person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia as a legal
  practitioner

▪ A police officer

▪ A teacher employed on a full-time basis at a school or tertiary education institution

▪ An accountant who is a member of the Institute of Chartered Accountants in Australia, CPA Australia, the National Institute of
  Accountants or the Association of Taxation and Management Accountants

▪ An Australian Consular Officer or Australian Diplomatic Officer

▪ An Australian Financial Services Licence holder or their authorised representative (includes any licensed financial advisor)

To create a certified copy, one of the persons listed above must write the following on the copy of the document.
‘I, [full name], [category of persons as listed below], certify that this [name of document] is a true and correct copy of the original.
[signature and date]’

Adviser record of verification
This section is to be used by Advisers when a record of verification is provided, rather than certified copies of identity
documentation.

 ID DOCUMENT DETAILS                            Document 1                                     Document 2 (relevant only if documents
                                                                                               from Part II or Part III completed)

 Verified From                                  Original             Certified Copy            Original             Certified Copy

 Document name / type

 Document Issuer

 Issue Date

 Expiry Date

 Document Number

 Accredited English Translation                 N/A                         Sighted            N/A                         Sighted

 Adviser name

 AFSL licensee number

 Date verified (dd/mm/yyyy)

IMPORTANT: Please ensure that you have either
 Enclosed certified copies of your identity documentation OR

 Agreed that your Adviser will complete the above Adviser Record of Verification




48     page 10 of 10
Contact details
For further information, or a copy of any of our Product Disclosure
Statements, please contact Perpetual.

Website www.perpetual.com.au

Email      selectfunds@perpetual.com.au

Phone      During business hours (Sydney time)
           1800 003 001

Fax        02 8256 1444

Postal address
No stamp required if posted in Australia

Reply Paid 4171
Perpetual Select Investment Funds
GPO Box 4171
Sydney NSW 2001
                               27236_DAPSIF1_0310
Australian Capital Territory
Level 4
10 Rudd Street
Canberra ACT 2601

New South Wales
Angel Place
Level 12
123 Pitt Street
Sydney NSW 2000

Queensland
Level 6
260 Queen Street
Brisbane QLD 4000

South Australia
Level 11
101 Grenfell Street
Adelaide SA 5000

Victoria
Until 30 May 2010:
Level 28
360 Collins Street
Melbourne VIC 3000

From 31 May 2010:
Level 35, South Tower
Rialto Towers
525 Collins Street
Melbourne VIC 3000

Western Australia
Exchange Plaza
Level 29
2 The Esplanade
Perth WA 6000

www.perpetual.com.au
Customer identification form
Trusts and trustees


                 If you are not a trust or trustee
               you must download and complete
         the relevant customer identification form from
          www.perpetual.com.au/forms_overview.htm
           Alternatively, to order a form or if you have
                      any questions, phone:
                 Investor Services 1800 022 033
                 Adviser Services 1800 062 725




       If you have provided a customer identification form
               to Perpetual since 12 December 2007,
            then you do not need to complete another
              form unless your details have changed.




                                                             page x of x   1
                                          Customer identification form
                                          Trusts and trustees


    About the customer identification forms
    The information requested in Perpetual’s customer identification form is required to meet our obligations under the Anti-Money
    Laundering and Counter-Terrorism Financing Act 2006. We cannot process your application without this information.

    For further information on the legislation please see ‘About AML/CTF legal requirements’ on page 2.



    Checklist
    You must complete the following steps to ensure your application is processed:

    complete ALL required sections in this customer identification form

     p
    	 rovide certified copies of document(s), as requested in this customer identification form, either to us or to your financial adviser
      (please note: we are required by law to keep a record of the identification material that you provide to us, whether it is an original or certified copy, for
      seven years after the end of your relationship with Perpetual)

     e
    	 nclose this completed form with your fully completed application form from the product disclosure statement and send to Perpetual.



    How to certify your documents
    You will be required to provide a certified copy of certain identification documents.
    A certified copy is a document that has been certified as a true copy of an original document.
    To obtain a certified copy of a document, take the original document and a photocopy to one of the people in the categories listed
    below and ask them to certify that the photocopy is a true and correct copy of the original document. That person will need to
    write the following on the copy of the document:

    ‘I, [full name], [category of persons as listed below], certify that this [name of document] is a true and correct copy of the original
    [signature and date]’

    List of people able to certify a document:
       (
    •	 	the	post	office)	a	permanent	employee	of	the	Australian	Postal	Corporation	with	two	or	more	years	of	continuous	service	who	is	
       employed in an office supplying postal services to the public
       (
    •	 	a	postal	agent)	an	agent	of	the	Australian	Postal	Corporation	who	is	in	charge	of	an	office	supplying	postal	services	to	the	public
       a
    •	 	 n	accountant	who	is	a	member	of	the	Institute	of	Chartered	Accountants	in	Australia,	CPA	Australia	or	the	National	Institute	of	
       Accountants, with two or more years of continuous membership
       a
    •	 	 n	officer	with	or	authorised	representative	of	a	holder	of	an	Australian	financial	services	licence,	having	two	or	more	continuous	
       years of service with one or more licensees
       a
    •	 	 	finance	company	officer	with	two	or	more	continuous	years	of	service	with	one	or	more	financial	companies	(for	the	purposes	
       of the Statutory Declaration Regulations 1993)
       a
    •	 	 n	officer	with	two	or	more	continuous	years	of	service	with	one	or	more	financial	institutions	(for	the	purposes	of	the	Statutory	
       Declaration Regulations 1993)
       a
    •	 	 	lawyer	who	is	enrolled	on	the	roll	of	the	Supreme	Court	of	a	state	or	territory	or	High	Court	of	Australia,	as	a	legal	practitioner
    •	 a	judge
    •	 a	magistrate
    •	 a	chief	executive	officer	of	a	Commonwealth	court
    •	 a	registrar	or	the	deputy	registrar	of	a	court
    •	 a	Justice	of	the	Peace
    •	 a	notary	public	(for	the	purposes	of	the	Statutory	Declaration	Regulations	1993)
    •	 a	police	officer
    •	 an	Australian	consular	officer	or	an	Australian	diplomatic	officer	(within	the	meaning	of	the	Consular	Fees	Act	1955).




1
                                Customer identification form
                                Trusts and trustees


About AML/CTF legal requirements
These forms have been designed to meet Perpetual’s obligations under the Anti-Money Laundering and Counter Terrorism
Financing Act (2006) to identify our customers.

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML Act) regulates financial services and transactions in a
way that is designed to detect and prevent money laundering and terrorism financing.

Under the AML Act, we are required to:

•	 verify	your	identity	before	providing	services	to	you,	and	to	re-identify	you	if	we	consider	it	necessary	to	do	so

   w
•	 	 here	you	supply	documentation	relating	to	your	identity,	keep	a	record	of	this	documentation	for	seven	years	after	the	end	of	
   your relationship with Perpetual.

To ensure we comply with our obligations under the law, we have implemented a number of measures and controls including
carefully identifying and monitoring investors. As a result:

   t
•	 	 ransactions	may	be	delayed,	blocked,	frozen	or	refused	where	we	have	reasonable	grounds	to	believe	that	the	transaction	
   breaches the law or sanctions of Australia or any other country

   w
•	 	 here	transactions	are	delayed,	blocked,	frozen	or	refused	we	are	not	liable	for	any	loss	you	suffer	(including	consequential	loss)	
   as a result of our compliance with the AML Act and

•	 we	may	from	time	to	time	require	additional	information	from	you	to	assist	in	this	process.

We have certain reporting obligations under the AML Act and are prevented from informing you that any such reporting has
taken place. Where required by law, we may disclose your information to regulatory or law enforcement agencies, including the
Australian Transaction Reports and Analysis Centre (AUSTRAC), which is responsible for regulating the AML Act.




                                                                                                                                       2
OFFICE	USE	ONLY	                                                               A/C	ID	




                                      Customer identification form
                                      Trusts and trustees


Complete the following sections:
	 •	 Section	1	(all	parts)	–	all	trusts.

	 AND	complete	one	of	the	following	sections	for	ONE	of	the	trustees:
	 •	 Section	2	(applicable	parts)	–	where	the	selected	trustee	is	an	individual
	 •	 Section	3	(applicable	parts)	–	where	the	selected	trustee	is	an	Australian	company
	 •	 Section	4	(applicable	parts)	–	where	the	selected	trustee	is	a	foreign	company.

Please	complete	this	form	in	black	ink,	using	BLOCK	LETTERS.


    Section 1 – All trusts
    Section 1a: Trust details
    1.1 General information

        Full name of trust    ggggggggggggggggggggggggg
      Full business name
                   (if any)   ggggggggggggggggggggggggg
      Country where trust
              established     ggggggggggggggggggggggggg
    1.2 Type of trust (select ✓ only one of the following trust types and provide the information requested)

    g Registered managed investment scheme
    Provide	Australian	Registered	Scheme	Number	(ARSN)              ggggggggggggggggg
                                                                                                                     (Go to section 1b)

    g Regulated trust (eg an SMSF)
    Provide	name	of	the	regulator	(eg	ASIC,	APRA,	ATO)              ggggggggggggggggg
    Provide	the	trust’s	ABN	or	registration	/	licensing	details     ggggggggggggggggg
                                                                                                                     (Go to section 1b)

    g Government superannuation fund
    Provide name of the legislation establishing the fund           ggggggggggggggggg
                                                                                                                     (Go to section 1b)


    g Other trust type
    Trust description (eg Family, unit, charitable, testamentary)   ggggggggggggggggg
                                                                                                         (Complete	section	1.3	and	1.4)




3          page 1 of 13
                                 Customer identification form
                                 Trusts and trustees


1.3 Beneficiary details (only complete if ‘Other trust type’ is selected in section 1.2)

Do NOT complete if the trust is a registered managed investment scheme, regulated trust (eg SMSF), or government
superannuation fund.
Does the trust deed name the beneficiaries?

g Yes            How	many	beneficiaries	are	there?	                provide full name of each beneficiary below

     first name(s)                                                     last name
1
    g g g g g g g g g g g g g g ggggggggggggggg
2
    g g g g g g g g g g g g g g ggggggggggggggg
3
    g g g g g g g g g g g g g g ggggggggggggggg
4
    g g g g g g g g g g g g g g ggggggggggggggg
    If there are more beneficiaries, provide details on a separate sheet

             Provide details of the membership class/es for the
g No         beneficiaries (eg unit holders, family members of
             named person, charitable purpose)

                                                                                                                 (Go	to	section	1.4)


1.4 Trustee details (only complete if ‘Other trust type’ is selected in section 1.2)

Do NOT complete if the trust is a registered managed investment scheme, regulated trust (eg SMSF), or government
superannuation fund.


How	many	trustees	are	there?	                   provide full name and addresss of each trustee below

Trustee 1


            first name(s)     ggggggggggggggggggggggggg
              last name       ggggggggggggggggggggggggg
residential	address	if	an	individual	trustee	or	company	registered	office	address	(PO	Box	is	NOT	acceptable)


                     street   ggggggggggggggggggggggggg
                 suburb       g g g g g g g g g g g g g state g g g postcode g g g g
                country
                              ggggggggggggggggggggggggg
Trustee 2

            first name(s)     ggggggggggggggggggggggggg
              last name       ggggggggggggggggggggggggg
residential	address	if	an	individual	trustee	or	company	registered	office	address	(PO	Box	is	NOT	acceptable)

                     street   ggggggggggggggggggggggggg
                 suburb       g g g g g g g g g g g g g state g g g postcode g g g g
                country       ggggggggggggggggggggggggg

                                                                                                                 page 2 of 13   	   4
                                   Customer identification form
                                   Trusts and trustees


    Trustee 3


                first name(s)   ggggggggggggggggggggggggg
                  last name     ggggggggggggggggggggggggg
    residential	address	if	an	individual	trustee	or	company	registered	office	address	(PO	Box	is	NOT	acceptable)


                      street    ggggggggggggggggggggggggg
                     suburb     g g g g g g g g g g g g g state g g g postcode g g g g
                    country     ggggggggggggggggggggggggg
    Trustee 4


                first name(s)   ggggggggggggggggggggggggg
                  last name     ggggggggggggggggggggggggg
    residential	address	if	an	individual	trustee	or	company	registered	office	address	(PO	Box	is	NOT	acceptable)


                      street    ggggggggggggggggggggggggg
                     suburb     g g g g g g g g g g g g g state g g g postcode g g g g
                    country     ggggggggggggggggggggggggg
    Trustee 5


                first name(s)   ggggggggggggggggggggggggg
                  last name     ggggggggggggggggggggggggg
    residential	address	if	an	individual	trustee	or	company	registered	office	address	(PO	Box	is	NOT	acceptable)


                      street    ggggggggggggggggggggggggg
                     suburb     g g g g g g g g g g g g g state g g g postcode g g g g
                    country     ggggggggggggggggggggggggg
    Trustee 6


                first name(s)   ggggggggggggggggggggggggg
                  last name     ggggggggggggggggggggggggg
    residential	address	if	an	individual	trustee	or	company	registered	office	address	(PO	Box	is	NOT	acceptable)


                      street    ggggggggggggggggggggggggg
                     suburb     g g g g g g g g g g g g g state g g g postcode g g g g
                    country     ggggggggggggggggggggggggg
    If there are more trustees, provide details on a separate sheet.

                                                                                                                   (Go to section 1b)


5          page 3 of 13
                                   Customer identification form
                                   Trusts and trustees


 Section 1b: Trust identification documents
 •	 If you are applying directly with Perpetual – you will need to provide a certified copy of the document(s) with
    your application

 •	 If you are lodging this application through a financial adviser – you may provide a certified copy of the document(s) with your
    application	OR	have	your	adviser	sight	an	original	or	certified	copy	of	your	document(s).

 For more information on how to obtain certified copies of documents, please refer to page 1 of this form.


 For a registered managed investment scheme, regulated trust (eg SMSF), or government superannuation fund (as selected
 in section 1.2), please provide one of the following:

    a
 •	 	 n	original	or	certified	copy	or	certified	extract	of	the	trust	deed

    a
 •	 	 n	original	product	disclosure	statement	(PDS),	annual	report	or	audited	financial	statement	for	the	trust

 • f
 	 	 	or	a	government	superannuation	fund,	a	copy	or	relevant	extract	of	the	legislation	establishing	the	government	superannuation	
     fund sourced from a government website

 • a
 	 	 	 lternatively,	if	you	have	a	financial	adviser	they	may	be	able	to	perform	a	search	of	the	ASIC,	ATO	or	relevant	regulator’s	website.

 If ‘Other trust type’ is selected in section 1.2, also provide one of the following:

    a
 •	 	 n	original	or	certified	copy	or	certified	extract	of	the	trust	deed

    a
 •	 	 	notice	issued	by	the	Australian	Taxation	Office	within	the	last	12	months	(eg	a	notice	of	assessment)

    a
 •	 	 	letter	from	a	solicitor	or	qualified	accountant	that	confirms	the	name	and	existence	of	the	trust.

Any	documents	that	are	written	in	a	language	that	is	not	English	must	be	accompanied	by	an	English	translation	prepared	by	an	
accredited translator.


Complete	ONE	of	the	following	sections	for	ONE	of	the	trustees:

	 •	 Section	2	(applicable	parts)	–	where	the	selected	trustee	is	an	individual

	 •	 Section	3	(applicable	parts)	–	where	the	selected	trustee	is	an	Australian	company

	 •	 Section	4	(applicable	parts)	–	where	the	selected	trustee	is	a	foreign	company.


 Section 2 – Individual trustee (to be completed if selected trustee is an individual)
 Section 2a: Individual details

           first name(s)   ggggggggggggggggggggggggg
              last name    ggggggggggggggggggggggggg
           date of birth   gg gg gggg
 residential	address	(PO	Box	is	NOT	acceptable)	–	Only provide address details if not provided in section 1.4


                  street   ggggggggggggggggggggggggg
                 suburb    g g g g g g g g g g g g g state g g g postcode g g g g
                country
                           ggggggggggggggggggggggggg
   I
•	 	f	the	trust	is	a	registered	managed	investment	scheme,	regulated	trust	(eg	SMSF)	or	government	superannuation	fund	with	an	
   individual trustee, the form is now COMPLETE (for advisers, go to section 5)

•	 If	‘Other	trust	type’	is	selected	in	section	1.2,	complete	section	2b.




                                                                                                                         page	4	of	13	        6
                                      Customer identification form
                                      Trusts and trustees


    Section 2b: Individual trustee identification documents
    Please provide a document from Part I as outlined below. If you do not have a document from Part I, please provide the
    documents	listed	in	Part	II	OR	Part	III.

       I
    •	 	f you are applying directly with Perpetual	–	you	will	need	to	provide	a	certified	copy	of	the	document(s)	with	your	application

       I
    •	 	f you are lodging this application through a financial adviser	–	you	may	provide	a	certified	copy	of	the	document(s)	with	your	
       application	OR	have	your	adviser	sight	an	original	or	certified	copy	of	your	document(s).

    For more information on how to obtain certified copies of documents, please refer to page 1 of this form.


    Part I – Primary ID documents

    Provide ONE of the following:

    •	 Australian	state	/	territory	driver’s	licence	containing	your	photograph

    •	 Australian	passport	(current	or	a	passport	that	has	expired	within	the	preceding	two	years	is	acceptable)

    •	 card	issued	under	a	state	or	territory	law	for	the	purpose	of	proving	a	person’s	age	containing	your	photograph

    •	 foreign	passport	or	similar	travel	document	containing	your	photograph	and	signature.

                                                                      OR

    PART II – documents from this Part II should only be used if you do not own a document from Part I

    Provide ONE of the following:

    •	 Australian	birth	certificate

    •	 Australian	citizenship	certificate

    •	 pension	card	issued	by	Centrelink

    •	 health	card	issued	by	Centrelink.

    AND provide ONE from the following:

    • a
    	 	 	 	document	issued	by	the	Commonwealth	or	a	state	or	territory	within	the	preceding	12	months	that	records	the	provision	of	
        financial benefits to you and contains your name and residential address

    	 	 	 	document	issued	by	the	Australian	Taxation	Office	within	the	preceding	12	months	that	records	a	debt	payable	by	you	to	the	
    • a
        Commonwealth (or by the Commonwealth to the individual), which contains your name and residential address. For advisers,
        block	out	the	TFN	before	scanning,	copying	or	storing	this	document

    • a
    	 	 	 	document	issued	by	a	local	government	body	or	utilities	provider	within	the	preceding	three	months	which	records	the	
        provision of services to your address or to you (the document must contain your name and residential address).

                                                                      OR

    PART III – should only be completed if you do not own document(s) from Part I OR Part II

    BOTH documents from this section must be provided:

    •	 foreign	driver’s	licence	that	contains	a	photograph	of	you	and	your	date	of	birth

    •	 national	ID	card	issued	by	a	foreign	government	containing	your	photograph	and	your	signature.

Any	documents	that	are	written	in	a	language	that	is	not	English	must	be	accompanied	by	an	English	translation	prepared	by	an	
accredited translator.

   I
•	 	f	the	selected	trustee	is	an	individual,	the	form	is	now	COMPLETE	(for	advisers,	go	to	section	5).




7          page 5 of 13
                                Customer identification form
                                Trusts and trustees


Section 3 – Australian company trustee (to be completed if selected trustee is an Australian company)
Section 3a: Australian company details
3.1 General information

full name as registered
               by ASIC    ggggggggggggggggggggggggg
                  ACN     ggggggggggggggggggggggggg
registered	office	address	(PO	Box	is	NOT	acceptable)


                 street   ggggggggggggggggggggggggg
               suburb     g g g g g g g g g g g g g state g g g postcode g g g g
               country
                          ggggggggggggggggggggggggg
principal	place	of	business	(if	any)	(PO	Box	is	NOT	acceptable)


                 street   ggggggggggggggggggggggggg
               suburb     g g g g g g g g g g g g g state g g g postcode g g g g
               country
                          ggggggggggggggggggggggggg

3.2 Regulatory/ listing details (select ✓ the following categories which apply to the trustee company and provide the
    information requested)


g Regulated company (licensed by an Australian Commonwealth, state or territory statutory regulator)
       regulator name     ggggggggggggggggggggggggg
        licence details   ggggggggggggggggggggggggg
g Australian listed company
     name of market /
           exchange       ggggggggggggggggggggggggg
g Majority-owned	subsidiary	of	an	Australian	listed	company
      Australian listed
      company name        ggggggggggggggggggggggggg
     name of market /
           exchange       ggggggggggggggggggggggggg
3.3 Trustee company type (select ✓ only ONE of the following categories)

g Public              If the trust is a registered managed investment scheme, regulated trust (eg SMSF) or government
                      superannuation fund, the form is now COMPLETE (for advisers go to section 5)

                      If	‘Other	trust	type’	is	selected	in	section	1.2,	complete	section	3b

g Proprietary         Continue	to	section	3.4




                                                                                                                page 6 of 13   8
                                     Customer identification form
                                     Trusts and trustees


    3.4 Directors (only needs to be completed for proprietary companies)

    This section does NOT need to be completed for public and listed companies.


    How	many	directors	are	there?	                  provide full name of each director below

         first name(s)                                                      last name
    1
        g g g g g g g g g g g g g g ggggggggggggggg
    2
        g g g g g g g g g g g g g g ggggggggggggggg
    3
        g g g g g g g g g g g g g g ggggggggggggggg
    4
        g g g g g g g g g g g g g g ggggggggggggggg
        If there are more directors, provide details on a separate sheet.

If the trustee company is a regulated company (as selected in section 3.2) AND the trust type selected in section 1.2 is:

     a
	 •	 	 	registered	managed	investment	scheme,	regulated	trust	(eg	SMSF),	or	government	superannuation	fund,	the	form	is	now	
     COMPLETE (for advisers, go to section 5)

	 •	 ‘Other	trust	type’,	complete	sections	3b

	 •	 otherwise,	continue	to	section	3.5.

    3.5 Shareholders (only needs to be completed for proprietary trustee companies that are not regulated companies as
    selected in section 3.2)

    Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the trustee
    company’s issued capital.

    Shareholder 1


               first name(s)      ggggggggggggggggggggggggg
                  last name       ggggggggggggggggggggggggg
    residential	address	(PO	Box	is	NOT	acceptable)


                         street   ggggggggggggggggggggggggg
                     suburb       g g g g g g g g g g g g g state g g g postcode g g g g
                    country
                                  ggggggggggggggggggggggggg
    Shareholder 2


               first name(s)      ggggggggggggggggggggggggg
                  last name       ggggggggggggggggggggggggg
    residential	address	(PO	Box	is	NOT	acceptable)


                         street   ggggggggggggggggggggggggg
                     suburb       g g g g g g g g g g g g g state g g g postcode g g g g
                    country
                                  ggggggggggggggggggggggggg

9           page 7 of 13
                                    Customer identification form
                                    Trusts and trustees


 Shareholder 3


           first name(s)   ggggggggggggggggggggggggg
             last name     ggggggggggggggggggggggggg
 Residential	address	(PO	Box	is	NOT	acceptable)


                  street   ggggggggggggggggggggggggg
                 suburb    g g g g g g g g g g g g g state g g g postcode g g g g
                country
                           ggggggggggggggggggggggggg

 Section 3b: Australian company trustee identification documents
    I
 •	 	f you are applying directly with Perpetual	–	you	will	need	to	provide	an	original	or	a	certified	copy	of	the	document(s)	with	
    your application

 •	 If you are lodging this application through a financial adviser –	you	may	provide	a	certified	copy	of	the	document(s)	with	your	
    application	OR	have	your	adviser	sight	an	original	or	certified	copy	of	your	document(s).

 For more information on how to obtain certified copies of documents, please refer to page 1 of this form.

 Provide one of the following:

 •	 an	original	or	certified	copy	of	the	certificate	of	registration	issued	by	ASIC

 •	 alternatively,	if	you	have	a	financial	adviser	they	may	be	able	to	perform	a	search	of	the	relevant	ASIC	database.

                                                                     OR

 For a company which is:
 – an Australian listed company, or
 –	a	majority	owned	subsidiary	of	an	Australian	listed	company,	or
   i
 –		s	a	regulated	company	(ie	licensed	by	an	Australian,	Commonwealth,	state	or	territory	statutory	authority),
 provide at least one of the following:

 •	a	public	document	issued	by	the	relevant	company

   a
 •		 lternatively,	if	you	have	a	financial	adviser	they	may	be	able	to	perform	a	search	of	the	relevant	market/exchange	OR	a	search	of	
   the	relevant	ASIC	database	OR	a	search	of	the	licence	or	other	records	of	the	relevant	Commonwealth,	state	or	territory	statutory	
   regulator.


•	 If	the	selected	trustee	is	an	Australian	company,	the	form	is	now	complete	(for	advisers	go	to	Section	5).


 Section 4 – Foreign company trustee (to be completed if selected trustee is a foreign company)
 Section 4a: Foreign company details
 4.1 General information

            Full name of foreign
               trustee company      ggggggggggggggggggggggg
         Country of formation /
     incorporation / registration   ggggggggggggggggggggggg
  g Select ✓ if registered by a foreign
        body and provide name of body       ggggggggggggggggggggg


                                                                                                                      page 8 of 13     10
                                 Customer identification form
                                 Trusts and trustees


 4.2 Is the foreign trustee company registered with ASIC? (select ✓ ONE of the following)


 g Yes            Provide	ARBN   ggggggggg
 Provide EITHER   g principal place of business address in Australia OR g local agent name and address details (Tick one box)
                 street g g g g g g g g g g g g g g g g g g g g g g g g g


                suburb g g g g g g g g g g g g g                                state g g g        postcode g g g g


               country
                        ggggggggggggggggggggggggg
     name of local agent in Australia g g g g g g g g g g g g g g g g g g g g g g

           Provide company identification number
 g No      (if any) issued by the foreign registration body   ggggggggggggggggg
 Principal	place	of	business	in	the	company’s	country	of	formation	or	incorporation	(PO	Box	is	NOT	acceptable)


                  street   ggggggggggggggggggggggggg
                suburb     g g g g g g g g g g g g g state g g g postcode g g g g
                country
                           ggggggggggggggggggggggggg
 4.3 Registered address of company

 Provide	the	registered	address	as	registered	with	ASIC.	If	the	company	is	NOT	registered	with	ASIC,	provide	the	registered	
 address in the country of formation, incorporation or registration (if any).


                  street   ggggggggggggggggggggggggg
                suburb     g g g g g g g g g g g g g state g g g postcode g g g g
                country
                           ggggggggggggggggggggggggg
 4.4 Regulatory/ listing details (select ✓ each of the following categories that apply to the trustee company and provide the
 information requested)

 g Regulated company (licensed by an Australian Commonwealth, state or territory statutory regulator)
      regulator name g g g g g g g g g g g g g g g g g g g g g g g g g


       licence details g g g g g g g g g g g g g g g g g g g g g g g g g

 g Listed on a major financial market
      name of market /
            exchange       ggggggggggggggggggggggggg
 g Majority-owned	subsidiary	of	an	Australian	listed	company
       Australian listed
       company name        ggggggggggggggggggggggggg
      name of market /
            exchange       ggggggggggggggggggggggggg


11      page 9 of 13
                                  Customer identification form
                                  Trusts and trustees


 4.5 Company type (select ✓ only ONE of the following categories and provide any information requested)

 g      Public                   If the trust is a registered managed investment scheme, regulated trust (eg SMSF), or government
                                 superannuation fund, as selected in section 1.2, the form is now complete (for advisers go to section 5)

                                 If	‘Other	trust	type’	is	selected	in	section	1.2,	complete	section	4b

 g      Private/Proprietary      Go	to	section	4.6


 g      Other                    Go	to	section	4.6



 4.6 Directors (complete for all companies other than public or listed companies)


 How	many	directors	are	there?	                   provide full name of each director below

      first name(s)                                                      last name
 1
     g g g g g g g g g g g g g g ggggggggggggggg
 2
     g g g g g g g g g g g g g g ggggggggggggggg
 3
     g g g g g g g g g g g g g g ggggggggggggggg
 4
     g g g g g g g g g g g g g g ggggggggggggggg
     If there are more directors, provide details on a separate sheet.


•	 If	the	trustee	company	is	a	regulated	company	(as	selected	in	section	4.4)	AND	‘Other	trust	type’	is:

  – selected	in	section	1.2,	go	to	section	4b

  – not selected in section 1.2, the form is now COMPLETE (for advisers, go to section 5)

•	 Otherwise, continue to section 4.7.

 4.7 Shareholders (complete for all companies other than public, listed or regulated companies)
 Provide details of ALL individuals who are beneficial owners through one or more shareholdings of more than 25% of the
 company’s issued capital.
 Shareholder 1


            first name(s)      ggggggggggggggggggggggggg
                last name      ggggggggggggggggggggggggg
 residential	address	(PO	Box	is	NOT	acceptable)


                      street   ggggggggggggggggggggggggg
                  suburb       g g g g g g g g g g g g g state g g g postcode g g g g
                  country
                               ggggggggggggggggggggggggg




                                                                                                                       page 10 of 13    12
                                  Customer identification form
                                  Trusts and trustees


 Shareholder 2


           first name(s)   ggggggggggggggggggggggggg
             last name     ggggggggggggggggggggggggg
 residential	address	(PO	Box	is	NOT	acceptable)


                  street   ggggggggggggggggggggggggg
                 suburb    g g g g g g g g g g g g g state g g g postcode g g g g
                country
                           ggggggggggggggggggggggggg
 Shareholder 3


           first name(s)   ggggggggggggggggggggggggg
             last name     ggggggggggggggggggggggggg
 residential	address	(PO	Box	is	NOT	acceptable)


                  street   ggggggggggggggggggggggggg
                 suburb    g g g g g g g g g g g g g state g g g postcode g g g g
                country
                           ggggggggggggggggggggggggg
 Section 4b: Foreign company trustee identification documents
 •	 	f you are applying directly with Perpetual	–	you	will	need	to	provide	an	original	or	a	certified	copy	of	the	document(s)	
    I
    with your application
 •	 	f you are lodging this application through a financial adviser	–	you	may	provide	a	certified	copy	of	the	document(s)	with	your	
    I
    application	OR	have	your	adviser	sight	an	original	or	certified	copy	of	your	document(s).
 For more information on how to obtain certified copies of documents, please refer to page 1 of this form.
 Foreign trustee companies registered with ASIC, please provide one of the following:
 •	 	 n original or certified copy of a certificate of registration issued by ASIC or by the relevant foreign registration body
    a
 •	 	 lternatively, if you have a financial adviser they may be able to perform a search of the relevant ASIC database or perform a
    a
    search of the relevant foreign registration body.
 Foreign trustee companies NOT registered with ASIC, please provide one of the following:
 •	 	 n original or certified copy of a certificate of registration issued by the relevant foreign registration body
    a
 •	 	 	disclosure	certificate	from	the	company	given	by	an	individual	acting	as	agent	of	the	company	–	please	ask	Perpetual	for	
    a
    further details
 •	 	 lternatively, if you have a financial adviser they may be able to perform a search of the relevant foreign registration body.
    a
                                                                     OR
 For a listed trustee company, a majority owned subsidiary of an Australian listed trustee company or a regulated trustee
 company – please provide one of the following:
 •	 	 public document issued by the relevant company
    a
 •	 	 lternatively,	if	you	have	a	financial	adviser	they	may	be	able	to	perform	a	search	of	the	relevant	financial	market	OR	perform	a	
    a
    search	of	the	relevant	ASIC	database	OR	perform	a	search	of	the	licence	or	other	records	of	the	relevant	Commonwealth,	state	
    or territory statutory regulator.
Any	documents	that	are	written	in	a	language	that	is	not	English,	must	be	accompanied	by	an	English	translation	prepared	by	an	
accredited translator.
•	If	the	selected	trustee	is	a	foreign	company,	the	form	is	now	COMPLETE	(for	advisers,	go	to	section	5).



13     page 11 of 13
                                     Customer identification form
                                     Trusts and trustees


Section 5: Adviser use only
Verification procedure:


g 	end copies of all documents received at least the requiredthis Customerset out in the relevant ‘identification application
  S
  form(s) to Perpetual. This must include
                                          from the client with
                                                               document(s)
                                                                           Identification Form and the client’s
                                                                                                                  documents’
    section(s).

                                                                              OR


g Complete the verification procedure as outlined below ensuring you indicate which document(s) you have sighted as set out in
  	
  the	relevant	‘identification	documents’	section(s).	Enclose	the	completed	verification	procedure*	with	your	client’s	application	
    form and send to Perpetual.
    *		 lease	note:	if	your	client	has	provided any additional identification material which was not used for the verification procedure, you also need to provide
      P
      that documentation to Perpetual.


Section 5a: Record of trust verification procedure
Please verify:        1. The existence of the trust
                      AND
                      2. One selected trustee where the selected trustee is:
                         a. an individual OR
	                        b.	an	Australian	company	OR
                         c. a foreign company.

1. Verify trust

ID document details                     Document 1                                                     Document	2	(if	applicable)


Verified from
                                        g performed g original                      g certified g performed g original                             g certified
                                             search                                      copy               search                                      copy

Document name / type

Document issuer / website

Issue date / search date

Accredited	English	translation          g N/A		                      g sighted                         g N/A		                      g sighted
                                                                              AND

2. Verify selected trustee

ID document details                     Document 1                                                     Document	2	(if	applicable)


Verified from
                                        g performed g original                      g certified g performed g original                             g certified
                                             search                                      copy               search                                      copy

Document name / type

Document issuer / website

Public document type

Document number

Issue date / search date

Expiry	date

Accredited	English	translation          g N/A		                      g sighted                         g N/A	                      g sighted
                                                                                                                                  continued on the next page

                                                                                                                                             page 12 of 13   	   14
                            Customer identification form
                            Trusts and trustees


 Section 5b: Financial planner details – identification and verification conducted by
           Date verified
          (dd/mm/yyyy)
                           gg gg gggg
     Financial planner’s
                  name     ggggggggggggggggggggggggg
                  phone    g g 	g g g g 	g g g g 	
     AFS licensee name     ggggggggggggggggggggggggg
                   AFSL    gggggggggg	




                                                                                        24214_BAAAMT1_0608




15      page 13 of 13

								
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