The Fund has a sustainability objective which aims to support the transition to a more sustainable economy which balances environmental, social, and economic factors (the Sustainability Objective).

The Fund aims to support the transition to a more sustainable economy, by aligning 50% or more of its capital (within the Australian shares, International shares, Australian fixed interest, International fixed interest and part of the Alternative investments asset classes of the Fund) in aggregate with investments that advance this transition.

We aim to do this by allocating capital to investments that:

• support positive environmental and/or social change via their investment processes, use of capital and/or approach to active ownership; and

• avoid exposure to companies and issuers with business activities that Pendal considers to negatively impact the environment and/or society.³

We define a sustainable economy as an economic system which balances environmental, social, and economic factors. The Fund’s Sustainability Objective does not apply to derivatives.

To be considered as a potential investment of the Fund, an investment’s sustainability characteristics must meet the Fund’s Sustainability Objective. We apply our sustainability assessment to investments in the Fund’s Australian and International shares, Australian and International fixed interest and part of the Fund’s Alternative investments asset classes.The types of sustainability characteristics that we may consider include:• Positive screening or tilts;• Approach to active ownership;• Exclusionary screening process; and • Sustainability reporting.

Sustainability Assessment FrameworkOnce we determine that an investment meets the Fund’s exclusionary screens, we will then assess the investment’s sustainability characteristics to ensure alignment with the Fund’s Sustainability Objective.

The Fund’s Sustainability Objective aims to support the transition to a more sustainable economy which balances environmental, social, and economic factors (the Sustainability Objective).

We apply our sustainability assessment framework to investments in the Fund’s Australian and International shares, Australian and International fixed interest and part of the Fund’s Alternative investments asset classes. The types of sustainability characteristics that we may consider as part of an investment’s sustainability assessment include:

• Positive screening or positive tilts:We consider whether the investment has a strategy in place that intentionally favours companies or assets that are considered to support positive environmental and/or social change via their investment processes

• Approach to active ownership:Active ownership refers to the influence that can be applied to management teams and relevant stakeholders of investee companies and assets by asset owners via engagement and voting activities

• Exclusionary screening process: We consider the investment’s approach to screening out securities that are considered to negatively impact the environment and/or society⁴

• Sustainability reporting:We consider the investment’s approach to reporting their sustainability targets and commitments.Pendal continually monitors the sustainability characteristics of the Fund’s investments.

At least 50% of the Fund’s capital will be in alignment with the Fund’s Sustainability Objective. If we determine that an investment no longer meets the Fund’s sustainability criteria, we may choose to engage with the underlying manager, company or issuer to address the issue. If the engagement is unsuccessful, we may divest the holding (usually within six months) having regard to the interests of investors. The time it takes to sell an investment depends on factors including, but not limited to, the size and liquidity of the investment (which may have an impact on the Fund’s performance returns), and the time it takes for us to assess suitable replacement investments that meet the Fund’s exclusionary screens and sustainability criteria.

This Fund is designed for investors who want the potential for long term capital growth and income, and diversification across a broad range of asset classes. The Fund invests in Australian and International shares, Australian and International property securities, Australian and International fixed interest, Alternative investments and cash. The Fund may gain exposure to its asset classes by investing in shares, bonds, cash, or derivatives. The Fund may also invest in managed funds, exchange traded funds (ETFs), listed investment companies (LICs) and listed investment trusts (LITs) which invest primarily in such asset classes.The Fund has a higher weighting towards growth assets than defensive assets.

Sustainability

The Fund has a sustainability objective which aims to support the transition to a more sustainable economy, which balances environmental, social, and economic factors (the Sustainability Objective).

The Fund aims to support the transition to a more sustainable economy, by aligning 50% or more of its capital (within the Australian shares, International shares, Australian fixed interest, International fixed interest and part of the Alternative investments asset classes of the Fund) in aggregate with investments that advance this transition.

We aim to do this by allocating capital to investments that:

• support positive environmental and/or social change via their investment processes, use of capital and/or approach to active ownership; and

• avoid exposure to companies and issuers with business activities that Pendal considers to negatively impact the environment and/or society.³

Once we determine that an investment meets the Fund’s exclusionary screens, we will then assess the investment’s sustainability characteristics to ensure alignment with the Fund’s Sustainability Objective.

We apply our sustainability assessment framework to investments in the Fund’s Australian and International shares, Australian and International fixed interest and part of the Fund’s Alternative investments asset classes.

The types of sustainability characteristics that we may consider as part of an investment’s sustainability assessment include:

• Positive screening or positive tilts:We consider whether the investment has a strategy in place that intentionally favours companies or assets that are considered to support positive environmental and/or social change via their investment processes

• Approach to active ownership:Active ownership refers to the influence that can be applied to management teams and relevant stakeholders of investee companies and assets by asset owners via engagement and voting activities

• Exclusionary screening process: We consider the investment’s approach to screening out securities that are considered to negatively impact the environment and/or society⁴

• Sustainability reporting:We consider the investment’s approach to reporting their sustainability targets and commitments.Pendal continually monitors the sustainability characteristics of the Fund’s investments.

At least 50% of the Fund’s capital will be in alignment with the Fund’s Sustainability Objective. If we determine that an investment no longer meets the Fund’s sustainability criteria, we may choose to engage with the underlying manager, company or issuer to address the issue. If the engagement is unsuccessful, we may divest the holding (usually within six months) having regard to the interests of investors.

Exclusionary screens:

The Fund’s exclusionary screens aim to avoid exposure to companies and issuers with core business activities that Pendal considers to negatively impact the environment and/or society.¹The Fund applies exclusionary screens to its investments in the Australian and International shares, Australian and International fixed interest and part of its Alternative investments asset classes. Exclusionary screens are not applied to investments in the Fund’s Australian and International property securities, part of the Fund’s Alternative investments asset classes and certain financial instruments such as securities issued by government, semi-government or supranational entities, derivatives and cash. This is because such investments, financial instruments or issuers are not able to be reasonably screened for involvement in activities that Pendal considers to negatively impact the environment and/or society². The use of derivatives may result in the Fund having indirect exposure to companies or issuers that would otherwise be excluded.

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1 As defined by the exclusionary screens and gross revenue thresholds applied. 2 As defined by the Fund’s exclusionary screens and gross revenue thresholds. Please refer to section 5 of this PDS at [insert web address].

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Exclusionary Screens – Australian SharesThe Fund’s Australian shares asset class will not invest in companies which directly:• Produce tobacco (including e-cigarettes and inhalers); or• Manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments).The Fund’s Australian shares asset class will also not invest in companies which:Fossil Fuels• Directly extract or explore for fossil fuels (specifically, coal, oil and gas); or• Derive 10% or more of their gross revenue from fossil fuel-based power generation, or from fossil fuel refinement or distribution (coal, oil and gas)*; or• Derive 10% or more of their gross revenue from the provision of supplies or services which relate specifically to fossil fuel extraction or exploration (coal, oil and gas)*.Uranium• Derive 10% or more of their gross revenue from directly mining uranium for the purpose of nuclear power generation.Logging• Derive 10% or more of their gross revenue from unsustainable forestry or forest products, including non-Forest Stewardship Council certified forest products or non-Roundtable on Sustainable Palm Oil certified palm oil production.Gambling• Directly manufacture, own or operate gambling facilities, gaming services or other forms of wagering; or• Derive 10% or more of their gross revenue from the indirect provision of gambling (for example, through telecommunications platforms).Pornography• Produce pornography; or• Derive 10% or more of their gross revenue from the distribution or retailing of pornography.Weapons• Manufacture or distribute controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, incendiary weapons, and white phosphorous weapons); or supply of goods or services specifically related to controversial weapons; or• Manufacture of non-controversial weapons or armaments (including civilian firearms or military equipment); or• Derive 10% or more of their gross revenue from the distribution or retailing of non-controversial weapons or armaments (including civilian firearms or military equipment); or supply of goods or services specifically related to non-controversial weapons or armaments.Alcohol• Produce alcoholic beverages; or• Derive 10% or more of their gross revenue from the distribution or retailing of alcoholic beverages.Tobacco• Produce tobacco (including e-cigarettes and inhalers); or• Derive 10% or more of their gross revenue from the distribution of tobacco (including e-cigarettes and inhalers); or• Supply of goods or services specifically related to the tobacco industry (for example, packaging or promotion).Animal cruelty• Directly undertake animal testing for cosmetic products; or• Directly undertake live animal export.

Predatory lending• Directly provide products or services with lending practices that are unfair or deceptive to ordinary borrowers, including small amount short term loans at higher than commercial rates of interest (for example, payday loans, pawn loans or the use of aggressive sales tactics).Breaches and misconduct• We consider to have been found to have significant breaches of social or environmental norms or regulations, or are subject to serious and substantiated allegations of unethical conduct, which we consider have not been remedied or adequately addressed.* Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases we consider credible.Exclusionary Screens – International SharesThe Fund’s International shares asset class will not invest in companies which directly:• Produce tobacco (including e-cigarettes and inhalers); or• Manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments); or• Extract or explore for fossil fuels (specifically, coal, oil and natural gas).The Fund’s International shares asset class will also not invest in companies which derive 10% or more of their gross revenue directly from:• Fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;• The production of alcoholic beverages;• Manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;• Manufacture of non-controversial weapons or armaments;• Manufacture or distribution of pornography; and• Uranium mining for the purpose of nuclear power generation.* Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases we consider credible.Exclusionary Screens – Australian Fixed InterestThe Fund’s Australian fixed interest asset class will not invest in issuers which directly:• Produce tobacco (including e-cigarettes and inhalers); or• Manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments).The Fund’s Australian fixed interest asset class will also not invest in issuers which derive 5% or more of their gross revenue directly from:• Exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas); or• The production of alcohol; or• Manufacture or provision of gaming facilities; or• Manufacture of non-controversial weapons or armaments; or• Manufacture or distribution of pornography; or• Direct mining of uranium for the purpose of weapons manufacturing.

Exclusionary Screens – International Fixed InterestThe Fund’s International fixed interest asset class will not invest in issuers which directly:• Produce tobacco (including e-cigarettes and inhalers); or• Manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments).The Fund’s International fixed interest asset class will also not invest in issuers which derive 10% or more of their gross revenue directly from:• The production of alcohol; or• Manufacture or provision of gaming facilities; or• Manufacture of non-controversial weapons or armaments; or• Manufacture or distribution of pornography; or• Direct mining of uranium for the purpose of weapons manufacturing; or• Extraction of thermal coal and oil sands production.Exclusionary Screens – Alternative InvestmentsExclusionary screens are applied to part of the Fund’s Alternative investments asset class. This is because some investments cannot be reasonably screened for involvement in activities that Pendal considers to negatively impact the environment and/or society³.Where exclusionary screens can be applied to Alternative investments, the Fund’s Alternative investments asset class will not invest in companies or issuers which directly:• Produce tobacco (including e-cigarettes and inhalers); or• Manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments).A component of the Fund’s Alternative investments³ asset class will also not invest in companies or issuers which derive 10% or more of their gross revenue directly from:• The production of alcoholic beverages; or• Manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering; or • Manufacture of non-controversial weapons or armaments; or• Manufacture or distribution of pornography; or• Direct mining of uranium for the purpose of nuclear power generation; or• Extraction of thermal coal and oil sands production.