International Shares

Investment strategy	The investment strategy for this option is to invest totally in International shares on an actively managed basis.
Investment objective	The investment objective of this choice is to achieve a return (gross of tax and investment expenses) that matches the change in the MSCI World (ex-Australia) Accumulation Index over moving three year periods.
Asset allocation	100% International Shares
Risk of negative return	High. The return obtained each year will fluctuate significantly and will be negative from time to time. There is a high chance that the return in any one year will be negative.
MER	1/04/2008 onward  1/11/2006 to 31/03/2008 1/4/2006 to 1/10/2006	0.61% 0.25% 0.25%
Member Benefit Protection fee	from 1/11/2006 1/4/2006 to 31/10/2006 1/7/2005 to 31/03/2006	0.06% 0.00% 0.18%

The MER (Management Expense Ratio) is a measure of the fees relating to investments. These fees include the cost of the Fund’s investment managers, custodian and investment advisors and any other costs relating to the investment of assets of the Fund. The MER is the total of the investment related costs, divided by the net asset value of the Fund. These fees are deducted directly from the investment earnings before they are allocated to your account. These fees are therefore not deducted from your account directly.

The Member Benefit Protection Fee covers the cost to protect members with low account balances.  It is deducted from earnings before returns are credited to your account.  This fee varies from year to year, depending on the number of accounts with balances of less than $1,000.

Other common Fund deductions, as well as fees and charges that may apply are described on our Fees and Charges page.