Notice of Updated PDS: Pendal Sustainable Balanced Fund

We have updated and reissued the Product Disclosure Statement (PDS) effective on and from 28 November 2025 for the:

Pendal Sustainable Balanced Fund – Class R

Pendal Sustainable Balanced Fund – Class Z

(the Fund).

The following is a summary of the key changes reflected in the PDS for the Fund.

Labour, environmental, social and ethical (collectively, ESG) considerations

Alongside the PDS and the Additional Information to the PDS, we have now issued the Guide to Our Sustainable Investment Process(Guide).

The Guide includes further information on our sustainability assessment framework and the Fund’s exclusionary screens which was previously contained in the Additional Information to the PDS.

The way the Fund is managed has not changed.

The Guide forms part of the PDS and contains important information. You should read the Guide together with the PDS and the Additional Information to the PDS before making a decision to invest in the Fund.

You can access the Guide to our Sustainable Investment Process on our website at pendalgroup.com/PendalSustainableBalancedFund-SIPG.

Exclusionary Screens – International fixed interest

We have changed some of the exclusionary screens that apply to the Fund’s International fixed interest asset class as follows:

• a new exclusionary screen has been added so that the Fund’s International fixed interest asset class will not invest in issuers directly involved in the supply of goods or services specifically related to controversial weapons; and
• the current screen for issuers who mine uranium for the purposes of weapons manufacturing within the Fund’s International fixed interest asset class has been removed.

Issuers who mine uranium for the purposes of weapons manufacturing will now be captured under the new screen for the supply of goods or services specifically related to controversial weapons.

Updates to ongoing annual fees and costs disclosure

The estimated ongoing annual fees and costs for the Fund have been updated to reflect financial year 2025 fees and costs. These include changes to estimated transaction costs.