Investment management fees are based on internal calculations of fees charged by the Fund's investment managers. These fees reflect the actual costs of investing members' assets and we will continue to pass on the actual costs (whether higher or lower than those provided below).

These investment management fees and any transaction costs associated with the purchase and redemption of assets are the only deduction from member returns/ unit prices. All other charges, including investment consulting fees and custodial fees, are included in the administration fees. No other fees are deducted from unit prices. All fees and charges quoted assume zero commission.

Member-tailored options investment management fees 2003/2004

Option	Management fee percentage
Cash	0.07%
Bond	0.22%
Shares	0.53%
Property	0.31%
Australian Shares	0.47%
Overseas Shares	0.66%