Australian Financial Complaints Authority
Effective from 1 November 2018, the Australian Financial Complaints Authority (AFCA) will be replacing the Financial Ombudsman Service Australia (FOS).
The Product Disclosure Statements for all Wholesale Plus funds are updated by deleting the last paragraph in the section titled ‘How to apply’ and replacing it with the following:
If you wish to raise a complaint please contact your investment service or superannuation fund Operator. Customer Relations can assist you in this regard on 1800 287 873. If your complaint isn't resolved to your satisfaction, you may lodge a complaint:
with the Financial Ombudsman Service Australia if lodged before 1 November 2018:
Online: www.fos.org.au
Email: info@fos.org.au
Phone: 1800 367 287
Mail: Financial Ombudsman Service Limited GPO Box 3 Melbourne VIC 3001; or
with the Australian Financial Complaints Authority if lodged on or after 1 November 2018:
Online: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
Investment Manager Name Change
This notice contains important updating information to the Product Disclosure Statements (PDSs) listed in this document. This notice and the PDSs are issued by BT Funds Management Limited ABN 63 002 916 458 AFSL No. 233724 ('BTFM') or Westpac Financial Services Limited ABN 20 000 241 127 AFSL No. 233716 ('WFSL') the responsible entity of, and issuer of units in the relevant Wholesale Plus funds listed in this document. The investment manager named in this document has given and not withdrawn their consent to the inclusion in the relevant PDSs of all information referable to them in the form and context in which that information appears.
This information should be read together with the relevant PDS, which is available at bt.com.au/wholesaleplus or from your adviser. If you have any questions, please discuss them with your adviser or contact us.
Please note that the information in this notice is factual only and has been prepared without taking account of your objectives, financial situation or needs, so you should consider its appropriateness having regard to these factors before acting on it.
We have been advised by BT Investment Management Limited (BTIM) that, effective from the 4 May 2018, they have changed their company name to Pendal Group Limited (Pendal). Therefore, effective 7 May 2018, all references in the PDSs to the BTIM group entities listed in the table below have changed their name as noted.
Current Legal Entity Name |
New Legal Entity Name |
BT Investment Management Limited |
Pendal Group Limited |
BT Investment Management (Fund Services) Limited |
Pendal Fund Services Limited |
BT Investment Management (Institutional) Limited |
Pendal Institutional Limited |
Furthermore, effective 7 May 2018, the below listed Wholesale Plus underlying funds will change their name as listed below, updating all references in their relevant PDS:
Current Underlying Fund Name |
New Underlying Fund Name |
PDS |
BT Global Emerging Markets Opportunities Fund - Wholesale |
Pendal Global Emerging Markets Opportunities Fund - WS |
BT Global Emerging Markets Opportunities Fund - Wholesale Issued: 18 Sept 2017 |
BT Wholesale Fixed Interest Fund |
Pendal Fixed Interest Fund |
BT Wholesale Fixed Interest Fund Issued: 18 Sept 2017 |
BT Wholesale Active Balanced Fund |
Pendal Active Balanced Fund |
BT Wholesale Active Balanced Fund Issued: 18 Sept 2017 |
BT Wholesale Moderate Fund |
Pendal Active Moderate Fund |
BT Wholesale Moderate Fund Issued: 18 Sept 2017 |
BT Wholesale Property Securities Fund |
Pendal Property Securities Fund |
BT Wholesale Property Securities Fund Issued: 18 Sept 2017 |
BT Wholesale Core Australian Share Fund |
Pendal Australian Share Fund |
BT Wholesale Core Australian Share Fund Issued: 18 Sept 2017 |
BT Wholesale Future Goals Fund |
Pendal Active Growth Fund |
BT Wholesale Future Goals Fund Issued: 18 Sept 2017 |
BT Wholesale Conservative Outlook Fund |
Pendal Active Conservative Fund |
BT Wholesale Conservative Outlook Fund Issued: 18 Sept 2017 |
BT Wholesale High Growth Fund |
Pendal Active High Growth Fund |
BT Wholesale High Growth Fund |
BT Wholesale Global Property Securities Fund |
Pendal Global Property Securities Fund |
BT Wholesale Global Property Securities Fund Issued: 18 Sept 2017 |
BT Wholesale Core Global Share Fund |
Pendal Core Global Share Fund |
BT Wholesale Core Global Share Fund Issued: 18 Sept 2017 |
Furthermore, effective 25 June 2018 the BT Wholesale Plus Funds listed will change their name to reference Pendal, updating all references in the relevant PDS:
Current Wholesale Plus Fund Name |
New Wholesale Plus Fund Name |
ARSN Code |
APIR Code |
BT Wholesale Plus Global Emerging Markets Opportunities Fund |
Pendal Wholesale Plus Global Emerging Markets Opportunities Fund |
602 190 483 |
BTA0550AU |
BT Wholesale Plus Fixed Interest Fund |
Pendal Wholesale Plus Fixed Interest Fund |
602 130 290 |
BTA0547AU |
BT Wholesale Plus Active Balanced Fund |
Pendal Wholesale Plus Active Balanced Fund |
612 671 155 |
WFS0861AU |
BT Wholesale Plus Moderate Fund |
Pendal Wholesale Plus Active Moderate Fund |
612 671 593 |
WFS0860AU |
BT Wholesale Plus Property Securities Fund |
Pendal Wholesale Plus Property Securities Fund |
602 129 859 |
BTA0540AU |
BT Wholesale Plus Core Australian Share Fund |
Pendal Wholesale Plus Australian Share Fund |
601 830 200 |
BTA0476AU |
BT Wholesale Plus Future Goals Fund |
Pendal Wholesale Plus Active Growth Fund |
612 670 836 |
WFS0862AU |
BT Wholesale Plus Conservative Outlook Fund |
Pendal Wholesale Plus Active Conservative Fund |
612 671 253 |
WFS0859AU |
BT Wholesale Plus High Growth Fund |
Pendal Wholesale Plus Active High Growth Fund |
612 670 621 |
WFS0863AU |
BT Wholesale Plus Global Property Securities Fund |
Pendal Wholesale Plus Global Property Securities Fund |
602 129 966 |
BTA0541AU |
BT Wholesale Plus Core Global Share Fund |
Pendal Wholesale Plus Core Global Share Fund |
602 109 599 |
BTA0536AU |
BT Funds Management Limited ABN 63 002 916 458 AFSL No. 233724 ('BTFM') or Westpac Financial Services Limited ABN 20 000 241 127 AFSL No. 233716 ('WFSL') is the responsible entity of, and issuer of units in the relevant Wholesale Plus funds listed in this document (each a 'Fund'). A Product Disclosure Statement (‘PDS’) is available for each Fund and can be obtained from your financial adviser, by calling 1800 287 873 or visiting bt.com.au/wholesaleplus. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of units in a Fund. BTFM and WFSL are subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 (‘Westpac’). An investment in a Fund is not an investment in, deposit with, or other liability of Westpac or any other company in the Westpac Group. An investment in a Fund is subject to investment risk, including possible delays in the payment of withdrawals and loss of income and principal invested. No member of the Westpac Group, including BTFM and WFSL, stands behind or otherwise guarantees the capital value or investment performance of any Fund. The information in this document is general information only and does not take into account your objectives, financial situation or needs, so you should consider whether it is appropriate for you having regard to your objectives, financial situation and needs.
Change to buy spread for the Aberdeen Wholesale Plus Actively Hedged International Equities Fund
Effective from the 21st of March 2018, the buy spread for the Aberdeen Wholesale Plus Actively Hedged International Equities Fund (ARSN 601 829 332 APIR BTA0479AU) has changed from +0.50% to + 0.30%
Change to disclosure for the K2 Wholesale Plus Australian Absolute Return Fund
The Product Disclosure Statement for the K2 Wholesale Plus Australian Absolute Return Fund (APIR: BTA0566AU) dated 27 December 2017 (PDS) has been updated as detailed below:
Distributions
In section 3.7, ‘Distributions’, the sentence, “The Fund generally pays distributions half yearly and under special circumstances may pay special distributions.”, has been deleted and replaced with, “The Fund generally pays distributions annually and under special circumstances may pay special distributions.”. This update actually reflects the frequency of distributions paid by the fund to its members currently.
Investment strategy
In the table in Section 2, ‘Fund features at a glance’, the ‘Investment Strategy’ section has been updated so that the sentence, “The Underlying Fund typically holds between 40 and 80 different stocks in a range of sectors.” has been deleted and replaced with, “The Underlying Fund typically holds up to 80 different stocks in a range of sectors.”
Under section 4.5, ‘The Fund’s investment strategy’, the sentence, “The Underlying Fund typically holds between 40 and 80 different stocks, across sectors and regions that the K2 investment team believes will add the greatest value.”, has been deleted and replaced with, “The Underlying Fund typically holds up to 80 different stocks, across sectors and regions that the K2 investment team believes will add the greatest value.”
Change to disclosure for the Perpetual Wholesale Plus Global Share Fund
The Product Disclosure Statement for the Perpetual Wholesale Plus Global Share Fund (APIR: WFS0865AU) dated 27 December 2017 has been updated to reflect that the underlying fund’s performance is measured against the MSCI World Net Total Return Index (AUD) for the purpose of reporting and determining whether performance fees are payable.
In the table in section 5, ‘How we invest your money’, the ‘Investment Strategy’ section has been updated so that the sentence, “constructing a portfolio with a framework that is benchmark independent in terms of stock and sector weights” has been deleted and replaced with, “constructing a portfolio that is benchmark independent in terms of stock and sector weights, although the underlying fund’s performance is measured against the MSCI World Net Total Return Index (AUD) for the purpose of reporting and determining whether performance fees are payable”.
Wholesale Plus Fund Indirect Costs
Effective from 1 July 2017, indirect costs (including any expense recoveries) relating to an Underlying Fund into which a Wholesale Plus Fund invests (where applicable), will be reflected in the value of the investment in the Underlying Fund, and in turn reflected in the unit price for the relevant Wholesale Plus Fund. This is in accordance with prior and current disclosure in Product Disclosure Statements for the Wholesale Plus Funds. Going forward, any indirect costs relating to the Underlying Funds will be disclosed as a separate category of costs in the relevant Product Disclosure Statements for the Wholesale Plus Funds dated 1 July 2017.
Change to currency hedging for the T. Rowe Price Wholesale Plus Global Equity Fund
Effective from the 16th of April 2016, the foreign currency exposure may be hedged up to 10% of the Underlying Fund for T. Rowe Price Global Equity Fund (APIR: BTA0538AU). The hedges will not be made against the Australian dollar but rather will generally be made against the US dollar. The portfolio manager of the Underlying Fund does not anticipate hedging to be a permanent feature of the Underlying Fund nor view currency as a primary source of generating returns.
Change to the responsible entity for the Underlying Fund of the RARE Infrastructure Wholesale Plus Value Fund – Hedged and the RARE Infrastructure Wholesale Plus Value Fund – Unhedged
Effective from the 30th of November 2016, the responsible entity of the Underlying Fund for the RARE Infrastructure Wholesale Plus Value Fund – Hedged (APIR: BTA0543AU) and the RARE Infrastructure Wholesale Plus Value Fund – Unhedged (APIR: BTA0546AU) has changed from Treasury Group Investment Services Limited (ABN 38 099 932 920 AFSL 227326) to Legg Mason Asset Management Australia Limited (ABN 76 004 835 849 AFSL 240827).
Change to the responsible entity for the Underlying Fund for the PIMCO Wholesale Plus Diversified Fixed Interest Fund and the PIMCO Wholesale Plus Global Bond Fund
Effective from 1st of March 2017, the responsible entity for the Underlying Fund for the PIMCO Wholesale Plus Diversified Fixed Interest Fund (APIR: BTA0499AU) and the PIMCO Wholesale Plus Global Bond Fund (APIR: BTA0498AU) has changed from Equity Trustees Limited (ABN 46 004 031 298 AFSL 240975) to PIMCO Australia Management Limited (ABN 37 611 709 507 AFSL 487505).
Name change to the Underlying Fund for the NAM-Tyndall Wholesale Plus Australian Share Fund
Effective from the 31st of January 2017, the Underlying Fund for the NAM-Tyndall Wholesale Plus Australian Share Fund (APIR BTA0537AU ARSN 602 109 231) has changed its name from Nikko AM-Tyndall Australian Share Fund to Nikko AM Australian Share Fund.
Effective from the 1 July 2015, the management fee for the Man AHL Wholesale Plus Alpha AUD (Fund) will be lowered to 1.30% p.a. of the NAV of the Fund. Accordingly section 7.2 (Example of annual fees and cost of the Fund) of the Product Disclosure Statement for the Man AHL Wholesale Plus Alpha AUD is updated as follows:
This table gives an example of how the fees and costs of the Fund can affect your investment over a one-year period. You should use this table to compare this product with other managed investment products.
Example – Man AHL Wholesale Balance of $50,0001 with a contribution
Plus Alpha (AUD) of $5,0001 during year
| Contributions fees | $0 | For every additional $5,000 you put in, you will be charged $0. |
| PLUS Management fees + estimated Performance fee2 |
1.30% + 1.08%2 |
And, for every $50,000 you have in the Fund you will be charged $1,190 each year. |
| EQUALS Cost of Fund |
If you had an investment of $50,000 at the beginning of the year and put in an additional $5,000 during that year you would be charged fees of: $1,1903 What it costs you will depend on the fees you negotiate. |
Effective from the 26th May 2015, the performance fee was removed for the Underlying Fund for the Wingate Wholesale Plus Global Equity Fund, being Wingate Global Equity Fund – Wholesale Units (ARSN 132 393 705). The performance fee information in the Product Disclosure Statement for the Wingate Wholesale Plus Global Equity Fund is no longer applicable.
This information is in relation to BT Asian Share Fund.
Effective on or around 18 February 2014, the underlying investment manager for the BT Asian Share Fund (ARSN 087 595 131) will change from MFS International (U.K) Limited to J O Hambro Capital Management Group (a wholly owned subsidiary of BT Investment Management).
There will be no change to the investment objective, asset allocation, benchmark, buy/sell spreads and management fees.
The change in investment manager will incur transaction costs within the Fund. The cost incurred will depend on market conditions at the time.
Change of name of Ironbark GTP Global Thematic – 1 September 2016
With effect from Thursday 1 September 2016, the name of BT External International Shares 6, the Investment Option referred to in the PDS as DWS Global Equity Thematic, changed to Ironbark Waverton Concentrated Global Share Fund (previously known as Ironbark GTP Global Equity Thematic from 29 July 2013 to 31 August 2016). Waverton Investment Management Ltd has been appointed as the investment manager of the underlying fund.
The information in the following table replaces the investment objective, investment strategy, investment manager and set out for the Ironbark Waverton Concentrated Global Share Fund (previously known as DWS Global Equity Thematic) investment option in the 'Investment Option profiles' section on page 37 of the PDS:
Investment objective |
The Fund invests into the underlying fund which seeks to outperform the benchmark by 2-3% after fees, over rolling five year periods through investment in a focused selection of equities on a global basis. | ||||||||||||
Investment strategy |
The Fund invests into the underlying fund which adopts a high conviction, long-only stock picking approach that invests in listed shares of 20-45 companies around the globe, which Waverton believe will:
The combination of management strategy, capital allocation, business models, long-term valuation opportunities and an investment ‘margin of safety’ leads to a style that is both valuation and quality focused. |
||||||||||||
Investment manager |
Waverton Investment Management Ltd | ||||||||||||
Benchmark |
MSCI World NR (AUD) | ||||||||||||
| Asset allocation neutral position (NP) and ranges % |
|
The information below updates the Wrap Essentials Investment Funds Product Disclosure Statement (PDS) dated 27 November 2009, issued by BT Funds Management Limited (ABN 63 002 916 458, AFSL 233 724), BT Funds Management No. 2 Limited (ABN 22 000 727 659, AFSL 233 720) and Westpac Financial Services Limited (ABN 20 000 241 127, AFSL 233 716) as updated by the Supplementary Product Disclosure Statement (SPDS) issued 16 March 2010, the Second SPDS issued 1 July 2010, the Third SPDS issued 20 March 2012 and the Fourth SPDS issued 1 July 2013, and should be read together with the PDS.
With effect from Wednesday 17 September 2014, the name of BT External Australian Shares 9, the Investment Option referred to in the PDS as Tyndall Australian Share, changed to Nikko AM - Tyndall Australian Share. The change in the Investment Option name is a result of a change in name of the underlying investment manager.
There is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.
About this update
This update outlines the changes in respect of the following effective from 1 July 2014:
Amendments to the ‘Fees and other costs’ section
i) The Consumer Advisory Warning, on page 70 of the PDS, is deleted and replaced with the following:
Did you know? |
Small differences in both investment performance, and fees and costs, can have a substantial impact |
To find out more |
If you would like to find out more, or see the impact of the fees based on your circumstances, |
ii) The terminology in the table outlining the fees when your money moves in or out of the Investment Option, on page 70 of the PDS, has changed. The ‘Termination fee’ is now known as an ‘Exit fee’.
Amendments to the ‘Taxation’ section
The following new paragraph is inserted after the ‘Non residents of Australia’ in the ‘Taxation’ section on page 81 of the PDS:
Our Reporting Obligations
We are required to identify certain US persons in order to meet account information reporting requirements under local and international laws.
If you or (where you are applying on behalf of an entity) the entity and/or any office bearer* of the entity and/or any individual who holds an interest in the entity of more than 25% (a Controlling Person) are a US citizen or US tax resident, you must telephone 1300 725 863 at the time of completing the application. When you contact us you will be asked to provide additional information about your US tax status and/or the US tax status of the entity and/or any Controlling Person which will constitute certification of US tax status for the purposes of the application.
Unless you notify us that you or (where you are applying on behalf of an entity) the entity and/or any Controlling Person are a US citizen or US tax resident as specified above, by completing the application you certify that you or (where you are applying on behalf of an entity) the entity and/or any Controlling Person are not a US citizen or US tax resident.
If at any time after account opening, information in our possession suggests that you, the entity and/or any Controlling Person may be a US citizen or US tax resident, you may be contacted to provide further information on your US tax status and/or the US tax status of the entity and/or any Controlling Person. Failure to respond may lead to certain reporting requirements applying to the account.
*Director of a company, partner in a partnership, trustee of a trust, chairman, secretary or treasurer of an association or co-operative
Changes to estimated performance fees
The ‘Performance fee’ estimate, in the ‘Further information on management costs and buy-sell spread’ table on page 78 and 79 of the PDS, is updated for the following Investment Options:
| Investment option name | Performance fee (% pa) |
|---|---|
| Advance High Growth Multi-Blend | 0.03%7 |
| BT Multi-manager High Growth Fund | 0.03%7 |
| Advance Growth Multi-Blend | 0.02%7 |
| BT Multi-manager Growth Fund | 0.02%7 |
| Advance Balanced Multi-Blend | 0.02%7 |
| BT Multi-manager Balanced Fund | 0.02%7 |
| Advance Moderate Multi-Blend | 0.01%7 |
| BT Multi-manager Conservative Fund | 0.01%7 |
| Advance Defensive Multi-Blend | 0.01%7 |
7 The performance fee included in management costs in the table is an estimate only based on the performance fees paid over the 12 months to 31 December 2013. This performance fee estimate is not a representation of likely future performance. The actual performance fee and therefore the total management cost will depend on the performance of the relevant investment managers and is likely to vary from this estimate.
For more information
For more information, talk to your financial planner or contact BT Customer Relations on 132 135 between 8.00am-6.30pm (Monday to Friday, Sydney time).
Investment in the Wrap Essentials Investment Funds
BT Funds Management Limited, BT Funds Management No. 2 Limited and Westpac Financial Services Limited are members of the Westpac Group. An investment in any Investment Option offered in the PDS is not an investment in, deposit with, or any other liability of, Westpac Banking Corporation ABN 33 007 457 141 (the Bank’) or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and the loss of income and principal invested. The Bank is not the issuer of any Investment Option. Neither the Bank nor any other company in the Westpac Group stands behind or otherwise guarantees the capital value or investment performance of any Investment Option offered in the PDS.
The Australian Securities and Investments Commission (ASIC) has issued a set of benchmarks and disclosure principles, contained in ASIC Regulatory Guide 240: Hedge Funds: Improving disclosure (RG 240), which is aimed at helping investors understand and assess hedge funds.
The disclosure benchmarks and principles set out in RG 240 apply to the Wrap Essentials Investment Fund investment option listed below, which is offered through Wrap Essentials and Super Wrap Essentials (together, Wrap Essentials).
The responsible entity of the Fund is Westpac Financial Services Limited (WFSL) ABN 20 000 241 127, AFSL 233 716 (WFSL).
The Fund will fall within the definition of a ‘fund of hedge funds’ because it invests in another fund, BlackRock Global Allocation Fund ARSN 114 214 701 (the Underlying Fund), which has been identified as a hedge fund for the purposes of RG 240.
Investors should review this information in conjunction with the Wrap Essentials Investment Funds Product Disclosure Statement (“PDS”) dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (“SPDS”) dated 16 March 2010, the Second SPDS dated 1 July 2010, the Third SPDS dated 20 March 2012 and the Fourth SPDS dated 1 July 2013.
What additional information should I expect?
ASIC requires a responsible entity of a fund of hedge funds to enhance existing disclosure by providing specific information regarding how the fund’s assets are valued, the periodic reporting it will provide and the relevant details set out in the disclosure principles outlined under RG240.
The Australian Securities and Investments Commission (ASIC) has issued a set of benchmarks and disclosure principles, contained in ASIC Regulatory Guide 240: Hedge Funds: Improving disclosure (RG 240), which is aimed at helping investors understand and assess hedge funds.
The disclosure benchmarks and principles set out in RG 240 apply to the Wrap Essentials Investment Fund investment option listed below, which is offered through Wrap Essentials and Super Wrap Essentials (together, Wrap Essentials).
The responsible entity of the Fund is Westpac Financial Services Limited (WFSL) ABN 20 000 241 127, AFSL 233 716 (WFSL).
The Fund will fall within the definition of a ‘fund of hedge funds’ because it invests in another fund, Platinum International Fund ARSN 089 528 307 (the Underlying Fund), which has been identified as a hedge fund for the purposes of RG 240.
Investors should review this information in conjunction with the Wrap Essentials Investment Funds Product Disclosure Statement (“PDS”) dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (“SPDS”) dated 16 March 2010, the Second SPDS dated 1 July 2010, the Third SPDS dated 20 March 2012 and the Fourth SPDS dated 1 July 2013.
What additional information should I expect?
ASIC requires a responsible entity of a fund of hedge funds to enhance existing disclosure by providing specific information regarding how the fund’s assets are valued, the periodic reporting it will provide and the relevant details set out in the disclosure principles outlined under RG240.
Effective on or around 18 February 2014, the underlying investment manager for the BT Asian Share Fund (ARSN 087 595 131) will change to JO Hambro Capital Management Group (a wholly owned subsidiary of BT Investment Management).
There will be no change to the investment objective, asset allocation, benchmark, buy/sell spreads and management fees.
The change in investment manager will incur transaction costs within the Fund. The cost incurred will depend on market conditions at the time.
The information in the following table replaces the investment manager set out for the BT Asian Share Fund investment option in the 'Investment Option profiles’ section on page 33 of the PDS:
| Investment manager | JO Hambro |
Effective 18 September 2013, disclosure has been amended for the BT External Specialist 5 (ARSN 111 629 451), the Investment Option referred to as Ibbotson International Shares High Opportunities (Unhedged).
(i) The information in the following table replaces the recommended investment timeframe set out for the Ibbotson International Shares High Opportunities (Unhedged) investment option in the 'Investment Option profiles’ section on page 16 of the PDS:
| Recommended investment timeframe | 7 years or more |
(ii) The information in the following table replaces the investment objective set out for the Ibbotson International Shares High Opportunities (Unhedged) investment option in the 'Investment Option profiles' section on page 38 of the PDS:
| Investment objective | The Fund aims to maximize outperformance relative to the benchmark (MSCI All Country World ex-Australia Index with Net Dividends Reinvested (Unhedged) over rolling seven year periods, by investing predominantly in listed international shares. |
The performance hurdle for BT External Australian Shares 14 (relating to the Ausbil Australian Emerging Leaders investment option) has changed as a result of a change by the underlying fund manager. Accordingly, the 'Performance hurdle' section of the Performance fee table on page 73 of the PDS is replaced with the following:
| Performance hurdle | 70% S&P / ASX Midcap 50 Accumulation Index, and 30% S&P/ASX Small Ordinaries Accumulation Index plus 85bps pa |
The ARSN for BT External Property 5 (relating to the Advance Property Securities Multi-Blend Investment Option) which has been incorrectly stated on page 90 of the PDS is replaced with the following correct ARSN for BT External Property 5:
140 392 945
With effect from Monday 29 July 2013, the name of BT External International Shares 6, the Investment Option referred to in the PDS as DWS Global Equity Thematic, changed to Ironbark GTP Global Equity Thematic. The change in name is a result of a change in name of the underlying investment manager. As a result of this change, there is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.
With effect from Monday 29 July 2013, the name of BT External Property 4, the Investment Option referred to in the PDS as RREEF Global Property Securities, changed to Ironbark RREEF Global Property Securities. The change in name is a result of a change in name of the underlying investment manager. As a result of this change, there is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.
The buy-sell spread for the following funds has been updated as follows:
(i) The information in the following table replaces the buy-sell spread set out for Ausbil Active Australian Equity Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 79 of the PDS:
| Fund | Ausbil Active Australian Equity |
|---|---|
| Buy-sell Spread | 0.50 |
(ii) The information in the following table replaces the buy-sell spread set out for the BlackRock Global Small Cap Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 78 of the PDS:
| Fund | BlackRock Global Small Cap |
|---|---|
| Buy-sell Spread | 1.00 |
(iii) The information in the following table replaces the buy-sell spread set out for the Macquarie Diversified Fixed Interest Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 80 of the PDS:
| Fund | Macquarie Diversified Fixed Interest |
|---|---|
| Buy-sell Spread | 0.16 |
(iv) The information in the following table replaces the buy-sell spread set out for the PM Capital Enhanced Yield Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 80 of the PDS:
| Fund | PM Capital Enhanced Yield |
|---|---|
| Buy-sell Spread | 0.20 |
(v) The information in the following table replaces the buy-sell spread set out for the Schroder Fixed Income Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 80 of the PDS:
| Fund | Schroder Fixed Income |
|---|---|
| Buy-sell Spread | 0.24 |
(vi) The information in the following table replaces the buy-sell spread set out for the UBS International Share Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 79 of the PDS:
| Fund | UBS International Share |
|---|---|
| Buy-sell Spread | 0.50 |
(vii) The information in the following table replaces the buy-sell spread set out for the Vanguard International Shares Index Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 79 of the PDS:
| Fund | Vanguard International Shares Index |
|---|---|
| Buy-sell Spread | 0.25 |
(viii) The information in the following table replaces the buy-sell spread set out for the Zurich Australian Equity Income Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 79 of the PDS:
| Fund | Zurich Australian Equity Income |
|---|---|
| Buy-sell Spread | 0.30 |
Information in the PDS relating to Reduced Input Tax Credits (RITC) is being updated in the following manner:
The ARSN for BT External International Shares 1 (relating to the Aberdeen Actively Hedged International Equities Investment Option) which has been incorrectly stated on page 89 of the PDS is replaced with the following correct ARSN for BT External International Shares 1:
105 252 417
The APIR code for the BT Multi-manager Conservative Fund, which has been incorrectly stated on page 88 of the PDS, is replaced with the following correct APIR code for the BT Multi-manager Conservative Fund:
BTA0078AU
The final sentence in the BT Geared Imputation Fund Impact of gearing section on page 82 of the PDS is replaced with the following updated text:
Instead, the losses can generally be offset against future income or gains of the Investment Option, subject to the Investment Option passing certain tests.
BT International Equities Update - 17 December 2012 (PDF 38 KB)
The benchmark for the BlackRock Global Small Cap Fund has changed to the S&P Global MidSmall Cap Index. Accordingly, the 'Benchmark' section of the Investment Option profile for the BlackRock Global Small Cap Fund on page 32 of the PDS is replaced with the following:
| Benchmark | S&P Global MidSmall Cap Index |
|---|
Effective 1 July 2012, the asset allocation ranges, for the following Advance Multi-Blend and BT Multi-Manager diversified Investment Options have changed.
The information in the following table replaces the asset allocation ranges set out for the BT Multi-manager Conservative and Advance Defensive Multi-Blend Fund in the ‘Investment Options profiles’ section on pages 21 & 22 of the PDS:
| Fund | BT Multi-manager Conservative Fund & Advance Defensive Multi-Blend | ||
|---|---|---|---|
| Asset allocation neutral position (NP) and ranges % | NP | Range | |
| Australian Shares | 12.5 | 2.5 - 17.5 | |
| International Shares | 5 | 0 - 10 | |
| Property | 4 | 0 - 9 | |
| Australian Fixed Interest | 14 | 9 - 24 | |
| International Fixed Interest | 22 | 17 - 32 | |
| Asian Shares | 1.5 | 0 - 3.5 | |
| Commodities | 3 | 0 - 5 | |
| Growth Alternative Strategies | 4 | 0 - 14 | |
| Defensive Alternative Strategies | 11 | 6 - 21 | |
| Cash | 23 | 15 - 43 |
The information in the following table replaces the asset allocation ranges set out for the Advance High Growth Multi-Blend and BT Multi-manager High Growth Fund in the ‘Investment Options profiles’ section on page 18 of the PDS:
| Fund | Advance High Growth Multi-Blend and BT Multi-manager High Growth Fund | ||
|---|---|---|---|
| Asset allocation neutral position (NP) and ranges % | NP | Range | |
| Australian Shares | 40.5 | 30.5 - 45.5 | |
| International Shares | 33 | 23 - 38 | |
| Property | 4 | 0 - 9 | |
| Asian Shares | 3.5 | 0 - 8.5 | |
| Commodities | 5 | 0 - 10 | |
| Growth Alternative Strategies | 14 | 9 - 29 | |
| Defensive Alternative Strategies | 0 | 0 - 15 | |
| Cash | 0 | 0 - 20 |
This information is in relation to BT External Fixed Interest 13 (ARSN 140 393 817), the Investment Option referred to as Macquarie Income Opportunities in the Wrap Essentials Investment Funds Product Disclosure Statement (PDS) dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (SPDS) issued 16 March 2010, the Second SPDS issued 1 July 2010 and the Third SPDS issued 20 March 2012.
Effective 2 April 2012, disclosure has been amended for this Investment Option. Accordingly, the ‘Asset allocation neutral position (NP) and ranges %’ section of the Investment Option profile for the Macquarie Income Opportunities Fund on page 57 of the PDS is replaced with the following:
| Macquarie Income Opportunities | |
|---|---|
| Sector | Range |
| RMBS, CMBS, floating rate notes, asset backed and fixed rate corporate debt securities | 20-100 |
| Hybrid securities | 0-10 |
| Global investment grade credit securities | 0-40 |
| Global high yield debt securities | 0-15 |
| Emerging market debt securities | 0-15 |
| Credit opportunities | 0-20 |
Note: No changes have been made to the neutral allocations.
The benchmark for the Advance International Fixed Interest Multi-Blend Fund has changed to the Barclays Global Aggregate Bond Index (fully hedged). Accordingly, the ‘Benchmark’ section of the Investment Option profile for the Advance International Fixed Interest Multi-Blend on page 26 of the PDS is replaced with the following:
| Benchmark | Barclays Global Aggregate Bond Index (fully hedged) |
|---|
With effect from Monday 27 February 2012, the name of BT External Fixed Interest 12, the Investment Option referred to in the PDS as ING Diversified Fixed Interest, changed to OnePath Diversified Fixed Interest. The change in name is a result of a change in name of the underlying investment manager. As a result of this change, there is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.
This information is in relation to BT External Diversified 3 (ARSN 105 252 524), the Investment Option referred to as Perpetual conservative Growth in the Wrap Essentials Investment Funds Product Disclosure Statement dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (SPDS) dated 16 March 2010 and the SPDS dated 1 July 2010.
Effective 29 September 2011, disclosure has been amended for this Investment Option. Accordingly, the following replaces footnote 6 related to this Investment Option on page 31 of the PDS.
6_ The Fund gains its exposure to Australian shares by investing in an underlying fund/s which invest/s primarily in Australian listed or soon to be listed shares but may have up to 20% exposure to stocks outside Australia. The investment guidelines showing the Fund’s maximum investment in international shares do not include this potential additional exposure. Short positions may be part of the underlying Australian share funds’ strategy. Currency hedges may be used from time to time.
No changes have been made to the investment objective or investment strategy.
As at 1 March 2011, changes have been made to the asset allocations and asset sector ranges to a selection of the Advance Multi-Blend and BT Multi-manager Investment Options available through Wrap Essentials Investment Funds. The Asset allocation neutral position (NP) and ranges have been updated as shown below.
| Page 18 of the PDS - Advance High Growth Multi-Blend and BT Multi-manager High Growth Fund | ||
|---|---|---|
| NP | Range | |
| Australian Shares | 44.5 | 41.5 - 47.5 |
| International Shares | 39.5 | 36.5 - 42.5 |
| Property | 4 | 1 - 7 |
| Other | 12 | 9 - 15 |
| Cash | 0 | 0 - 8 |
| Page 19 of the PDS - Advance Growth Multi-Blend and BT Multi-manager Growth Fund | ||
|---|---|---|
| NP | Range | |
| Australian Shares | 37.5 | 32.5 - 42.5 |
| International Shares | 30 | 25 - 35 |
| Property | 7 | 2 - 12 |
| Australian Fixed Interest | 4 | 0 - 9 |
| International Fixed Interest | 7 | 2 - 12 |
| Other | 11.5 | 6.5 - 16.5 |
| Cash | 3 | 0 - 11 |
| Page 20 of the PDS - Advance Balanced Multi-Blend and BT Multi-manager Balanced Fund | ||
|---|---|---|
| NP | Range | |
| Australian Shares | 13.5 | 8.5 - 18.5 |
| International Shares | 6.5 | 1.5 - 11.5 |
| Property | 4 | 0 - 9 |
| Australian Fixed Interest | 14 | 9 - 19 |
| International Fixed Interest | 26 | 21 - 31 |
| Other | 11 | 6 - 16 |
| Cash | 25 | 17 - 33 |
| Page 21 of the PDS - Advance Moderate Multi-Blend | ||
|---|---|---|
| NP | Range | |
| Australian Shares | 23.5 | 18.5 - 28.5 |
| International Shares | 14 | 9.0 - 19.0 |
| Property | 5 | 0 - 10 |
| Australian Fixed Interest | 13 | 8 - 18 |
| International Fixed Interest | 23 | 18 - 28 |
| Other | 9.5 | 4.5 - 6.5 |
| Cash | 12 | 4 - 20 |
| Page 21 of the PDS - BT Multi-manager Conservative Fund | ||
|---|---|---|
| NP | Range | |
| Australian Shares | 13.5 | 8.5 - 18.5 |
| International Shares | 6.5 | 1.5 - 11.5 |
| Property | 4 | 0 - 9 |
| Australian Fixed Interest | 14 | 9 - 19 |
| International Fixed Interest | 26 | 21 - 31 |
| Other | 11 | 6 - 16 |
| Cash | 25 | 17 - 33 |
| Page 22 of the PDS -Advance Defensive Multi-Blend | ||
|---|---|---|
| NP | Range | |
| Australian Shares | 13.5 | 8.5 - 18.5 |
| International Shares | 6.5 | 1.5 - 11.5 |
| Property | 4 | 0 - 9 |
| Australian Fixed Interest | 14 | 9 - 19 |
| International Fixed Interest | 26 | 21 - 31 |
| Other | 11 | 6 - 16 |
| Cash | 25 | 17 - 33 |
BT External Specialist 1 (ARSN 105 252 677), the Investment Option referred to as Schroder Hybrid Securities in the Wrap Essentials Investment Funds Product Disclosure Statement dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (SPDS) dated 16 March 2010 and the SPDS dated 1 July 2010.
Effective 1 February 2011, the name of the Investment Option has will change from Schroder Hybrid Securities to Schroder Credit Securities. All references in the PDS to Schroder Hybrid Securities are replaced with Schroder Credit Securities. The change in name provides a more accurate description of the underlying investments of this Investment Option. No changes have been made to the investment objective or investment strategy.
With effect from Monday 2 August 2010, the name of BT Australian Shares 8, the Investment Option referred to in the PDS as Goldman Sachs JBWere Australian Infrastructure, changed to Goldman Sachs Australian Infrastructure. The change in name is a result of a change in name of the underlying investment manager. As a result of this change, there is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.
From 1 July 2010, the distribution frequency for the Advance High Growth Multi Blend, Advance Growth Multi Blend, Advance Australian Shares Multi Blend and Advance International Fixed Interest Multi Blend Funds is increasing to Quarterly.
Accordingly, the ‘Distribution frequency' section of the Investment Option profiles for the Advance High Growth Multi Blend, Advance Growth Multi Blend, Advance Australian Shares Multi Blend and Advance International Fixed Interest Multi Blend Funds on pages 18-26 of the PDS is replaced with the following:
| Distribution frequency | Quarterly |
|---|
The benchmark for the Australian Shares Multi-Blend Fund has changed to the S&P/ASX 300 Accumulation Index. Accordingly, the ‘Benchmark’ section of the Investment Option profile for the Australian Shares Multi-Blend on page 24 of the PDS is replaced with the following:
| Benchmark | S&P/ASX 300 Accumulation Index |
|---|
We may also become aware of information that is not generally available but if it were generally available, would reasonably be expected to have a material effect on the price or value of interests in a managed fund.
Currently there are no disclosure notices for our managed funds.
Supplementary disclosure documents are now listed alongside the full PDS on the "Download" page for each product - please return to the Product disclosure documents page to access these documents.