Wholesale Plus Funds Product Disclosure Statement updates

21 February 2020 – Change to the buy spread for the Pendal Wholesale Plus Core Global Share Fund

Effective from the 21st February 2020, the buy spread for the Pendal Wholesale Plus Core Global Share Fund (ARSN 602 109 599 APIR BTA0536AU) has changed from +0.10% to +0.50%.

21 February 2020 – Change to the buy spread for the Nikko AM Wholesale Plus Australian Share Fund

Effective from the 21st February 2020, the buy spread for the Nikko AM Wholesale Plus Australian Share Fund (ARSN 602 109 231 APIR: BTA0537AU) has changed from +0.60% to +0.50%.

21 February 2020 – Change to the buy spread for the Nikko AM Wholesale Plus Australian Share Income Fund

Effective from the 21st February 2020, the buy spread for the Nikko AM Wholesale Plus Australian Share Income Fund (ARSN 622 486 917 APIR WFS8168AU) has changed from +0.60% to +0.50%.

21 February 2020 – Notification for changes to the Pendal Wholesale Plus Core Global Share Fund (APIR: BTA0536AU, ARSN 602 109 599)

This notice updates information contained in the Pendal Wholesale Plus Core Global Share Fund’s (APIR BTA0536AU, ARSN 602 109 599) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 16 December 2019, issued by Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (WFSL). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus.

Management Costs changes

Effective 21 February 2020, the management costs for the Fund will be reduced to 0.78% pa. of the net asset value of the Fund, consisting of a management fee1 and indirect costs2.

  1. The management fee is directly paid from the assets of the Fund and is reflected in the unit price of your investment.

  2. The indirect costs included in the amount above are based on an estimate for the year ending 30 June 2019, based on the costs incurred by the Underlying Fund. Refer to the ‘Indirect costs’ section below and Section 6 of the Additional Information Booklet for more information about indirect costs.

Accordingly, the PDS and AIB for the Fund will be updated as follows:

  • On page 6 of the PDS and on page 10 of the Additional Information Booklet, replace any references to the management costs from “0.87% pa” with “0.78% pa”.

  • On page 6 of the PDS, the table set out under the heading of “Example of annual fees and costs for the Fund” is replaced by the following table:

Example – Balance of $50,0001 with a contribution of $5,0001 during the year

Contribution fee

$0

For every additional $5,000 you put in, you will be charged $0.

PLUS

Management costs2

0.78%

And, for every $50,000 you have in the Fund you will be charged $390.00 each year.

EQUALS

Cost of Fund

 

If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during the year, you would be charged fees of:

$390.00

What it costs you will depend on the fees you negotiate.


1.     This amount is prescribed by legislation. The example above assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year. Therefore management costs are calculated using the $50,000 balance only.

2.    Additional fees may apply. Please note this example doesn’t capture all the fees and costs that may apply to you, such as the buy-sell spread.

Other changes occurring to the Product Disclosure Statement which are also effective the 21 February 2020 are:

1. Investment Strategy Changes

Effective from 21 February 2020, the investment strategy on page 4 has been changed:

From:
The Fund invests in the Underlying Fund, which is designed for investors who want the potential for long term capital growth, diversification across a broad range of companies, industries and countries and are prepared to accept higher variability of returns.

Investment strategy Whilst the Underlying Fund can invest in any international share market that offers attractive opportunities, most investments will be located in the United States, Europe and Japan. The Underlying Fund may also hold cash and may use derivatives. AQR’s investment process is based on their quantitative investment strategies and aims to add value through active stock and industry selection and investment research. AQR employs a systematic investment process to maintain a highly diversified and risk controlled portfolio that reflects their valuation and momentum philosophy.

Value investing is buying securities that are cheap and selling those that are expensive. Momentum investing is buying securities that are improving and selling securities that are deteriorating. AQR’s investment research focuses on valuation, momentum, earnings quality, investor sentiment, sustainable growth and management quality themes.

The Underlying Fund has assets that are denominated in foreign currencies. This means that changes to the Australian dollar relative to foreign currencies may affect the value of the assets of the Underlying Fund. Generally, these currency exposures will not be hedged to the Australian dollar.

Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets.

The asset allocation of the Underlying Fund is:
International shares 80% – 100%
Cash 0% – 20%

To:

The Fund invests in the Underlying Fund, which is designed for investors who want the potential for long term capital growth, diversification across a broad range of companies, industries and countries and are prepared to accept higher variability of returns. The Underlying Fund invests in global companies that offer attractive investment opportunities predominately in markets such as the USA, UK, Continental Europe, Asia and Japan. The Underlying Fund may also hold cash and use derivatives.

Pendal’s investment process for global shares aims to add value through active stock selection and fundamental company research. Pendal focuses on identifying a company’s long term value and potential risk reward opportunity and is benchmark agnostic. Pendal seeks to invest in companies that are out of favour, considered to be undervalued in the near term and offer long term capital growth. The Underlying Fund will typically hold between 35-55 stocks.

The Underlying Fund has assets that are denominated in foreign currencies. This means that changes to the Australian dollar relative to foreign currencies may affect the value of the assets of the Fund. Generally, these currency exposures will not be hedged to the Australian dollar but Pendal may do so from time to time.

Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets.

The asset allocation of the Underlying Fund is:
Global shares 80% – 100%
Cash 0% – 20%

2. Labour, Environmental, Social and Ethical Considerations of the Underlying Fund

Prior to 21 February 2020, the Manager of the Underlying Fund does not take labour standards or environmental, social or ethical considerations into account when making investment decisions. However, such issues may affect the financial performance of an investment and any such financial effect would influence the Manager’s investment decisions.

Effective from 21 February 2020, the following wording is added to the investment strategy on page 4:

‘the Manager of the Underlying Fund will take labour standards, environmental, social and ethical considerations into account when making investment decisions. Sustainable investment practices will be incorporated into the Underlying Fund. The Underlying Fund’s investable universe will exclude companies where the Manager believes the majority of their earnings are derived from the following activities over time:

• Tobacco
• Uranium mining
• Nuclear reactors
• High sulphur coal mining
• Intensive animal farming
• Weapon manufacturing

The Underlying Fund may also exclude businesses whose activities give rise to human rights violations, excessive animal testing of their products, corruption and corporate fraud and unremediated destruction of the environment.

Investments are reviewed regularly to ensure they remain within the sustainable screens of the Fund. If the review process identifies that an investment ceases to comply with the screen, the investment will usually be sold as soon as reasonably practicable having regard to the interests of investors, but this may vary on a case by case basis.’

3. Change to the name of the Pendal Wholesale Plus Core Global Share Fund

Effective from the 21 February 2020 the name of the ‘Pendal Wholesale Plus Core Global Share Fund’ (APIR BTA0536AU ARSN 602 109 599) will change to the ‘Pendal Wholesale Plus Concentrated Global Share Fund.’ Therefore references to ‘Pendal Wholesale Plus Core Global Share Fund’ are replaced with ‘Pendal Wholesale Plus Concentrated Global Share Fund.’

4. Changes to specific sentences in the PDS

A). The sentence ‘The Manager has appointed AQR Capital Management, LLC (AQR) to manage the international share for the Underlying Fund’ on page 2 is to be deleted.

B). The sentence ‘Pendal Fund Services Limited, Pendal Institutional Limited and AQR Capital management, LLC have consented to statements about them in this PDS, in the forma and context in which they appear and have not withdrawn their consent before the date of this PDS’ is to be replaced with Pendal Fund Services Limited and Pendal Institutional Limited have consented to statements about them in this PDS, in the form and context in which they appear and have not withdrawn their consent before the date of this PDS.’

C). The sentence ‘The shares are managed by AQR’ on page 3 is to be deleted.

D). The word ‘AQR’s’ in the sentence, ‘Access to AQR’s investment expertise and quantitative investment strategies is to be replaced with the words ‘Pendal Institutional Limited’s.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

16 December 2019 – Notification for the change in responsible entity for 32 Wholesale Plus Funds

On the 16 December 2019, BT Funds Management Limited (BTFM) is retiring as the Responsible Entity and Westpac Financial Services Limited (WFSL) is being appointed as the Responsible Entity for the following list of Funds.

This notice relates to a notification provided to unit holders dated the 21 November 2019 which provided details of the proposed change.

BTFM believes that retiring as the responsible entity of these funds is in the best interests of the unit holders. WFSL is a related party of BTFM and is experienced in acting as a responsible entity.

Since 2016, WFSL has established and been the responsible entity of 15 Wholesale Plus Funds. It has also acted as a responsible entity of over 100 such schemes.

Unit holders have had the opportunity to request a vote in relation to this responsible entity change with a notice period completing at 5pm 12 December 19.

Should you require further details in relation to this responsible entity change please email WholesalePlus@btfinancialgroup.com

The associated Funds are:

  • AMP Capital Wholesale Plus Corporate Bond Fund ARSN 601 829 529
  • APN Wholesale Plus AREIT Fund ARSN 601 826 653
  • Pendal Wholesale Plus Australian Share Fund ARSN 601 830 200
  • Ironbark Karara Wholesale Plus Australian Small Companies Fund ARSN 601 829 814
  • UBS Wholesale Plus Australian Bond Fund ARSN 601 827 178
  • Aberdeen Wholesale Plus Actively Hedged International Equities Fund ARSN 601 829 332
  • Bennelong Wholesale Plus ex—20 Australian Equities Fund ARSN 601 829 234
  • Fidelity Wholesale Plus Australian Equities Fund ARSN 601 829 636
  • Perpetual Wholesale Plus Australian Fund ARSN 601 830 335
  • Schroder Wholesale Plus Australian Equity Fund ARSN 601 830 335

  • PIMCO Wholesale Plus Global Bond Fund ARSN 602 109 464
  • PIMCO Wholesale Plus Diversified Fixed Interest Fund ARSN 602 109 857
  • Pendal Wholesale Plus Core Global Share Fund ARSN 602 109 599
  • Nikko AM Wholesale Plus Australian Share Fund ARSN 602 109 231
  • T Rowe Price Wholesale Plus Global Equity Fund ARSN 602 109 357
  • Kapstream Wholesale Plus Absolute Return Income Fund ARSN 602 129 822
  • Pendal Wholesale Plus Global Property Securities ARSN 602 129 966
  • Pendal Wholesale Plus Property Securities Fund ARSN 602 129 859
  • Walter Scott Wholesale Plus Global Equity Fund ARSN 602 129 984
  • RARE Infrastructure Wholesale Plus Value Fund – Hedged ARSN 602 130 138
  • Macquarie Wholesale Plus Income Opportunities Fund ARSN 602 130 174
  • Schroder Wholesale Plus Fixed Income Fund ARSN 602 130 236
  • RARE Infrastructure Wholesale Plus Value Fund – Unhedged ARSN 602 130 281
  • Pendal Wholesale Plus Fixed Interest Fund ARSN 602 130 290
  • Pendal Wholesale Plus Global Emerging Markets Opportunities Fund ARSN 602 190 483
  • Fidelity Wholesale Plus Global Equities Fund ARSN 602 190 465
  • Franklin Templeton Wholesale Plus Multisector Bond Fund ARSN 602 190 321
  • Lazard Wholesale Plus Emerging Markets Equity Fund ARSN 602 190 438
  • Perpetual Wholesale Plus Diversified Income Fund ARSN 602 190 554
  • Wingate Wholesale Plus Global Equity Fund ARSN 602 190 474
  • Magellan Wholesale Plus Global Fund ARSN 602 652 737
  • Man AHL Wholesale Plus Alpha (AUD) ARSN 602 130 049

 

29 November 2019 - Notification for the Pendal Wholesale Plus Core Global Share Fund (The Fund) (APIR: BTA0536AU, ARSN 602 109 599)

BT Funds Management Limited has received a notice from Pendal Group Limited advising its decision to replace AQR Capital Management, LLC (AQR) as the investment manager of the Pendal Core Global Share Fund (The Underlying Fund) (APIR: RFA0821AU, ARSN 089 938 492) and appoint the Pendal Global Equities team. The effective date of the replacement is to be on or around the 21 February 2020.  Under the terms of the appointment, Pendal Institutional Limited, has the ability to recommend and implement the replacement of AQR to manage the underlying assets. BT Funds Management Limited has knowledge of the Pendal Global Equities Team’s relevant key personnel, investment process and expertise to manage this type of investment offering. A review of the investment arrangements is currently being undertaken  to consider the appropriateness of the new investment process for the Underlying Fund. further update will be provided by 20 January 2020. During this review process you will be able to continue to invest or withdraw from the Fund.

18 November 2019 – MAN AHL Wholesale Plus Alpha AUD - Updating the Product Disclosure Statement

This notice updates information contained in the MAN AHL Wholesale Plus Alpha AUD’s (APIR BTA0567AU, ARSN 602 130 049) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 30 June 2019, issued by BT Funds Management Limited (ABN 63 002 916 458 AFSL 233724) (BTFM). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. Effective from the date of this notice the estimate of the indirect costs has increased by 0.13% pa. This has increased the management cost to 1.79% pa.

Management Costs changes

Effective from the date of this notice, the management costs for the Fund has increased to 1.79% pa. of the net asset value of the Fund, consisting of a management fee1 and indirect costs2.  

1.     The management fee is directly paid from the assets of the Fund and is reflected in the unit price of your investment.

2.    The indirect costs included in the amount above are based on an estimate for the year ending 30 June 2019, based on the costs incurred by the Underlying Fund. Refer to the ‘Indirect costs’ section below and Product Disclosure Statement for more information about indirect costs.

Accordingly, the PDS and AIB for the Fund will be updated as follows:

  • On page 19 of the PDS replace any references to the management costs from “1.66% pa” with “1.79% pa”.

  • On page 19 of the PDS replace any references to performance-related fees from “0.06% pa” with “0.20% pa”.

  • On page 20 of the PDS, the table set out under the heading of “Example of annual fees and costs for the Fund” is replaced by the following table: 

Example – Balance of $50,0001 with a contribution of $5,0001 during the year

Contribution fee

$0

For every additional $5,000 you put in, you will be charged $0.

PLUS

Management costs2

1.79%

And, for every $50,000 you have in the Fund you will be charged $895.00 each year.

EQUALS

Cost of Fund

 

If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during the year, you would be charged fees of:

$895.00

What it costs you will depend on the fees you negotiate.


1.     This amount is prescribed by legislation. The example above assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year. Therefore management costs are calculated using the $50,000 balance only.

2.    Additional fees may apply. Please note this example doesn’t capture all the fees and costs that may apply to you, such as the buy-sell spread.

There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

6 November 2019 – Pendal Wholesale Plus Active Balanced Fund - Updating the Product Disclosure Statement

Effective from the 6 November 2019 this notice updates information contained in the Pendal Wholesale Plus Active Balanced Fund’s (APIR WFS0861AU, ARSN 612 671 155) (Fund) Product Disclosure Statement (PDS) dated 30 June 2019, issued by Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (WFSL). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. Effective from the 6 November 2019 the asset allocation ranges of the Pendal Active Balanced Fund (APIR RFA0815AU, ARSN 088 251 496) (Underlying Fund) are changing to the ranges stipulated in this notice.

Asset allocation range changes

Effective from the 6 November 2019 the underlying fund asset allocation ranges are changing and therefore the asset allocation information on page 5 is replaced by the following:

The Underlying Fund invests in the asset classes stated below and has a corresponding asset allocation range.

 Australian share

 20% - 40%

 International share        

 20% - 40%

 Australian property securities   

 0% - 10%

 International property securities

 0% - 10%

 Australian fixed interest              

 0% - 25%

 International fixed interest

 0% - 25%

 Cash     

 0% - 20%

 Alternative investments              

 0% - 20%


There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

 

6 November 2019 – Pendal Wholesale Plus Active Conservative Fund - Updating the Product Disclosure Statement

Effective from the 6 November 2019 this notice updates information contained in the Pendal Wholesale Plus Active Conservative Fund’s (APIR WFS0859AU, ARSN 612 671 253) (Fund) Product Disclosure Statement (PDS) dated 30 June 2019, issued by Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (WFSL). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. Effective from the 6 November 2019 the asset allocation ranges of the Pendal Active Conservative Fund (APIR BTA0805AU, ARSN 087 593 100) (Underlying Fund) are changing to the ranges stipulated in this notice.

Asset allocation range changes

Effective from the 6 November 2019 the underlying fund asset allocation ranges are changing and therefore the asset allocation information on page 5 is replaced by the following:

The Underlying Fund invests in the asset classes stated below and has a corresponding asset allocation range.

 Australian share

 0% - 20%

 International share        

 0% - 20%

 Australian property securities   

 0% - 10%

 International property securities

 0% - 10%

 Australian fixed interest              

 10% - 40%

 International fixed interest

 10% - 40%

 Cash     

 0% - 40%

 Alternative investments              

 0% - 20%


There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

 

6 November 2019 – Pendal Wholesale Plus Active Growth Fund - Updating the Product Disclosure Statement

Effective from the 6 November 2019 this notice updates information contained in the Pendal Wholesale Plus Active Growth Fund’s (APIR WFS0862AU, ARSN 612 670 836) (Fund) Product Disclosure Statement (PDS) dated 30 June 2019, issued by Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (WFSL). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. Effective from the 6 November 2019 the asset allocation ranges of the Pendal Active Growth Fund (APIR BTA0125AU, ARSN 087 593 682) (Underlying Fund) are changing to the ranges stipulated in this notice.

Asset allocation range changes

Effective from the 6 November 2019 the underlying fund asset allocation ranges are changing and therefore the asset allocation information on page 5 is replaced by the following:

The Underlying Fund invests in the asset classes stated below and has a corresponding asset allocation range.

 Australian share

 25% - 45%

 International share        

 25% - 45%

 Australian property securities   

 0% - 10%

 International property securities

 0% - 10%

 Australian fixed interest              

 0% - 20%

 International fixed interest

 0% - 20%

 Cash     

 0% - 20%

 Alternative investments              

 0% - 20%


There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

 

6 November 2019 – Pendal Wholesale Plus Active High Growth Fund - Updating the Product Disclosure Statement

Effective from the 6 November 2019 this notice updates information contained in the Pendal Wholesale Plus Active High Growth Fund’s (APIR WFS0863AU, ARSN 612 670 621) (Fund) Product Disclosure Statement (PDS) dated 30 June 2019, issued by Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (WFSL). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. Effective from the 6 November 2019 the asset allocation ranges of the Pendal Active High Growth Fund (APIR BTA0488AU, ARSN 610 997 674) (Underlying Fund) are changing to the ranges stipulated in this notice.

Asset allocation range changes

Effective from the 6 November 2019 the underlying fund asset allocation ranges are changing and therefore the asset allocation information on page 5 is replaced by the following:

The Underlying Fund invests in the asset classes stated below and has a corresponding asset allocation range.

 Australian share

 25% - 55%

 International share        

 25% - 55%

 Australian property securities   

 0% - 10%

 International property securities

 0% - 10%

 Australian fixed interest              

 0% - 15%

 International fixed interest

 0% - 15%

 Cash     

 0% - 20%

 Alternative investments              

 0% - 25%


There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

 

6 November 2019 – Pendal Wholesale Plus Active Moderate Fund - Updating the Product Disclosure Statement

Effective from the 6 November 2019 this notice updates information contained in the Pendal Wholesale Plus Active Moderate Fund’s (APIR WFS0860AU, ARSN 612 671 593) (Fund) Product Disclosure Statement (PDS) dated 30 June 2019, issued by Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (WFSL). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. Effective from the 6 November 2019 the asset allocation ranges of the Pendal Active Moderate Fund (APIR BTA0487AU, ARSN 610 997 709) (Underlying Fund) are changing to the ranges stipulated in this notice.

Asset allocation range changes

Effective from the 6 November 2019 the underlying fund asset allocation ranges are changing and therefore the asset allocation information on page 5 is replaced by the following:

The Underlying Fund invests in the asset classes stated below and has a corresponding asset allocation range.

 Australian share

 10% - 30%

 International share        

 10% - 30%

 Australian property securities   

 0% - 10%

 International property securities

 0% - 10%

 Australian fixed interest              

 5% - 35%

 International fixed interest

 5% - 35%

 Cash     

 0% - 30%

 Alternative investments              

 0% - 20%


There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

 

15 October 2019 – Perpetual Wholesale Plus Global Share Fund - Updating the Product Disclosure Statement

This notice updates information contained in the Perpetual Wholesale Plus Global Share Fund’s (APIR WFS0865AU, ARSN 612 672 009) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 30 June 2019, issued by Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (WFSL). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. Effective from the date of this notice the estimate of the other indirect costs has increased by 0.01% pa however the performance related fee has decreased by 0.18%. This has decreased the management cost to 0.97% pa.

Management Costs changes

Effective from the date of this notice, the management costs for the Fund has decreased to 0.97% pa. of the net asset value of the Fund, consisting of a management fee1 and indirect costs2

1.     The management fee is directly paid from the assets of the Fund and is reflected in the unit price of your investment.

2.     The indirect costs included in the amount above are based on an estimate for the year ending 30 June 2019, based on the costs incurred by the Underlying Fund. Refer to the ‘Indirect costs’ section below and Section 6 of the Additional Information Booklet for more information about indirect costs.

Accordingly, the PDS and AIB for the Fund will be updated as follows:

  • On page 6 of the PDS and on page 12 of the Additional Information Booklet, replace any references to the management costs from “1.14% pa” with “0.97% pa”.

  • On page 6 of the PDS, the table set out under the heading of “Example of annual fees and costs for the Fund” is replaced by the following table:

Example – Balance of $50,0001 with a contribution of $5,0001 during the year

Contribution fee

$0

For every additional $5,000 you put in, you will be charged $0.

PLUS

Management costs2

0.97%

And, for every $50,000 you have in the Fund you will be charged $485.00 each year.

EQUALS

Cost of Fund

 

If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during the year, you would be charged fees of:

$485.002

What it costs you will depend on the fees you negotiate.

 

  • On page 12 of the Additional Information Booklet, replace any references to the performance related fee from “0.18% pa” with “0.00% pa”.

  • On page 12 of the Additional Information Booklet, replace any references to the other management costs consisting of other indirect costs and a management fee from “0.96% pa” with “0.97% pa”.

1.     This amount is prescribed by legislation. The example above assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year. Therefore management costs are calculated using the $50,000 balance only.

2.     Additional fees may apply. Please note this example doesn’t capture all the fees and costs that may apply to you, such as the buy-sell spread.

There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

2 October 2019 - Macquarie Wholesale Plus International Infrastructure Securities Fund (Hedged) - Updating the Product Disclosure Statement

This notice updates information contained in the Macquarie Wholesale Plus International Infrastructure Securities Fund (Hedged) (APIR WFS0867AU, ARSN 612 671 860) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 30 June 2019, issued by Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (WFSL). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. 1. Effective from the date of this notice the estimate of the indirect costs has increased by 0.02% pa. This has increased the management cost to 0.85% pa.

1. Management Costs changes

Effective from the date of this notice, the management costs for the Fund has increased to 0.85% pa. of the net asset value of the Fund, consisting of a management fee1 and indirect costs2 .

1. The management fee is directly paid from the assets of the Fund and is reflected in the unit price of your investment.

2. The indirect costs included in the amount above are based on an estimate for the year ending 30 June 2019, based on the costs incurred by the Underlying Fund. Refer to the ‘Indirect costs’ section below and Section 6 of the Additional Information Booklet for more information about indirect costs. Accordingly, the PDS and AIB for the Fund will be updated as follows:

  • On page 6 of the PDS and on page 12 of the Additional Information Booklet, replace any references to the management costs from “0.83% pa” with “0.85% pa”.

  • On page 6 of the PDS, the table set out under the heading of “Example of annual fees and costs for the Fund” is replaced by the following table: 

Example – Balance of $50,0001 with a contribution of $5,0001 during the year

Contribution fee

$0

For every additional $5,000 you put in, you will be charged $0.

PLUS

Management costs2

0.85%

And, for every $50,000 you have in the Fund you will be charged $425.00 each year.

EQUALS

Cost of Fund

 

 

If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during the year, you would be charged fees of:

$425.002

What it costs you will depend on the fees you negotiate.


1.     This amount is prescribed by legislation. The example above assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year. Therefore management costs are calculated using the $50,000 balance only.

2.     Additional fees may apply. Please note this example doesn’t capture all the fees and costs that may apply to you, such as the buy-sell spread.

There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

2 Oc­to­ber 2019 - PIMCO Whole­sale Plus Global Bond Fund - Up­dat­ing the Prod­uct Dis­clo­sure State­ment

This notice updates information contained in the PIMCO Wholesale Plus Global Bond Fund’s (APIR BTA0498AU, ARSN 602 109 464) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 30 June 2019, issued by BT Funds Management Limited (ABN 63 002 916 458 AFSL 233724) (BTFM). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. 1. Effective from the date of this notice the estimate of the indirect costs has increased by 0.03% pa. This has increased the management cost to 0.65% pa.

1. Management Costs changes

Effective from the date of this notice, the management costs for the Fund has increased to 0.65% pa. of the net asset value of the Fund, consisting of a management fee1 and indirect costs2.

  1. The management fee is directly paid from the assets of the Fund and is reflected in the unit price of your investment.

  2. The indirect costs included in the amount above are based on an estimate for the year ending 30 June 2019, based on the costs incurred by the Underlying Fund. Refer to the ‘Indirect costs’ section below and Section 6 of the Additional Information Booklet for more information about indirect costs.

Accordingly, the PDS and AIB for the Fund will be updated as follows:

  • On page 6 of the PDS and on page 12 of the Additional Information Booklet, replace any references to the management costs from “0.62% pa” with “0.65% pa”.

  • On page 6 of the PDS, the table set out under the heading of “Example of annual fees and costs for the Fund” is replaced by the following table:

Example – Balance of $50,0001 with a contribution of $5,0001 during the year

Contribution fee

$0

For every additional $5,000 you put in, you will be charged $0.

PLUS

Management costs2

0.65%

And, for every $50,000 you have in the Fund you will be charged $325.00 each year.

EQUALS

Cost of Fund

 

 

If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during the year, you would be charged fees of:

$325.002

What it costs you will depend on the fees you negotiate.


1.     This amount is prescribed by legislation. The example above assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year. Therefore management costs are calculated using the $50,000 balance only.

2.     Additional fees may apply. Please note this example doesn’t capture all the fees and costs that may apply to you, such as the buy-sell spread.

There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

2 October 2019 - PIMCO Wholesale Plus Diversified Fixed Interest Fund - Updating the Product Disclosure Statement

This notice updates information contained in the PIMCO Wholesale Plus Diversified Fixed Interest Fund’s (APIR BTA0499AU, ARSN 602 109 857) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 30 June 2019, issued by BT Funds Management Limited (ABN 63 002 916 458 AFSL 233724) (BTFM). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus. 1. Effective from the date of this notice the estimate of the indirect costs has increased by 0.02% pa. This has increased the management cost to 0.56% pa.

1. Management Costs changes

Effective from the date of this notice, the management costs for the Fund has increased to 0.56% pa. of the net asset value of the Fund, consisting of a management fee1 and indirect costs2.

  1. The management fee is directly paid from the assets of the Fund and is reflected in the unit price of your investment.

  2. The indirect costs included in the amount above are based on an estimate for the year ending 30 June 2019, based on the costs incurred by the Underlying Fund. Refer to the ‘Indirect costs’ section below and Section 6 of the Additional Information Booklet for more information about indirect costs.

Accordingly, the PDS and AIB for the Fund will be updated as follows:

  • On page 6 of the PDS and on page 12 of the Additional Information Booklet, replace any references to the management costs from “0.54% pa” with “0.56% pa”.

  • On page 6 of the PDS, the table set out under the heading of “Example of annual fees and costs for the Fund” is replaced by the following table:

Example – Balance of $50,0001 with a contribution of $5,0001 during the year

Contribution fee

$0

For every additional $5,000 you put in, you will be charged $0.

PLUS

Management costs2

0.56%

And, for every $50,000 you have in the Fund you will be charged $280.00 each year.

EQUALS

Cost of Fund

 

 

If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during the year, you would be charged fees of:

$280.002

What it costs you will depend on the fees you negotiate.


1.     This amount is prescribed by legislation. The example above assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year. Therefore management costs are calculated using the $50,000 balance only.

2.     Additional fees may apply. Please note this example doesn’t capture all the fees and costs that may apply to you, such as the buy-sell spread.

There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

1 October 2019 - Kapstream Wholesale Plus Absolute Return Income Fund - updating the Product Disclosure Statement

This notice updates information contained in the Kapstream Wholesale Plus Absolute Return Income Fund’s (APIR BTA0539AU, ARSN 602 129 822) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 30 June 2019, issued by BT Funds Management Limited (ABN 63 002 916 458 AFSL 233724) (BTFM). It should be read together with the PDS and the AIB, which are available at www.bt.com.au/wholesaleplus.

1. Benchmark Changes

Effective from the date of this notice, the benchmark for the Fund as set out on page 4 of the PDS is changing:

From:
‘50% Bloomberg AusBond Composite Bond 0-3 year Index
50% Bloomberg AusBond Bank Bill Index’

To:
‘RBA Cash Rate (RBA OCR)’

2. Management Costs changes

Effective from the date of this notice, the management costs for the Fund will be reduced to 0.43% pa. of the net asset value of the Fund, consisting of a management fee1 and indirect costs2.

  1. The management fee is directly paid from the assets of the Fund and is reflected in the unit price of your investment.
  2. The indirect costs included in the amount above are based on an estimate for the year ending 30 June 2019, based on the costs incurred by the Underlying Fund. Refer to the ‘Indirect costs’ section below and Section 6 of the Additional Information Booklet for more information about indirect costs.

Accordingly, the PDS and AIB for the Fund will be updated as follows:

  • On page 6 of the PDS and on page 12 of the Additional Information Booklet, replace any references to the management costs from “0.53% pa” with “0.43% pa”.

  • On page 6 of the PDS, the table set out under the heading of “Example of annual fees and costs for the Fund” is replaced by the following table:

Example – Balance of $50,0001 with a contribution of $5,0001 during the year

Contribution fee

$0

For every additional $5,000 you put in, you will be charged $0.

PLUS

Management costs2

0.43%

And, for every $50,000 you have in the Fund you will be charged $215.00 each year.

EQUALS

Cost of Fund

 

 

If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during the year, you would be charged fees of:

$215.002

What it costs you will depend on the fees you negotiate.


1.     This amount is prescribed by legislation. The example above assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year. Therefore management costs are calculated using the $50,000 balance only.

2.     Additional fees may apply. Please note this example doesn’t capture all the fees and costs that may apply to you, such as the buy-sell spread.

There are no other changes to the PDS.

Need more information?

Should you require any further information, please contact us on 1800 287 873 between 8am-6:30pm (Monday to Friday, Sydney time) to understand these changes.

 

1 November 2018 - 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

4 May - 25 June 2018 - 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.

21 March 2018 - Change to buy spread for the Aberdeen Wholesale Plus Actively Hedged International Equities Fund

21 March 2018 - 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

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

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”. 

1 July 2017 - 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.

1 March 2017 - 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).

31 January 2017 - 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.

30 November 2016 - 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).

16 April 2016 - 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.

26 May 2015 - Removal of the performance fee in relation to the Underlying Fund for the Wingate Wholesale Plus Global Equity Fund

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.

1 July 2015 - Change in management fee for the Man AHL Wholesale Plus Alpha AUD

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.
  1. This amount is prescribed by legislation. The example assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year.
  2. The estimated performance fee is based on the performance fee paid in relation to AHL Strategies over the 12 months to 31 December 2013. The use of this estimate is not an indicator or guarantee of future performance. The actual performance fee and therefore the management costs will vary, depending on the actual return of AHL Strategies. A performance fee will not always be payable. Please refer to ‘Performance fee- Underlying Fund’ in section 7.3 of the Product Disclosure Statement for more information.
  3. Additional fees may apply. Please note this example does not capture all the fees and costs that may apply to you, such as the buy-sell spread.