Wholesale Plus Funds Product Disclosure Statement updates

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) dated 26 October 2020, issued by Westpac Financial Services Limited (ABN 20 000 241 127  AFSL 233716). It should be read together with the PDS which is available at www.bt.com.au/wholesaleplus. Effective from the date of this notice the estimate of the indirect costs have increased by 2.03% pa. This has increased the management cost to 4.43% pa.

Management Costs changes

Effective from the date of this notice, the management costs for the Fund have increased to 4.43% pa of the net asset value of the Fund.

1.     Fees in the PDS can be individually negotiated if you’re a wholesale client under the Corporations Act.

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

3. The amount of the indirect costs is an estimate in relation to the financial year 30 June 2021 based in the costs incurred by the Underlying Fund. Refer to section 7.3 of the PDS for more information about the performance-related fees and other indirect costs.

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

· On page 24 of the PDS replace any references to the management costs from “2.40% pa” with “4.43% pa”.

• On page 24 of the PDS replace any references to performance-related fees from “0.80% pa” with “2.83 pa”.
  
  
• On page 25 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: 

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.

This notice updates information contained in the Bennelong Wholesale Plus ex-20 Australian Equities Fund (APIR BTA0480AU, ARSN 601 829 234) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 26 October 2020, issued by Westpac Financial Services Limited (ABN 20 000 241 127  AFSL 233716). It should be read together with the PDS and AIB which is available at www.bt.com.au/wholesaleplus. Effective from the date of this notice the estimate of the indirect costs have increased by 2.85% pa. This has increased the management cost to 3.68% pa.

Management Costs changes

Effective from the date of this notice, the management costs for the Fund have increased to 3.68% pa of the net asset value of the Fund.

1.     Fees in the PDS can be individually negotiated if you’re a wholesale client under the Corporations Act.

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

3. The amount of the indirect costs is an estimate in relation to the financial year 30 June 2021 based in the costs incurred by the Underlying Fund. Refer to section 6 of the PDS for more information about the performance-related fees and other indirect costs.

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

· On page 6 of the PDS replace any references to the management costs from “0.83% pa” with “3.68% pa”.

• On page 6 of the PDS replace any references to Underlying Fund performance fee from “0.00% pa” with “2.85% 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: 

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 or AIB as a result of the above changes.

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.

Effective 1 November 2021 – Notification for the Spheria Wholesale Plus Australian Smaller Companies Fund (APIR: WFS8908AU)

This notice updates information contained in the Spheria Wholesale Plus Australian Smaller Companies Fund (APIR WFS8908AU, ARSN 622 486 515) (Fund) Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 26 October 2020, issued by Westpac Financial Services Limited (ABN 20 000 241 127  AFSL 233716). It should be read together with the PDS and AIB which is available at www.bt.com.au/wholesaleplus. Effective from the date of this notice the estimate of the indirect costs have increased by 1.96% pa. This has increased the management cost to 2.96% pa.

Management Costs changes

Effective from the date of this notice, the management costs for the Fund have increased to 2.96% pa of the net asset value of the Fund.

1.     Fees in the PDS can be individually negotiated if you’re a wholesale client under the Corporations Act.

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

3. The amount of the indirect costs is an estimate in relation to the financial year 30 June 2021 based in the costs incurred by the Underlying Fund. Refer to section 6 of the PDS for more information about the performance-related fees and other indirect costs.

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

• On page 6 of the PDS replace any references to the management costs from “1.00% pa” with “2.96% 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: 

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.

Effective from 10 May 2021 the Fund name will change to the ClearBridge RARE Infrastructure Wholesale Plus Value Fund - Hedged. Therefore, references in the PDS and AIB to RARE Infrastructure Wholesale Plus Value Fund - Hedged are replaced with ClearBridge RARE Infrastructure Wholesale Plus Value Fund - Hedged.

In addition, Effective from 10 May 2021 the reference to RARE Infrastructure Limited in the PDS is replaced with ClearBridge Investments Limited. This is due to the change of name of RARE Infrastructure Limited.

Effective from 10 May 2021 the Fund name will change to the ClearBridge RARE Infrastructure Wholesale Plus Value Fund - Unhedged. Therefore, references in the PDS and AIB to RARE Infrastructure Wholesale Plus Value Fund - Unhedged are replaced with ClearBridge RARE Infrastructure Wholesale Plus Value Fund - Unhedged.

In addition, Effective from 10 May 2021 the reference to RARE Infrastructure Limited in the PDS is replaced with ClearBridge Investments Limited. This is due to the change of name of RARE Infrastructure Limited.

Westpac Financial Services Limited has received a notice indicating the completion of Yarra Capital Management’s (Yarra) acquisition of the Nikko Management (Nikko AM) Australian business. The notice indicated that Nikko AM will continue to be an important partner in the future success of the business, through a 20% stake and board representation in the enlarged group. It is also noted that all investment team personnel remain in place.

As of 14 April 21, the name of ‘Nikko AM Limited’ changed to ‘Yarra Capital Management Limited.’ Accordingly, the words ‘Nikko AM Limited’ on page 2 of the Product Disclosure Statement are replaced with ‘Yarra Capital Management’ such that it reads ‘The responsible entity of the Underlying Fund is Nikko Asset Management Australia Limited ABN 34 002 542 038 AFSL 229664 and the investment manager is Yarra Capital Management ABN 99 003 376 252 AFSL 237563 (Manager).’

Westpac Financial Services Limited has received a notice indicating the completion of Yarra Capital Management’s (Yarra) acquisition of the Nikko Management (Nikko AM) Australian business. The notice indicated that Nikko AM will continue to be an important partner in the future success of the business, through a 20% stake and board representation in the enlarged group. It is also noted that all investment team personnel remain in place.

As of 14 April 21, the name of ‘Nikko AM Limited’ changed  to ‘Yarra Capital Management Limited.’ Accordingly, the words ‘Nikko AM Limited’ on page 2 of the Product Disclosure Statement are replaced with ‘Yarra Capital Management’ such that it reads ‘The responsible entity of the Underlying Fund is Nikko Asset Management Australia Limited ABN 34 002 542 038 AFSL 229664 and the investment manager is Yarra Capital Management ABN 99 003 376 252 AFSL 237563 (Manager).’

Further to the notice dated 5 February 2021 it is confirmed that Westpac Financial Services Limited has completed the review of the proposed changes to the Schroder Real Return CPI+5% Fund, ARSN 132 446 103,
APIR: SCH0047AU (Underlying Fund). The changes are regarded as being reasonable.

Accordingly, this notice updates information contained in the Fund’s Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) dated 26 October 2020, 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.

Investment Objective Changes

Effective 1 March 2021, the investment objective for the Fund, stated on page 5 of the PDS, will change,

From:

To achieve a return of CPI plus 5% p.a. before fees over rolling 3-year periods, while minimising the incidence and size of negative returns in doing so. CPI is defined as the RBA’s Trimmed Mean, as published by the Australian Bureau of Statistics.

To:

To achieve a return of CPI plus 4% to 5% p.a. before fees over rolling 3-year periods while minimising the incidence and size of negative returns in doing so. CPI is defined as the RBA’s Trimmed Mean, as published by the Australian Bureau of Statistics.

Fund Name Change

In addition, effective from 1 March 2021 the Fund name will change to the ‘Schroder Wholesale Plus Real Return Fund.’ Therefore, references in the PDS and AIB to Schroder Wholesale Plus Real Return CPI Plus 5% Fund are replaced with ‘Schroder Wholesale Plus Real Return Fund.’

Underlying Fund Name Change

Effective from 1 March 2021 the Underlying Fund name will also change to the ‘Schroder Real Return Fund.’ Therefore, references in the PDS to the Schroder Real Return CPI Plus 5% Fund are replaced with ‘Schroder Real Return Fund.’

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).

Ef­fec­tive from the 18th February 2021, the buy spread for the Kapstream Wholesale Plus Absolute Return Income Fund (ARSN 602 129 822  APIR: BTA0539AU) has changed from +0.10% to +0.07%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Westpac Financial Services Limited has received a notice from Schroder Investment Management Australia Limited (ABN 22 000 443 274, AFSL 226473) (Schroders) advising that effective 1 March 2021 the investment return objective for the Schroder Real Return CPI Plus 5% Fund (The Underlying Fund) and the Underlying Fund name will change.

The table below sets out the full details of the changes. All changes will take effect in the Underlying Fund on and from 1 March 2021

¹CPI is defined as the RBA’s Trimmed Mean, as published by the Australian Bureau of Statistics.

Schroders are amending the Underlying Funds objective to better reflect the return outcomes achievable in the current market.

Westpac Financial Services Limited is considering the above changes to the Underlying Fund. A further notification will be provided upon approval of the adjustments to the Fund. During this review and approval process you will be able to invest or withdraw from the Fund.

Ef­fec­tive from the 29^th January 2021, the buy spread for the Pendal Wholesale Plus Active High Growth Fund (ARSN 612 670 621  APIR: WFS0863AU) has changed from +0.34% to +0.38%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced an increase. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 1^st February 2021, the buy spread for the PIMCO Wholesale Plus Global Bond Fund (ARSN 602 109 464 APIR: BTA0498AU) has changed from +0.25% to +0.10%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 1^st February 2021, the buy spread for the PIMCO Wholesale Plus Diversified Fixed Interest Fund (ARSN 602 109 857 APIR: BTA0499AU) has changed from +0.25% to +0.10%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 18th November 2020, the buy spread for the Kapstream Wholesale Plus Corporate Absolute Return Income Fund (ARSN 602 129 822  APIR: BTA0539AU) has changed from +0.12% to +0.10%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 17th November 2020, the buy spread for the Russell Investments Wholesale Plus Emerging Markets Fund (ARSN 627 588 336  APIR: WFS1667AU) has changed from +0.75% to +0.55%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 17th November 2020, the buy spread for the UBS Wholesale Plus Australian Bond Fund (ARSN 601 827 178  APIR: BTA0478AU) has changed from +0.13% to +0.11%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 12th November 2020, the buy spread for the AMP Capital Wholesale Plus Corporate Bond Fund (ARSN 601 829 529  APIR: BTA0474AU) has changed from +0.48% to +0.40%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 20th October 2020, the buy spread for the Pendal Wholesale Plus Concentrated Global Share Fund (ARSN 602 109 599 APIR: BTA0536AU) has changed from +0.50% to +0.40%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 20th October 2020, the buy spread for the RARE Infrastructure Wholesale Plus Value Fund - Unhedged (ARSN 602 130 281 APIR: BTA0546AU) has changed from +0.35% to +0.17%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 20th October 2020, the buy spread for the RARE Infrastructure Wholesale Plus Value Fund - Hedged (ARSN 602 130 138 APIR: BTA0543AU) has changed from +0.35% to +0.17%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 19th October 2020, the buy spread for the AMP Capital Wholesale Plus Corporate Bond Fund (ARSN APIR: BTA0474AU) has changed from +0.50% to +0.48%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 19th October 2020, the buy spread for the PIMCO Wholesale Plus Diversified Fixed Interest Fund (ARSN APIR: BTA0499AU) has changed from +0.38% to +0.25%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 19th October 2020, the buy spread for the PIMCO Wholesale Plus Global Bond Fund (ARSN APIR: BTA0498AU) has changed from +0.40% to +0.25%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 19th October 2020, the buy spread for the Perpetual Wholesale Plus Diversified Income Fund (ARSN APIR: BTA0556AU) has changed from +0.30% to +0.20%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from 1 October 2020, the management costs for the Fund has been reduced to 0.72% 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 “0.78% pa” with “0.72% 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:

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 or AIB as a result of the above changes.

Effective from 1 October 2020, the management costs for the Fund has been reduced to 1.08% 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 “1.25% pa” with “1.08% 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:

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 or AIB as a result of the above changes.

Effective from 1 October 2020, the management costs for the Fund has been reduced to 0.50% 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 “0.61% pa” with “0.50% 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:

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 or AIB as a result of the above changes.

Further to the notices provided on 31 July 2020 and 7 September 2020 it is confirmed that Westpac Financial Services Limited has completed the review of the appointment of Barrow Hanley as the specialist investment manager for the Perpetual Global Share Fund. The appointment is regarded as being reasonable.

This notice updates information contained in the Perpetual Wholesale Plus Global Share Fund (APIR WFS0865AU, ARSN 612 672 009 ) (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 AIB, which are available at www.bt.com.au/wholesaleplus.

Effective from 1 October 2020, the investment strategy on page 4 of the PDS is replaced with:

‘The Specialist Investment Manager of the Underlying Fund, Barrow Hanley, strives to achieve the Fund’s investment objectives by adopting a value-oriented, bottom-up investment process focused on in-depth fundamental research to identify companies that trade below their intrinsic value for reasons that they can identify, believe are temporary and have a clearly identified path to achieving fair value.

Barrow Hanley aims to select the most attractive securities to construct a well diversified, high active share portfolio that provides asymmetrical returns by participating in up markets while protecting in down markets.

The portfolio will exhibit a clear value bias and seek characteristics such as:

 1) price/earnings ratios below the market,

 2) price/book ratios below the market, 

 3) enterprise value/free cash flow ratios below the market and

 4) dividend yields above the market.

The Fund will primarily invest in companies incorporated in developed markets and may hold up to 20% of the portfolio in companies incorporated in emerging markets. The portfolio has no direct tobacco stock exposure.

The asset allocation of the Underlying Fund is:

International shares   95% to 100%

Cash                           0% to 5%’

Effective from 1 October 2020, the management costs for the Fund has been reduced to 0.86% 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 “0.97% pa” with “0.86% 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:

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.

Effective from 1 October 2020, the performance-related fee associated with the Fund is removed. Therefore the section titled ‘Performance-related fees’ and ‘Performance fees charged by the Underlying Fund (performance-related fees)’ in the ‘Additional explanation of fees and costs’ section of the PDS is removed.

Effective from 1 October 2020, the buy spread for the Fund has changed from +0.54% to +0.30%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the PDS, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

There are no other changes to the PDS or AIB as a result of the above changes

Effective from 1 October 2020, the management costs for the Fund has been reduced to 0.67% 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 “0.72% pa” with “0.67% 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:

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 or AIB as a result of the above changes.

Effective from 1 October 2020, the management costs for the Fund has been reduced to 0.35% 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 “0.37% pa” with “0.35% 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:

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 or AIB as a result of the above changes.

Effective from 1 October 2020, the management costs for the Fund has been reduced to 0.71% 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 “0.74% pa” with “0.71% 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:

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 or AIB as a result of the above changes.

Westpac Financial Services Limited has received a notice from Perpetual Investment Management Limited advising the appointment of Barrow Hanley as the investment manager of the Perpetual Global Share Fund (The Underlying Fund) (APIR: PER0049AU, ARSN 091 189 132). The effective date of the appointment was the 9^th September 2020. The transition of assets of the Underlying Fund was completed on 9^th September 2020. A review of the appointment of Barrow Hanley to the Underlying Fund and the potential adjustment to the investment strategy of the Fund is continuing.

A further notification will be provided upon approval of the adjustments to the Fund. During this review and approval process you will be able to invest or withdraw from the Fund.

Ef­fec­tive from the 2nd September 2020, the buy spread for the Schroder Wholesale Plus Fixed Interest Fund (ARSN 602 130 236 APIR: BTA0545AU) has changed from +0.29% to +0.24%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Westpac Financial Services Limited has received a notice from Perpetual Investment Management Limited advising a proposal to replace Perpetual Investment Management Limited as the investment manager of the Perpetual Global Share Fund (The Underlying Fund) (APIR: PER0049AU, ARSN 091 189 132) and appoint Barrow Hanley as the investment manager. The effective date of the replacement is anticipated to occur on / or around September 2020. A review of the investment arrangements is currently being undertaken to consider the appropriateness of the new investment process for the Underlying Fund. A further update will be provide prior to the appointment of Barrow Hanley. During this review process you will be able to continue to invest or withdraw from the Fund.

This no­tice up­dates in­for­ma­tion con­tained in the AMP Capital Wholesale Plus Corporate Bond Fund’s (APIR BTA0474AU, ARSN 601 829 529) (Fund) Prod­uct Dis­clo­sure State­ment (PDS) and Ad­di­tional In­for­ma­tion Book­let (AIB) dated 16 December 2020, 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. This has increased the man­age­ment cost to 0.52% pa.

Management Costs changes

Ef­fec­tive from the date of this no­tice, the man­age­ment costs for the Fund has increased to 0.52% pa. of the net as­set value of the Fund, con­sist­ing of a man­age­ment fee and in­di­rect costs. 

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 “0.51% pa” with “0.52% 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:

• 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 “0.51% pa” with “0.52% 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.

1 July 2020 – RARE Infrastructure Wholesale Plus Value Fund – Hedged

Effective from the 1 July 2020, the performance fee was removed for the Underlying Fund for the RARE Infrastructure Wholesale Plus Value Fund – Hedged, being RARE Infrastructure Value Fund - Hedged (ARSN 121 027 709). The performance fee information in the Product Disclosure Statement for the RARE Infrastructure Value Fund - Hedged is no longer applicable.

1 July 2020 – RARE Infrastructure Wholesale Plus Value Fund – Unhedged

Effective from the 1 July 2020, the performance fee was removed for the Underlying Fund for the RARE Infrastructure Wholesale Plus Value Fund – Unhedged, being RARE Infrastructure Value Fund - Unhedged (ARSN 150 677 017). The performance fee information in the Product Disclosure Statement for the RARE Infrastructure Value Fund - Unhedged is no longer applicable.

Ef­fec­tive from the 21st July 2020, the buy spread for the Schroder Wholesale Plus Fixed Interest Fund (ARSN 602 130 236 APIR: BTA0545AU) has changed from +0.34% to +0.29%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 6th July 2020, the buy spread for the Kapstream Wholesale Plus Absolute Real Return Income Fund (ARSN 602 129 822 APIR: BTA0539AU) has changed from +0.20% to +0.15%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 3rd July 2020, the buy spread for the Macquarie Wholesale Plus Income Opportunities Fund (ARSN 602 130 174 APIR: BTA0544AU) has changed from +0.58% to +0.36%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 3rd July 2020, the buy spread for the Perpetual Wholesale Plus Diversified Income Fund (ARSN 602 190 554  APIR: BTA0556AU) has changed from +0.45% to +0.30%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 2nd July 2020, the buy spread for the Lazard Wholesale Plus Emerging Markets Equity Fund (ARSN 602 190 438 APIR: BTA0555AU) has changed from +0.80% to +0.70%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 2nd July 2020, the buy spread for the Ironbark Wholesale Plus Australian Small Companies Fund (ARSN 601 829 814  APIR: BTA0477AU) has changed from +0.50% to +0.40%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 2nd July 2020, the buy spread for the PIMCO Wholesale Plus Global Bond Fund (ARSN 602 109 464  APIR: BTA0498AU) has changed from +0.50% to +0.40%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 2nd July 2020, the buy spread for the PIMCO Wholesale Plus Diversified Income Fund (ARSN 602 109 857  APIR: BTA0499AU) has changed from +0.43% to +0.38%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 2nd July 2020, the buy spread for the Talaria Wholesale Plus Global Equity Fund (ARSN 602 190 474  APIR: BTA0563AU) has changed from +0.50% to +0.40%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

This notice updates information contained in the T. Rowe Price Wholesale Plus Global Equity Fund’s (APIR BTA0538AU, ARSN 602 109 357) (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.

Effective on 30 June 2020, the PDS is updated with the following information:

1. Investment in the Underlying Fund

The Unit Class in which the Fund invests in the Underlying Fund will change from APIR code ETL0071AU to APIR code ETL7771AU. Therefore the APIR code provided in the section titled ‘Investment management of the Fund’, on page 2 of the Product Disclosure Statement, which states ‘ETL0071AU’, is replaced with ‘ETL7771AU.’

2. Change in the number of securities held in the Underlying Fund portfolio

Ultimately, the portfolio manager of the Underlying Fund applies judgement to construct a focused global portfolio of the highest conviction investment ideas, typically a minimum of 130 holdings, within a diversified framework of country, sector and company guidelines. Therefore, the typical minimum holdings has adjusted from 90 to 130 holdings.

The Underlying Fund aims to invest in a portfolio of approximately 145 to 170 securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. Therefore, the range of securities held has adjusted from 130 to 145 securities to 145 to 170 securities.

Effective 1 July 2020, the management costs for the Fund will be reduced to 0.89% 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 “1.00% pa” with “0.89% 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:

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.

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.

Ef­fec­tive from the 24th June 2020, the buy spread for the AMP Wholesale Plus Corporate Bond Fund (ARSN 601 829 529  APIR: BTA0474AU) has changed from +1.20% to +0.50%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 24th June 2020, the buy spread for the Perpetual Wholesale Plus Diversified Income Fund (ARSN 602 190 554  APIR: BTA0556AU) has changed from +1.45% to +0.45%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 24th June 2020, the buy spread for the UBS Wholesale Plus Australian Bond Fund (ARSN 601 827 178  APIR: BTA0478AU) has changed from +0.84% to +0.13%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 23rd June 2020, the buy spread for the Macquarie Wholesale Plus Income Opportunities Fund (ARSN 602 130 174 APIR: BTA0544AU) has changed from +0.62% to +0.58%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 9th June 2020, the buy spread for the Schroder Wholesale Plus Fixed Interest Fund (ARSN 602 130 236 APIR: BTA0545AU) has changed from +0.39% to +0.34%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 9th June 2020, the buy spread for the Schroder Wholesale Plus Real Return CPI Plus 5% Fund (ARSN 612 668 578 APIR: WFS0866AU) has changed from +0.43% to +0.40%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 5th June 2020, the buy spread for the Kapstream Wholesale Plus Absolute Real Return Income Fund (ARSN 602 129 822 APIR: BTA0539AU) has changed from +0.30% to +0.20%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 5th June 2020, the buy spread for the Pendal Wholesale Plus Fixed Interest Fund (ARSN 602 130 290 APIR: BTA0547AU) has changed from +0.18% to +0.16%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 13th May 2020, the buy spread for the Pendal Wholesale Plus Fixed Interest Fund (ARSN 602 130 290 APIR: BTA0547AU) has changed from +0.25% to +0.18%. 

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Effective from the 11th May 2020, the buy spread for the Schroder Wholesale Plus Fixed Income Fund (ARSN 602 130 236 APIR: BTA0545AU) has changed from +0.47% to +0.39%. 

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Effective from the 11th May 2020, the buy spread for the Schroder Wholesale Plus Real Return CPI Plus 5% Fund (ARSN 612 668 578 APIR: WFS0866AU) has changed from +0.50% to +0.43%. 

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Effective from the 30th April 2020, the buy spread for the Pendal Wholesale Plus Fixed Interest Fund (ARSN 602 130 290 APIR: BTA0547AU) has changed from +0.31% to +0.25%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 27th April 2020, the buy spread for the Schroder Wholesale Plus Fixed Income Fund (ARSN 602 130 236 APIR: BTA0545AU) has changed from +0.51% to +0.47%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 21st April 2020, the buy spread for the Walter Scott Wholesale Plus Global Equity Fund (ARSN 602 129 984 APIR: BTA0542AU) has changed from +0.28% to +0.20%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 21st April 2020, the buy spread for the Macquarie Wholesale Plus Income Opportunities Fund (ARSN 602 130 174 APIR: BTA0544AU) has changed from +1.39% to +0.62%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 15th April 2020, the buy spread for the Kapstream Wholesale Plus Absolute Return Income Fund (ARSN 602 129 822 APIR: BTA0539AU) has changed from +0.50% to +0.30%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 15th April 2020, the buy spread for the Schroder Wholesale Plus Fixed Income Fund (ARSN 602 130 236 APIR: BTA0545AU) has changed from +0.68% to +0.51%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 15th April 2020, the buy spread for the Schroder Wholesale Plus Real Return CPI Plus 5% Fund (ARSN 612 668 578 APIR: BTA0866AU) has changed from +0.66% to +0.50%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced a reduction. The change to the buy / sell spread ensures that investors in the fund are treated fairly and the change in transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 8th April 2020, the buy spread for the Kapstream Wholesale Plus Absolute Return Income Fund (ARSN 602 129 822 APIR: BTA0539AU) has changed from +1.00% to +0.50%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 31st March 2020, the buy spread for the Kapstream Wholesale Plus Absolute Return Income Fund (ARSN 602 129 822 APIR: BTA0539AU) has changed from +1.75% to +1.00%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 31st March 2020, the buy spread for the Schroder Wholesale Plus Real Return CPI Plus 5% Fund (ARSN 612 668 578 APIR: WFS0866AU) has changed from +0.87% to +0.66%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 31st March 2020, the buy spread for the Schroder Wholesale Plus Fixed Income Fund (ARSN 602 130 236 APIR: BTA0545AU) has changed from +0.85% to +0.68%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 31st March 2020, the buy spread for the Perpetual Wholesale Plus Diversified Income Fund (ARSN 602 190 554 APIR: BTA0556AU) has changed from +0.85% to +1.45%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 27th March 2020, the buy spread for the Macquarie Wholesale Plus International Infrastructure Securities Fund (Hedged) (ARSN 612 671 860 APIR: WFS0867AU) has changed from +0.50% to +0.66%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 25th March 2020, the buy spread for the Walter Scott Wholesale Plus Global Equity Fund (ARSN 602 129 984 APIR: BTA0542AU) has changed from +0.21% to +0.28%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 23^rd March 2020, the buy spread for the UBS Wholesale Plus Australian Bond Fund (ARSN 601 827 178 APIR: BTA0478AU) has changed from +0.08% to +0.84%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 20^th March 2020, the buy spread for the Schroder Wholesale Plus Real Return CPI Plus 5% Fund (ARSN 612 668 578 APIR: WFS0866AU) has changed from +0.40% to +0.78%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 20^th March 2020, the buy spread for the Schroder Wholesale Plus Fixed Interest Fund (ARSN 602 130 236 APIR: BTA0545AU) has changed from +0.24% to +0.87%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 20^th March 2020, the buy spread for the Pendal Wholesale Plus Fixed Interest Fund (ARSN 602 130 290 APIR: BTA0547AU) has changed from +0.12% to +0.31%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 20^th March 2020, the buy spread for the Perpetual Wholesale Plus Diversified Fixed Income Fund (ARSN 602 190 554 APIR: BTA0556AU) has changed from +0.20% to +0.85%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 19^th March 2020, the buy spread for the PIMCO Wholesale Plus Diversified Fixed Income Fund (ARSN 602 109 857 APIR: BTA0499AU) has changed from +0.10% to +0.43%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 19^th March 2020, the buy spread for the PIMCO Wholesale Plus Global Bond Fund (ARSN 602 109 464 APIR: BTA0498AU) has changed from +0.10% to +0.50%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Ef­fec­tive from the 18^th March 2020, the buy spread for the AMP Wholesale Plus Corporate Bond Fund (ARSN 601 829 529 APIR: BTA0474AU) has changed from +0.40% to +1.20%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. 

Effective from the 18^th March 2020, the buy spread for the Macquarie Wholesale Plus Income Opportunities Fund (ARSN 602 130 174 APIR: BTA0544AU) has changed from +0.30% to +1.39%.

These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice. There is potential for the spread on this fund to change regularly.

Ef­fec­tive from the 16^th March 2020, the buy spread for the Kapstream Wholesale Plus Absolute Return Income Fund (ARSN 602 129 822  APIR: BTA0539AU) has changed from +0.00% to +1.00%.

The buy spread had a further change, effective from the 18^th March 2020, such that the buy spread for the Kapstream Wholesale Plus Absolute Return Income Fund (ARSN 602 129 822  APIR: BTA0539AU) has changed from +1.00% to +1.75%. These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Ef­fec­tive from the 16^th March 2020, the buy spread for the Kapstream Wholesale Plus Absolute Return Income Fund (ARSN 602 129 822  APIR: BTA0539AU) has changed from +0.00% to +1.00%.

The buy spread had a further change, effective from the 18^th March 2020, such that the buy spread for the Kapstream Wholesale Plus Absolute Return Income Fund (ARSN 602 129 822  APIR: BTA0539AU) has changed from +1.00% to +1.75%. These changes are reflective of the costs of transacting in the underlying assets which have experienced heightened market volatility as a consequence of the Covid-19 global pandemic. The increase to the buy / sell spread ensures that investors in the fund are treated fairly and the increased transactions costs are incurred by those investors who are transacting and not passed on to all unitholders. As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

Effective from the 21^st 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%.

Effective from the 21^st 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%.

Effective from the 21^st 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%.

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:

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.

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

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.

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: 

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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:

• 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.

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: 

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.

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:

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.

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:

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.

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:

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.

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

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.

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:

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:

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

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”. 

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.

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).

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 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).

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.

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.

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
       

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.