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) 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.