Wrap Essentials product updates

Westpac Financial Services Ltd (WFSL) ABN 20 000 241 127, AFSL No. 233716, as responsible entity of the Macquarie Dynamic Bond Fund, has reduced the ‘Management Fee’ as outlined in the table below. The effective date of the new Management Fee is 1 March 2025. The Product Disclosure Statement is available on request.

Effective from 22 December 2023, the buy spread for BT External Fixed Interest 2 (ARSN: 111 628 490 APIR: WF­S0379AU), has changed from 0.20% to 0.27%. The buy spread has changed to align to the underlying fund.

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 (ABN 20 000 241 127, AFSL 233716) (in their capacity as responsible entity) has advised that the BT Wrap Essentials funds listed below, which are currently available to existing investors through the Panorama Platform, are terminating with an effective date of Monday, 20 February 2023 and will be longer be available.

It is an­tic­i­pated that the re­turn of pro­ceeds to investors will be com­pleted by mid-March 2023.

Effective from 14 April 2022, the buy spread for BT Ex­ter­nal Aus­tralian Shares 9 (WFS0411AU) (ARSN 131 108 248 APIR: WFS0411AU), referred to in the PDS as the Tyndall Australian Share Wholesale Fund, has changed from 0.50% to 0.40%. The buy spread has changed to align to the underlying fund.

As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

With ef­fect from 31 March 2022, BT Ex­ter­nal Australian Shares 9 has changed the In­vest­ment Op­tion name in the PDS from Nikko AM Australian Shares Wholesale Fund to Tyndall Australian Share Wholesale Fund. The change is a re­sult of a change in name of the un­der­ly­ing in­vest­ment manager which was effective September 2021.

There is no change to the in­vest­ment ob­jec­tive, in­vest­ment strat­egy, investment man­ager or dis­tri­b­u­tion fre­quency for this In­vest­ment Op­tion.

Effective from 14 February 2022, the buy spread for BT External Fixed Interest 2 (ARSN: 111 628 490 APIR: WF­S0379AU), referred to in the PDS as the Macquarie Dynamic Bond Fund, has changed from 0.29% to 0.20%. The buy spread has changed to align to the underlying fund.

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 (ABN 20 000 241 127 AFSL 233716) (in their ca­pac­ity as re­spon­si­ble en­tity) has ad­vised that the BT Wrap Es­sen­tials funds listed be­low (the Funds) which are cur­rently avail­able on the Panorama Plat­form will no longer be avail­able as they are ter­mi­nat­ing with an ef­fec­tive date of Mon­day, 21 Feb­ru­ary 2022.

It is an­tic­i­pated that the re­turn of pro­ceeds to in­vestors will be com­pleted by early March 2022.

Westpac Financial Services Limited (ABN 20 000 241 127 AFSL 233716) (in their capacity as responsible entity) has advised that the BT Wrap Essentials funds listed below (the Funds) which are currently available on the Panorama Platform will no longer be available as they are terminating with an effective date of Monday, 18 October 2021.

It is an­tic­i­pated that the re­turn of pro­ceeds to investors will be com­pleted by early November 2021.

Effective from the 1 October 2021, the buy spread for BT External Australian Shares 7 (ARSN 131 109 021 APIR: WFS0409AU), referred to in the PDS as the Fidelity Australian Equities Fund, has changed from 0.40% to 0.30%. The buy spread has changed to align to the underlying fund.

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 Ltd (WFSL) ABN 20 000 241 127, AFSL No. 233716, as responsible entity of the funds in the table below has resolved that, with effect from 30 June 2021, the buy spread has changed to align to the underlying fund.

As indicated in the Product Disclosure Statement, these spreads may vary from time to time and we won’t ordinarily provide prior notice.

With effect from 30 June 2021, BT External Property 4 has changed the Investment Option name in the PDS from Ironbark RREEF Global Prop Sec to Ironbark Global Property Securities Fund. The change is a result of a change in name of the underlying investment manager.

There is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.

Westpac Financial Services Ltd (WFSL) ABN 20 000 241 127, AFSL No. 233716, as responsible entity of the Funds in the table below has resolved that, with effect from 30 June 2021, the ‘Management Costs will be reduced as outlined in the table below.

With effect from 4 March 2021, BT External Fixed Interest 8 has changed the Investment Option name in the PDS from Pendal Enhanced Cash to Pendal Short Term Income Securities Fund. The change is a result of a change in name of the underlying investment manager.

There is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.

Westpac Financial Services Ltd (WFSL) ABN 20 000 241 127, AFSL No. 233716, as responsible entity of the funds in the table below has resolved that, with effect from 1 December 2020, the ‘Management Fees’ will be reduced as outlined in the table below.

BT Funds Management Limited, as the responsible entity of the BT Multi-manager Australian Share Fund ARSN 131 108 042 (APIR: BTA0310AU) and BT Multi-manager Fixed Interest Fund ARSN 089 133 184 (APIR: BTA0311AU) (the Funds), has decided to terminate the Funds from 30 November 2020.

It is anticipated that the return of proceeds to members will be completed by mid-December 2020.

Westpac Financial Services Ltd (WFSL) ABN 20 000 241 127, AFSL No. 233716, as responsible entity of BT External International Shares 8 ARSN 131 107 938 (APIR: WFS0416AU), referred to in the PDS as the Templeton Global Equity Fund (Fund) has resolved that, with effect from 14 October 2020, the 'Management Costs' for the Fund will be reduced from 2.15% to 1.97%.

Westpac Financial Services Ltd (WFSL) ABN 20 000 241 127, AFSL No. 233716, as responsible entity of BT External Australian Shares 5 ARSN 111 629 264 (APIR: WFS0388AU), referred to in the PDS as the Vanguard Australian Shares Index Fund (Fund) has resolved that, with effect from 14 October 2020, the 'Management Costs' for the Fund will be reduced from 1.40% to 1.38%. 

Effective from the 4th September 2020, the buy spread for BT External Fixed Interest 14 (ARSN 140 393 755 APIR: WFS0432AU), referred to in the PDS as the Schroder Fixed Income Fund, has changed from 0.34% to 0.24%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External International Shares 9 (ARSN: 140 396 452 APIR: WFS0433AU), referred to in the PDS as the Aberdeen Emerging Opportunities Fund, has changed from 0.50% to 0.44%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Fixed Interest 10 (ARSN: 140 394 145 APIR: WFS0428AU), referred to in the PDS as the Advance Australian Fixed Interest Multi-Blend Fund, has changed from 0.1% to 0.35%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Fixed Interest 11 (ARSN: 140 394 056 APIR: WFS0429AU), referred to in the PDS as the Advance International Fixed Interest Multi-Blend Fund, has changed from 1.1% to 0.4%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Australian Shares 13 (ARSN: 140 395 375 APIR: WFS0421AU), referred to in the PDS as the Ausbil Australian Active Equity Fund, has changed from 0.58% to 0.60%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External International Shares 5 (ARSN: 131 107 830 APIR: WFS0413AU), referred to in the PDS as the Janus Henderson Wholesale Global Natural Resources Fund, has changed from 0.50% to 0.30%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Fixed Interest 12 (ARSN: 140 393 960 APIR: WFS0430AU), referred to in the PDS as the OnePath Wholesale Diversified Fixed Interest Fund, has changed from 0.04% to 0.44%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Fixed Interest 2 (ARSN: 111 628 490 APIR: WFS0379AU), referred to in the PDS as the Macquarie Dynamic Bond Fund, has changed from 0.84% to 0.33%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Fixed Interest 13 (ARSN 140 393 817 APIR: WFS0431AU), referred to in the PDS as the Macquarie Income Opportunities Fund, has changed from 0.90% to 0.36%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Fixed Interest 5 (ARSN 111 628 730 APIR: WFS0382AU), referred to in the PDS as the PM Capital Enhanced Yield Fund, has changed from 0.20% to 0.40%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Fixed Interest 14 (ARSN 140 393 755 APIR: WFS0432AU), referred to in the PDS as the Schroder Fixed Income Fund, has changed from 0.39% to 0.34%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Australian Shares 9 (ARSN 131 108 248 APIR: WFS0411AU), referred to in the PDS as the Nikko AM Australian Share Fund, has changed from 0.60% to 0.50%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External Australian Shares 5 (ARSN 111 629 264 APIR: WFS0388AU), referred to in the PDS as the Vanguard Australian Shares Index Fund, has changed from 0.20% to 0.10%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External International Shares 4 (ARSN 111 629 326 APIR: WFS0389AU), referred to in the PDS as the Vanguard International Shares Index Fund, has changed from 0.20% to 0.12%. The buy spread has changed to align to the underlying fund.

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 July 2020, the buy spread for BT External International Shares 15 (ARSN 140 396 532 APIR: WFS0439AU), referred to in the PDS as the Zurich Investments Global Thematic Share Fund, has changed from 0.16% to 0.12%. The buy spread has changed to align to the underlying fund.

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 Ltd (WFSL) ABN 20 000 241 127, AFSL No. 233716, as responsible entity of BT External International Shares 7 ARSN 131 108 597 (APIR: WFS0415AU) (Fund) has resolved that, with effect from 1 July 2020, the 'Management Costs' for the Fund will be reduced from 2.20% to 1.96%. 

Effective from the 18th May 2020, the buy spread for BT External Diversified 4 (ARSN: 140 399 346 APIR: WFS0440AU), referred to in the PDS as the Advance Defensive Multi-Blend Fund, has changed from +0.53% to +0.35%. The change in buy spread is a result of a change to the underlying fund.

The increase to the buy 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 18th May 2020, the buy spread for BT External Diversified 5 (ARSN: 140 394 298 APIR: WFS0441AU), referred to in the PDS as the Advance Moderate Multi-Blend Fund, has changed from +0.51% to +0.39%. The change in buy spread is a result of a change to the underlying fund.

The increase to the buy 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 18th May 2020, the buy spread for BT External Diversified 6 (ARSN: 140 399 266 APIR: WFS0442AU), referred to in the PDS as the Advance Balanced Multi-Blend Fund, has changed from +0.50% to +0.43%. The change in buy spread is a result of a change to the underlying fund.

The increase to the buy 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 18th May 2020, the buy spread for BT External Diversified 7 (ARSN: 140 399 168 APIR: WFS0443AU), referred to in the PDS as the Advance Growth Multi-Blend Fund, has changed from +0.47% to +0.44%. The change in buy spread is a result of a change to the underlying fund.

The increase to the buy 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 18th May 2020, the buy spread for BT Wholesale Multi-Manager Fixed Interest Fund (ARSN: 131 108 819 APIR: BTA0311AU) has changed from +0.71% to +0.37%. The change in buy spread is a result of a change to the underlying fund.

The increase to the buy 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 13th May 2020, the buy spread for BT External Fixed Interest 14 (ARSN: 140 393 755 APIR: WFS0432AU), referred to in the PDS as the Schroder Fixed Income Fund, has changed from +0.68% to +0.39%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT External Fixed Interest 13 (ARSN: 140 393 817 APIR: WFS0431AU), referred to in the PDS as the Macquarie Income Opportunities Fund, has changed from +0.30% to +0.90%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT External Fixed Interest 2 (ARSN: 111 628 490 APIR: WFS0379AU), referred to in the PDS as the Macquarie Dynamic Bond Fund, has changed from +0.16% to +0.84%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT Wholesale Multi-Manager Fixed Interest Fund (ARSN: 131 108 819 APIR: BTA0311AU) has changed from +0.14% to +0.71%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT External Diversified 5 (ARSN: 140 394 298 APIR: WFS0441AU), referred to in the PDS as the Advance Moderate Multi-Blend Fund, has changed from +0.32% to +0.51%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT External Fixed Interest 14 (ARSN: 140 393 755 APIR: WFS0432AU), referred to in the PDS as the Schroder Fixed Income Fund, has changed from +0.24% to +0.68%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT External Fixed Interest 11 (ARSN: 140 394 056 APIR: WFS0429AU), referred to in the PDS as the Advance International Fixed Interest Multi-Blend Fund, has changed from +0.20% to +1.10%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT External Diversified 7 (ARSN: 140 399 168 APIR: WFS0443AU), referred to in the PDS as the Advance Growth Multi-Blend Fund, has changed from +0.44% to +0.47%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT External Diversified 6 (ARSN: 140 399 346 APIR: WFS0440AU), referred to in the PDS as the Advance Defensive Multi-Blend Fund, has changed from +0.24% to +0.53%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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 17th April 2020, the buy spread for BT External Diversified 6 (ARSN: 140 399 266 APIR: WFS0442AU), referred to in the PDS as the Advance Balanced Multi-Blend Fund, has changed from +0.40% to +0.50%. The change in buy spread is a result of a change to the underlying fund. 

The increase to the buy 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.

With effect from Thursday 1 September 2016, the name of BT External International Shares 6, the Investment Option referred to in the PDS as DWS Global Equity Thematic, changed to Ironbark Waverton Concentrated Global Share Fund (previously known as Ironbark GTP Global Equity Thematic from 29 July 2013 to 31 August 2016). Waverton Investment Management Ltd has been appointed as the investment manager of the underlying fund.

The information in the following table replaces the investment objective, investment strategy, investment manager and set out for the Ironbark Waverton Concentrated Global Share Fund (previously known as DWS Global Equity Thematic) investment option in the 'Investment Option profiles' section on page 37 of the PDS:

The information below updates the Wrap Essentials Investment Funds Product Disclosure Statement (PDS) dated 27 November 2009, issued by BT Funds Management Limited (ABN 63 002 916 458, AFSL 233 724), BT Funds Management No. 2 Limited (ABN 22 000 727 659, AFSL 233 720) and Westpac Financial Services Limited (ABN 20 000 241 127, AFSL 233 716) as updated by the Supplementary Product Disclosure Statement (SPDS) issued 16 March 2010, the Second SPDS issued 1 July 2010, the Third SPDS issued 20 March 2012 and the Fourth SPDS issued 1 July 2013, and should be read together with the PDS.

With effect from Wednesday 17 September 2014, the name of BT External Australian Shares 9, the Investment Option referred to in the PDS as Tyndall Australian Share, changed to Nikko AM - Tyndall Australian Share. The change in the Investment Option name is a result of a change in name of the underlying investment manager.

There is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.

About this update
This update outlines the changes in respect of the following effective from 1 July 2014:

Amendments to the ‘Fees and other costs’ section

i) The Consumer Advisory Warning, on page 70 of the PDS, is deleted and replaced with the following:

 ii) The terminology in the table outlining the fees when your money moves in or out of the Investment Option, on page 70 of the PDS, has changed. The ‘Termination fee’ is now known as an ‘Exit fee’. 

Amendments to the ‘Taxation’ section

The following new paragraph is inserted after the ‘Non residents of Australia’ in the ‘Taxation’ section on page 81 of the PDS:

Our Reporting Obligations

We are required to identify certain US persons in order to meet account information reporting requirements under local and international laws.

If you or (where you are applying on behalf of an entity) the entity and/or any office bearer* of the entity and/or any individual who holds an interest in the entity of more than 25% (a Controlling Person) are a US citizen or US tax resident, you must telephone 1300 725 863 at the time of completing the application.  When you contact us you will be asked to provide additional information about your US tax status and/or the US tax status of the entity and/or any Controlling Person which will constitute certification of US tax status for the purposes of the application. 

Unless you notify us that you or (where you are applying on behalf of an entity) the entity and/or any Controlling Person are a US citizen or US tax resident as specified above, by completing the application you certify that you or (where you are applying on behalf of an entity) the entity and/or any Controlling Person are not a US citizen or US tax resident.  

If at any time after account opening, information in our possession suggests that you, the entity and/or any Controlling Person may be a US citizen or US tax resident, you may be contacted to provide further information on your US tax status and/or the US tax status of the entity and/or any Controlling Person.  Failure to respond may lead to certain reporting requirements applying to the account.

*Director of a company, partner in a partnership, trustee of a trust, chairman, secretary or treasurer of an association or co-operative

Changes to estimated performance fees

The ‘Performance fee’ estimate, in the ‘Further information on management costs and buy-sell spread’ table on page 78 and 79 of the PDS, is updated for the following Investment Options:

⁷ The performance fee included in management costs in the table is an estimate only based on the performance fees paid over the 12 months to 31 December 2013. This performance fee estimate is not a representation of likely future performance. The actual performance fee and therefore the total management cost will depend on the performance of the relevant investment managers and is likely to vary from this estimate.

For more information
For more information, talk to your financial planner or contact BT Customer Relations between 8.30am-5.30pm (Monday to Friday, Sydney time).

Investment in the Wrap Essentials Investment Funds
BT Funds Management Limited, BT Funds Management No. 2 Limited and Westpac Financial Services Limited are members of the Westpac Group. An investment in any Investment Option offered in the PDS is not an investment in, deposit with, or any other liability of, Westpac Banking Corporation ABN 33 007 457 141 (the  Bank’) or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and the loss of income and principal invested. The Bank is not the issuer of any Investment Option. Neither the Bank nor any other company in the Westpac Group stands behind or otherwise guarantees the capital value or investment performance of any Investment Option offered in the PDS.

Privacy Statement Update - 12 March 2014 (PDF 93 KB)

The Australian Securities and Investments Commission (ASIC) has issued a set of benchmarks and disclosure principles, contained in ASIC Regulatory Guide 240: Hedge Funds: Improving disclosure (RG 240), which is aimed at helping investors understand and assess hedge funds.

The disclosure benchmarks and principles set out in RG 240 apply to the Wrap Essentials Investment Fund investment option listed below, which is offered through Wrap Essentials and Super Wrap Essentials (together, Wrap Essentials).

• BT External International Shares 11 (ARSN 140 396 756) the Investment Option referred to as BlackRock Global Allocation (the Fund).

The responsible entity of the Fund is Westpac Financial Services Limited (WFSL) ABN 20 000 241 127, AFSL 233 716 (WFSL).

The Fund will fall within the definition of a ‘fund of hedge funds’ because it invests in another fund, BlackRock Global Allocation Fund ARSN 114 214 701 (the Underlying Fund), which has been identified as a hedge fund for the purposes of RG 240.

Investors should review this information in conjunction with the Wrap Essentials Investment Funds Product Disclosure Statement (“PDS”) dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (“SPDS”) dated 16 March 2010, the Second SPDS dated 1 July 2010, the Third SPDS dated 20 March 2012 and the Fourth SPDS dated 1 July 2013.

What additional information should I expect?

ASIC requires a responsible entity of a fund of hedge funds to enhance existing disclosure by providing specific information regarding how the fund’s assets are valued, the periodic reporting it will provide and the relevant details set out in the disclosure principles outlined under RG240.

The Australian Securities and Investments Commission (ASIC) has issued a set of benchmarks and disclosure principles, contained in ASIC Regulatory Guide 240: Hedge Funds: Improving disclosure (RG 240), which is aimed at helping investors understand and assess hedge funds.

The disclosure benchmarks and principles set out in RG 240 apply to the Wrap Essentials Investment Fund investment option listed below, which is offered through Wrap Essentials and Super Wrap Essentials (together, Wrap Essentials).

• BT External International Shares 3 (ARSN 105 250 726) the Investment Option referred to as Platinum International (the Fund).

The responsible entity of the Fund is Westpac Financial Services Limited (WFSL) ABN 20 000 241 127, AFSL 233 716 (WFSL).

The Fund will fall within the definition of a ‘fund of hedge funds’ because it invests in another fund, Platinum International Fund ARSN 089 528 307 (the Underlying Fund), which has been identified as a hedge fund for the purposes of RG 240.

Investors should review this information in conjunction with the Wrap Essentials Investment Funds Product Disclosure Statement (“PDS”) dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (“SPDS”) dated 16 March 2010, the Second SPDS dated 1 July 2010, the Third SPDS dated 20 March 2012 and the Fourth SPDS dated 1 July 2013.

What additional information should I expect?

ASIC requires a responsible entity of a fund of hedge funds to enhance existing disclosure by providing specific information regarding how the fund’s assets are valued, the periodic reporting it will provide and the relevant details set out in the disclosure principles outlined under RG240.

Effective on or around 18 February 2014, the underlying investment manager for the BT Asian Share Fund (ARSN 087 595 131) will change to JO Hambro Capital Management Group (a wholly owned subsidiary of BT Investment Management).

There will be no change to the investment objective, asset allocation, benchmark, buy/sell spreads and management fees.

The change in investment manager will incur transaction costs within the Fund. The cost incurred will depend on market conditions at the time.

The information in the following table replaces the investment manager set out for the BT Asian Share Fund investment option in the 'Investment Option profiles’ section on page 33 of the PDS:

Investment manager    JO Hambro

The performance hurdle for BT External Australian Shares 14 (relating to the Ausbil Australian Emerging Leaders investment option) has changed as a result of a change by the underlying fund manager. Accordingly, the 'Performance hurdle' section of the Performance fee table on page 73 of the PDS is replaced with the following:

Effective 18 September 2013, disclosure has been amended for the BT External Specialist 5 (ARSN 111 629 451), the Investment Option referred to as Ibbotson International Shares High Opportunities (Unhedged).

(i) The information in the following table replaces the recommended investment timeframe set out for the Ibbotson International Shares High Opportunities (Unhedged) investment option in the 'Investment Option profiles’ section on page 16 of the PDS:

(ii) The information in the following table replaces the investment objective set out for the Ibbotson International Shares High Opportunities (Unhedged) investment option in the 'Investment Option profiles' section on page 38 of the PDS:

The ARSN for BT External Property 5 (relating to the Advance Property Securities Multi-Blend Investment Option) which has been incorrectly stated on page 90 of the PDS is replaced with the following correct ARSN for BT External Property 5:

140 392 945

With effect from Monday 29 July 2013, the name of BT External International Shares 6, the Investment Option referred to in the PDS as DWS Global Equity Thematic, changed to Ironbark GTP Global Equity Thematic. The change in name is a result of a change in name of the underlying investment manager. As a result of this change, there is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.

With effect from Monday 29 July 2013, the name of BT External Property 4, the Investment Option referred to in the PDS as RREEF Global Property Securities, changed to Ironbark RREEF Global Property Securities. The change in name is a result of a change in name of the underlying investment manager. As a result of this change, there is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.

The buy-sell spread for the following funds has been updated as follows:

(i) The information in the following table replaces the buy-sell spread set out for Ausbil Active Australian Equity Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 79 of the PDS:

(ii) The information in the following table replaces the buy-sell spread set out for the BlackRock Global Small Cap Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 78 of the PDS:

(iii) The information in the following table replaces the buy-sell spread set out for the Macquarie Diversified Fixed Interest Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 80 of the PDS:

(iv) The information in the following table replaces the buy-sell spread set out for the PM Capital Enhanced Yield Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 80 of the PDS:

(v) The information in the following table replaces the buy-sell spread set out for the Schroder Fixed Income Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 80 of the PDS:

(vi) The information in the following table replaces the buy-sell spread set out for the UBS International Share Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 79 of the PDS:

(vii) The information in the following table replaces the buy-sell spread set out for the Vanguard International Shares Index Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 79 of the PDS:

(viii) The information in the following table replaces the buy-sell spread set out for the Zurich Australian Equity Income Fund in the 'Further information on management costs and buy-sell spread Investment Options profiles' section on page 79 of the PDS:

Information in the PDS relating to Reduced Input Tax Credits (RITC) is being updated in the following manner:

• Footnote 2 on page 74 of the PDS is replaced with the following updated text:
  This amount is net of GST and reduced input tax credits (RITCs).
• The last paragraph under the heading Goods and Services Tax (GST) on page 81 of the PDS is replaced with the following updated text:
  The Investment Options may be entitled to claim a refund (Reduced Input Tax Credit (RITC)) for part of the GST included in the price of most purchases.

The ARSN for BT External International Shares 1 (relating to the Aberdeen Actively Hedged International Equities Investment Option) which has been incorrectly stated on page 89 of the PDS is replaced with the following correct ARSN for BT External International Shares 1:

105 252 417

The APIR code for the BT Multi-manager Conservative Fund, which has been incorrectly stated on page 88 of the PDS, is replaced with the following correct APIR code for the BT Multi-manager Conservative Fund:

BTA0078AU

• Consistent with the payment arrangements for management costs applicable to other Investment Options, the issuer fee for the BT Geared Imputation Fund is paid from the assets of the Investment Option and reflected in the unit price of your investment. Accordingly, footnote 6 on page 71 of the PDS is deleted.

• The final sentence in the BT Geared Imputation Fund Impact of gearing section on page 82 of the PDS is replaced with the following updated text:

  Instead, the losses can generally be offset against future income or gains of the Investment Option, subject to the Investment Option passing certain tests.

• BT International Equities Update - 17 December 2012 (PDF 38 KB)
  

The benchmark for the BlackRock Global Small Cap Fund has changed to the S&P Global MidSmall Cap Index. Accordingly, the 'Benchmark' section of the Investment Option profile for the BlackRock Global Small Cap Fund on page 32 of the PDS is replaced with the following:

Effective 1 July 2012, the asset allocation ranges, for the following Advance Multi-Blend and BT Multi-Manager diversified Investment Options have changed.

The information in the following table replaces the asset allocation ranges set out for the BT Multi-manager Conservative and Advance Defensive Multi-Blend Fund in the ‘Investment Options profiles’ section on pages 21 & 22 of the PDS:

The information in the following table replaces the asset allocation ranges set out for the Advance High Growth Multi-Blend and BT Multi-manager High Growth Fund in the ‘Investment Options profiles’ section on page 18 of the PDS:

This information is in relation to BT External Fixed Interest 13 (ARSN 140 393 817), the Investment Option referred to as Macquarie Income Opportunities in the Wrap Essentials Investment Funds Product Disclosure Statement (PDS) dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (SPDS) issued 16 March 2010, the Second SPDS issued 1 July 2010 and the Third SPDS issued 20 March 2012.

Effective 2 April 2012, disclosure has been amended for this Investment Option. Accordingly, the ‘Asset allocation neutral position (NP) and ranges %’ section of the Investment Option profile for the Macquarie Income Opportunities Fund on page 57 of the PDS is replaced with the following:

Note: No changes have been made to the neutral allocations.

The benchmark for the Advance International Fixed Interest Multi-Blend Fund has changed to the Barclays Global Aggregate Bond Index (fully hedged). Accordingly, the ‘Benchmark’ section of the Investment Option profile for the Advance International Fixed Interest Multi-Blend on page 26 of the PDS is replaced with the following:

With effect from Monday 27 February 2012, the name of BT External Fixed Interest 12, the Investment Option referred to in the PDS as ING Diversified Fixed Interest, changed to OnePath Diversified Fixed Interest. The change in name is a result of a change in name of the underlying investment manager. As a result of this change, there is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.

The information below is in relation to BT External Diversified 3 - effective 29 September 2011

This information is in relation to BT External Diversified 3 (ARSN 105 252 524), the Investment Option referred to as Perpetual conservative Growth in the Wrap Essentials Investment Funds Product Disclosure Statement dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (SPDS) dated 16 March 2010 and the SPDS dated 1 July 2010.

Effective 29 September 2011, disclosure has been amended for this Investment Option. Accordingly, the following replaces footnote 6 related to this Investment Option on page 31 of the PDS.

6_ The Fund gains its exposure to Australian shares by investing in an underlying fund/s which invest/s primarily in Australian listed or soon to be listed shares but may have up to 20% exposure to stocks outside Australia. The investment guidelines showing the Fund’s maximum investment in international shares do not include this potential additional exposure. Short positions may be part of the underlying Australian share funds’ strategy. Currency hedges may be used from time to time.

No changes have been made to the investment objective or investment strategy.

Changes to Investment Option profiles - Asset allocation neutral position (NP) and ranges

As at 1 March 2011, changes have been made to the asset allocations and asset sector ranges to a selection of the Advance Multi-Blend and BT Multi-manager Investment Options available through Wrap Essentials Investment Funds. The Asset allocation neutral position (NP) and ranges have been updated as shown below.

The information below is in relation to BT External Specialist 1 - effective 1 February 2011

BT External Specialist 1 (ARSN 105 252 677), the Investment Option referred to as Schroder Hybrid Securities in the Wrap Essentials Investment Funds Product Disclosure Statement dated 27 November 2009 as amended by the Supplementary Product Disclosure Statement (SPDS) dated 16 March 2010 and the SPDS dated 1 July 2010.

Effective 1 February 2011, the name of the Investment Option has will change from Schroder Hybrid Securities to Schroder Credit Securities. All references in the PDS to Schroder Hybrid Securities are replaced with Schroder Credit Securities. The change in name provides a more accurate description of the underlying investments of this Investment Option. No changes have been made to the investment objective or investment strategy.

With effect from Monday 2 August 2010, the name of BT Australian Shares 8, the Investment Option referred to in the PDS as Goldman Sachs JBWere Australian Infrastructure, changed to Goldman Sachs Australian Infrastructure. The change in name is a result of a change in name of the underlying investment manager. As a result of this change, there is no change to the investment objective, investment strategy, investment manager or distribution frequency for this Investment Option.

From 1 July 2010, the distribution frequency for the Advance High Growth Multi Blend, Advance Growth Multi Blend, Advance Australian Shares Multi Blend and Advance International Fixed Interest Multi Blend Funds is increasing to Quarterly.

Accordingly, the ‘Distribution frequency' section of the Investment Option profiles for the Advance High Growth Multi Blend, Advance Growth Multi Blend, Advance Australian Shares Multi Blend and Advance International Fixed Interest Multi Blend Funds on pages 18-26 of the PDS is replaced with the following:

The benchmark for the Australian Shares Multi-Blend Fund has changed to the S&P/ASX 300 Accumulation Index. Accordingly, the ‘Benchmark’ section of the Investment Option profile for the Australian Shares Multi-Blend on page 24 of the PDS is replaced with the following: