Note - Amendment to the Wholesale Access Fund Trust Deed 
Clause 15.3.1 of the Trust Deed for the "minimum liquid investment" wording was amended. This amended wording clarifies existing wording and allows for a minimum amount to be set by the Operator rather than enshrining a prescribed minimum amount in the Trust Deed. This amendment is not considered materially adverse to investors. You may obtain a copy of the Trust Deed upon request at no cost.

Effective 1 July 2008
The following funds were added to the Product List:

• Tyndall Australian Share Wholesale Portfolio

The following funds have changed their name:

• The ABN AMRO Europe Equity Fund is now the Fortis Investments Europe Equity Fund
• The ABN AMRO Global Equity Fund is now the Fortis Investments Global Equity Fund
• The Credit Suisse Global Hybrid Income Fund is now the Credit Suisse Global Income Fund

No funds were removed from the Product List.

Effective 1 April 2008
The following funds had their Asset Rating downgraded:

• Centro Direct Property Fund is now rated speculative
• Centro Direct Property Fund International is now rated speculative
• Colonial First State Geared Share Fund is now rated cautious
• Perpetual Geared Share Fund is now rated cautious. 

The following fund has changed its name:

• The Merrill Lynch Monthly Income Fund is now the Blackrock Monthly Income Fund

The following fund was removed from the Product List:

• Credit Suisse High Growth Fund

Effective 1 January 2008
The following funds were added to the Prodcut List:

• Treasury Asia Asset Management New Asia Fund
• Vanguard Emerging Markets Shares Index Fund. 

The following fund has changed its name

• The Zurich Investments International Share Fund is now the Zurich Investments Global Thematic Share Fund

No funds were removed from the Product List.

Effective 1 October 2007
The following funds were added to the Product List:

• Lazard Emerging Markets Fund
• MLC Wholesale Global Property Fund 

The following funds will change their name effective 8 October:

• The Deutsche Australian Equities Alpha Fund is now the Aberdeen Australian Equities Fund
• The Deutsche Australian Small Companies Fund is now the Aberdeen Australian Small Companies Fund
• The Deutsche Strategie Value Fund is now the RREEF Strategic Value Fund

No funds were removed from the Product List.

Effective 2nd April 2007
The following funds were added to the Product List:

• Equity Trustees Grange Wholesale High Income Fund
• Colonial First State Wholesale Enhanced Yield Fund

The following funds were removed from the Product List and are closed to new investors:

• HFA Equities Fund
• HFA Conservative Investment Fund

Effective 16 January 2007
The following fund was added to the Product List:

• Equity Trustees SGH LaSalle Global Listed Property Securities Trust

The following fund has changed its name

• Macquarie Master Lazard Global Equity Fund is now the Arrowstreet Global Equity Fund (Hedged)

No funds were removed from the Product List.

Effective 30 September 2006
The following funds were added to the Product List:

• Advance Concentrated Australian Equity Fund
• APN Property for Income Fund No. 2
• Centro Direct Property Fund International
• Fidelity Australian Equities Fund
• Fidelity China Fund
• Fidelity India Fund
• Fidelity Japan Fund
• IOOF/Perennial Property Trust
• Macquarie Australian Small Companies Fund
• RREEF Global (ex-Australia) Property Securities Fund

Effective 10 August 2006 
The following funds were removed from the Product List:

• Allianz Global Investors RCM European Investment Fund
• BT Wholesale Value Global Share Fund
• Ellerston Asia Fund  
• Macquarie Master Small Companies Fund.

The following fund has changed its name:

• Deutsche Paladin Property Securities Fund is now RREEF Paladin Property Securities Fund.

Effective 25 May 2006
The following funds were added to the Product List:

• AXA Wholesale Global Equity - Growth Fund
• Colonial First State Global Resources Long Short Fund
• Ventura Australian Shares Fund
• Ventura International Shares Fund

Effective 31 March 2006
The following funds were added to the Product List:

• GVI Global Industrial Share Fund
• Macquarie Professional Series Walter Scott Global Equity Fund
• Perpetual Diversified Income Fund.

The following funds were removed from the Product List:

• APN Property For Income Fund
• Glebe Small Cap Shares Trust.

The following fund has changed its name:

• Perpetual James Fielding Wholesale Property Securities Fund is now Perpetual's Wholesale Property Securities Fund.

Effective 1 January 2006
The following funds were added to the Product List:

• Franklin International Property Fund
• Credit Suisse Wholesale Property Securities Fund.

The following funds have changed their names:

• AMP Capital Sustainable Future International Share Fund (Class A) is now the AMP Capital Responsible Investment Leaders International Share Fund (Class A)
• MLC Investment Trust Australian Share Fund is now the MLC Wholesale Australian Share Fund
• MLC Investment Trust Incomebuilder
  is now the MLC Wholesale Incomebuilder
• MLC Investment Trust Global Share Fund
  is now the MLC Wholesale Global Share Fund
• MLC Investment Trust MLC Capital International Global Share Fund is now the MLC Wholesale MLC Capital International Global Share Fund
• MLC Investment Trust Property Securities Fund is now the MLC Wholesale Property Securities Fund
• MLC Investment Trust Accelerated Growth  (Multi-Manager) Fund is now the MLC Wholesale Horizon 7 Accelerated Growth Portfolio
• MLC Investment Trust Balanced (Multi-Manager) Fund is now the MLC Wholesale Horizon 4 Balanced Portfolio
• MLC Investment Trust Growth (Multi-Manager) Fund is now the MLC Wholesale Horizon 5 Growth Portfolio
• MLC Investment Trust Share (Multi-Manager) Fund is now the MLC Wholesale Horizon 6 Share Portfolio.

Effective 2 December 2005
Citigroup Inc has sold its asset management business, including Citigroup Asset Management Australia Limited to Legg Mason Inc.

To reflect the new ownership by Legg Mason Inc, Citigroup Asset Management Australia Limited has changed its name to Legg Mason Asset Management Australia Limited. New PDS documents have been issued, effective Friday 2 December. These are available on the AET website. The names of all ex-Citibank wholesale funds on the Product List also reflects this change, with 'Legg Mason' appearing before each fund.

Effective 21 November 2005 
Fund Manager, Allianz Dresdner Asset Management Limited has advised that they will no longer be accepting applications in the Allianz Global Investors RCM European Investment Fund.  As of 18 January 2006, the fund manager will sell the fund's entire assets and distribute the proceeds to unit holders in proportion to their holdings in the fund after providing for expenses.

The Ellerston Asia Fund has been added to the Wholesale Fund Product List. The PDS for this fund is available on the Adviser Services page of the AET website.

Effective 1 October 2005
The following funds were added to the Product List:

• The Hayberry Australian Share Fund
• The Manifest Australian Share Fund
• The Citigroup Emerging Markets Trust
• The Credit Suisse Asset Management Global Hybrid Income Fund.

The following funds have changed their names:

• The Challenger Boutique Australian Share Portfolio has changed its name to the Challenger Custom Choice Boutique Australian Share Portfolio
• The Challenger FM MTM Australian Share Wholesale Portfolio has changed its name to the Challenger FM Custom Choice Australian Share Portfolio
• The Questor Traded Properties Fund has changed its name to the Questor Property Income Plus Fund.

Effective 10 August 2005
The following funds were added to the Product List:

• Platinum Asia Fund
• Platinum European Fund and
• Platinum Japan Fund

Effective 31 March 2005
Challenger Financial Services Group (Challenger) acquired HSBC Asset Management (Australia) Limited, and renamed it Challenger Funds Management Limited. There have been a number of changes as a result of the acquisition. Please see below for information on the new fund names. New PDSs are available.

• HSBC Imputation Wholesale Fund is now the  Challenger FM Imputation Wholesale Fund. APIR Code HBC0011AU
• HSBC Active Australian Equity Wholesale Fund is now the Challenger FM MTM Australian Share Wholesale Portfolio. APIR Code HBC0113AU
• HSBC Australian Share Wholesale Fund is now the Challenger FM Australian Share Wholesale Fund. APIR Code HBC0007AU
• HSBC Australian Small Companies Wholesale Fund is now the Challenger FM Small Companies Wholesale Fund. APIR Code HBC0006AU
• HSBC International Equity Wholesale Fund is now the Challenger FM MTM International Share Wholesale Portfolio. APIR Code HBC0012AU
• HSBC Asian Equity Wholesale Fund is now the Challenger FM Asian Share Wholesale Fund. APIR Code HBC0010AU
• HSBC Property Securities Wholesale Fund is now the Challenger FM Property Securities Wholesale Fund. APIR Code HBC0008AU
• HSBC Strategic Property Wholesale Fund is now the Challenger FM Strategic Property Wholesale Fund. APIR Code HBC0013AU
• HSBC Diversified Growth Wholesale Fund is now the Challenger FM Diversified Growth Wholesale Fund. APIR Code HBC0009AU

The new fund manager has closed the following funds to new and additional investments as at 30/06/05:

• Challenger FM Australian Share Wholesale Fund HBC0007AU
• Challenger FM Small Companies Wholesale Fund HBC0006AU
• Challenger FM MTM International Share Wholesale Portfolio HBC0012AU
• Challenger FM Diversified Growth Wholesale Fund HBC0009AU

Current investors will still be able to reinvest distributions.

Effective 19 July 2005 
Hyperion Asset Management Limited has renamed its suite of wholesale managed funds. The renaming of the funds completes Hyperion's rebranding which commenced in October 2004 with the change of their company name from WHTM Asset Management Limited to Hyperion Asset Management Limited. New PDSs are available.

Allianz Dresdner Asset Management Limited has changed its name to Allianz Global Investors Australia Limited. Due to this change, the fund names have also changed.
Dresdner RCM European Investment Fund will now be called Allianz Global Investors RCM European Investment Fund.
Dresdner RCM International Equities Fund will now be called Allianz Global Investors RCM Global Analysts' Choice Fund. 

The AMP Capital Small Companies Fund (Class A) will no longer be accepting new investments from 30 June 2005 onwards. The fund will however, continue to accept additional investments from existing investors.

MLC Investments Limited has changed the name of a number of its funds. The changes are:

• MLC Investment Trust Accelerated Growth Fund is now the MLC Investment Trust Accelerated Growth (Multi-Manager) Fund. APIR Code MLC0449AU
• MLC Investment Trust Balanced Fund is now the MLC Investment Trust Balanced (Multi-Manager) Fund. APIR Code MLC0260AU
• MLC Investment Trust Growth Fund is now the MLC Investment Growth (Multi-Manager) Fund. APIR Code MLC0265AU
• MLC Investment Trust Share Fund is now the MLC Investment Trust Share (Multi-Manager) Fund. APIR Code MLC 0397AU.

MMC Wholesale Australian Share Fund has changed its name to MMC Australian Share Fund.