All funds

13 November 2012: About AMP Capital

Effective 1 March 2012, AMP Capital entered into a strategic business and capital alliance with Mitsubishi UFJ Trust and Banking Corporation (MUTB), a leading Japanese trust bank. To reflect the alliance between AMP Capital and MUTB, all offer documents are updated as noted below.

1. About AMP Capital

In the section ‘About AMP Capital Investors’ or the section 'About AMP Capital' as appropriate, the heading, paragraphs 1 and 2, and the footer are deleted and replaced with:

AMP Capital is a specialist investment manager with over $126 billion in funds under management*.

We operate with a pure investment focus, and with over 240 in-house investment professionals* and a carefully selected global network of investment partners, we offer significant depth and breadth of investment expertise.

*As at 30 September 2012

2. Additional information

In all offer documents, the following is inserted in the 'Additional information' section, immediately after information about the Fund's constitution:

AMP Capital

AMP Capital is a majority owned subsidiary of AMP Limited (AMP), which was established in 1849. With over 160 years of experience in providing financial services, AMP is Australia’s largest retail and corporate pension provider*.

AMP Capital is one of Asia Pacific’s largest investment managers, and has a strategic business and capital alliance with Mitsubishi UFJ Trust and Banking Corporation (MUTB), a leading Japanese trust bank which provides services to institutions and retail clients, across retail and corporate banking, trust assets, real estate and global markets. As part of the alliance, MUTB has a minority interest in AMP Capital Holdings Limited, the parent company of AMP Capital.

MUTB has provided consent to the statements about MUTB in this offer document and has not withdrawn that consent prior to the issue of this offer document. MUTB is not responsible for any other statements or representations made in any AMP Capital offer documents.

*As at 31 December 2011

 

26 July 2011: Financial Services Council

In all offer documents, under the heading 'Alternative forms of remuneration' in the fee section, all content is deleted and replaced with:

We comply with the Financial Services Council (FSC) standard relating to alternative forms of remuneration. This standard requires fund managers, platform providers, representatives and licensees who are members of the FSC or Financial Planning Association to maintain a register to record any material forms of alternative remuneration they may pay or receive. We will provide you with a copy of our register free of charge, on request.

 

26 July 2011: Anti-money laundering - all offer documents

In all offer documents, in the 'Additional information' section of each document, all content including the heading for 'Anti-money laundering and counter-terrorism financing' is deleted and replaced with:

Anti-money laundering (AML), counter-terrorism financing (CTF) and sanctions

To comply with our obligations under AML and CTF legislation, we must collect certain information about each investor, supported by relevant identification documents. Examples of identification documents include passports and driver’s licences for individuals, and evidence of registration for entities such as companies. The documents you will need to provide are listed in the form you complete at the time of applying for an investment in the Fund.

By applying to invest in the Fund you warrant that:

• you comply and will continue to comply with all applicable AML, CTF and sanctions laws and regulations, including but not limited to the laws and regulations of Australia in force from time to time (AML/CTF and Sanctions Law)
• you are not aware and have no reason to suspect that:
  - the moneys used to fund your investment in the Fund have been or will be derived from or related to any money laundering, terrorism financing or similar activities that would be illegal under applicable laws or regulations or otherwise prohibited under any international convention or agreement (‘illegal activity’), or
  - the proceeds of your investment in the Fund will be used to finance any illegal or sanctioned activities
• you, your agent or your nominated representative will provide us with all additional information and assistance that we may request in order for us to comply with any AML/CTF and Sanctions Law, and
• you will notify us if you are or become:
  - a ‘politically exposed’ person or organisation for the purposes of any AML/CTF Law
  - a ‘proscribed person or entity’ for the purposes of Sanctions Law, or
  - commonly known by a name other than the name provided in the form you complete at the time of applying for an investment in the Fund.

By applying to invest in the Fund, you also acknowledge that we may:

• decide to delay or refuse any request or transaction, including by suspending the issue or redemption of units in the Fund, if we are concerned that the request or transaction may breach any obligation of, or cause us to commit or participate in an offence under any AML/CTF and Sanctions Law, and we will incur no liability to you if we do so
• take other action we reasonably believe is necessary to comply with AML/CTF and Sanctions Law, including disclosing any information that we hold about you to any of our related bodies corporate or service providers whether in Australia or outside Australia, or to any relevant Australian or foreign AML or CTF regulator, and
• collect additional information about you from time to time, from you or from third parties, for the purposes of satisfying our AML/CTF and Sanctions Law obligations, and that we may use and disclose any such information as described under ‘Your privacy’ in the offer document.

 

26 July 2011: Anti-money laundering - Platform PDSs only

In all Platform (Class A) and Platform (Wholesale units) PDSs, the following is inserted immediately before the antimoney laundering content noted above:

Indirect investors

The following information is mainly relevant to platform operators. For indirect investors, your financial adviser or platform operator will be able to provide you with information about how AML and CTF legislation may affect you in relation to an investment in the Fund.

 

18 May 2011: Buy and sell spreads

We may vary the buy and sell spreads from time to time. From 10 June 2011, current buy and sell spreads can be obtained online at www.ampcapital.com.au/spreads or by contacting us.

 

27 January 2011: Taxation of Financial Arrangements

A new tax regime governing the taxation of financial arrangements (TOFA) applies to AMP Capital Investors Limited managed investments schemes (AMP Capital funds) from 1 July 2010 (or 1 January 2011 for AMP Capital funds with a tax year end of 31 December), subject to certain exceptions. The TOFA rules generally only apply to financial arrangements that are entered into after the commencement of the TOFA regime, however a ‘transitional election’ may be made to bring pre-existing financial arrangements within the TOFA regime.

The TOFA rules require gains and losses from financial arrangements be brought to account for tax purposes on a revenue basis, and in some cases require those gains and losses to be recognised for tax purposes on a compounding accruals basis over the term of the arrangement. The TOFA rules should not result in a significant change in treatment for any AMP Capital fund.

Investors should seek their own tax advice regarding the implications of the TOFA regime in respect of their investments in AMP Capital funds.

 

30 July 2009: Communication by fax

When you communicate with us by fax, it is your responsibility to obtain confirmation from us that we have received your fax. We are not responsible for any loss or processing delay that occurs as a result of us not receiving a faxed communication. Please note that we do not accept a sender's fax transmission record as evidence that a communication has been received by us. You also indemnify us against any loss or liability arising from us acting on any fraudulent communication received by fax.

AMP Capital Core Infrastructure Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

 

30 June 2012: ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund (Fund)

The following information is inserted as the final item in the Fund profile section on page 9 of the Personal investors PDS dated 1 July 2010, page 9 of the Staff Investment Programme PDS dated 21 June 2010, and page 8 of the Platform (Class A) PDS dated 21 June 2010.

ASIC benchmarks and disclosure principles

Disclosure against the benchmarks

Benchmark	Statement	Explanation	Reference
Benchmark 1: Corporate structure and management The infrastructure entity’s corporate governance policies and practices conform with the principles and recommendations in GN 9A.	The benchmark is not met	Listed entities are required to disclose in their annual reports the extent of their compliance with the principles and recommendations released by the ASX Corporate Governance Council. The Fund is not listed and accordingly is not subject to these requirements. However AMP Capital Investors Limited (AMP Capital) complies with the ASX recommendations save for: Principle 2 - structure the board to add value Principle 4 - safeguard integrity in financial reporting Principle 8 - remunerate fairly and responsibly. It has appropriate arrangements in place to address the matters underlying Principles 2, 4 and 8, such as a majority, independently managed, investment scheme compliance committee.	For additional disclosure on this benchmark, see Benchmarks section 1, of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”
Benchmark 2: Remuneration of management Incentive-based remuneration paid to management for the infrastructure entity is derived from the performance of the infrastructure entity and not the performance of other entities within its consolidated group, except where the infrastructure entity is the parent of the consolidated group.	The benchmark is not met.	Remuneration may be linked to the performance of other entities within the consolidated group of the Fund. No directors have remuneration links to performance of the Fund.	For additional disclosure on this benchmark, see Benchmarks section 2, of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”
Benchmark 3: Classes of units and shares All units or shares are fully paid and have the same rights.	The benchmark is not met.	The Fund’s constitution permits the Fund to issue different classes of units and the different unit classes have the right to different management costs, expenses and distributions, but otherwise each class of units has the same rights. All units in the Fund are fully paid.	For additional disclosure on this benchmark, see “Additional information” in the PDS, and Benchmarks section 3, of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”
Benchmark 4: Substantial related party transactions The infrastructure entity complies with ASX Listing Rule 10.1 for substantial related party transactions.	The benchmark is not met.	Neither AMP Capital nor the Fund are listed on the ASX, therefore neither is required to comply with ASX Listing Rule 10.1. However, AMP Capital maintains and complies with written policies on related party transactions to manage conflicts of interest. Related party transactions undertaken by AMP Capital are done in accordance with the AMP Capital Conflicts of Interest Guidelines. These guidelines have regard to the requirements of ASIC Regulation Guide 76, Related Party Transactions.	For additional disclosure on this benchmark, see “Fund profile” in the PDS, and Benchmarks section 4, of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”
Benchmark 5: Cash flow forecast The infrastructure entity has, for the current financial year, prepared and had approved by its directors: a 12-month cash flow forecast for the infrastructure entity and has engaged an independent suitably qualified person or firm to provide, in accordance with the auditing standards: negative assurance on the reasonableness of the assumptions used in the forecast; and positive assurance that the forecast is properly prepared on the basis of the assumptions and on a basis consistent with the accounting policies adopted by the entity; and an internal unaudited cash flow forecast for the remaining life, or the right to operate (if less), for each new significant infrastructure asset acquired by the infrastructure entity.	The benchmark is not met.	Cash flow forecasting is not undertaken. The Fund invests in numerous minority positions in listed and unlisted infrastructure securities. As a minority investor it has no ability to influence any distributions from its investments. Because of this and the uncertainty of market movements of the majority of fund cash flows, forecasting is not undertaken. Cash flows as received are tabulated and monitored to ensure fund liquidity and the meeting of asset allocation targets.	For additional disclosure on this benchmark, see Benchmarks section 5, of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”
Benchmark 6: Base-case financial model Before any new material transaction, and at least once every three years, an assurance practitioner performs an agreed-upon procedures check on the infrastructure entity’s base-case financial model that: checks the mathematical accuracy of the model, including that: the calculations and functions in the model are in all material respects arithmetically correct; and the model allows changes in assumptions, for defined sensitivities, to correctly flow through to the results; and includes no findings that would, in the infrastructure entity’s opinion, be materially relevant to the infrastructure entity’s investment decision.	The benchmark is not met.	The Fund does not maintain a base-case financial model. The Fund is a minority investor in a portfolio of over 120 listed and unlisted infrastructure securities. Therefore it is not useful or practical to maintain a base-case model.	For additional disclosure on this benchmark, see Benchmarks section 6, of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”
Benchmark 7: Performance and forecast For any operating asset developed by the infrastructure entity, or completed immediately before the infrastructure entity’s ownership, the actual outcome for the first two years of operation equals or exceeds any original publicly disclosed forecasts used to justify the acquisition or development of the asset.	The benchmark is not met.	The Fund invests in minority positions in listed and unlisted infrastructure securities. The Fund has not developed any (greenfield) operating asset and will not do so. Nor has the Fund invested directly in any asset completed immediately before the Fund’s ownership, as it invests only in established (or brownfield) assets.	For additional disclosure on this benchmark, see Benchmarks section 7, of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”
Benchmark 8: Distributions If the infrastructure entity is a unit trust, it will not pay distributions from scheme borrowings.	The benchmark is met.	Not applicable	For additional disclosure on this benchmark, see “Distributions” in the PDS.
Benchmark 9: Updating the unit price If the infrastructure entity is unlisted and a unit trust, after finalising a new valuation for an infrastructure asset, the infrastructure entity reviews, and updates if appropriate, the unit price before issuing new units or redeeming units.	The benchmark is met.	Not applicable	For additional disclosure on this benchmark, see “Distributions” and Investment in the Fund” in the PDS.

 

Disclosure principles for infrastructure entities

1. Key relationships

   The Fund has no infrastructure assets under development. For important relationship and co-ownership arrangements see “Fund profile” in the PDS, and Disclosure principles section 1 of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”

2. Management and performance fees

   Refer to “Fees and other costs” in the PDS.

3. Related party transactions

   For more information about related party holdings and transactions involving parties that have a close relationship with the investment manager, see Disclosure principles section 3 of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”

4. Financial ratios

   The Fund has no target financial ratios as it has no debt.

5. Capital expenditure and debt maturities

   The Fund does not have any planned capital expenditure for the next 12 months, and no debt obligations.

6. Foreign exchange and interest rate hedging

   The Fund does not borrow, and therefore does not undertake interest rate hedging.

   The foreign exchange hedging policy of the Fund prescribes the Fund to hedge the capital values of foreign currency investments into Australian dollars with a tolerance of ± 5%. Hedging exposures are reviewed monthly and adjusted for changes in capital value and distributions, as required. The Fund complies with the policy.

7. Base-case financial model

   The Fund does not maintain a base-case financial model. As at 30 June 2012, the Fund is a minority investor in a portfolio of over 120 listed and unlisted infrastructure securities. Accordingly, this style of fund is unusual and different to an infrastructure fund investing in only a handful of assets. For this Fund it is neither useful, nor practical to maintain a base-case model.

8. Valuations

   Information about the Fund’s valuations and valuation policy, for the listed and unlisted portions of the portfolio, including how often the assets are valued, is set out in the “Fund profile” section of the PDS, with more detailed information set out in Disclosure principles section 8 of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”

9. Distribution policy

   The Fund aims to pay distributions twice a year. Distributions paid are based upon the taxable income of the Fund calculated at 30 June. Distributions are paid out of the cash flows of the Fund. Further information is set out in the PDS and in Disclosure principles section 9 of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”

10. Withdrawal policy

    See the AMP Capital Core Infrastructure Fund Supplementary PDS dated 16 December 2010 for the current policy and possible future withdrawal policy. This is also set out in detail in Disclosure principles section 10 of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”

11. Portfolio diversification

    The PDS explains the Fund’s portfolio diversification policy. The Fund aims for diversification by investing across infrastructure assets, sectors and geographic locations, with asset allocation targeting 50% unlisted infrastructure assets and 50% listed infrastructure securities. Some further information is set out in the PDS and in Disclosure principles section 9 of the “ASIC benchmarks and disclosure principles for the AMP Capital Core Infrastructure Fund.”

 

02 May 2011: Processing withdrawal requests

The AMP Capital Core Infrastructure Fund Supplementary PDS dated 16 December 2010 is updated as follows:

Under the heading 'Processing withdrawal requests' on page 2, the second paragraph is deleted and the following paragraph is inserted at the end of the section, immediately before the heading 'Monthly processing of withdrawal requests (if applicable)':

The unit price used to calculate your withdrawal value will generally be the price calculated on the last valuation date before we process the payment of your withdrawal request.

 

15 February 2011: Inside information

The Staff Investment Programme PDS dated 21 June 2010 is updated as follows:

1. Under the heading ‘Requesting a withdrawal’ on page 20, paragraphs 1 and 2 are deleted and replaced with:

Completing a withdrawal form

Complete the withdrawal form available online at www.ampcapital.com.au/staffoffer and submit it to us by fax* to 1800 630 066 or by mail to AMP Capital Investors Limited, GPO Box 5445, Sydney NSW 2001. Staff can also submit their withdrawal forms through internal mail to AMP Capital Client Services, Level 12, 50 Bridge Street, Sydney NSW 2000.

Withdrawal amounts will be paid to your nominated account.

* Please refer to 'Communication by fax' in the 'Additional information' section of this PDS.

2. The following is inserted immediately before the heading ‘Anti-money laundering and counter-terrorism financing’ on page 23:

Inside information

All investors
If you hold ‘inside information’ in relation to the Fund, you must not trade in units in the Fund, either through investing or withdrawing from the Fund. Inside information is information that is not generally available to the public and, if it were generally available, a reasonable person would expect the information to have a material effect on the value of the Fund or the price of units in the Fund.

AMP Capital staff only
It is important that you read each of the AMP Capital Personal Trading Policy and the AMP Capital Chinese Walls Policy, both of which can be obtained by contacting us. Current AMP staff members can also access these policies via the AMP Capital intranet. These policies provide information about your responsibilities in relation to the use of inside information.

Additionally, as AMP Capital is the responsible entity of the Fund, officers and employees of AMP Capital have duties which prohibit them from making use of information acquired through their position in order to gain an improper advantage for themselves or another person, or to cause detriment to other investors in the Fund.

Acknowledgment
When you apply for new or additional units, or request a withdrawal, you must submit a current Staff Investment Programme application or withdrawal form, each of which requires you to acknowledge that you are aware of the insider information requirements. AMP Capital staff are also required to acknowledge that they are aware of their responsibilities in relation to the use of information acquired through their position with AMP Capital.

AMP Capital Core Plus Strategies Fund

The following information should be read in conjunction with 'All funds' information set out at the top of this page.

 

02 October 2012: Performance benchmark

In the ‘At a glance’ table, on page 2 of the AMP Capital Core Plus Strategies Fund Information Memorandum, dated 25 May 2011, the performance benchmark is updated to read as follows:

UBS Composite Bond (All Maturities) Index

AMP Capital Corporate Bond Fund

18 June 2012

The following updates apply to the AMP Capital Corporate Bond Fund Information Memorandum dated 24 February 2011, and should be read in conjunction with 'All funds' information set out at the top of this page.

1. The Fund’s investments

Under the heading ‘The Fund’s investments on page 5:

a) the third bullet point is deleted and replaced with:

• non-investment grade rated securities up to a maximum of 10% of the Fund’s investments

b) the last paragraph following the bullet points is deleted and replaced with:

Investments in securities (excluding units in funds) offered by us or our associates, will not exceed 10% of the Fund's net asset value.

c) The following is inserted immediately following the last paragraph:

Risk limits (excluding government, semi-government and government guaranteed bonds)

The Fund will be managed to the risk limits outlined below.

 

Credit rating	Maximum portfolio allocation to single issuer	Maximum portfolio allocation to credit rating grade
AAA	Benchmark + 10%	100%
AA	Benchmark + 10%	100%
A	Benchmark + 5%	90%
BBB	Benchmark + 3%	60%
BB	2%	10%**
B	1%	5%**
CCC and below	0%	0%
Unrated	2%	15%

** The combined maximum portfolio allocation to credit ratings BB and B is 10%

2. Access to global credit securities updated figure

Under the heading 'Access to global credit securities’ on page 5, the footnote information is deleted and replaced with:

* The amount of exposure to direct global credit securities can change significantly, depending on market opportunities. As at 31 December 2011, exposure to these securities was 11.73%. Current exposure can be obtained online at www.ampcapital.com.au or by contacting us.

3. Our investment team

Under the heading 'Our investment team’ on page 4, the reference to ‘ratings agencies’ is deleted from the third paragraph.

4. Related party transactions

On page 16, the following information is inserted immediately before the heading 'Complaints procedure':

Related party transactions

A related party transaction is a transaction involving parties that have a close relationship with us, for example, where a fund managed by us invests in other funds where we are the responsible entity, trustee or investment manager, or where a fund invests in securities issued by us or our associates.

Where we enter into transactions with related parties, we operate in accordance with related party protocols and AMP Capital policies and procedures which require us to transact on terms that would be reasonable if the parties were dealing at arm’s length. These policies and procedures, including related party policies, are governed as at the date of this PDS by the AMP Capital Conflicts of Interest Guidelines. These guidelines provide that where related party transactions exist, we must ensure legislative requirements are met and investors’ interests are protected. The guidelines will be reviewed on a regular basis and may change from time to time.

Under the Fund’s constitution, AMP Capital may:

• deal with itself, an associate, investor or any other person
• be interested in and receive a benefit under any contract or transaction with itself, an associate, investor or any other person, or
• act in the same or similar capacity in relation to any other fund.

 

AMP Capital Enhanced Yield Fund

16 February 2009

AMP Capital is currently not accepting applications for new or additional investments in the fund.

AMP Capital Structured High Yield Fund

16 February 2009

AMP Capital is currently not accepting applications for new or additional investments in the fund.

AMP Capital Total Return Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

 

12 October 2009: Update on Fund investment advisers and leverage levels

As a result of a recent strategic review of its capability, AMP Capital advise that Dorset Management (Dorset) will no longer act as primary investment adviser for the AMP Capital Total Return Fund (the Fund). Internal changes at Dorset recently culminated in the departure of four key personnel from the Dorset business. AMP Capital has decided to retain the services of these four individuals to continue in their roles as investment advisers to the Fund. This decision has been made to ensure there is no disruption to the inputs into the investment process of the Fund. It will also ensure that the key individuals who have advised the Fund recently can continue in that capacity.

It is AMP Capital’s intention to consistently monitor and review our advisory arrangements to ensure that the best interests of unitholders are being served.

In addition to this change, we also advise that the Fund will be operating with leverage levels lower than those outlined in the Product Disclosure Statement and potentially as low as zero. The investment strategy states that we typically expect the Fund to be leveraged by 1.5 to 2.5 times. However, it also indicates that in deciding the appropriate amount of leverage we will take into account the levels of risk and degree of diversification adopted by the underlying fund managers. On this basis we have decided that it is in the best interests of investors in the Fund to lower the level of leverage in the current economic climate. Should the leverage within the Fund return to normal levels, we will update investors of the change.

29 April 2008: Change of unit price calculation used for withdrawals

AMP Capital Total Return Fund PDS

Under the 'Liquidity' section on page 18 of the AMP Capital Total Return Fund PDS dated 1 December 2007, immediately following the last sentence of paragraph three, insert the following:

From 29 April 2008, the unit price used to calculate your withdrawal value will generally be the price prevailing on the day we process your withdrawal (or part withdrawal) request, not the day you notify us of your intention to withdraw.

Staff Investment Programme PDS

Under 'Withdrawal prices and payment times' section on page 58 of the Staff Investment Programme PDS dated 10 March 2008, the first paragraph is deleted and replaced with the following:

Withdrawal prices and payment times

We normally determine the market value and net asset value of a fund at least each business day, using the market prices of the assets in which a fund is invested, other than for the AMP Capital Structured High Yield Fund, AMP Capital Core Infrastructure Fund, AMP Capital Total Return Fund and Future Directions Property (Feeder) Fund. For these funds, the unit price used to calculate your withdrawal value will generally be the price prevailing on the day we process your withdrawal (or part withdrawal) request, not the day you notify us of your intention to withdraw.

31 March 2008: Reinvestment of distributions

Reinvestment

The issue price for reinvested distributions is determined by the net asset value (adjusted by any distribution payable) and the number of units on issue in the unit class as at the last day of the distribution period. No buy spread is applied to reinvested distributions.

Future Directions Balanced Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

 

28 September 2012: Benchmark indices

In Table 3 on page 29 of the Future Directions Diversified Funds PDS dated 6 June 2011, the following typical benchmark index is added for ‘Alternatives – Hedge Funds’:

UBS Bank Bill Index plus a margin

 

19 December 2011: Advisers appointed

An amendment is made to each Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

On page 17 of each PDS, all information under the heading 'Advisers appointed' is deleted and replaced with:

Advisers are appointed by us to provide advice and research on investment manager selection, to advise on strategic asset allocation, and to provide monitoring services for the Fund. Except in limited circumstances, we pay the advisers for these services and they are not a cost to the Fund. We, or any of the appointed advisers, may terminate a current consulting arrangement, and aspects of an arrangement may change. If a material change occurs, we will lodge a PDS update notice online at www.ampcapital.com.au.

 

5 December 2011: Benchmark indices

Amendments are made to the Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

In Table 3 on page 29:

1. For ‘Alternatives’, the typical benchmark index for hedge funds is deleted and replaced with:

Reserve Bank of Australia cash rate
UBS Bank Bill Index

2. For 'Australian fixed income', the typical benchmark index for inflation linked bonds is deleted and replaced with:

Custom benchmark based on the UBS Government Inflation Linked Bond Index, adjusted by other fixed income benchmarks/instruments.

3. For 'International fixed income', all information relating to the Inflation linked bonds asset sub-class is deleted.

Future Directions Core International Share Fund

10 August 2012: Advisers appointed

The following information updates the Fund's Information Memorandum and should be read in conjunction with 'All funds' information set out at the top of this page.

An amendment is made to the Fund's Information Memorandum dated 16 June 2010, as set out below.

In the ‘Fund profile’ section, all information under the heading 'Advisers appointed' is deleted and replaced with:

Advisers are appointed by us to provide advice and research on investment manager selection, to advise on strategic asset allocation, and to provide monitoring services for the Fund. Except in limited circumstances, we pay the advisers for these services and they are not a cost to the Fund. We, or any of the appointed advisers, may terminate a current consulting arrangement, and aspects of an arrangement may change. If a material change occurs, we will lodge a PDS update notice online at www.ampcapital.com.au.

Future Directions Conservative Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

18 January 2013: International fixed income strategic range

In the table on page 7 of the Future Directions Diversified Funds PDS dated 6 June 2011, the strategic range for international fixed income, of "10-40%", is deleted and replaced with, "5-40%".

28 September 2012: Benchmark indices

In Table 3 on page 29 of the Future Directions Diversified Funds PDS dated 6 June 2011, the following typical benchmark index is added for ‘Alternatives – Hedge Funds’:

UBS Bank Bill Index plus a margin

 

19 December 2011: Advisers appointed

An amendment is made to each Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

On page 17 of each PDS, all information under the heading 'Advisers appointed' is deleted and replaced with:

Advisers are appointed by us to provide advice and research on investment manager selection, to advise on strategic asset allocation, and to provide monitoring services for the Fund. Except in limited circumstances, we pay the advisers for these services and they are not a cost to the Fund. We, or any of the appointed advisers, may terminate a current consulting arrangement, and aspects of an arrangement may change. If a material change occurs, we will lodge a PDS update notice online at www.ampcapital.com.au.

 

5 December 2011: Benchmark indices

Amendments are made to the Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

In Table 3 on page 29:

1. For ‘Alternatives’, the typical benchmark index for hedge funds is deleted and replaced with:

Reserve Bank of Australia cash rate
UBS Bank Bill Index

2. For 'Australian fixed income', the typical benchmark index for inflation linked bonds is deleted and replaced with:

Custom benchmark based on the UBS Government Inflation Linked Bond Index, adjusted by other fixed income benchmarks/instruments.

3. For 'International fixed income', all information relating to the Inflation linked bonds asset sub-class is deleted.

Future Directions Geared Australian Share Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

 

19 December 2011: Advisers appointed

An amendment is made to the Fund's PDS and Information Memorandum, each dated 24 May 2011, as set out below.

In the ‘Fund profile’ section of each PDS and Information Memorandum, all information under the heading 'Advisers appointed' is deleted and replaced with:

Advisers are appointed by us to provide advice and research on investment manager selection, to advise on strategic asset allocation, and to provide monitoring services for the Fund. Except in limited circumstances, we pay the advisers for these services and they are not a cost to the Fund. We, or any of the appointed advisers, may terminate a current consulting arrangement, and aspects of an arrangement may change. If a material change occurs, we will lodge a PDS update notice online at www.ampcapital.com.au.

Future Directions Growth Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

 

28 September 2012: Benchmark indices

In Table 3 on page 29 of the Future Directions Diversified Funds PDS dated 6 June 2011, the following typical benchmark index is added for ‘Alternatives – Hedge Funds’:

UBS Bank Bill Index plus a margin

 

19 December 2011: Advisers appointed

An amendment is made to each Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

On page 17 of each PDS, all information under the heading 'Advisers appointed' is deleted and replaced with:

Advisers are appointed by us to provide advice and research on investment manager selection, to advise on strategic asset allocation, and to provide monitoring services for the Fund. Except in limited circumstances, we pay the advisers for these services and they are not a cost to the Fund. We, or any of the appointed advisers, may terminate a current consulting arrangement, and aspects of an arrangement may change. If a material change occurs, we will lodge a PDS update notice online at www.ampcapital.com.au.

 

5 December 2011: Benchmark indices

Amendments are made to the Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

In Table 3 on page 29:

1. For ‘Alternatives’, the typical benchmark index for hedge funds is deleted and replaced with:

Reserve Bank of Australia cash rate
UBS Bank Bill Index

2. For 'Australian fixed income', the typical benchmark index for inflation linked bonds is deleted and replaced with:

Custom benchmark based on the UBS Government Inflation Linked Bond Index, adjusted by other fixed income benchmarks/instruments.

3. For 'International fixed income', all information relating to the Inflation linked bonds asset sub-class is deleted.

Future Directions High Growth Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

 

28 September 2012: Benchmark indices

In Table 3 on page 29 of the Future Directions Diversified Funds PDS dated 6 June 2011, the following typical benchmark index is added for ‘Alternatives – Hedge Funds’:

UBS Bank Bill Index plus a margin

 

19 December 2011: Advisers appointed

An amendment is made to each Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

On page 17 of each PDS, all information under the heading 'Advisers appointed' is deleted and replaced with:

Advisers are appointed by us to provide advice and research on investment manager selection, to advise on strategic asset allocation, and to provide monitoring services for the Fund. Except in limited circumstances, we pay the advisers for these services and they are not a cost to the Fund. We, or any of the appointed advisers, may terminate a current consulting arrangement, and aspects of an arrangement may change. If a material change occurs, we will lodge a PDS update notice online at www.ampcapital.com.au.

 

5 December 2011: Benchmark indices

Amendments are made to the Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

In Table 3 on page 29:

1. For ‘Alternatives’, the typical benchmark index for hedge funds is deleted and replaced with:

Reserve Bank of Australia cash rate
UBS Bank Bill Index

2. For 'Australian fixed income', the typical benchmark index for inflation linked bonds is deleted and replaced with:

Custom benchmark based on the UBS Government Inflation Linked Bond Index, adjusted by other fixed income benchmarks/instruments.

3. For 'International fixed income', all information relating to the Inflation linked bonds asset sub-class is deleted.

Future Directions Moderately Conservative Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

 

28 September 2012: Benchmark indices

In Table 3 on page 29 of the Future Directions Diversified Funds PDS dated 6 June 2011, the following typical benchmark index is added for ‘Alternatives – Hedge Funds’:

UBS Bank Bill Index plus a margin

 

19 December 2011: Advisers appointed

An amendment is made to each Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

On page 17 of each PDS, all information under the heading 'Advisers appointed' is deleted and replaced with:

Advisers are appointed by us to provide advice and research on investment manager selection, to advise on strategic asset allocation, and to provide monitoring services for the Fund. Except in limited circumstances, we pay the advisers for these services and they are not a cost to the Fund. We, or any of the appointed advisers, may terminate a current consulting arrangement, and aspects of an arrangement may change. If a material change occurs, we will lodge a PDS update notice online at www.ampcapital.com.au.

 

5 December 2011: Benchmark indices

Amendments are made to the Future Directions Diversified Funds PDS dated 6 June 2011 as set out below.

In Table 3 on page 29:

1. For ‘Alternatives’, the typical benchmark index for hedge funds is deleted and replaced with:

Reserve Bank of Australia cash rate
UBS Bank Bill Index

2. For 'Australian fixed income', the typical benchmark index for inflation linked bonds is deleted and replaced with:

Custom benchmark based on the UBS Government Inflation Linked Bond Index, adjusted by other fixed income benchmarks/instruments.

3. For 'International fixed income', all information relating to the Inflation linked bonds asset sub-class is deleted.

Responsible Investment Leaders Diversified Fixed Income Fund

The following information updates all offer documents for the Fund, and should be read in conjunction with 'All funds' information set out at the top of this page.

 

19 December 2011: Advisers appointed

An amendment is made to the Responsible Investment Leaders Diversified Fixed Income Fund Information Memorandum dated 28 September 2009, as set out below.

On page 6 of the Information Memorandum, all information under the heading ‘Investment Committee' is deleted and replaced with:

The Investment Committee is responsible for investment decision-making and financial performance, and performs four key tasks:

1. Determining the long term investment strategies of the Funds
2. Identifying the manager universe
3. Manager selection
4. Strategic asset allocation.

The Investment Committee includes investment professionals from within AMP Capital and advisers appointed by us to provide advice and research on investment manager selection, to advise on strategic asset allocation, and to provide monitoring services for the Fund. Except in limited circumstances, we pay the advisers for these services and they are not a cost to the Fund. We, or any of the appointed advisers, may terminate a current consulting arrangement, and aspects of an arrangement may change. If a material change occurs, we will lodge a PDS update notice online at www.ampcapital.com.au.

Wholesale Australian Bond Fund

The following information should be read in conjunction with 'All funds' information set out at the top of this page.

 

02 October 2012: Related party transactions

On page 15 of the Wholesale Australian Bond Fund Information Memorandum dated 28 October 2010, the following information is inserted immediately before the heading ‘Complaints procedure’:

Related party transactions

A related party transaction is a transaction involving parties that have a close relationship with us, for example, where a fund managed by us invests in other funds where we are the responsible entity, trustee or investment manager.

Where we enter into transactions with related parties, we operate in accordance with related party protocols and AMP Capital policies and procedures which require us to transact on terms that would be reasonable if the parties were dealing at arm’s length. These policies and procedures, including related party policies, are governed as at the date of this document by the ‘AMP Capital Conflicts of Interest Guidelines’. These guidelines provide that where related party transactions exist, we must ensure legislative requirements are met and investors’ interests are protected. The guidelines will be reviewed on a regular basis and may change from time to time.

Under the Fund’s constitution, AMP Capital may:

• deal with itself, an associate, investor or any other person
• be interested in and receive a benefit under any contract or transaction with itself, an associate, investor or any other person, or
• act in the same or similar capacity in relation to any other fund.

The Fund’s constitution also provides that AMP Capital may pay amounts to related parties for services provided to AMP Capital in connection with the Fund and for expenses such as those related to arranging for repurchase transactions on behalf of AMP Capital, through the use of repurchase agreements or through other lending instruments. These payments are on arm’s length terms.