04 August 2014

The Fund does not currently invest in international listed property securities.  To enable compliance with the Significant Investor Visa regime, from 1 August 2014 the Fund’s investment mandate was amended to cease any potential for allocation to international listed property securities.  Sections 5.1 and 5.2 of the Fund’s product disclosure statement dated 1 November 2012 should be read accordingly.  The Fund’s investment management agreement with Phoenix Portfolios Pty Ltd has also been amended to reflect this change.