For more detailed information on Perpetual WealthFocus Investment Funds.

• Product disclosure statement (PDS) - part 1
• Product disclosure statement (PDS) - part 2

Other relevant information about this investment

The following links provide incorporated information which form part of the Perpetual WealthFocus Investment Funds PDS:

• The current buy/sell spread for each Investment Option
• The commencement date for each Investment Option
• Direct Debit Request Service Agreement
• Online Account Access conditions of use
• Our Privacy Policy
• Further details about the Anti-Money Laundering/Counter-Terrorism Financing laws included in the ‘About AML/CTF legal requirements’ section of the ‘Customer identification form'
• Details of current underlying investment managers
• Registered managed investment scheme details for the Funds 
• The APIR codes for each Investment Option

Additional information about the investment management policies and details of the underlying portfolios for the mortgage and property Investment Options:

• Australian Unity Mortgage Income Investment Option
• Challenger Howard Mortgage Investment Option
• Perpetual Mortgage Investment Option
• Perpetual Property Income Investment Option

Information on the transaction status of the following mortgage and property Investment Options:

• Perpetual Mortgage Fund/Investment Option
• Challenger Howard Mortgage Fund/Investment Option
• APN Property for Income Fund/Investment Option
• Australian Unity Mortgage Income Fund/Investment Option

You should read this information in conjunction with the PDS - more information on the WealthFocus offering

The investment approach for the Platinum Asia Investment Option has changed. The revised investment approach is as follows:

The fund primarily invests in the listed securities of Asian companies. The portfolio will ideally consist of 75 to 150 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. Platinum may short sell securities that it considers overvalued. The portfolio will typically have 50% or more net equity exposure. Currency exposures are actively managed.

Amendment to the investment guidelines for Colonial First State Balanced Investment Option

Asset allocation	Min	Max
Fixed interest and cash	40%	60%
Australian shares	15%	25%
International shares	10%	20%
Global resource shares	5%	15%
Property securities	0%	10%

Performance fees
The below funds may invest in underlying funds that charge a performance fee. If these performance fees occur, they will be an additional cost to you.

• WealthFocus Perpetual Balanced Growth
• Wealthfocus Perpetual Conservative Growth
• WealthFocus Perpetual Diversified Growth

Wellington Management appointed to manage Perpetual International Shares from 15 August 2011

Wellington Management Company, LLP (Wellington Management) has been appointed as an external specialist investment manager from 15 August 2011 to manage the international shares asset class in the following Investment Options:

• Perpetual International Share
• Perpetual Conservative Growth
• Perpetual Diversified Growth
• Perpetual Balanced Growth
• Perpetual Split Growth

Information about Wellington Management can be found at:

http://www.perpetual.com.au/pdf/wholesale-funds-specialist-flyer.pdf

Changes to Perpetual International Share profile from 15 August 2011

Objective

Aims to provide long-term growth through investment in international shares.

Investment approach

The Fund primarily invests in publicly traded, or to be listed, global equity securities, including emerging markets. The focus is on investing in stocks of companies the investment manager believes are solid but temporarily out-of-favour and provide above-average total return potential. The country and sector allocations within the Fund are a result of the stock selection process. The currency exposure of the Fund is typically unhedged, although currency hedging may be used to protect investments at the discretion of the investment manager. Derivatives may be used in managing the Fund.

Changes to asset allocations for the following Investment Options as at 1 June 2011

Ibbotson Growth
Ibbotson Balanced Growth
Ibboston Conservative Growth

New ranges

Asset allocation	Ibbotson Growth (%)	Ibbotson Balanced Growth (%)	Ibbotson Conservative Growth (%)
Australian shares	15-45	10-40	0-30
International shares*	0-45	0-30	0-25
Australian property securities	0-20	0-20	0-15
International property securities	0-20	0-20	0-15
Global infrastructure	0-15	0-10	0-10
Australian bonds	0-20	0-30	0-30
International bonds (hedged)	0-20	0-30	0-30
Global inflation-linked securities (hedged)	0-15	0-15	0-20
Cash	0-25	0-30	10-40
Alternative investment strategies	0-25	0-25	0-25

* combined hedge and unhedged international equity exposure into one asset class.

Changes to asset allocation for Perpetual Diversified Income as at 1 June 2011 

Asset allocation	Min	Max
Cash and investment grade securities*	0%	100%
Sub-investment grade securities^ and non-related securities	0%	25%
Mortgages and other private debt^	0%	15%
Gearing level (of the fund's net asset value)	0%	25%

*Investment grade is a term given to securities that have a high probability of payment of interest and repayment of principal.

^Sub-investment grade is a term given to securities where there is a higher risk that the issuer may not be able to meet interest payments or the repayment of principal if difficult conditions arise. The fund predominantly invests in investment grade securities, but may increase sub-investment grade exposure under favourable economic conditions. Sub-investment grade securities may include, but are not limited to, non-rated securities, hybrids, mortgages, mezzanine mortgages and private debt.            

Change of name for Adviser Service Fee to Member Advice Fee (MAF)

From 1 June 2011 the ‘Adviser Service Fee’ will be renamed to ‘Member Advice Fee’. This is a change of name to an existing fee only and is not a new fee. This change will be reflected in statements and online.

Change of name for Adviser Service Fee to Member Advice Fee (MAF)

From 1 June 2011 the ‘Adviser Service Fee’ will be renamed to ‘Member Advice Fee’. This is a change of name to an existing fee only and is not a new fee. This change will be reflected in client statement and online.

Perpetual Global Resources

Change in cash limit - increase in cash limit from 0-10% to 0-20%.

Investment Guidelines

Global resource shares*	80-100%
Cash	0-20%

* The Fund's portfolio may include up to 10% investment in shares of companies whose main activities involve the provision of services to resource companies.

Schroder Balanced - change in asset allocation

New ranges for each asset class as below:

Asset Sector	Min	Max
Australian & NZ equities	20%	40%
International equities	20%	40%
Property	0%	10%
Higher yielding credit	0%	15%
Objective based	0%	20%
Fixed income	10%	35%
Cash	0%	20%

Change of names for some Investment Options

The below nine Investment Options have had a change of name. This is a change of name only and is not a change of investment approach. Your statements will reflect the new names.

Old name	New name
Challenger Australian Share	Alphinity Australian Share
Credit Suisse Global Income	Bentham Global Income
Fortis Investments Australian Equity	Arnhem Australian Equity
Intech Australian Shares Active	Ibbotson Australian Shares Active
Intech Balanced Growth	Ibbotson Balanced Growth
Intech Conservative Growth	Ibbotson Conservative Growth
Intech Growth	Ibbotson Growth
Intech International Shares Active (Unhedged)	Ibbotson International Shares Active (Unhedged)
Goldman Sachs JBWere Australian Infrastructure	Goldman Sachs Australian Infrastructure

Closure and winding up of Perpetual WealthFocus Quantitative Investments Alpha Core

The Perpetual WealthFocus Quantitative Investments Alpha Core closed to new investments from 22 October 2010 and was wound up on 3 December 2010. Any investors remaining in the Investment Option at 3 December will have their money returned to them.