Latest updates for OnePath's Mortgages and Income Plus Funds

Latest updates for the AMP Capital Enhanced Yield Fund

Termination of OneAnswer’s AMP Capital Enhanced Yield fund is now complete.

For Investment Portfolio investors, capital was returned via a deposit into the investor’s nominated bank account or by cheque. A withdrawal confirmation was sent to investors.

For Superannuation and Pension members, capital proceeds were switched into a Trustee-determined replacement fund unless members had previously provided alternative instructions.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has advised us recently of a proposal to wind up its underlying fund and sell its remaining assets. AMP Capital has since sold the largest asset in its underlying fund and as a result has paid a significantly higher special distribution of capital following the end of the March 2015 quarter.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during mid-April 2015.

The amount returned was 2.29853 cents per unit*. This equates to approximately 90% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

94%

27 April 2015

OneAnswer Pension and Term Allocated Pension

94%

27 April 2015

Switch confirmations will be mailed to clients during May 2015.

This information has been produced by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) and OnePath Funds Management Limited (ABN 21 003 002 800, AFSL 238342) (together the ‘issuers’). 

This information is current at April 2015 but is subject to change. Updated information will be available free of charge by calling Customer Services on 133 665. The information is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances and objectives. You should read the Fund’s most current Product Disclosure Statement and any product and other updates which are available from your financial adviser, or by calling Customer Services on 133 665 before making an investment decision.

On 23 April 2015 there was a large increase of approximately 55% in the unit price for the suspended OneAnswer Personal Super - AMP Capital Enhanced Yield fund (‘the Fund’). Members invested in the Fund will see the value of their investment in the Fund increase as a result.

For more information download the AMP CEY unit price update.

The unit price of the OneAnswer AMP Capital Enhanced Yield fund (EYF) fell by approximately 7% effective 4 December 2014.

Why has the change to valuation occurred?

The main reason for the drop in the unit price was due to a change in valuation of the assets in the underlying fund, AMP Capital Structured High Yield Fund (SHY). The EYF has been impacted by a decline in the unit price owing to the discount in moving from the current valuation method to valuing SHY’s assets based on realisable value less costs to sell. The EYF Fund has received a number of repayments over 2014 which has allowed a significant portion of the remaining capital to be returned to investors.

Confirmation of wind up

AMP Capital advised us recently of a proposal to wind up the SHY in which the EYF invests. We have now been advised that the remaining assets of the SHY will be sold and the net proceeds distributed to investors. Once we receive the final distribution from the SHY, we will provide a further update on the future of the EYF.

For further information please speak to your financial adviser.

October 2014 – Special distribution for September 2014 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield Fund (the Fund) invests, has advised there will be a special distribution of capital following the end of the September 2014 quarter. The underlying fund has received a number of pre-payments over 2014 which has allowed a significant portion of remaining capital to be returned to investors.

July 2014 – Special distribution for June 2014 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield Fund (the Fund) invests, has advised there will be a special distribution of capital following the end of the June 2014 quarter. 

June 2014 - Unit price update

The unit price of the OneAnswer AMP Capital Enhanced Yield fund fell by approximately 4.4% around 30 April 2014. The main reason for the drop in the unit price was an asset write-down in the underlying fund managed by AMP Capital.

Why has the asset write down occurred?
AMP Capital advised us recently of a decline in the value of AMP’s Structured High Yield fund (SHY) attributed to an asset-write down of its investment in the Telepizza business. The AMP Capital Enhanced Yield fund invests into AMP’s SHY fund and has been impacted by a decline in the unit price. Telepizza is a leader in home delivery of pizzas in Spain and Portugal with a significant presence in South America as well. Telepizza’s earnings have come under significant pressure from the scale of the downturn in European markets, and particularly Spain in recent years. A decision was made to sell the asset and preserve value for investors. The impact for the OneAnswer Enhanced Yield fund was approximately a 4.4% drop in the unit price at 30 April 2014.

For further information please speak to your financial adviser.

April 2014 – Special distribution for March 2014 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield Fund (the Fund) invests, has advised there will be a special distribution of capital following the end of the March 2014 quarter.

January 2014 – No special distribution for December 2013 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield Fund (the Fund) invests, has advised there will be no distribution of capital or income following the end of the December 2013 quarter.

AMP Capital advised that available income/cash will be set aside to offset expected foreign exchange losses resulting from the recent depreciation of the Australian dollar. A number of the investments of the Fund are held outside of Australia. 

December 2013 – Unit price update

The unit price of the OneAnswer AMP Capital Enhanced Yield Fund fell by approximately 6.98% around 19 December 2013. The main reason was an asset write-down in the underlying fund managed by AMP Capital.

Why did the asset write down occur?

One of the underlying investments, APCOA, accessed through the AMP Capital Strategic High Yield Fund, is undergoing capital restructure which could lead to a material loss on the loan, and as such impairment has been recognised.

APCOA is a European car parking business based in Germany.

Under the terms of the AMP Capital Illiquid Debt Valuation Policy, the final impairment adjustment for APCOA will be made using an independent valuation by an appropriately qualified external valuer. In the interim, the AMP Capital Strategic High Yield Fund’s investment team has recorded an impairment adjustment based on the average of quotes provided by recognised European brokers. This impairment adjustment will apply until a solution is agreed which would then allow the debt to be valued externally.

December 2013 – Details of upcoming December 2013 quarterly payment

We will confirm payments (if applicable) during January 2014.
Please refer to the 'Special distribution' tab for details on payments for the September 2013 quarter.

Details of upcoming September 2013 quarterly payment

During October 2013 we expect to return a portion of capital invested in the AMP Capital Enhanced Yield fund.
Further details will be available in the next update.

July 2013 – special distribution for June 2013 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the AMP Capital Enhanced Yield Fund (the Fund) invests, has made a special distribution for the quarter ending 30 June 2013. Please refer to the ‘Archive’ tab for details of the payment.

April 2013 – special distribution for March 2013 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2013. Please refer to the ‘Archive’ tab for details of the payment.

January 2013 – special distribution for December 2012 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 December 2012. Please refer to the ‘Archive’ tab for details of the payment.

December 2012 – special distribution for December 2012 quarter

We can confirm that we will be able to release a portion of capital from the AMP Capital Enhanced Yield fund. Details on when payments will be processed and expected amounts will be communicated shortly.

October 2012 – special distribution for September 2012 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 September 2012. Please refer to the ‘Archive’ tab for details of the payment.

September 2012 – unit price update

The unit price of the OneAnswer AMP Capital Enhanced Yield fund fell by approximately 2.1% around 23 August 2012. The main reason for the drop in the unit price was an asset write-down in the underlying fund managed by AMP Capital.

Why has the asset write down occurred?
AMP Capital advised us recently of a decline in the value of AMP’s Structured High Yield fund (SHY) attributed to an asset-write down of its investment in the AirServ business. The AMP Capital Enhanced Yield fund invests into AMP’s SHY fund and has been impacted by a decline in the unit price. In the last 12-18 months AirServ has been impacted by declining consumer demand for its product – Coin operated vending machines. AirServ operates in a highly competitive environment and with the company facing capital constraints it has been difficult for them to match the competition. Following an independent valuation a write-down of the value of the AirServ asset from USD 86.1 million to USD 65 million was made. The impact for the OneAnswer AMP Capital Enhanced Yield fund was approximately a 2.1% drop in the unit price on 23 August 2012.
For further information please speak to your financial adviser.

July 2012 – special distribution for June 2012 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 June 2012. Please refer to the ‘Archive’ tab for details of the payment.

April 2012 – special distribution for March 2012 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2012. Please refer to the ‘Archive’ tab for details of the payment.

January 2012 - special distribution for December 2011 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending  31 December 2011. Please refer to the 'Archive' tab for details of the upcoming payment.

October 2011 - special distribution for September 2011 quarter

AMP Capital Investors, the fund manager of the underlying fund into which AMP Capital Enhanced Yield invests, has made a special distribution for the quarter ending 30 September 2011. Please refer to the 'Archive' tab for details of the payment.

December 2010 - unit price drop due to asset write down

The unit price of the OneAnswer AMP Capital Enhanced Yield fund fell by approximately 4% around 7 December 2010.   The main reason for the drop in the unit price was an asset write-down in the underlying fund managed by AMP Capital. The asset write down related to the underlying funds investment (indirectly through another fund) in the well known Godfreys vacuum cleaner business.  
Why has the asset write down occurred?
In 2009 Godfreys undertook a capital restructure to provide greater flexibility to the company’s working capital. However the turnaround in the Godfreys business was slower than required. A further capital restructure is required to avert a future default under the loan facility. An independent valuation was obtained for the underlying investment in Godfreys and resulted in a write-down of the value of the holding in Godfreys.  
AMP will continue to monitor the value of the Godfreys asset over the next few months as the restructure takes place. AMP remains committed to managing the underlying fund in the interests of its members and continues to make every effort to maximise performance for its investors.  
Further details will be provided to clients and advisers as it becomes available. For further information please speak to your financial adviser.  

Special distributions for the AMP Capital Enhanced Yield Fund

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has advised us recently of a proposal to wind up its underlying fund and sell its remaining assets. AMP Capital has since sold the largest asset in its underlying fund and as a result has paid a significantly higher special distribution of capital following the end of the March 2015 quarter.

OneAnswer Personal Super and Pension members have three options for receiving quarterly special distributions for the AMP Capital Enhanced Yield fund:

1. Complete the AMP Capital Enhanced Yield - Special distribution standing instruction form

Members can complete the AMP Capital Enhanced Yield – Special distribution standing instruction form available on this web page. The form allows members nominate one fund for 100% of their distribution to be switched into going forward. Future special distributions will then be switched directly from AMP Capital Enhanced Yield into this nominated fund. Members are able to change their standing instructions at any time. 

2. Complete the standard Switch Request Form

Members can complete the standard Switch Request Form which is available from Forms & brochures and their special distribution will be switched from OnePath Cash into their nominated fund(s). Please note this is not a standing instruction and members will need to complete another Switch Request Form for future special distributions if they wish for units to be switched into an alternate fund(s). With this option members can choose to switch their special distribution into multiple investment funds.

3. Take no action

Members can take no action and we will continue to switch their special distributions from AMP Capital Enhanced Yield into OnePath Cash.
Please speak to your financial adviser for further information. Alternatively you can call Customer Services on 133 665, weekdays between 8.30am and 6.30pm (Sydney time).

Hardship relief is not available for this suspended fund.

Background information

Click on the headings below for further information.

October 2008

AMP Capital Investors (AMP Capital) advised that as a result of reduced liquidity in the underlying fund, redemptions would be extended from the current period to 12 months. Since this initial announcement the following events have taken place. 

2 December 2008

AMP Capital announced that the underlying fund would allow withdrawals on a quarterly basis with the first offer being made in the first quarter of 2009. OnePath only received a payment from AMP Capital following one of the quarterly redemption periods this year, hence OnePath has only opened one withdrawal offer to OneAnswer investors during 2009.

February 2009

AMP Capital closed the fund to new investors as a result of continued poor market conditions.

April 2009 and July 2009

AMP Capital did not make any payments out of the fund for investors as a result of continued poor liquidity within the Fund. 

In November 2009 AMP Capital Investors (AMP Capital), the fund manager of the underlying fund, provided OnePath with details of quarterly ‘special distributions’ of capital and income which we will be passing on to investors in the AMP Capital Enhanced Yield fund (the Fund). AMP Capital also provided information about changes they have made to the underlying fund’s benchmark asset allocation.

It is important to remember investors are invested in the Fund through OneAnswer and not directly with the underlying fund manager, AMP Capital.

Special distributions replace withdrawal windows

AMP Capital has replaced withdrawal windows with special distributions of both capital and income. A withdrawal offer was made in March – April 2009, during which time investors could lodge withdrawal requests. There will be no future withdrawal offers from the Fund.

Important information - illiquidity of the underlying fund and changes to asset allocation

Due to the illiquidity of the assets in the underlying fund, the target asset allocation of 50% traded high yield and 50% private debt has been removed. This has been removed to enable the underlying fund to sell the traded high yield assets to pay out capital to investors from the liquid assets of the underlying fund. As a result, the less liquid assets will begin to occupy a greater proportion of the underlying fund.

Special distributions for the AMP Capital Enhanced Yield Fund

Click on the headings below for further information.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution following the end of the December 2014 quarter. The underlying fund has received a number of pre-payments over 2014 which has allowed a significant portion of remaining capital to be returned to investors.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during mid January 2015.

The amount returned was 0.87166 cents per unit*. This equates to approximately 25% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

22%

22 January 2015

OneAnswer Pension and Term Allocated Pension

26%

22 January 2015

Switch confirmations will be mailed to clients during February 2015.

This information has been produced by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) and OnePath Funds Management Limited (ABN 21 003 002 800, AFSL 238342) (together the ‘issuers’). 

This information is current at January 2015 but is subject to change. Updated information will be available free of charge by calling Customer Services on 133 665. The information is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances and objectives. You should read the Fund’s most current Product Disclosure Statement and any product and other updates which are available from your financial adviser, or by calling Customer Services on 133 665.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution following the end of the September 2014 quarter. The underlying fund has received a number of pre-payments over 2014 which has allowed a significant portion of remaining capital to be returned to investors.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during October 2014.
The amount returned was 6.80075 cents per unit*. This equates to approximately 66% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

64%

23 October 2014

OneAnswer Pension and Term Allocated Pension

66%

23 October 2014

Switch confirmations will be mailed to clients during November 2014.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution following the end of the June 2014 quarter.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during early July 2014.

The amount returned was 1.11336 cents per unit*. This equates to approximately 10% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

9%

30 July 2014

OneAnswer Pension and Term Allocated Pension

6%

30 July 2014

Switch confirmations will be mailed to OneAnswer Personal Super clients during August 2014.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution following the end of the March 2014 quarter.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during early April 2014.

The amount returned was 0.406 cents per unit*. This equates to approximately 3% of the fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

OneAnswer Pension and Term Allocated Pension will not be receiving a special distribution this quarter due to there not being available liquidity after providing for expected pension payments over the next quarter.

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

3%

28 April 2014

OneAnswer Pension and Term Allocated Pension 

0%

N/A

† There is no distribution for the fund due to there being no available liquidity after providing for expected pension payments over the next quarter.

Switch confirmations will be mailed to OneAnswer Personal Super clients during May 2014.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has not made a special distribution following the end of December 2013 quarter.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 September 2013.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during early October 2013.

The amount returned was 2.82018 cents per unit*. This equates to approximately 18% of the fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

16%

31  October 2013

OneAnswer Pension and Term Allocated Pension  

17%

31  October 2013

Mailing of clients’ switch confirmations are due to occur during November 2013.

October 2013 – Unit price update

The unit price of the OneAnswer AMP Capital Enhanced Yield Fund fell by approximately 1.7% around the end of September 2013. The main reason for the drop in the unit price was an asset write-down in the underlying fund managed by AMP Capital.

Why did the asset write down occur?

AMP Capital advised us recently of a decline in the value of AMP Capital’s Structured High Yield (SHY) Fund attributed to an asset-write down of its investment in Zodiac Marine (Zodiac). The AMP Capital Enhanced Yield Fund invests into AMP Capital’s SHY Fund.

Following an independent valuation, a write-down of the value of debt securities issued by Zodiac occurred. This led to a reduction in the unit price of the AMP Capital Enhanced Yield Fund.
The impact for the OneAnswer AMP Capital Enhanced Yield Fund was an approximate 1.7% drop in the unit price around the end of September 2013.

According to AMP Capital, Zodiac is a global business whose key territories are the US, Europe and Australia. Zodiac’s business activity is the development and manufacture of branded swimming pool equipment, with the majority of revenues coming from after-market products (i.e. after the pool has been built). Zodiac continues to trade poorly, particularly as a result of weak European markets. Its US business has recently seen a good improvement and is trading on budget. Australia has been weaker as the economy has slowed.

AMP Capital has advised that the independent valuer will continue to revalue Zodiac’s investments at six monthly intervals going forward. We will advise of any further significant impacts on the OneAnswer AMP Capital Enhanced Yield Fund.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield Fund (the Fund) invests, has made a special distribution for the quarter ending 30 June 2013.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* will be processed as part of the normal quarterly distribution process mid July 2013.

The amount returned was 0.74927 cents per unit*. This equates to approximately 4% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

4%

31 July 2013

OneAnswer Pension and Term Allocated Pension  

4%

31 July 2013

Mailing of clients’ switch confirmations are due to occur during August 2013.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2013.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* will be processed as part of the normal quarterly distribution process approximately on 11 April 2013.

The amount returned was 3.026 cents per unit*. This equates to approximately 18% of the fund balance.

*This distribution includes income and capital

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield fundPro rata payment %Date of processing

OneAnswer Personal Super, OneAnswer Pension and Term Allocated ension  

14.50%

1 May 2013

OneAnswer Pension and Term Allocated Pension  

14.95%

1 May 2013

Mailing of clients’ switch confirmations are due to occur by early to mid-May 2013.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 December 2012.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process on approximately 11 January 2013.

The amount returned was 4.17265 cents per unit*. This equates to approximately 17.60% of the fund balance.

*This distribution includes income and capital

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield fundPro rata payment %Date of processing

OneAnswer Personal Super, OneAnswer Pension and Term Allocated Pension  

16.3%

w/c 11 February 2013

Mailing of clients’ switch confirmations are due to occur during February and March 2013.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 September 2012.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* will be processed as part of the normal quarterly distribution process approximately on 15 October 2012.

The amount returned was 2.429 cents per unit*. This equates to approximately 9% of the fund balance.

*This distribution includes income and capital

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield fundPro rata payment %Date of processing

OneAnswer Personal Super, OneAnswer Pension and Term Allocated Pension  

Approx. 1%

Approx. week commencing 22 October 2012

Mailing of clients’ switch confirmations are due to occur by early to mid-November 2012.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 June 2012.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process on approximately 19-20 July 2012.

The amount returned was 0.69 cents per unit. This equates to approximately 2.5% of the fund balance.

*This distribution includes income and capital

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield fundPro rata payment %Date of processing

OneAnswer Personal Super  

Approx 4.2%      

Approx 23 July 2012

OneAnswer Pension and Term Allocated Pension

Approx 2.7%

Approx 23 July 2012

Mailing of clients’ switch confirmations are due to occur by early to mid August 2012.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2012.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution was processed as part of the normal quarterly distribution process on approximately 13 April 2012.

The amount returned was 2.76 cents per unit. This equates to approximately 9% of the fund balance.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

OneAnswer Personal Super, Integra Super, Corporate Super and PensionPro rata payment %Date of processing

AMP Capital Enhanced Yield fund

Approx 8-9%

End of April 2012

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 December 2011.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution was processed as part of the normal quarterly distribution process on approximately 13 January 2012. The amount will appear in Investors’ bank accounts on approximately 16-17 January 2012.

The amount returned was 4.62 cents per unit. This equates to approximately 13.55% of the fund balance. Please note the distribution was 100% capital.

OneAnswer Personal Super and Pension

Payments were processed effective 30 January 2012 as a switch into OnePath Cash or to an alternative investment fund for clients who have nominated one. Payment amounts were approximately 13.5% of the balance in the fund for Personal Super clients and Pension clients.

Clients can expect to see the switch reflected in their account balance from approximately 3 February 2012. Clients are then free to switch the proceeds to an alternate fund(s) of their choice or withdraw (subject to preservation rules and exit fees if they are within an exit fee period).

A confirmation of the switch will be sent during February 2012.

AMP Capital Investors, the fund manager of the underlying fund into which AMP Capital Enhanced Yield invests, has made a special distribution for the quarter ending 30 September 2011.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution was processed as part of the normal quarterly distribution process on approximately 17 October 2011. Investors will see the amount in their bank account on approximately 19 October 2011.

The amount returned was 3.11482 cents per unit. This equates to approximately 8.50% of the fund balance. Please note the distribution was 100% capital.

OneAnswer Personal Super and Pension

Payments were processed effective 31 October 2011 as a switch into OnePath Cash or to an alternative investment fund for clients who have nominated one. Payment amounts were 17.8%* of the balance in the fund for Personal Super clients and 8.5% for Pension clients.

The switch processing commenced on 31 October 2011. Clients can expect to see the switch reflected in their account balance from approximately Thursday 3 November 2011. Clients are then free to switch the proceeds to an alternate fund(s) of their choice or withdraw (subject to preservation rules and exit fees if they are within an exit fee period).

A confirmation of the switch will be sent during November 2011.

* The percentage is higher for ANZ OneAnswer/ OneAnswer Personal Super (compared to Pension) as we have released some additional cash which had previously been held to pay earnings tax however is no longer required.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 June 2011.

How much have investors received?

OneAnswer Investment Portfolio
OneAnswer Investment Portfolio investors received this special distribution as part of the normal quarterly distribution process in late July 2011. The quarterly return was approximately 32%*, equating to a cents per unit distribution of 16.7 cents.

OneAnswer Personal Super and Pension
OneAnswer Personal Super members will receive a payout percentage of 28.48% and Pension members were paid 32.37% of their balance in the fund by mid August 2011.

* This amount includes some income.
 This is the net amount after provisioning for taxes, insurance premiums, fees etc.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2011.

How much have investors received?

OneAnswer Investment Portfolio

OneAnswer Investment Portfolio investors received this special distribution as part of the normal quarterly distribution process on approximately 20 April 2011. The quarterly return was approximately 8.00%, equating to a cents per unit distribution of 5.03 cents.

OneAnswer Personal Super and Pension

OneAnswer Personal Super members will receive a payout percentage of 8.69%* and Pension members were paid 9.91% of their balance in the fund by Mid May 2011.

* This is the net amount after provisioning for taxes, insurance premiums, fees etc.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, made a special distribution for the quarter ending 31 December 2010.

How much did investors receive?

OneAnswer Investment Portfolio
OneAnswer Investment Portfolio investors received this special distribution as part of the normal quarterly distribution process in mid to late January 2011. The quarterly return was approximately 7.50%, equating to a distribution of 4.54798 cents per unit.


OneAnswer Personal Super and Pension
OneAnswer Personal Super members received a payout percentage of 5.65%* and Pension members were paid 7.42% of their balance in the fund in early February 2011.

* This is the net amount after provisioning for taxes, insurance premiums, fees etc.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 September 2010.

How much have investors received?

OneAnswer Investment Portfolio

OneAnswer Investment Portfolio investors received this special distribution as part of the normal quarterly distribution process on approximately 19 October 2010. The quarterly return was approximately 8.50%, equating to a cents per unit distribution of 5.96967 cents.

OneAnswer Personal Super and Pension

OneAnswer Personal Super members received a payout percentage of 6.74%* and Pension members were paid 8.61% of their balance in the fund at the end of October 2010.

* This is the net amount after provisioning for taxes, insurance premiums, fees etc.

Latest updates for the AMP Capital Enhanced Yield Fund

Termination of OneAnswer’s AMP Capital Enhanced Yield fund is now complete.

For Investment Portfolio investors, capital was returned via a deposit into the investor’s nominated bank account or by cheque. A withdrawal confirmation was sent to investors.

For Superannuation and Pension members, capital proceeds were switched into a Trustee-determined replacement fund unless members had previously provided alternative instructions.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has advised us recently of a proposal to wind up its underlying fund and sell its remaining assets. AMP Capital has since sold the largest asset in its underlying fund and as a result has paid a significantly higher special distribution of capital following the end of the March 2015 quarter.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during mid-April 2015.

The amount returned was 2.29853 cents per unit*. This equates to approximately 90% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

94%

27 April 2015

OneAnswer Pension and Term Allocated Pension

94%

27 April 2015

Switch confirmations will be mailed to clients during May 2015.

This information has been produced by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) and OnePath Funds Management Limited (ABN 21 003 002 800, AFSL 238342) (together the ‘issuers’). 

This information is current at April 2015 but is subject to change. Updated information will be available free of charge by calling Customer Services on 133 665. The information is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances and objectives. You should read the Fund’s most current Product Disclosure Statement and any product and other updates which are available from your financial adviser, or by calling Customer Services on 133 665 before making an investment decision.

On 23 April 2015 there was a large increase of approximately 55% in the unit price for the suspended OneAnswer Personal Super - AMP Capital Enhanced Yield fund (‘the Fund’). Members invested in the Fund will see the value of their investment in the Fund increase as a result.

For more information download the AMP CEY unit price update.

The unit price of the OneAnswer AMP Capital Enhanced Yield fund (EYF) fell by approximately 7% effective 4 December 2014.

Why has the change to valuation occurred?

The main reason for the drop in the unit price was due to a change in valuation of the assets in the underlying fund, AMP Capital Structured High Yield Fund (SHY). The EYF has been impacted by a decline in the unit price owing to the discount in moving from the current valuation method to valuing SHY’s assets based on realisable value less costs to sell. The EYF Fund has received a number of repayments over 2014 which has allowed a significant portion of the remaining capital to be returned to investors.

Confirmation of wind up

AMP Capital advised us recently of a proposal to wind up the SHY in which the EYF invests. We have now been advised that the remaining assets of the SHY will be sold and the net proceeds distributed to investors. Once we receive the final distribution from the SHY, we will provide a further update on the future of the EYF.

For further information please speak to your financial adviser.

October 2014 – Special distribution for September 2014 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield Fund (the Fund) invests, has advised there will be a special distribution of capital following the end of the September 2014 quarter. The underlying fund has received a number of pre-payments over 2014 which has allowed a significant portion of remaining capital to be returned to investors.

July 2014 – Special distribution for June 2014 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield Fund (the Fund) invests, has advised there will be a special distribution of capital following the end of the June 2014 quarter. 

June 2014 - Unit price update

The unit price of the OneAnswer AMP Capital Enhanced Yield fund fell by approximately 4.4% around 30 April 2014. The main reason for the drop in the unit price was an asset write-down in the underlying fund managed by AMP Capital.

Why has the asset write down occurred?
AMP Capital advised us recently of a decline in the value of AMP’s Structured High Yield fund (SHY) attributed to an asset-write down of its investment in the Telepizza business. The AMP Capital Enhanced Yield fund invests into AMP’s SHY fund and has been impacted by a decline in the unit price. Telepizza is a leader in home delivery of pizzas in Spain and Portugal with a significant presence in South America as well. Telepizza’s earnings have come under significant pressure from the scale of the downturn in European markets, and particularly Spain in recent years. A decision was made to sell the asset and preserve value for investors. The impact for the OneAnswer Enhanced Yield fund was approximately a 4.4% drop in the unit price at 30 April 2014.

For further information please speak to your financial adviser.

April 2014 – Special distribution for March 2014 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield Fund (the Fund) invests, has advised there will be a special distribution of capital following the end of the March 2014 quarter.

January 2014 – No special distribution for December 2013 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield Fund (the Fund) invests, has advised there will be no distribution of capital or income following the end of the December 2013 quarter.

AMP Capital advised that available income/cash will be set aside to offset expected foreign exchange losses resulting from the recent depreciation of the Australian dollar. A number of the investments of the Fund are held outside of Australia. 

December 2013 – Unit price update

The unit price of the OneAnswer AMP Capital Enhanced Yield Fund fell by approximately 6.98% around 19 December 2013. The main reason was an asset write-down in the underlying fund managed by AMP Capital.

Why did the asset write down occur?

One of the underlying investments, APCOA, accessed through the AMP Capital Strategic High Yield Fund, is undergoing capital restructure which could lead to a material loss on the loan, and as such impairment has been recognised.

APCOA is a European car parking business based in Germany.

Under the terms of the AMP Capital Illiquid Debt Valuation Policy, the final impairment adjustment for APCOA will be made using an independent valuation by an appropriately qualified external valuer. In the interim, the AMP Capital Strategic High Yield Fund’s investment team has recorded an impairment adjustment based on the average of quotes provided by recognised European brokers. This impairment adjustment will apply until a solution is agreed which would then allow the debt to be valued externally.

December 2013 – Details of upcoming December 2013 quarterly payment

We will confirm payments (if applicable) during January 2014.
Please refer to the 'Special distribution' tab for details on payments for the September 2013 quarter.

Details of upcoming September 2013 quarterly payment

During October 2013 we expect to return a portion of capital invested in the AMP Capital Enhanced Yield fund.
Further details will be available in the next update.

July 2013 – special distribution for June 2013 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the AMP Capital Enhanced Yield Fund (the Fund) invests, has made a special distribution for the quarter ending 30 June 2013. Please refer to the ‘Archive’ tab for details of the payment.

April 2013 – special distribution for March 2013 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2013. Please refer to the ‘Archive’ tab for details of the payment.

January 2013 – special distribution for December 2012 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 December 2012. Please refer to the ‘Archive’ tab for details of the payment.

December 2012 – special distribution for December 2012 quarter

We can confirm that we will be able to release a portion of capital from the AMP Capital Enhanced Yield fund. Details on when payments will be processed and expected amounts will be communicated shortly.

October 2012 – special distribution for September 2012 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 September 2012. Please refer to the ‘Archive’ tab for details of the payment.

September 2012 – unit price update

The unit price of the OneAnswer AMP Capital Enhanced Yield fund fell by approximately 2.1% around 23 August 2012. The main reason for the drop in the unit price was an asset write-down in the underlying fund managed by AMP Capital.

Why has the asset write down occurred?
AMP Capital advised us recently of a decline in the value of AMP’s Structured High Yield fund (SHY) attributed to an asset-write down of its investment in the AirServ business. The AMP Capital Enhanced Yield fund invests into AMP’s SHY fund and has been impacted by a decline in the unit price. In the last 12-18 months AirServ has been impacted by declining consumer demand for its product – Coin operated vending machines. AirServ operates in a highly competitive environment and with the company facing capital constraints it has been difficult for them to match the competition. Following an independent valuation a write-down of the value of the AirServ asset from USD 86.1 million to USD 65 million was made. The impact for the OneAnswer AMP Capital Enhanced Yield fund was approximately a 2.1% drop in the unit price on 23 August 2012.
For further information please speak to your financial adviser.

July 2012 – special distribution for June 2012 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 June 2012. Please refer to the ‘Archive’ tab for details of the payment.

April 2012 – special distribution for March 2012 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2012. Please refer to the ‘Archive’ tab for details of the payment.

January 2012 - special distribution for December 2011 quarter

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending  31 December 2011. Please refer to the 'Archive' tab for details of the upcoming payment.

October 2011 - special distribution for September 2011 quarter

AMP Capital Investors, the fund manager of the underlying fund into which AMP Capital Enhanced Yield invests, has made a special distribution for the quarter ending 30 September 2011. Please refer to the 'Archive' tab for details of the payment.

December 2010 - unit price drop due to asset write down

The unit price of the OneAnswer AMP Capital Enhanced Yield fund fell by approximately 4% around 7 December 2010.   The main reason for the drop in the unit price was an asset write-down in the underlying fund managed by AMP Capital. The asset write down related to the underlying funds investment (indirectly through another fund) in the well known Godfreys vacuum cleaner business.  
Why has the asset write down occurred?
In 2009 Godfreys undertook a capital restructure to provide greater flexibility to the company’s working capital. However the turnaround in the Godfreys business was slower than required. A further capital restructure is required to avert a future default under the loan facility. An independent valuation was obtained for the underlying investment in Godfreys and resulted in a write-down of the value of the holding in Godfreys.  
AMP will continue to monitor the value of the Godfreys asset over the next few months as the restructure takes place. AMP remains committed to managing the underlying fund in the interests of its members and continues to make every effort to maximise performance for its investors.  
Further details will be provided to clients and advisers as it becomes available. For further information please speak to your financial adviser.  

Special distributions for the AMP Capital Enhanced Yield Fund

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has advised us recently of a proposal to wind up its underlying fund and sell its remaining assets. AMP Capital has since sold the largest asset in its underlying fund and as a result has paid a significantly higher special distribution of capital following the end of the March 2015 quarter.

OneAnswer Personal Super and Pension members have three options for receiving quarterly special distributions for the AMP Capital Enhanced Yield fund:

1. Complete the AMP Capital Enhanced Yield - Special distribution standing instruction form

Members can complete the AMP Capital Enhanced Yield – Special distribution standing instruction form available on this web page. The form allows members nominate one fund for 100% of their distribution to be switched into going forward. Future special distributions will then be switched directly from AMP Capital Enhanced Yield into this nominated fund. Members are able to change their standing instructions at any time. 

2. Complete the standard Switch Request Form

Members can complete the standard Switch Request Form which is available from Forms & brochures and their special distribution will be switched from OnePath Cash into their nominated fund(s). Please note this is not a standing instruction and members will need to complete another Switch Request Form for future special distributions if they wish for units to be switched into an alternate fund(s). With this option members can choose to switch their special distribution into multiple investment funds.

3. Take no action

Members can take no action and we will continue to switch their special distributions from AMP Capital Enhanced Yield into OnePath Cash.
Please speak to your financial adviser for further information. Alternatively you can call Customer Services on 133 665, weekdays between 8.30am and 6.30pm (Sydney time).

Hardship relief is not available for this suspended fund.

Background information

Click on the headings below for further information.

October 2008

AMP Capital Investors (AMP Capital) advised that as a result of reduced liquidity in the underlying fund, redemptions would be extended from the current period to 12 months. Since this initial announcement the following events have taken place. 

2 December 2008

AMP Capital announced that the underlying fund would allow withdrawals on a quarterly basis with the first offer being made in the first quarter of 2009. OnePath only received a payment from AMP Capital following one of the quarterly redemption periods this year, hence OnePath has only opened one withdrawal offer to OneAnswer investors during 2009.

February 2009

AMP Capital closed the fund to new investors as a result of continued poor market conditions.

April 2009 and July 2009

AMP Capital did not make any payments out of the fund for investors as a result of continued poor liquidity within the Fund. 

In November 2009 AMP Capital Investors (AMP Capital), the fund manager of the underlying fund, provided OnePath with details of quarterly ‘special distributions’ of capital and income which we will be passing on to investors in the AMP Capital Enhanced Yield fund (the Fund). AMP Capital also provided information about changes they have made to the underlying fund’s benchmark asset allocation.

It is important to remember investors are invested in the Fund through OneAnswer and not directly with the underlying fund manager, AMP Capital.

Special distributions replace withdrawal windows

AMP Capital has replaced withdrawal windows with special distributions of both capital and income. A withdrawal offer was made in March – April 2009, during which time investors could lodge withdrawal requests. There will be no future withdrawal offers from the Fund.

Important information - illiquidity of the underlying fund and changes to asset allocation

Due to the illiquidity of the assets in the underlying fund, the target asset allocation of 50% traded high yield and 50% private debt has been removed. This has been removed to enable the underlying fund to sell the traded high yield assets to pay out capital to investors from the liquid assets of the underlying fund. As a result, the less liquid assets will begin to occupy a greater proportion of the underlying fund.

Special distributions for the AMP Capital Enhanced Yield Fund

Click on the headings below for further information.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution following the end of the December 2014 quarter. The underlying fund has received a number of pre-payments over 2014 which has allowed a significant portion of remaining capital to be returned to investors.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during mid January 2015.

The amount returned was 0.87166 cents per unit*. This equates to approximately 25% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

22%

22 January 2015

OneAnswer Pension and Term Allocated Pension

26%

22 January 2015

Switch confirmations will be mailed to clients during February 2015.

This information has been produced by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) and OnePath Funds Management Limited (ABN 21 003 002 800, AFSL 238342) (together the ‘issuers’). 

This information is current at January 2015 but is subject to change. Updated information will be available free of charge by calling Customer Services on 133 665. The information is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances and objectives. You should read the Fund’s most current Product Disclosure Statement and any product and other updates which are available from your financial adviser, or by calling Customer Services on 133 665.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution following the end of the September 2014 quarter. The underlying fund has received a number of pre-payments over 2014 which has allowed a significant portion of remaining capital to be returned to investors.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during October 2014.
The amount returned was 6.80075 cents per unit*. This equates to approximately 66% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

64%

23 October 2014

OneAnswer Pension and Term Allocated Pension

66%

23 October 2014

Switch confirmations will be mailed to clients during November 2014.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which the OneAnswer AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution following the end of the June 2014 quarter.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during early July 2014.

The amount returned was 1.11336 cents per unit*. This equates to approximately 10% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

9%

30 July 2014

OneAnswer Pension and Term Allocated Pension

6%

30 July 2014

Switch confirmations will be mailed to OneAnswer Personal Super clients during August 2014.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution following the end of the March 2014 quarter.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during early April 2014.

The amount returned was 0.406 cents per unit*. This equates to approximately 3% of the fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

OneAnswer Pension and Term Allocated Pension will not be receiving a special distribution this quarter due to there not being available liquidity after providing for expected pension payments over the next quarter.

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

3%

28 April 2014

OneAnswer Pension and Term Allocated Pension 

0%

N/A

† There is no distribution for the fund due to there being no available liquidity after providing for expected pension payments over the next quarter.

Switch confirmations will be mailed to OneAnswer Personal Super clients during May 2014.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has not made a special distribution following the end of December 2013 quarter.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 September 2013.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process during early October 2013.

The amount returned was 2.82018 cents per unit*. This equates to approximately 18% of the fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

16%

31  October 2013

OneAnswer Pension and Term Allocated Pension  

17%

31  October 2013

Mailing of clients’ switch confirmations are due to occur during November 2013.

October 2013 – Unit price update

The unit price of the OneAnswer AMP Capital Enhanced Yield Fund fell by approximately 1.7% around the end of September 2013. The main reason for the drop in the unit price was an asset write-down in the underlying fund managed by AMP Capital.

Why did the asset write down occur?

AMP Capital advised us recently of a decline in the value of AMP Capital’s Structured High Yield (SHY) Fund attributed to an asset-write down of its investment in Zodiac Marine (Zodiac). The AMP Capital Enhanced Yield Fund invests into AMP Capital’s SHY Fund.

Following an independent valuation, a write-down of the value of debt securities issued by Zodiac occurred. This led to a reduction in the unit price of the AMP Capital Enhanced Yield Fund.
The impact for the OneAnswer AMP Capital Enhanced Yield Fund was an approximate 1.7% drop in the unit price around the end of September 2013.

According to AMP Capital, Zodiac is a global business whose key territories are the US, Europe and Australia. Zodiac’s business activity is the development and manufacture of branded swimming pool equipment, with the majority of revenues coming from after-market products (i.e. after the pool has been built). Zodiac continues to trade poorly, particularly as a result of weak European markets. Its US business has recently seen a good improvement and is trading on budget. Australia has been weaker as the economy has slowed.

AMP Capital has advised that the independent valuer will continue to revalue Zodiac’s investments at six monthly intervals going forward. We will advise of any further significant impacts on the OneAnswer AMP Capital Enhanced Yield Fund.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield Fund (the Fund) invests, has made a special distribution for the quarter ending 30 June 2013.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* will be processed as part of the normal quarterly distribution process mid July 2013.

The amount returned was 0.74927 cents per unit*. This equates to approximately 4% of the Fund balance.

*This distribution may include income and capital.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield FundExpected pro rata paymentApproximate date of processing

OneAnswer Personal Super

4%

31 July 2013

OneAnswer Pension and Term Allocated Pension  

4%

31 July 2013

Mailing of clients’ switch confirmations are due to occur during August 2013.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2013.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* will be processed as part of the normal quarterly distribution process approximately on 11 April 2013.

The amount returned was 3.026 cents per unit*. This equates to approximately 18% of the fund balance.

*This distribution includes income and capital

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield fundPro rata payment %Date of processing

OneAnswer Personal Super, OneAnswer Pension and Term Allocated ension  

14.50%

1 May 2013

OneAnswer Pension and Term Allocated Pension  

14.95%

1 May 2013

Mailing of clients’ switch confirmations are due to occur by early to mid-May 2013.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 December 2012.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process on approximately 11 January 2013.

The amount returned was 4.17265 cents per unit*. This equates to approximately 17.60% of the fund balance.

*This distribution includes income and capital

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield fundPro rata payment %Date of processing

OneAnswer Personal Super, OneAnswer Pension and Term Allocated Pension  

16.3%

w/c 11 February 2013

Mailing of clients’ switch confirmations are due to occur during February and March 2013.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 September 2012.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* will be processed as part of the normal quarterly distribution process approximately on 15 October 2012.

The amount returned was 2.429 cents per unit*. This equates to approximately 9% of the fund balance.

*This distribution includes income and capital

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield fundPro rata payment %Date of processing

OneAnswer Personal Super, OneAnswer Pension and Term Allocated Pension  

Approx. 1%

Approx. week commencing 22 October 2012

Mailing of clients’ switch confirmations are due to occur by early to mid-November 2012.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 June 2012.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution* was processed as part of the normal quarterly distribution process on approximately 19-20 July 2012.

The amount returned was 0.69 cents per unit. This equates to approximately 2.5% of the fund balance.

*This distribution includes income and capital

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

AMP Capital Enhanced Yield fundPro rata payment %Date of processing

OneAnswer Personal Super  

Approx 4.2%      

Approx 23 July 2012

OneAnswer Pension and Term Allocated Pension

Approx 2.7%

Approx 23 July 2012

Mailing of clients’ switch confirmations are due to occur by early to mid August 2012.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2012.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution was processed as part of the normal quarterly distribution process on approximately 13 April 2012.

The amount returned was 2.76 cents per unit. This equates to approximately 9% of the fund balance.

OneAnswer Personal Super and Pension

Details of payments are outlined in the following table:

OneAnswer Personal Super, Integra Super, Corporate Super and PensionPro rata payment %Date of processing

AMP Capital Enhanced Yield fund

Approx 8-9%

End of April 2012

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 December 2011.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution was processed as part of the normal quarterly distribution process on approximately 13 January 2012. The amount will appear in Investors’ bank accounts on approximately 16-17 January 2012.

The amount returned was 4.62 cents per unit. This equates to approximately 13.55% of the fund balance. Please note the distribution was 100% capital.

OneAnswer Personal Super and Pension

Payments were processed effective 30 January 2012 as a switch into OnePath Cash or to an alternative investment fund for clients who have nominated one. Payment amounts were approximately 13.5% of the balance in the fund for Personal Super clients and Pension clients.

Clients can expect to see the switch reflected in their account balance from approximately 3 February 2012. Clients are then free to switch the proceeds to an alternate fund(s) of their choice or withdraw (subject to preservation rules and exit fees if they are within an exit fee period).

A confirmation of the switch will be sent during February 2012.

AMP Capital Investors, the fund manager of the underlying fund into which AMP Capital Enhanced Yield invests, has made a special distribution for the quarter ending 30 September 2011.

Timing and amount of payments

OneAnswer Investment Portfolio

The special distribution was processed as part of the normal quarterly distribution process on approximately 17 October 2011. Investors will see the amount in their bank account on approximately 19 October 2011.

The amount returned was 3.11482 cents per unit. This equates to approximately 8.50% of the fund balance. Please note the distribution was 100% capital.

OneAnswer Personal Super and Pension

Payments were processed effective 31 October 2011 as a switch into OnePath Cash or to an alternative investment fund for clients who have nominated one. Payment amounts were 17.8%* of the balance in the fund for Personal Super clients and 8.5% for Pension clients.

The switch processing commenced on 31 October 2011. Clients can expect to see the switch reflected in their account balance from approximately Thursday 3 November 2011. Clients are then free to switch the proceeds to an alternate fund(s) of their choice or withdraw (subject to preservation rules and exit fees if they are within an exit fee period).

A confirmation of the switch will be sent during November 2011.

* The percentage is higher for ANZ OneAnswer/ OneAnswer Personal Super (compared to Pension) as we have released some additional cash which had previously been held to pay earnings tax however is no longer required.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 June 2011.

How much have investors received?

OneAnswer Investment Portfolio
OneAnswer Investment Portfolio investors received this special distribution as part of the normal quarterly distribution process in late July 2011. The quarterly return was approximately 32%*, equating to a cents per unit distribution of 16.7 cents.

OneAnswer Personal Super and Pension
OneAnswer Personal Super members will receive a payout percentage of 28.48% and Pension members were paid 32.37% of their balance in the fund by mid August 2011.

* This amount includes some income.
 This is the net amount after provisioning for taxes, insurance premiums, fees etc.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 31 March 2011.

How much have investors received?

OneAnswer Investment Portfolio

OneAnswer Investment Portfolio investors received this special distribution as part of the normal quarterly distribution process on approximately 20 April 2011. The quarterly return was approximately 8.00%, equating to a cents per unit distribution of 5.03 cents.

OneAnswer Personal Super and Pension

OneAnswer Personal Super members will receive a payout percentage of 8.69%* and Pension members were paid 9.91% of their balance in the fund by Mid May 2011.

* This is the net amount after provisioning for taxes, insurance premiums, fees etc.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, made a special distribution for the quarter ending 31 December 2010.

How much did investors receive?

OneAnswer Investment Portfolio
OneAnswer Investment Portfolio investors received this special distribution as part of the normal quarterly distribution process in mid to late January 2011. The quarterly return was approximately 7.50%, equating to a distribution of 4.54798 cents per unit.


OneAnswer Personal Super and Pension
OneAnswer Personal Super members received a payout percentage of 5.65%* and Pension members were paid 7.42% of their balance in the fund in early February 2011.

* This is the net amount after provisioning for taxes, insurance premiums, fees etc.

AMP Capital Investors (AMP Capital), the fund manager of the underlying fund into which AMP Capital Enhanced Yield (the Fund) invests, has made a special distribution for the quarter ending 30 September 2010.

How much have investors received?

OneAnswer Investment Portfolio

OneAnswer Investment Portfolio investors received this special distribution as part of the normal quarterly distribution process on approximately 19 October 2010. The quarterly return was approximately 8.50%, equating to a cents per unit distribution of 5.96967 cents.

OneAnswer Personal Super and Pension

OneAnswer Personal Super members received a payout percentage of 6.74%* and Pension members were paid 8.61% of their balance in the fund at the end of October 2010.

* This is the net amount after provisioning for taxes, insurance premiums, fees etc.