Custom Choice Growth Portfolio

Notice of our intention to terminate the Fund
On 18 November 2008, Challenger Managed Investments Limited (ABN 94 002 835 592 AFSL 234668), as Responsible Entity, resolved to terminate the Fund. Investors' rights remain unchanged, except that the Fund's constitution does not allow us to accept any further applications, reinvestment of distributions or redemption requests.

Overview
The Custom Choice Growth Portfolio is an actively managed and diversified investment portfolio with a substantial allocation to growth assets. The Fund invests in Australian shares, international shares, property, diversified fixed interest and cash, via a number of specialist investment managers and has an intention to also invest in alternative assets.

Fund objective
To provide primarily capital growth and some income over the long term (at least five years) and returns above the benchmark indices for the target asset allocation over rolling three-year periods.

Investment consultant
QIC has been appointed as the investment consultant to provide manager research and selection services for Challenger's range of multi-manager funds. QIC provides advice on the strategic asset allocation of the funds. Challenger is the investment manager for the property and cash asset classes.

Investment style
QIC's thorough and comprehensive 'manage-the-manager' (MTM) research process seeks to identify specialist investment managers within the Australian share, international share and fixed interest asset classes. The MTM research approach involves a regular assessment of each investment manager's capabilities, focusing on corporate strength, investment philosophy and process, people, systems and technology.

Strategic asset allocation
The Fund's strategic asset allocation is as follows:

The current list of underlying investment managers are outlined below:

International shares

• Arnhold & S. Bleichroeder Advisers
• AllianceBernstein
• Altrinsic Global Advisors
• 1607 Capital Partners
• QIC Active Currency Trust*

*The QIC Active Currency Trust includes four global active currency managers

• Bridgewater Associates
• Deutsche Asset Management
• FDO Partners, LLC
• Principal Global Investors

Australian shares

• Ausbil Dexia Limited
• Challenger Financial Services Group
• Greencape Capital
• Orion Asset Management
• Tyndall Investment Management

Alternative assets

• QIC Tactical Return Fund
• QIC Global Fixed Interest Alpha Fund

Property

• Heitman LLC
• Challenger Financial Services Group

Fixed interest

• Blue Bay Asset Management
• Goldman Sachs Asset Management  
• QIC
• Putnam Investments

Cash

• Challenger Financial Services Group

How to invest
Wholesale PDS - minimum investment $10,000

Update of information

Appointment of National Mutual Funds Management Limited

Challenger Managed Investments Limited (CMIL) as responsible entity of the Custom Choice Portfolios and the Challenger MTM Funds (collectively 'the Portfolios') has appointed National Mutual Funds Management Limited ABN 32 006 787 720 (NMFM), a wholly owned subsidiary of AXA Asia Pacific Holdings Limited ABN 78 069 123 011 (AXA) to manage the operation of the Portfolios.

AXA helps more than one million Australians provide for their financial future. AXA is a member of the Global AXA Group, one of the largest financial services groups in the world with an enviable track record in meeting the superannuation, investment and insurance needs of millions of clients worldwide. The Global AXA Group operates in 50 countries with total Group assets under management, administration and advice in excess of $A2.2 trillion as at 31 December 2007. To learn more about AXA visit www.axa.com.au.
 
NMFM's appointment will be implemented on a progressive basis over a 12 month period starting on 1 July 2008, so that NMFM will become responsible for the management and operational functions in respect of the Portfolios, including the investment administration, promotional, communication, registry, and sales and distribution functions. 

Queensland Investment Corporation (QIC) is the appointed investment consultant to provide manager research and selection services for these multi-manager portfolios. QIC's role is to identify and blend the best specialist investment managers. QIC may consult with AXA when considering the appointment, retention or termination of investment managers for the multi-manager portfolios. It is intended that QIC will continue in this role for the foreseeable future.

The appointment of NMFM does not result in a change to the current investment objectives or investment strategy of the Portfolios. 

The Portfolios' constitutions, however, give the responsible entity broad investment powers. Accordingly, CMIL reserves the right to change the investment objectives or investment strategy of the Portfolios set out in the relevant PDS. CMIL will give unit holders written notice of any material variation it believes they would not have reasonably expected.

In addition, notwithstanding the appointment of NMFM, the responsible entity remains responsible to unit holders for anything that NMFM does or fails to do because of its appointment. The appointment of NMFM does not result in a change to the management fees for the Portfolios.

For more information contact your financial planner or call our Investor Services team on 1800 331 613.

Interests in the Custom Choice Growth Portfolio are offered by Challenger Managed Investments Limited ABN 94 002 835 592. AFSL 234668.

The offer or invitation to subscribe in interests in the product is only available to persons receiving the PDS in Australia and is subject to terms and conditions described in the PDS. Neither product issuer, any Custodian, nor any entity or person associated with the Challenger Financial Services Group of companies guarantees repayment of your capital or the performance of your investment.
The information contained above has been prepared without taking account of any person's objectives, financial situation or needs. Because of that, each person should, before acting on any such information, consider the appropriateness of the information, having regard to their objectives, financial situation and needs. Each person should obtain a current PDS relating to the product and consider that document before making any decision about the product.

If you acquire or hold one of our products, we will receive fees and other benefits which are generally disclosed in the PDS or other disclosure document for the product. We and our employees do not receive any specific remuneration for any advice provided to you. However, financial advisers (including any Challenger group companies) may receive fees or commissions if they provide advice to you or arrange for you to invest with us. Some or all of Challenger group companies and directors of those companies may benefit from fees, commissions and other benefits received by another group company.