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Exchangeable Preferred Trust Document

Document date:  Fri 04 Sep 1998
Published:  Fri 04 Sep 1998 00:00:00
Document No:  140596
Document part:  B
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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20,000,000 TrUEPrS(SM)
ANZ EXCHANGEABLE PREFERRED TRUST

Each of the Trust Units Exchangeable for Preference Shares (SM) 
("TrUEPrS") offered hereby (the "Offering") will represent a 
proportionate share of a beneficial ownership interest in the Trust 
and will be sold at an initial public offering price of US$25.  
Except as described herein, holders of the TrUEPrS will receive 
non-cumulative dividend distributions in an amount equal to US$ - 
per TrUEPrS per annum, payable quarterly in arrears in an amount 
equal to US$- per TrUEPrS on each January 15, April 15, July 15, 
and October 15 of each year (each, a "Dividend Payment Date"), to 
holders of record as of the immediately preceding January 1, April 
1, July 1 and October 1, respectively (each, a "Record Date").  The 
first dividend distribution in respect of the period from and 
including the original issue date (the "Issue Date") to but excluding 
October 15, 1998 will equal US$- per TrUEPrS.


PROSPECTUS SUMMARY

The following summary should be read in conjunction with the more 
detailed information appearing elsewhere in this Prospectus.  Unless 
otherwise indicated, the information contained in this Prospectus 
assumes that the Underwriters' over-allotment option is not exercised.

THE TRUST

ANZ Exchangeable Preferred Trust is a newly-created Delaware business 
trust that will be registered as a non-diversified closed-end 
management investment company under the US Investment Company Act of 
1940, as amended (the "Investment Company Act").  The term of the 
Trust will expire on or shortly after the occurrence of an Exchange 
Event.  The Trust will be treated as a grantor trust for United 
States Federal income tax purposes.

THE OFFERING

The Trust is offering 20,000,000 TrUEPrS, each representing a 
proportionate share of beneficial interest in the Trust, at an initial
public offering price of US$25 per TrUEPrS.  The Underwriters have 
been granted an option, exercisable for 30 days from the date of this 
Prospectus, to purchase up to an aggregate of 2,996,000 additional 
TrUEPrS, solely to cover over-allotments, if any.  See "Underwriting."
In accordance with the requirements of the Investment Company Act, on 
September 1, 1998, the Trust issued 4,000 TrUEPrs (the Incorporated, 
for the purchase price of US$25 per TrUEPrS.

A full copy of this announcement is available for purchase from ASX 
Customer Service on 1 300 300 279.

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