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Sandhurst Professional Series Sandhurst Professional Series Document Transcript

  • Sandhurst Professional Series Product Disclosure Statement Dated 30 November 2009 The Responsible Entity and Issuer of the Sandhurst Professional Series is Sandhurst Trustees Limited, ABN 16 004 030 737 AFSL 237906, a subsidiary of Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL 237879. Investment Managers
  • Responsible Entity and issuer of To help you make an informed investment Contact the Funds decision, you should consider obtaining information Sandhurst Trustees Limited professional advice from a licensed financial adviser before investing in any of (Sandhurst or Responsible Entity) For all queries please contact the Funds. ABN 16 004 030 737 AFSL 237906 our Customer Service Centre, All investments have inherent risk, from Monday to Friday Sandhurst is a wholly owned subsidiary including a reduction in the capital value of: Bendigo and Adelaide Bank Limited of the amount invested, a less than 8.30am – 5.00pm (the Bank) ABN 11 068 049 178 expected return on funds invested or a Victorian time. AFSL 237879. delay in payment. For this reason, neither Telephone: 1800 634 969 Sandhurst, the Bank, nor any company in Facsimile: 1800 835 800 Investment Managers the Bendigo and Adelaide Bank Group, Email: managedfunds@ The Investment Managers of the nor any Associated Company (nor any sandhursttrustees.com.au relevant Underlying Managed Funds into of their officers, employees or agents) which the Funds invest are: guarantees the repayment of capital www.sandhursttrustees.com.au/ invested, the payment of income or the professionalseries • Investors Mutual Limited (IML) investment performance of the Funds. ABN 14 078 030 752; and The Bank does not stand behind or Postal address • Global Value Investors Limited (GVI) guarantee the performance of Sandhurst. Sandhurst Professional Series ABN 76 111 397 392. Importantly, an investment in the Funds Level 5, 120 Harbour Esplanade is not a deposit, or other liability of, Docklands VIC 3008 Important Information the Bank, Sandhurst, any Associated It is important that you read this Product Company or any other company in the Disclosure Statement (PDS) carefully in Bendigo and Adelaide Bank Group. The Funds its entirety before deciding whether to Sandhurst is not an authorised deposit- invest and before lodging an application taking institution within the meaning of • Sandhurst Professional IML for Units in any of the Funds. We the Banking Act 1959 (Cth). Australian Share Fund suggest that you keep this PDS and any The offer to invest in the Funds is ARSN 119 357 809 supplementary information for future available to persons receiving a copy APIR STL0016AU reference. (electronic or otherwise) of the most • Sandhurst Professional IML This PDS is dated 30 November 2009. up-to-date PDS for the Funds within Industrial Share Fund Australia. If you receive this PDS ARSN 119 357 498 This PDS describes the features and electronically, you should ensure that you APIR STL0018AU benefits of the Sandhurst Professional have received the complete Application Series and, it will help you to: • Sandhurst Professional IML Form and PDS. If you are unsure whether Future Leaders Fund • decide whether these Funds will the electronic document is complete, you ARSN 119 357 756 meet your needs; and should contact Sandhurst. A printed copy APIR STL0017AU is available free of charge. • compare these Funds with other • Sandhurst Professional IML funds you may be considering. This PDS does not constitute an offer in Value & Income Fund any jurisdiction in which, or to any person The information contained in this PDS to whom, it would not be lawful to make ARSN 135 917 421 is general information only. It does such an offer including, but not limited to, APIR STL0019AU not constitute advice or contain a Investors in the United States of America. • Sandhurst Professional GVI recommendation to invest in any of the Applications from outside Australia will Global Industrial Fund Funds. The PDS has not been prepared not be accepted. ARSN 119 357 890 taking into account the particular APIR STL0015AU All references to dollar amounts and objectives, financial situation or needs application and withdrawal prices in this of any Investor. Before making an Referred to collectively as the PDS are in Australian currency. investment in any of the Funds, you “Sandhurst Professional Series”, the should consider the appropriateness Words and expressions that are “Funds” or individually as the “Fund”. of the investment having regard to your capitalised in this PDS are defined in the objectives, financial situation and needs. Glossary (refer to page 29). This PDS has been prepared by A copy of this PDS has not been Sandhurst alone. lodged with ASIC and ASIC takes no responsibility for the contents of this PDS.
  • Contents Page Significant features 3 The Funds: a snapshot 4 About this PDS 6 About the Funds 6 How your money is managed 8 Benefits and risks 10 Fees and other costs 14 How to invest 19 Taxation information 23 Other information 25 Glossary 29 Guide to completing your 31 Application Form Application Form A1 Sandhurst Trustees Limited 1
  • Why choose the Sandhurst Professional Series? The Funds provide a simple cost effective Page solution to help you save for your future. Sandhurst acts as Responsible Entity of the Funds Since 1888 Sandhurst has assisted Australian families with their financial needs. Adopting the motto “Mindful, Faithful and Lasting” Sandhurst embraces a prudent investment philosophy and 7 is committed to delivering high quality investment solutions. Sandhurst is part of the Bendigo and Adelaide Bank Group and shares its values of honesty, ethical behaviour and personal service. Direct Access – the alternative to a wrap account An investment of $25,000 can give you direct 6 & 15 access to IML and GVI at a competitive fee when compared to traditional retail funds and wrap accounts. Managed by leading professional Investment Managers Sandhurst has developed relationships with quality 7-8 Investment Managers including IML and GVI who are the Investment Managers of the Professional Series. Funds that suit you With the help of a financial adviser you should be 4-5 able to find a Fund that suits your financial goals. A “traditional value” investment style IML, and more recently GVI, have built their 7-8 reputation as specialist “value” Investment Managers. Flexibility You can usually add to your managed fund investments or make a withdrawal if you need to, 19 - 21 and all within a matter of days. Please refer to page 20 for more information on withdrawals. Administration and time management The Funds are administered by Sandhurst. When you invest, Sandhurst will handle all the paperwork 22 and administration and provide you with regular information and reporting on your investment. 2 Sandhurst Professional Series
  • Significant features Sandhurst Sandhurst Sandhurst Sandhurst Sandhurst Professional Professional Professional Professional Professional IML Australian IML Industrial IML Future IML Value & GVI Global Share Fund Share Fund Leaders Fund Income Fund Industrial Fund Australian shares Australian shares, Predominant Australian outside the top International Australian shares International investment class industrial shares 50 ASX listed industrial shares shares and cash shares Investment Manager IML IML IML IML1 GVI For the most up-to-date information, including the most recent Fund performance, actual asset allocations and the size of the Funds, you can: • visit our website at www.sandhursttrustees.com.au/professionalseries; Access to current information • telephone us on 1800 634 969 (Mon-Fri 8.30am to 5.00pm Victorian time); or • write to us (see inside cover for our contact details). A printed copy of Fund updates is available free of charge on request. 30 June, 30 June and 30 June and 30 June and 30 September, 30 June and Distributions2 31 December 31 December 31 December 31 December 31 December and 31 March Unit pricing Daily – refer to page 21 for more details. Minimum $25,000 – refer to page 19 for more details. initial investment Minimum $5,000 – refer to page 19 for more details. additional investment Minimum $5,000 – refer to page 20 for more details. withdrawal amount Indirect Cost 1.30% 1.30% 1.30% 1.35% 1.40% Ratio (ICR)3 Contribution Fee3 Nil Withdrawal Fee3 Nil 0.30% of the net Transaction Cost3 0.25% of the net value of the Fund per unit. value of the Fund per Unit. 1. IML manages the overall Fund and the Australian share and cash and cash equivalent portfolios. GVI manages the international share portfolio. Refer to the sections titled ‘Investment philosophy’ and ‘Investment style’ on page 8 for information on how IML and GVI will manage the assets of the Fund. 2. Please refer to page 21 for more details regarding distributions. 3. Please refer to pages 14 – 18 for more details on fees and costs. Sandhurst Trustees Limited 3
  • The Funds: a snapshot Important: This is a general description of the Funds. You should read the entire PDS to make an informed decision about whether to invest in the Funds. Investment objective Investment strategy The objective is not an indication or This is the means by which the Fund seeks to achieve its investment guarantee of the possible performance objectives and the grounds on which the Funds’ investment objectives are set. of the Fund in the future. Sandhurst Professional IML Australian Share Fund To achieve, over the long term, capital growth To primarily invest indirectly in a diversified portfolio of quality Australian and income and to deliver a return (after fees industrial and resource shares (including listed property trusts), where these and costs and before taxes) that is in excess assets are identified by the Investment Manager as being undervalued. of the benchmark listed over a rolling four year basis. Sandhurst Professional IML Industrial Share Fund To achieve, over the long term, capital growth To primarily invest indirectly in a diversified portfolio of quality Australian and income and to deliver a return (after fees industrial shares (including listed property trusts), where these assets are and costs and before taxes) that is in excess identified by the Investment Manager as being undervalued. of the benchmark listed over a rolling four year basis. Sandhurst Professional IML Future Leaders Fund To achieve, over the long term, capital growth To primarily invest indirectly in a diversified portfolio of quality Australian and some income and to deliver a return shares outside the top 50 shares listed on the ASX, where these assets are (after fees and costs and before taxes) that identified by the Investment Manager as being undervalued. is in excess of the benchmark listed over a rolling four year basis. Sandhurst Professional IML Value & Income Fund To achieve, over the long term, a regular To primarily invest indirectly in a defensive portfolio of investments that quarterly income stream and returns (after the Investment Manager believes is of high quality and offer good value. fees and costs and before taxes) that is in The Fund has a broad allocation of Australian and International shares, hybrids excess of the benchmark listed over a rolling securities, cash and cash equivalents (including investment grade interest two year period. bearing securities) and derivatives (except for gearing purposes). The asset classes have different performance and risk characteristics. The Investment Manager will seek a combination of investments from each asset class with the aim of meeting the objectives of the Fund. Sandhurst Professional GVI Global Industrial Fund To achieve, over the long term, capital growth To primarily invest indirectly in a diversified portfolio of quality international and some income and to deliver a return industrial shares, where these assets are identified by the Investment (after fees and expenses and before taxes) Manager as being undervalued. that is in excess of the benchmark listed over a rolling three year basis. 1. Including interests in Australian equity derivatives and hybrid securities such as preference shares. The Funds may invest indirectly a maximum of 5% of Fund assets in unlisted securities provided that the relevant securities are expected to list within 12 months of making the investment. 2. In exceptional market conditions the Funds may have higher levels of cash where in the Investment Manager’s opinion, more attractive investment opportunities cannot be found. Current asset allocations are updated on our website each quarter. 4 Sandhurst Professional Series
  • Benchmark The Benchmark is not a guarantee of Target underlying asset allocation the possible performance of the Funds Investments This provides an indication of the in the future. It represents the targeted intended holdings in the Fund and may return for the Funds on the basis set be higher or lower from time to time. out in the ‘Investment objective’. S&P/ASX 300 Accumulation Index Investors Mutual Australian Share Australian shares Fund (ARSN 093 182 695), for which (industrial and resource)1 IML is the responsible entity and Range 90 – 100% Investment Manager. Cash and cash equivalents2, 3 Range 0 – 10% S&P/ASX 300 Industrial Investors Mutual Industrial Share Australian shares (industrial)1 Accumulation Index Fund (ARSN 093 182 195), for which Range 80 – 100% IML is the responsible entity and Cash and cash equivalents2, 3 Investment Manager. Range 0 – 20% S&P/ASX 300 Accumulation Investors Mutual Future Leaders Australian shares (outside ASX Top Index (excluding S&P/ASX 50 Fund (ARSN 093 182 828), for which 50)1 and property trusts) IML is the responsible entity and Range 80 – 100% Investment Manager. Cash and cash equivalents2, 3 Range 0 – 20% UBS Warburg Australian Investors Mutual Value & Income Australian shares1 Bank Bill Index + 2% Fund (ARSN 107 095 438), for which Range 20 – 80% IML is the responsible entity and International shares (industrial)4 Investment Manager. Range 0 – 50% Cash and cash equivalents2, 3 Range 0 – 50% MSCI World Accumulation GVI Global Industrial Share Fund International shares (industrial)4 Index (AUD) Hedged (ARSN 112 369 552), for which Treasury Range 80 – 100% Group Investment Services Limited is Cash and cash equivalents3 the responsible entity and Range 0 – 20% GVI is the Investment Manager. 3. Cash equivalents include deposits with banks and other investment grade interest-bearing securities. 4. Including international equity derivatives and hybrid securities such as preference shares. Also includes American Depository Receipts and Global Depository Receipts of companies domiciled outside the US and Europe but that are listed on US and European exchanges. The Fund may invest indirectly a maximum of 5% of Fund assets in unlisted securities provided that the relevant securities are expected to list within 12 months of making the investment. 5. Cash may be held directly by the Funds for liquidity and market timing purposes. Sandhurst Trustees Limited 5
  • About this PDS About the Funds Accessing up-to-date investment information. General Fund information Some of the information contained in this PDS may The Sandhurst Professional Series combines change from time to time. Where those changes are specialist investment management with a competitive not materially adverse to Investors, we may not always management fee compared to traditional retail funds. update or replace this PDS to reflect the changes. The Funds are known as the “Sandhurst Professional To find out about any up-to-date information, including Series” because they are designed for Investors who quarterly reports providing details of the performance are able to make an initial contribution, and maintain of the Funds, asset allocation and the size of the Funds a minimum balance, of at least $25,000 in any one you can: Fund. The Funds provide the opportunity to invest in Underlying Managed Funds that are managed by • visit our website at Investor Managers IML and GVI. www.sandhursttrustees.com.au/professionalseries; You should note that the expression “professional • telephone us on 1800 634 969 investor” is given a specific meaning under the (Mon-Fri 8.30am to 5.00pm Victorian time); or Corporations Act. The term “professional series”, • write to us (see inside cover for our contact details). when used in this PDS to describe the Funds, is not intended to have the technical meaning given A paper copy of any updated information will be to the term under the Corporations Act. An Investor provided to you free of charge upon request. in the Funds will not necessarily be classified as Please note that past performance is not a reliable a “professional investor” for the purposes of the indicator of future performance. Corporations Act. Investment timeframe Investors should take account of the short term volatility of share markets and consider an investment horizon of five years for an investment in the Funds. Investors in the Funds should understand that the value of an investment in the Funds may change over time. Structure Sandhurst is the responsible entity of the Funds. As Responsible Entity we are the issuer of interests in the Funds. The Funds are registered managed investment schemes regulated under the Corporations Act. Sandhurst has chosen IML and GVI to manage the assets of the Funds. The Funds will invest directly into the relevant Underlying Managed Funds managed by either IML or GVI. The Funds may also invest directly in cash for liquidity and market timing purposes. 6 Sandhurst Professional Series
  • Who manages the Funds? Investors Mutual Limited IML is an Investment Manager specialising in Australian Sandhurst Trustees Limited equities. IML was established in 1998, and has grown Since 1888, Sandhurst has been assisting Australian since then with approximately $3.1 billion in funds families with their financial needs. Sandhurst under management as at 30 June 2009. IML is the specialises in providing trustee, custody and funds Investment Manager of the: management services. Today, Sandhurst has grown • Sandhurst Professional IML Australian Share Fund; its funds management business with approximately $2.4 billion in funds under management as at 30 June • Sandhurst Professional IML Industrial Share Fund; 2009. • Sandhurst Professional IML Future Leaders Fund; Sandhurst is responsible for the management and • Sandhurst Professional IML Value & Income Fund*. administration of the Funds and their investments. Sandhurst will monitor the performance and * IML is the overall Investment Manager of this Fund and also manages the Australian shares and cash and cash management of each Investment Manager. Sandhurst equivalent asset portfolios. IML has engaged GVI to manage employs a two tiered approach to monitoring the the international share portfolio of this Fund. activities of the Investment Managers: IML has a conservative investment style with a long 1. monitoring the investment performance and term focus, and aims to deliver consistent returns stability of the Funds by our experienced funds for clients. IML achieves this through the disciplined management team; and application of a fundamental and value-based approach 2. monitoring via a dedicated Sandhurst Board to investing. appointed investment committee. The IML investment team is a committed team whose Our monitoring procedures include, but are not limited remuneration structure aligns their interest with those to: of their clients. • regularly reviewing the investment performance Global Value Investors Limited of each Investment Manager and the Underlying Managed Funds; GVI is the Investment Manager of the Sandhurst Professional GVI Global Industrial Fund. GVI also • maintaining regular contact and ongoing liaison with manages the international share portfolio of the key personnel within each Investment Manager’s Sandhurst Professional IML Value & Income Fund. business; GVI manages approximately $556 million of funds • reviewing and assessing the use of derivatives by under management as at 30 June 2009. GVI is a each Investment Manager; specialist international equities Investment Manager • reviewing any market research reports on the established in 2004 by its key investment staff, Investment Managers; and Treasury Group Limited, and IML. Treasury Group Investment Services Limited is the responsible entity of • addressing any concerns we may have with key the GVI Global Industrial Share Fund. personnel of each Investment Manager. GVI manages clients’ money using a conservative, disciplined and value based approach to investing. The GVI investment team is a committed and specialist team which aims to deliver consistent returns for clients over the long term by investing in international industrial companies that exhibit recurring earnings and a strong, stable and competitive business. Sandhurst Trustees Limited 7
  • How your money is managed Investment Investment philosophy Investment style characteristics IML (Australian shares) IML’s investment philosophy is based on a belief that a IML has an active, ‘bottom up’ approach The effect of company’s share price will reflect its underlying value in the to identifying, researching and valuing IML’s investment long term. IML believes that markets are not fully efficient quality companies. IML’s approach is philosophy and style and there will be times that a company’s share price will not systematic and disciplined focusing on is that their funds reflect that company’s true underlying value. Such situations finding companies that meet its investment generally: provide the IML investment team with the opportunity to criteria and then determining an appropriate • are less volatile build long term portfolio positions in quality companies at valuation for those companies. (risky) than the attractive valuations. market in which IML believes that the underlying value of a The IML investment team is focused on both quality company is best determined by quantifying they trade and and value when researching and analysing companies. and valuing the sustainability, quality and therefore should IML looks to invest in companies with four main growth potential of a company’s future minimise the characteristics: earnings stream. The earnings stream from impact of a a company is important to IML because it falling market on • competitive advantage; enables both the payment of dividends to the value of your • recurring earnings; investment; and shareholders and the Reinvestment into the • capable management; and business for future growth. • seek to • the ability to grow over time. outperform the The investment team at IML conducts Additionally, from a valuation perspective it is important benchmark over detailed, in-house research and valuation that such companies trade at a price below what IML the longer term. on every investment being considered believes represents the long term underlying value for the relevant IML funds and on every of the company. investment held by those IML funds. GVI (International shares) GVI believes that markets are not fully efficient and GVI has an active, ‘bottom up’ approach The effect of therefore at times a company’s share price will not reflect to identifying, researching and valuing GVI’s investment that company’s true underlying value. GVI seeks to take quality companies. GVI’s approach is philosophy and style advantage of those times when the market price falls systematic and disciplined focusing is that their funds below what it believes to be the long term underlying and on finding companies that meet its generally: sustainable value of a company. investment criteria and then determining • are less volatile The GVI investment team are focused on both quality an appropriate valuation for those (risky) than the and value when researching and analysing companies. companies. market in which The quality attributes GVI looks for in potential investments are: GVI will construct its portfolios using they trade and individual stock selections which are not therefore should • strong competitive position; constrained by reference to any market minimise the • strong, stable business model; index. GVI expects that this portfolio impact of a • history of recurring earnings; will show a significant departure from falling market on • the ability to grow earnings over time; benchmark indices in regards to the the value of your weightings to sectors, countries and investment; and • capable management; and individual stocks. • primary listing in a developed market. • seek to GVI aims to remove the effect of From a value perspective, the investment team is focused outperform the foreign currency on international shares on determining the underlying value of a company. Once benchmark over it manages whenever it is possible a value for a company has been determined, GVI is then the longer term. and prudent to do so. Therefore the able to compare it to the market price for that company to international shares GVI manage will be determine whether to invest or wait for an opportunity to predominantly hedged back to Australian arise at a future date. This is a significant element of the dollars. Whilst GVI is aware of the impact overall research and analysis effort. of foreign currency on international The result of these factors is long term portfolio positions investments, its primary focus is to invest in quality, stable businesses that are purchased when their in high quality international industrial valuations are attractive. companies and shares. 8 Sandhurst Professional Series
  • Additional information on the investment style for Use of derivatives across all Funds the Sandhurst Professional IML Value & Income The Funds do not invest directly in derivatives. However, Fund the Underlying Managed Funds in which the Funds invest Individual investments from all allowable asset classes may invest in derivatives. In this regard, IML and GVI, will generally be selected on the basis of their ability to as the Investment Managers of the Underlying Managed fulfil all or part of the objectives of the Fund. Funds, may use options, futures and other derivatives to gain exposure to particular securities and markets As markets move through different cycles some asset or to enhance the returns of the underlying physical classes will be more attractive in their ability to deliver investments. GVI may also use options, futures and on the objectives of the Fund. The overall make up of other derivatives to manage foreign currency risk. the investments of the Underlying Managed Fund will The international share portfolios managed by GVI are therefore change from time to time to reflect this relative predominantly hedged back to Australian dollars to valuation. This is the approach IML adopts in order to remove the effect of exchange rate fluctuations. manage the asset allocation of the Underlying Managed Fund. IML and GVI do not use derivatives for the purpose of gearing the relevant Underlying Managed Funds. The overall investment portfolio will be regularly reviewed by IML in order to ensure that the Fund’s risk and return Statement on socially responsible investing objectives are being met by the current investments. Sandhurst does not take into account labour standards or environmental, social or ethical considerations for the purpose of selecting or retaining Investment Managers for the Funds. IML and GVI do not take into account labour standards or environmental, social or ethical considerations for the purpose of selecting, retaining or realising the investments of the Underlying Managed Funds. In making investment decisions, Sandhurst, IML and GVI take into account the expected return and performance of individual investments. In doing so neither of Sandhurst, IML nor GVI have a predetermined view on what it regards to be a labour standard or an environmental, social or ethical consideration and, how any such considerations are to be taken into account. Therefore, such factors are considered only where they are expected to have a material financial impact on an individual investment. Sandhurst Trustees Limited 9
  • Benefits and risks What are the benefits? What are the risks? An investment in the Funds has certain advantages It is important to understand that there are inherent including: risks in any investment. The purpose of this section is to inform you of the types of risks that may apply to • access to the investment expertise of a team of an investment in the Funds. This section is a summary professionals who have access to investment of what we consider to be the significant risks that techniques that may not be available to retail should be considered before deciding to invest in the Investors; Funds. However, this section does not purport to be a • a conservative investment style, that is expected to comprehensive summary of all the risks of investing in exhibit lower volatility (risk) compared to the Funds the Funds. benchmarks and the markets they operate in; Whilst we are not able to remove all of the risks • access to investment opportunities and markets that associated with an investment in any of the Funds, may not normally be accessible to retail Investors; Sandhurst and the Investment Managers employ a range of investment and risk management strategies to identify, • easy access to withdraw your investment on any evaluate and manage these risks. Business Day (refer to page 20 for details on withdrawing from the Funds); All investments are subject to varying risks. Different asset classes perform differently at different times and • fund managers can usually invest at a lower cost than have different risk characteristics and volatility. Generally, individual Investors; the higher the expected return of an investment, • from its investments, the Funds aim to generate for the higher the risk and the greater the variability of Investors: returns and the risk of loss of capital. When you consider • dividends; an investment in one or more of the Funds, you should take into account your personal risk tolerance. • franking credits; The significant risks for the Funds, and the way we aim • interest; and to manage them, are discussed below. The performance • capital gains (although capital losses may result of the Funds and the return of capital are not guaranteed depending on market performance). and the value of your investment may go up or down depending on the value of the Funds’ assets. 10 Sandhurst Common Funds
  • Funds affected by the risk Sandhurst Sandhurst What is the risk? The Sandhurst IML Professional IML Professional GVI Share Funds* Value & Income Global Industrial Fund Fund Individual investment risk Yes Yes Yes Individual investments made by the Funds will fluctuate in How we manage the risk value, meaning that they can, and do, fall in value for many reasons including changes in the business environment. The Investment Managers conduct analysis and research of all For example, a company’s share price may fluctuate as a investments in the Underlying Managed Funds. result of its financial or operating circumstances. The Investment Managers adopt a conservative, disciplined This is an inherent risk associated with all and value-based approach to investing, with the aim to managed funds. provide a portfolio with defensive characteristics (refer also to Investment Philosophy and Style on page 8) and reducing individual investment risk. Market, country and political risk The Funds may be either impacted directly or indirectly by Yes Yes Yes market, country and/or political risk. How we manage the risk Market risk relates to the performance of the market as a whole impacting on the Funds’ investment returns. The Investment Managers undertake research and analysis to Factors that may influence the market include economic, form a view on these matters as best they can, and then adjust technological, political, taxation and legal conditions and the investments of the relevant Underlying Managed Funds, even market sentiment. respectively, to reduce the impact where possible. The GVI Global Industrial Share Fund and the IML Value Each Fund invests in a diversified portfolio of investments & Income Fund are directly exposed to market risk that within its prescribed asset class (refer page 5 for asset impacts overseas markets as well as the Australian market. allocations) to help reduce the impact of market, political and/ The other Funds may hold securities in or with Australian or country risk. Additionally, the Investment Managers adopt a companies which, through their business activities, have an conservative and disciplined approach to investment with the exposure to overseas countries. Therefore the economic, aim to reduce the impact of these risks. technological, political, legal and market conditions in these overseas countries may impact on the operations of these companies, which may in turn, have an impact upon the value of the Funds’ assets. * The Sandhurst IML Share Funds refers to the Sandhurst Professional IML Australian Share Fund, Sandhurst Professional IML Industrial Share Fund and Sandhurst Professional IML Future Leaders Fund. Sandhurst Trustees Limited 11
  • Benefits and risks Continued Funds affected by the risk Sandhurst Sandhurst What is the risk? The Sandhurst IML Professional IML Professional GVI Share Funds* Value & Income Global Industrial Fund Fund Foreign currency risk This is the risk that currency movements can adversely affect No Yes Yes the value of international investments. How we manage the risk The GVI Global Industrial Share Fund and the IML Value GVI predominantly hedges its & Income Fund invest in other countries, and, if their international portfolios back to Australian currencies change in value relative to our dollar, the value of Not applicable dollars reducing the impact of currency the investment can change. risk. Fund risk Fund risk includes the risk that the Funds could be Yes Yes Yes terminated, the fees and costs could change, Sandhurst could be replaced as the Responsible Entity and any of How we manage the risk the Investment Managers could be replaced as Investment Sandhurst aims to keep Fund risk to a minimum by monitoring Manager, or any individual portfolio managers and other key how these risks may impact on the Funds and by acting in your personnel could change. best interest. While we have an obligation to act in the best There is also a risk that investing in the Funds may give interest of Investors the way we enforce those obligations may different results than investing directly in securities because not suit your individual circumstances or preferences. of income or capital gains accrued in the Funds, and the We reduce the risk that the Investment Managers may change consequences of investments and withdrawals by other by engaging Investment Managers that we believe will assist us Investors. in meeting the Funds’ investment objectives. In relation to the engagement of IML and GVI, please refer to our summary of the Strategic Alliance Agreements on page 26. Counterparty credit risk Counterparty credit risk represents the loss that would Yes Yes Yes be recognised if counterparties to the investments of the Underlying Managed Funds How we manage the risk (i.e. the other party to the contract) failed to perform as IML and GVI invest on recognised market exchanges contracted. (e.g. ASX, SFE) thus reducing this risk. * The Sandhurst IML Share Funds refers to the Sandhurst Professional IML Australian Share Fund, Sandhurst Professional IML Industrial Share Fund and Sandhurst Professional IML Future Leaders Fund. 12 Sandhurst Professional Series
  • Funds affected by the risk Sandhurst Sandhurst What is the risk? The Sandhurst IML Professional IML Professional GVI Share Funds* Value & Income Global Industrial Fund Fund Derivatives risk The Funds do not directly invest in derivatives. However, the Yes Yes Yes Underlying Managed Funds in which the Funds invest may invest in derivatives (see ‘Use of derivatives’ on page 9). How we manage the risk Derivatives risks include: Although not all of these risks can be eliminated, IML and GVI manage these risks as far as practicable by: • the value of derivative positions not moving in line with the movement in the underlying asset; • regular monitoring of the Underlying Managed Funds derivative exposure; • potential illiquidity of the derivative; and • monitoring that the relevant Underlying Managed Funds can • the Underlying Managed Funds being unable to meet pay all of the obligations associated with derivatives from payment obligations in relation to derivatives contracts, the appropriate amount of cash or physical assets held by and hence impacting on the value of the net assets of the relevant Underlying Managed Fund; the Funds. • not borrowing against an Underlying Managed Fund’s assets for the purposes of leveraging the portfolio; • only investing in exchange-traded options; • only investing in derivatives that IML and GVI consider to have adequate market depth; and • using intermediaries that IML and GVI consider reputable. Liquidity risk Liquidity risk is the risk that investments can not be readily Yes Yes Yes sold to fund Investor withdrawals. How we manage the risk The Underlying Managed Funds will invest in shares listed (or expected to be listed) on a recognised stock exchange (e.g. the ASX). If there is an interruption in the regular trading of the market or a security there may be delays in processing withdrawal requests. Similarly, for some shares in the Underlying Managed Funds where the volume of trading is low, the ability to liquidate those securities in a timely manner may be impacted, in turn potentially delaying a withdrawal request from the Funds. The underlying investments are listed on recognised stock exchanges providing a mechanism to buy and sell thus contributing to the liquidity of the investment in normal market conditions. In addition, IML and GVI closely monitor cash levels in the relevant Underlying Managed Funds to manage this risk and seek to maintain adequate liquidity to meet the needs of Investors in ordinary circumstances. * The Sandhurst IML Share Funds refers to the Sandhurst Professional IML Australian Share Fund, Sandhurst Professional IML Industrial Share Fund and Sandhurst Professional IML Future Leaders Fund. Sandhurst Trustees Limited 13
  • Fees and other costs This section shows fees and other costs that you may be charged. These fees and other costs may be deducted from your money, from the returns on your investment or from the Fund assets as a whole. Information on taxation is set out on page 23. You should read all of the information about fees and costs because it is important to understand their impact on your investment. CONSUMER ADVISORY WARNING DID YOU KNOW? Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns. For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the fund or your financial adviser. TO FIND OUT MORE If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website www.fido.asic.gov.au has a superannuation fee calculator to help you check out different fee options. 14 Sandhurst Professional Series
  • Table of Fees and cost Type of fee or cost Amount How and when paid Fees when your money moves in or out of the Fund: Establishment fee Nil Not applicable The fee to open your investment. Contribution fee Nil Not applicable The fee on each amount contributed to your investment. Withdrawal fee Nil Not applicable The fee on each amount you take out of your investment. Termination fee Nil Not applicable The fee to close your investment. Management costs:1 The fees and costs for managing your investment.1 This fee is calculated on the Net Asset Value of each Fund. Please refer to item 1 in the “Additional explanation of fees and costs” section on page 16 for an explanation of Management Costs. This fee is accrued daily and reflected in the Unit Price of each Fund. The fee • Sandhurst Professional IML Australian Share Fund 1.30% pa is paid monthly in arrears to Sandhurst • Sandhurst Professional IML Industrial Share Fund 1.30% pa from the assets of the Funds. • Sandhurst Professional IML Future Leaders Fund 1.30% pa The Management Costs include the fees and costs payable to the Investment • Sandhurst Professional IML Value & Income Fund 1.35% pa Managers in respect of the Underlying • Sandhurst Professional GVI Global Industrial Fund 1.40% pa Managed Funds. Service fees: Investment switching fee Nil Not applicable The fee for changing investment options.2 Adviser service fee This payment is deducted from your This is the fee charged, in agreement with your financial adviser for initial and/or additional investments Up to advice sought about your investment. We do not charge this fee if into the Funds and paid by Sandhurst $10,000 you have not invested via a financial adviser. 3 to your financial adviser. The payment is inclusive of GST. 1. The Fund does not pay any adviser commissions from Management Costs. Please refer to item 5 in the “Additional explanation of fees and costs” section on page 17. 2. Transaction costs may apply. Please refer to item 3 in the “Additional explanation of fees and costs” section on page 16 for an explanation of transaction costs. 3. Please refer to item 6 in the “Additional explanation of fees and costs” section on page 17 for an explanation of adviser service fees. Example of annual fees and costs The table below gives an example of how the fees and costs of investing in the Funds can affect your investment over a one year period. You should use this table to compare the Fund with other managed investment products. The Fund used in this example is the Sandhurst Professional IML Australian Share Fund. Example – the Sandhurst Professional IML Balance of $50,000 with a contribution of $5,000* during the year. Australian Share Fund Contribution Fees Nil For every additional $5,000 you put in, you will be charged $0. PLUS AND, for every $50,000 you have in the Fund, you will be charged 1.30% pa $650 each year. Management Costs EQUALS If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during that year, you would be Cost of Fund charged fees of $650. What it costs you will depend on the Fund you choose and the fees you negotiate with your fund or financial adviser. * The minimum additional investment for this Fund is $5,000. This example assumes that the additional investment of $5,000 is contributed at the end of the year. Sandhurst Trustees Limited 15
  • Fees and other costs Continued Additional explanation of fees and other costs 3. Transaction costs (buy/sell spread) Application and withdrawal prices of the Funds reflect an 1. Management Costs adjustment known as the buy/sell spread. The buy/sell Management Costs are the total fees and costs incurred spread is incorporated in the Unit pricing to cover the in managing the Funds and your investment. They include cost of buying investments (in the case of an application) costs such as investment management fees, responsible and the cost of selling investments (in the case of a entity fees, administration expenses and other expense withdrawal). The buy/sell spread is an additional cost recoveries. Management Costs are deducted from the payable by Investors. The buy/sell spread does not Fund assets as a whole. represent a fee or income to Sandhurst or the Investment Managers. The Management Costs set out in the “Fees and Costs Table” on page 15 includes the fee paid to Sandhurst as The purpose of charging the buy/sell spread is to fairly Responsible Entity and fees and costs of the Underlying allocate the costs associated with buying and selling Managed Funds in which the Funds invest (i.e. the fee securities as a result of Investors acquiring or withdrawing paid to IML and GVI). The Constitutions of the Funds also Units in the Funds. allow Sandhurst to recover all proper expenses incurred in The buy/sell spread reflects the underlying buy/sell administering the Funds. However, until otherwise notified, spreads charged by the Underlying Managed Funds we will pay all expenses from our fee without further in which the Funds invest. The buy/sell spread as at charge to the Funds. This means we have effectively 31 December 2008 for each of the Funds is +0.25% capped the Management Costs until further notice. on applications and –0.25% on withdrawals, with the exception of the Sandhurst Professional GVI Global 2. Indirect Cost Ratio (ICR) Industrial Fund which is +0.30% on applications and The ICR is a useful measure of the ongoing fees and -0.30% on withdrawals. costs you can expect to pay if you invest in the Funds. For instance, if on a particular date the valuation of the It is the total of Management Costs (that is, ongoing Sandhurst Professional IML Australian Share Fund Units, fees and costs) of each Fund during a financial year determined as described in the section ‘Application and represented as a percentage of the average Net Asset withdrawal Unit prices’ on page 21, is $1.00 then the Value of the relevant Fund. application and withdrawal prices calculated for that day’s Sandhurst has agreed to maintain the ICR at the following transactions will be $1.0025 and $0.9975 respectively percentages until Investors are otherwise notified as set or $125 when you invest or withdraw from a fund Units out in item 8 on page 17. worth $50,000. Sandhurst Professional 1.30% pa The buy/sell spread is Sandhurst’s reasonable estimate IML Australian Share Fund ($650 pa for every $50,000) of the total cost of buying/selling the assets of the Funds expressed as a percentage of the Net Asset Value per Sandhurst Professional 1.30% pa Unit. The buy/sell spread may be altered by Sandhurst at IML Industrial Share Fund ($650 pa for every $50,000) any time without prior notice. Up-to-date buy/sell spreads Sandhurst Professional 1.30% pa are displayed on our website. IML Future Leaders Fund ($650 pa for every $50,000) 4. Maximum fees and waiver Sandhurst Professional 1.35% pa IML Value & Income Fund ($675 pa for every $50,000) Under the Constitution of each Fund, we are permitted to charge the following maximum fees (plus GST if applicable): Sandhurst Professional 1.40% pa GVI Global Industrial Fund ($700 pa for every $50,000) • Contribution fee: Up to 5% of the Application Money. • Withdrawal fee: Up to 5% of the Aggregate Redemption The ICR for the Funds includes the ICR of the Underlying Price for the Units withdrawn. Managed Funds in which the Funds invest. The ICR does • Switching fee: Up to 5% of the Aggregate Redemption not include Fund transaction costs (e.g. the buy/sell Price for the Units withdrawn. spread). • Management fee: Up to 5% per annum of the Gross Asset Value of the Fund. 16 Sandhurst Professional Series
  • Each Fund’s Constitution also gives us the right to accept Sandhurst may pay a fee or commission out of its own lower fees than we are entitled to receive under the resources to a Bendigo Community Bank® for introducing Constitution, to defer payment, or to waive our entitlement their customers to the Funds. The fee or commission forms to such fees. part of a profit sharing arrangement between the parties We do not currently charge a contribution fee, withdrawal from time to time. Refer also to item 10 “Related party fee or switching fee and do not currently intend to fees”. introduce such fees. 6. Adviser service fee The Funds’ Constitutions allow Sandhurst to recover all proper expenses from the Funds. These are commonly You can authorise us to pay an Adviser service fee to your referred to as expense recoveries and include, but are financial adviser on your behalf from your initial and/or not limited to, audit, taxation, legal, establishment, additional investments in the Funds. Any Adviser service administration, stationery, postage and compliance costs. fee you authorise us to pay is additional and separate to However, until otherwise notified, we have agreed to pay the fees we charge you in respect of your investments in for these costs from our management fee without further the Funds. You can direct us to pay this fee by completing charges to the Funds or Investors. Step 7 of the application form. The fee must be a flat dollar amount that is no greater than $10,000 for each As noted on page 5, the Sandhurst Professional IML contribution. Future Leaders Fund invests directly in the Investors Mutual Future Leaders Fund (ARSN 093 182 828), of The agreed amount will be deducted from your contribution which IML is the responsible entity and Investment monies at the time of application and paid to your adviser. Manager. IML is entitled to charge a performance fee in The net amount (i.e. total contribution less Adviser service relation to the Investors Mutual Future Leaders Fund. fee) will be invested in your account. The fee you agree However, for so long as the Strategic Alliance Agreement with your adviser is inclusive of GST. is in place (see page 26), IML has agreed that no The default value for each Adviser service fee is $nil. performance fee will be on-charged to the Sandhurst Each time you and your adviser agree to a fee you need to Professional IML Future Leaders Fund. notify us in writing by completing Step 7 of the application Please refer to item 8 “Can the fees change?” for form. information on the circumstances in which fees charged by us may change. 7. Application of goods & services tax (GST) Fees and costs are subject to GST, usually 10% of the 5. Adviser remuneration amount shown. The Funds may be entitled to Reduced There is no upfront or trail adviser commission built Input Tax Credits (RITC) of 75% of any GST paid. into the Management Costs payable under the Funds. This will effectively reduce the GST of 10% to 2.5%, where As such, we do not directly pay advisers a commission applicable. The fees and costs shown in the preceding fee from the Management Costs earned by Sandhurst. If you tables are shown as inclusive of GST, less the maximum do have an adviser, he/she may charge you an adviser fee applicable reduced input tax credits. that you agree to pay directly or via Sandhurst for services For the purposes of this PDS, it has been assumed that your adviser provides to you (Please refer item 6 “Adviser Sandhurst will be entitled to the maximum amount of service fee” for more information if you choose for an RITCs applicable when stating fee amounts. However, Adviser service fee to be paid via Sandhurst). you should be aware that, if the GST rate increases, or The amount of fees you will pay (if any) to your adviser if the full amount of RITC’s is not applicable, the Funds’ should be set out in a statement of advice given to you by Constitutions allow us to recoup the extra amount from the your financial adviser. We recommend that you check with Funds. Please see item 8 regarding changes to fees. your adviser if you will be charged a fee for the provision of their advice. You may be able to negotiate the amount 8. Can the fees change? of the adviser service fee charged with your adviser. The fees and costs may change subject to the maximum Sandhurst may provide remuneration to your adviser limits specified in the Funds’ Constitutions. Reasons might indirectly by paying them amounts such as market include changing economic conditions and changes in support payments or contributions towards conferences. regulation. Fees and costs may only be increased by giving These are often referred to as soft dollars benefits. Investors at least 30 days prior notice. Sandhurst Trustees Limited 17
  • Fees and other costs Continued The Australian Securities and Investments Commission website, www.fido.asic.gov.au offers a fee calculator to help Investors understand the impact of charges over time. The impact of small increases or decreases can be significant. The fee calculator may also help Investors compare the charges of the Funds to other investment products. 9. Differential fee arrangements Sandhurst may offer rebates of Management Costs to wholesale Investors on an individually negotiated basis in accordance with the relevant law. We do not negotiate fees with retail Investors. 10. Related party fees The Bendigo and Adelaide Bank Group provides certain advisory and administrative services to Sandhurst (e.g. distribution, legal, IT and marketing). Any fees paid to a member of the Bendigo and Adelaide Bank Group for these services are paid by Sandhurst from its own resources and not out of the Funds. We may pay out of our own resources a commission of up to 0.25% (inclusive of GST) to a Bendigo Community Bank® for introducing their customers to the Funds. Related party fees are paid on a commercial, arm’s length basis. 11. Taxes Information regarding some taxes relevant to your investment in the Funds is set out in the ‘Taxation Information’ section of this PDS on page 23. 18 Sandhurst Professional Series
  • How to invest Initial investments Cut-off time for receipt of applications Investing in the Sandhurst Professional Series is a simple If a completed Application Form (for initial or additional two step procedure: investments) is received and accepted by Sandhurst before 12 noon Victorian time on a Business Day, 1. Complete the Application Form located at the back of the application will be processed at the application price this PDS in accordance with the instructions on pages based on the Net Asset Value of the Fund calculated 31 to 33 and provide the necessary identification as at the close of business on that day. Otherwise the documents. application will be processed at the application price If you are investing through a financial planner they based on the Net Asset Value of the Fund as at the will identify you on our behalf. close of business on the following Business Day. The Net Asset Values of the Funds are calculated on a daily 2. Attach your cheque or Direct Debit Request basis (details of how application and withdrawal prices (page A11) to the Application Form and mail to: are calculated are set out in the section “Application Sandhurst Professional Series and withdrawal Unit Prices” on page 21). Please note Sandhurst Trustees Limited, applications made using the Direct Debit Request 5/120 Harbour Esplanade facility will be processed on the Business Day the Docklands Victoria 3008. monies are received by us or the next Business Day Please make your cheque payable to ‘Sandhurst where received after 12 noon Victorian time. Professional Series – Name of Applicant’ and cross ‘Not Negotiable’. Is there a cooling-off period? Subject to applicable law, retail Investors have access The minimum initial investment is $25,000 for each Fund. to a cooling-off period relating to their investment except We reserve the right to accept lesser amounts for the for investments made under distribution reinvestment initial investment at our absolute discretion. plans or as additional investments. There may be other circumstances in which a retail Investor is not entitled In circumstances where your application cannot be to exercise cooling-off rights; for instance, if the Fund is processed, we will contact you. For this reason please not liquid at the time an investment is made or where include your telephone number on the Application Form. investments are made by ‘wholesale clients’ or if the During this period your application monies will be held in Investor had exercised any of their rights as an Investor a trust account in accordance with the Corporations Act. in the Fund prior to providing notification of cancellation Any interest earned on the trust account will form part of (as defined in the Corporations Act). For retail Investors the Fund assets as a whole. only, your cooling-off rights are described below. Additional investments Immediately following the earlier of the date on which you Please follow the steps under “Initial investments” above. receive confirmation of your investment or the 5th day However, you will not be required to provide identification after the day on which your investment was issued to you, documents for additional investments. there is a 14 day period during which you may cancel your investment (subject to applicable law). The minimum additional investment in each Fund is $5,000. We reserve the right to accept a lesser amount Should you choose to cancel your investment during this for additional investments at our absolute discretion. period, the amount returned to you will be adjusted to take account of any movements in investment values If you plan to make additional investments in the Funds since the day on which you acquired the investment. you should obtain a copy of the most up-to-date PDS and The cancellation of your investment will be processed at any information that updates the PDS. Each additional the price that you would have paid for your investment investment will be made on the terms of the most on the date your request is received, subject to the up-to-date PDS. cut-off times specified in the above section. Sandhurst Copies of the most up-to-date PDS are available may deduct from the amount returned to you any free of charge from Sandhurst via our website reasonable administrative and transaction costs because www.sandhursttrustees.com.au/PDS or by contacting our of the issue, and cancellation, of your investment. Customer Service Centre on 1800 634 969. If a distribution has occurred between acceptance of your application and receipt of your cooling-off period notification, there may be taxation implications for you. We suggest that you seek professional advice in these circumstances. Sandhurst Trustees Limited 19
  • How to invest Continued If you wish to cancel your investment during the cooling-off Withdrawing your investment period, please inform us in writing of your intention to The minimum withdrawal is $5,000. A minimum balance exercise this right before the end of the cooling-off period of $25,000 must be maintained in the Funds. (and before exercising any rights or powers you have in respect of your investment in the Funds). If a Fund is liquid, withdrawal requests can usually be made at any time by completing our Withdrawal Should you have any questions regarding our cooling-off Form, which you can access on our website policy, please contact us on 1800 634 969. www.sandhursttrustees.com.au/forms or by contacting us on 1800 634 969. Confirmation The amount withdrawn will be remitted directly into your We will provide you with a statement confirming initial nominated bank account. A cheque can be sent to you contributions, additional investments, withdrawals and any (the Investor) upon request, although this process usually change of details as soon as is reasonably practicable takes longer than direct crediting. after the transaction occurs. Following receipt of a request for a withdrawal, Sandhurst Switching between Funds has up to 30 days to effect payment (60 days for the You may switch between Funds provided the minimum Sandhurst Professional IML Value and Income Fund). balance for each Fund is satisfied. When you request However, we will endeavour to pay any amount withdrawn a switch, we will withdraw your existing Units in the Fund within 5 Business Days of receiving your request. at the next available withdrawal price and we will use the Occasionally longer periods may apply (e.g. in January proceeds to buy the Units in the new Fund at the applicable and July when the distributions of the Funds are being purchase price. The minimum switch amount is $5,000 for determined). each Fund. To switch between Funds please complete the If a withdrawal request is received and accepted before Application Form attached at the back of the PDS. See page 12 noon Victorian time on a Business Day, the withdrawal 22 on how to obtain the most up-to-date PDS. will be processed at the withdrawal price based on There is currently no charge for this switching service the Net Asset Value of the Fund as at the close of although transactions costs (buy/sell spreads) do business on that day. Otherwise, the withdrawal will be apply (please refer page 16 for further information on processed at the withdrawal price based on the Net buy/sell spreads). Asset Value of the Fund as at the close of business on the next Business Day (details of how application and Switching from one Fund to another may give rise to tax withdrawal prices are calculated are set out in the section consequences and it is recommended that you check ‘Application and withdrawal Unit prices’ on page 21). the tax implications with your accountant or financial adviser before switching. In extraordinary circumstances, Sandhurst reserves the right to suspend or refuse withdrawals from any of the Transfers Funds, if in the reasonable opinion of Sandhurst, it is in the best interests of the Investors as a whole to do so. You may transfer Units in a Fund to another person if that The withdrawal of investments in the Funds is governed person is eligible to be an Investor in the Funds. However, by each Fund’s Constitution and the Corporations Sandhurst may, at its sole discretion, refuse to register Act. If the Fund is illiquid (within the meaning of the a transfer of Units. To discuss what is required for Corporations Act) Investors will not have an automatic a transfer, please contact us on 1800 634 969. right to request a redemption of their Units in the Transferring Units may raise tax consequences and it is Fund and Sandhurst may (but is not obliged to) offer recommended that you check the tax implications with your withdrawals from the Fund on a periodic basis in accountant or financial adviser before making a decision. accordance with the Corporations Act. Changing your details You should notify Sandhurst in writing of any changes to your personal details as soon as possible. For your security we require a signed letter to change your personal details. Remember to quote your portfolio number in all correspondence with us. 20 Sandhurst Professional Series
  • Electronic instructions Each Constitution allows 2 months for payment of (applicable to existing unitholders only) the distributions. Sandhurst may, at its absolute discretion, accept electronic Each Investor’s distribution amount is calculated by instructions. dividing the total amount of the distribution by the total If you are advising Sandhurst via electronic means such number of Units on issue at the distribution date, as facsimile, email or internet, in respect of instructions and multiplying the result by the number of Units held by (including additional applications, withdrawal or switching each Investor on that date. In each financial year, the full requests and change of details) it is important to be aware amount of taxable income available for distribution from that Sandhurst: each Fund is intended to be distributed to Investors. • will not accept electronic instructions unless it is If you withdraw your Units prior to the distribution date, accompanied by the scanned or faxed signature/s of the you will not receive any distribution for the period you Investor/s; held those Units in the relevant distribution period. • will not accept any electronically transmitted Application However, the Unit price for the Funds will incorporate the Forms for the initial investment into the Funds. distribution entitlement to the withdrawal date. All Application Forms for your initial investment must be Application and withdrawal prices fall by the approximate provided to Sandhurst as properly executed originals; amount of the distribution after each distribution period • is not responsible for any loss or delay that results from because a distribution reduces a fund’s assets. a transmission not being received by Sandhurst; If you invest just before the end of a distribution period, • will only process your electronic instructions if it is you may find you have some of your capital returned as received in full and has been signed by authorised a distribution. Refer to page 23 for taxation information signatories; relating to distributions. • will not accept a receipt confirmation from the sender’s You may elect to have your distributions from the Funds: facsimile machine or computer as evidence of receipt of • reinvested in further Units in the same Fund; or the instructions; • will not compensate you for any losses relating to • paid to you by direct credit to your nominated electronic instructions, unless required by law; and bank account. • does not take responsibility for any fraudulent or If you do not make a choice, or if a direct credit rejection incorrectly completed electronic instructions. occurs, then your distributions are automatically reinvested. Units issued for reinvested distributions will In the event of fraud you agree to release us from, and be priced using the Net Asset Value price calculated at indemnify us against, all losses and liabilities whatsoever the end of the relevant distribution period. arising from our acting in accordance with any instructions received electronically bearing your Investor number and Any change to distribution instructions should be a signature purportedly yours or that of an authorised advised to Sandhurst at least 10 Business Days before nominee. the end of the relevant distribution period. Otherwise, the change to your distribution instructions will not occur You must advise us in writing if you do not want us to act until after the next distribution is paid. on electronic instructions in relation to your account. Please note that distributions will not be paid by cheque. Application and withdrawal Unit Prices Distributions Each Fund is a unitised product, meaning that each Unit The Constitutions of the Sandhurst Professional IML represents an equal part of the value of the net assets Australian Share Fund, Sandhurst Professional IML of each Fund. The Net Asset Value of the Funds and the Industrial Share Fund, Sandhurst Professional IML Future application price and withdrawal price are calculated Leaders Fund and Sandhurst Professional GVI Global each Business Day. Industrial Fund provide for distributions to be paid half yearly based on Investor entitlements as at 30 June and The application price for a Unit in the Funds is calculated 31 December. as the value of the assets of the Fund, less the accrued expenses and other liabilities of the Fund as determined The Constitution for the Sandhurst Professional IML by the Responsible Entity, divided by the number of Units Value & Income Fund provides for distributions to be paid on issue, and adjusted by adding an amount to reflect quarterly based on Investor entitlements as at 30 June, the buy spread. 30 September, 31 December and 31 March. Sandhurst Trustees Limited 21
  • How to invest Continued The withdrawal price for a unit in the Funds is calculated Complaints as the value of the assets of the Fund, less the accrued If you have a complaint, please contact Sandhurst expenses and other liabilities of the Fund as determined and inform us of your concern. We will then undertake by the Responsible Entity divided by the number of Units to resolve the matter quickly, fairly and in the strictest on issue, and adjusted by subtracting an amount to reflect of confidence, in accordance with our complaints the sell spread. handling process. You may contact us on 1800 634 969 to speak to a member of our staff directly or Impact of significant markets events on Unit write to the Complaints Officer at our address located pricing on the inside of the front cover of this PDS. Sandhurst does not price the Units on public holidays If you advise Sandhurst of a complaint in relation to or when markets are closed or where there are others its products or services, Sandhurst will: factors which are outside our control which prevent the accurate calculation of the Unit prices. • acknowledge the complaint as soon as practical; Applications or withdrawals for the affected Funds, which • ensure the complaint receives proper are received on these days or after the cut-off time on consideration by a person designated by the previous day, will be processed as if they had been Sandhurst to handle complaints; received on the Business Day following the affected • address the complaint by endeavouring to correct dates. any error which is capable of being corrected; and Keeping you informed • communicate to you as soon as possible (and within 45 days of receipt of complaint) the Periodic reporting outcome, remedy or action taken in relation to the complaint, as well as the availability of the We will provide you with a statement confirming initial external dispute resolution schemes. contributions, additional investments, withdrawals and any change of details as soon as is reasonably practicable You will not incur any charge for the handling of your after the transaction occurs. complaint. For each Fund in which you invest, we will also send you: We do not anticipate a situation where we cannot resolve a concern or complaint to your satisfaction. • a half-yearly income distribution statement; However, should this happen, you have the option • a half-yearly transaction statement; of referring the matter to the Financial Ombudsman • an annual transaction statement; Service (FOS) at the address below. • an annual tax statement to assist with your tax return; Financial Ombudsman Service • an annual report* (if you state your election on the GPO Box 3 Application Form); and Melbourne, VIC 3001 • any other communications required by the law. Telephone: 1300 780 808 * Fund Annual Reports are posted to our website each year Fax: (03) 9613 6399 at www.sandhursttrustees.com.au/annualreports Website: www.fos.org.au Customer service If you have any questions or enquiries or wish to obtain the most up-to-date information on your investment, including current Unit Prices and quarterly Fund Updates: • visit our website at www.sandhursttrustees.com.au/ professionalseries; • telephone us on 1800 634 969 (Mon-Fri 8.30am to 5.00pm Victorian time); or • write to us (see inside cover for our contact details). A paper copy of any information will be provided to you free of charge upon request. 22 Sandhurst Professional Series
  • Taxation information The taxation information in this PDS is provided for Foreign Investment Funds (FIFs) general information only. Sandhurst does not provide The Sandhurst Professional IML Value & Income Fund tax advice. As the Australian taxation system is complex and the Sandhurst Professional GVI Global Industrial and individual Investors have different circumstances, Fund may hold investments indirectly in FIFs, and we urge you to seek professional taxation advice before may be required to include in the net taxable income investing in the Funds. Discussion of tax in this PDS distributed to Investors the unrealised income and refers to Australian taxation laws current at the time of capital gains accumulating from such investments. publication, which may change. Reliance should not be placed on the brief and general information provided However, the Funds are unlikely to hold FIF assets in below. excess of the threshold at which the FIF regime applies. Moreover, the Federal Government has proposed to The Federal Government is currently undertaking a repeal the FIF rules (subject to certain anti-avoidance review of taxation arrangements relating to managed provisions) in its 2009/2010 budget. Sandhurst will investment schemes. As a result of the review there notify Investors upon the distribution of any gains to may be changes to tax laws that impacts how the Funds which the FIF regime applies. and Investors are taxed in the future. Tax on your distributions The way Managed Investment Schemes are Australian resident Investors are generally subject to taxed tax on their share of the income of the Funds. This will It is intended that no income tax will be payable by the also include amounts that are reinvested in the Funds. Funds as they will distribute all the income of the Funds If an Investor is not an Australian resident, we urge to Investors annually. However, if the Funds distribute them to seek professional taxation advice before some income to Investors who are not Australian investing in the Funds because a range of factors will residents for tax purposes, the Funds may be required impact on how distributions and withdrawals from the to pay income tax on some or all of that income. Under Funds are taxed in Australia. the constitutions of each of the Funds, Sandhurst as The way in which Investors are taxed will depend on the the Responsible Entity for each of the Funds is entitled character of the distributions they receive. We will send to be indemnified by Investors for tax payments made you an Annual Tax Statement indicating the components on their behalf. of your distribution, usually within 30 Business Days The distributions from the Funds will include the income after the end of each financial year, to assist you in the Funds have generated from their investing activities. completing your tax return. The income will retain its character as it passes to the If a component of a distribution represents amounts Investors. As a result you might receive distributions of that are non-assessable, Investors may be required interest, dividends (which may include franking credits), to reduce the cost base of their Units by the capital gains, foreign income and other amounts. non-assessable amounts. This will be relevant when Investors may be able to use any franking credits and calculating the capital gain or loss (for capital gains foreign income tax offsets to offset some or all of their tax purposes) on a subsequent withdrawal from the Australian tax liability. Funds or other dealings with Units. In addition, if the Losses made by the Funds cannot be distributed to non-assessable amounts exceed the cost base of an Investors but may be available for the Funds to offset Investor’s Units, the Investor will generally realise a against taxable income in subsequent years. capital gain. Sandhurst Trustees Limited 23
  • Taxation information Continued GST Quotation of Tax File Number (TFN) GST will not be payable on your investments or or Australian Business Number (ABN) contributions made to the Funds or on distributions you It is not compulsory that an Investor quote us their Tax receive from the Funds. File Number (TFN) or Australian Business Number (ABN). Fees and costs in respect of acquisitions by the Funds If an Investor does not quote their TFN or ABN, will often be subject to GST. The Funds may not be or claim an exemption, we may be required to withhold tax entitled to claim an input tax credit for the full amount of from distributions to an Investor at the highest marginal that GST, however, they may be entitled to RITCs of 75% of tax rate, plus Medicare levy. any GST paid. The GST and expected RITC relating to fees By quoting your TFN or ABN you authorise us to apply it to and costs is incorporated in the management costs for your investment and disclose it to the Australian Taxation each of the Funds. If the GST rate increases, the Funds’ Office. Collection of TFN or ABN information is authorised, Constitutions allow us to recoup the extra amount from and its use and disclosure is strictly regulated by the tax the Funds. laws and under privacy legislation. Capital Gains Tax when you withdraw from the Social security Funds Managed investment schemes are subject to both income Australian residents who invest in the Funds are generally and assets test, therefore an investment in the Funds subject to capital gains tax on gains when they deal with may affect your entitlement to social security benefits. their Units, including where an Investor redeems Units Sandhurst recommends that you seek independent advice and withdraws any money from the Funds. Where the from a financial adviser or Centrelink before choosing to Investor is regarded as a trader or institutional Investor, invest. such profits may be regarded as ordinary income. Capital gains of individuals, trusts and complying superannuation Non-resident Investors entities may be concessionally taxed in some cases, if Investors who are not Australian residents for tax Investors have held their Units for at least 12 months. purposes should seek their own taxation advice about investing in the Funds. 24 Sandhurst Professional Series
  • Other information Corporations Act Subject to the Corporations Act, each Constitution limits As the holder of an Australian Financial Services Licence our need to compensate you if things go wrong. Generally, and a responsible entity under the Corporations Act, if we act in good faith and without gross negligence, then Sandhurst’s duty to Investors under the Corporations Act we do not need to compensate Investors for any loss include: suffered in relation to the Funds. • acting in the best interest of Investors and, if there is We may amend the Constitution without Investor approval a conflict between Investors’ interests and our own if we, as the responsible entity, reasonably consider that interests, giving priority to Investors’ interests; the amendment will not adversely affect Investors’ rights. Otherwise, we must obtain the approval of Investors • ensuring that each Fund’s property is clearly identified to make changes to the Constitution at a meeting of as Fund property, is valued at regular intervals and is Investors. held separately from our property and the property of any other fund; and You may obtain a copy of each Constitution free of charge by writing to us. Our contact details are listed on the • reporting to ASIC any breach of the Corporations Act inside of the front cover of this PDS. in relation to the Fund, which has had, or is likely to have, a materially adverse effect on the interests The compliance plan of Investors. Under the Corporations Act, each of the Funds is required to have a compliance plan. The compliance plans set The Funds’ Constitutions out measures and procedures that Sandhurst, as the Each Fund was established under a Constitution. Responsible Entity of each Fund, will implement to ensure Together with this PDS and applicable laws (including the that the operations of each of the Funds complies with the Corporations Act), each Constitution is legally binding Corporations Act and its respective Constitution. between Sandhurst and each Investor. All Investors are bound by the provisions of the Constitution of the relevant The compliance plan will be audited at least once a year by Fund. an external auditor who will report on their findings to us. The Constitution of each Fund deals with, amongst A Compliance Committee, with a majority of external other things: members, has been established for the purpose of monitoring Sandhurst’s adherence to each Fund’s • the conditions under which the Fund operates; compliance plan. • the rights, responsibilities and duties of the Responsible Entity and Investors; Related party transactions The Constitutions of the Funds do not prevent • fees and costs; and Sandhurst from: • termination of the Fund. • dealing with itself, as the Responsible Entity for a Under the Funds’ Constitutions, Sandhurst as the Fund or in any other capacity, with an associate or any responsible entity has all powers in respect of the Funds Investor; that is possible to confer under the law on a responsible • being interested in any contract or transaction with entity as though it were the absolute and beneficial owner itself, as the Responsible Entity for a Fund or in any of the assets of each of the Funds acting in its personal other capacity, an associate or Investor or retaining capacity. These powers include, but are not limited to, profits or benefits derived from any such contract or the power to enter contracts to purchase, dispose, sell or transaction; or transfer assets of the Funds, borrow or raise money, enter • acting in the same or similar capacity in relation to into certain types of derivative contracts, grant options any other managed investment scheme. and give guarantees and indemnities. Sandhurst has a conflict of interest policy and related Subject to the Funds’ Constitutions and the law, your party transactions policy which ensures that all liability in relation to your investment in any of the Funds transactions engaged in by Sandhurst are assessed for is limited to the amount (if any) which remains unpaid any conflict of interest and to ensure they are reasonable for your Units/interest. However, no absolute assurance “arm’s length” transactions based on appropriate can be given regarding the liability of Investors as commercial terms. the enforcement of such provisions is subject to the Please refer to page 18 for additional information on determination of the courts. related party fees. Sandhurst Trustees Limited 25
  • Other information Continued Sandhurst IML Funds – Strategic Alliance • Sandhurst may terminate the Agreement in respect Agreement of any of the Sandhurst IML Funds if Sandhurst Under a Strategic Alliance Agreement (the Agreement) determines it is required by its statutory or common dated 31 May 2006 (as amended), Sandhurst has law duties as a responsible entity of that Fund to engaged IML to indirectly invest and manage the assets do so, or in other circumstances set out in the of the following Funds, collectively referred to as the Agreement. IML may only terminate the Agreement “Sandhurst IML Funds”: with cause in the circumstances set out in the Agreement. • Sandhurst Professional IML Australian Share Fund; • Sandhurst Professional IML Future Leaders Fund; GVI - Strategic Alliance Agreement Under a Strategic Alliance Agreement (the Agreement) • Sandhurst Professional IML Industrial Share Fund; and dated 31 May 2006, Sandhurst has engaged GVI to invest • Sandhurst Professional IML Value & Income Fund. and manage the assets of the Sandhurst Professional GVI As discussed previously in this PDS, the assets of the Global Industrial Fund (the Sandhurst/GVI Fund). Sandhurst IML Funds will be invested in funds managed The relevant terms of the Agreement, as it applies to the by IML. Sandhurst/GVI Fund, are set out below: The relevant terms of the Agreement, as it applies to the • during the currency of the Agreement, Sandhurst Sandhurst IML Funds, include: will not appoint any other person to manage the • during the currency of the Agreement, Sandhurst will international shares portion of the Sandhurst/GVI not appoint any other person to manage the Australian Fund; share portion of any Sandhurst IML Fund; • GVI is required to assist in the promotion of the • IML is required to assist in the promotion of the Sandhurst/GVI Fund; Sandhurst IML Funds; • Sandhurst is responsible for the administration, • Sandhurst is responsible for the administration, compliance and marketing of the Sandhurst/GVI Fund; compliance and marketing of the Sandhurst IML • there are provisions in the Agreement relating to Funds; the sharing by Sandhurst and GVI of revenue and • there are provisions in the Agreement relating to expenses of the Sandhurst/GVI Fund; the sharing by Sandhurst and IML of revenue and • Sandhurst and IML will indemnify each other for expenses of the Sandhurst IML Funds; any liability incurred in respect of acting under the • Sandhurst and IML will indemnify each other for Strategic Alliance Agreement, unless the liability of any liability incurred in respect of acting under the the party to be indemnified resulted from its own Strategic Alliance Agreement, unless the liability of negligence, default, fraud or dishonesty; the party to be indemnified resulted from its own • the Agreement will continue until September 2012 negligence, default, fraud or dishonesty; unless terminated earlier in circumstances set out in • IML is entitled to charge a performance fee in respect the Agreement. Upon termination, the Sandhurst/GVI of the IML Future Leaders Fund. It is agreed that IML Fund may continue to invest in the relevant Underlying will not pass on the performance fee to the Sandhurst Managed Funds at Sandhurst’s discretion; and Professional IML Future Leaders Fund for the duration • Sandhurst may terminate the Agreement if Sandhurst of the Agreement; determines it is required by its statutory or common • the Agreement will continue until September 2012 law duties as a responsible entity of that Fund to unless terminated earlier in circumstances set out do so, or in other circumstances set out in the in the Agreement. Upon termination, the Sandhurst Agreement. GVI may only terminate the Agreement IML Funds may continue to invest in the relevant with cause in the circumstances set out in the Underlying Managed Funds at Sandhurst’s discretion; Agreement. and 26 Sandhurst Professional Series
  • Unit pricing policy Sandhurst may also share your personal information with Sandhurst has documented its policy in relation to related entities in the Bendigo and Adelaide Bank Group various discretions that affect Unit pricing within the or Associated Companies, so that you can be informed Funds. The policy has been designed to meet the about products or services offered or distributed by them Australian Securities and Investment Commission and or us. If you do not wish to receive information about new the Investment and Financial Services Association products and services from the Bendigo and Adelaide requirements and explains our approach in relation to Bank Group or Associated Companies, please contact our buy/sell spreads, valuation methodology, rounding of Customer Service Centre on 1800 634 969 or write to us decimal places, cut-off times for receiving instructions (see inside cover for our contact details). and frequency of income distributions and Unit Pricing You can request access to your personal information or discretions generally. Sandhurst’s full privacy policy by contacting our Customer You can obtain a copy of the policy for free online at Service Centre on 1800 634 969. The full privacy policy www.sandhursttrustees.com.au/professionalseries or by can also be obtained by accessing the Sandhurst website contacting us. www.sandhursttrustees.com.au. Privacy Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Sandhurst collects your personal information so it can provide you with and administer the financial products To comply with our AML/CTF regulatory requirements we you have requested. In order to do that, Sandhurst may will need to obtain identification information to establish need to disclose some of your personal information to your identity (and the identity of other persons associated related entities within the Bendigo and Adelaide Bank with your account). We may also do the following: Group or Associated Companies and to organisations that • require you to provide to us or otherwise obtain, carry out administrative functions on behalf of Sandhurst any additional information documentation or other (e.g. auditors, mailing houses or information technology information; service providers). Sandhurst may also share your information with IML, GVI and Treasury Group Investment • suspend, block or delay transactions on your account Services Limited. or refuse to make a payment or provide services to you. We will incur no liability to you if we do so; and If any of the Funds were recommended to you by a financial adviser (as evidenced on your Application Form) • report any, or any proposed transaction or activity to then details of your investment may be provided to that any body authorised to accept such reports relating to adviser and/or adviser group. AML/CTF or any other law. Collection of some of this information is required under Eligible Investors the Corporations Act and the Anti-Money Laundering and You must be 18 years or over to invest in any of the Counter-Terrorism Financing Act 2006. We may also be Funds. An adult can make an investment on behalf of a allowed or obliged to disclose information by law and to minor by completing the Application Form in the adult’s report on prudential or risk management matters. name on account for the minor. The offer of investing in If any part of the requested information is not provided, the Funds is available to persons receiving an up-to-date Sandhurst may not be able to provide you with your copy (electronic or otherwise) of this PDS within Australia. requested products. The consequences of not providing Applications from outside Australia will not be accepted. your Tax File Number or Australian Business Number (or exemption) are noted in the section called ‘Tax information’ on page 23 of this PDS. Sandhurst Trustees Limited 27
  • Appointment of nominated representatives Continuous disclosure requirements You may wish to appoint a person, partnership or company Should there be 100 or more Investors in any of the as your nominated representative. To do so, the nominated Funds, that Fund will be a “disclosing entity” and, as person or party must complete the relevant section of the such, is subject to regular reporting and disclosure Application Form. A nominated representative is able to act obligations under the Corporations Act. The Sandhurst on behalf of an Investor in all matters relating to the Funds. Professional IML Australian Share Fund, Sandhurst The following conditions will apply: Professional IML Industrial Share Fund and the Sandhurst Professional GVI Global Industrial Fund are “disclosing • you agree to release, discharge, and indemnify entities” at the time of publication of this PDS. Copies Sandhurst, any company in the Bendigo and Adelaide of documents lodged with ASIC in relation to those Bank Group and any Associated Company from Funds that are “disclosing entities” may be obtained and against any and all losses, liabilities, actions, from, or inspected at, an ASIC office. Where a Sandhurst proceedings, accounts, claims and demands arising Professional Series Fund is a “disclosing entity”, and if from the appointment or exercise of powers by the you wish to obtain a copy of: nominated representative; • the Fund’s annual financial report most recently • you agree that a payment or purported payment lodged with ASIC; (the Payment) made to your nominated representative, in accordance with the requests or instructions of the • any half-year financial report of the Fund lodged with nominated representative shall be to the complete ASIC after the lodgement of the annual report and satisfaction of the obligation of Sandhurst, to the before the date of this PDS; or extent of the Payment, notwithstanding any fact • any continuous disclosure notices given by the Fund or circumstance including that the Payment was after lodgement of the annual report and before the requested, made, or received without your knowledge date of this PDS, or authority; please telephone 1800 634 969 and we will provide you • you agree that if the Payment is made in accordance with copies of these documents free of charge. with the request or instruction of the nominated representative, you shall have no claim against Consents Sandhurst, any company in the Bendigo and Adelaide Bank Group or any Associated Company in relation to Investors Mutual Limited, Global Value Investors Limited, the Payment; Treasury Group Limited and Treasury Group Investment Services Limited have given and have not, before the date • you understand and acknowledge that you are bound of this PDS, withdrawn their written consent to be named by the actions of the nominated representative in in this PDS, and to the statements in the PDS concerning relation to the operation of your investment in the their role and activities as Investment Managers or Funds; responsible entities (as applicable), in each case in the • you agree that Sandhurst may cancel this arrangement form and context in which they are included or named. or vary these conditions on 14 days notice; and Bendigo and Adelaide Bank Limited has given and has • this arrangement will continue until you cancel the not, before the date of the PDS, withdrawn its written appointment in writing, or until Sandhurst exercises its consent to be named in this PDS and to the statements right to cancel the arrangement as set out above. in the PDS concerning its role and activities, in each case in the form and context in which it is included or named. Investors who are non-natural persons (for example companies) may nominate their employee, agent or contractor to be a verifying officer under the AML/CTF Act. The verifying officer will be responsible for certifying the identity of signatories and/or nominated representatives. The verifying officer must be identified as described in Step 10 on pages A8 to A10. 28 Sandhurst Professional Series
  • Glossary The glossary listed below will help you understand some of the terms commonly used in this PDS. Term Explanation Aggregate has the meaning given in the Constitution of each Fund. Redemption Price Application Form means the Application Form contained within this PDS. Application Money means the amount paid by an Investor to acquire Units or an interest in a Fund. means any person or entity associated with any company in the Bendigo and Adelaide Bank Group, Associated Company including managing a Community Bank® branch or any franchisee, alliance or joint venture partner or agent. The Bank means Bendigo and Adelaide Bank Limited ABN 11 068 049 178. Bendigo and means Bendigo and Adelaide Bank Limited ABN 11 068 049 178 and any of its related entities. Adelaide Bank Group Business Day means a day that is not a Saturday, a Sunday or a public holiday or bank holiday in Victoria. Corporations Act means the Corporations Act 2001 (Cth). means the sum of the value of all the assets of the Fund, and any other amounts which, in the Gross Asset Value Responsible Entity’s opinion, should be included for the purpose of making a fair and reasonable determination of the value of the Fund having regard to ordinary accounting principles. GVI means Global Value Investors Limited ABN 76 111 397 392. IML means Investors Mutual Limited ABN 14 078 030 752. Indirect Cost Ratio is a ratio expressing the Fund’s Management Costs, that are not deducted directly from an Investor’s (ICR) account, to the Fund’s total average net assets. Investment are the Investment Managers of the relevant Underlying Managed Funds which have been nominated Managers by Sandhurst to manage the investments of the Funds. Investor means someone who invests in any of the Funds by acquiring Units or an interest in the Fund(s). Sandhurst Trustees Limited 29
  • Term Explanation broadly means an arrangement where people contribute money, which is pooled and invested on their Managed Investment behalf to provide benefits for those who have contributed. It is sometimes referred to as a managed Scheme fund. means fees and costs incurred in managing the relevant Fund and an Investor’s investment in that Management Costs Fund. Please refer to page 15 for details. is the total assets of a Fund less the total liabilities of the Fund, calculated in accordance with the Net Asset Value Fund’s Constitution. where an Investor invests any income generated by their investment back into that investment rather Reinvestment than withdrawing it as a cash receipt. RITC means reduced input tax credit. Sandhurst or means Sandhurst Trustees Limited ABN 16 004 030 737. Responsible Entity means agreements entered into between IML and Sandhurst on 31 May 2006 (as amended) and GVI Strategic Alliance and Sandhurst on 31 May 2006, as amended from time to time, in respect of the management Agreements of assets held by each of the Funds. Treasury Group Investment is the responsible entity of the GVI Global Industrial Share Fund ABN 38 099 932 920. Services Limited means the following funds into which the relevant Funds invest: • Investors Mutual Australian Share Fund (ARSN 093 182 695); Underlying Managed • Investors Mutual Industrial Share Fund (ARSN 093 182 195); Funds • Investors Mutual Future Leaders Fund (ARSN 093 182 828); • Investors Mutual Value & Income Fund (ARSN 107 095 438); and • GVI Global Industrial Share Fund (ARSN 112 369 552). Unit means a unit in any of the Funds. means the price of a Unit in a Fund. For the purposes of applications and withdrawals from the Funds, Unit Price the process for determining the application and withdrawal Unit prices (i.e. “application price” and “withdrawal price”) is discussed on page 21. means the form that an Investor must complete to make a withdrawal from any of the Funds. Withdrawal Form This form can be obtained from www.sandhursttrustees.com.au/forms or by contacting us on 1800 634 969. 30 Sandhurst Professional Series
  • Guide to completing your Application Form If you are completing our form with the assistance of if you require assistance regarding the information to a financial adviser, you may find that your adviser has be collected and verified, and acceptable identification entered into arrangements with Sandhurst which will allow documents. the adviser to collect and verify your information on our behalf. If this is the case, you may not have to attach Step 1: Investor type and details all of the supporting/identification documents when Please select which Investor type you are. completing your initial Application Form. However, your Adviser must complete Step 9 (financial adviser section) Please provide the name and contact details for all in the Application Form to state they have identified applicants, including those of a company, partnership or you in accordance with our guidelines. Please contact trust (if applicable). The following is a guide to assist you your adviser or phone Sandhurst on 1800 634 969 in completing the Investor details. Examples of TFN/ABN Identification documentation Who signs Step 8 Investor details (optional) Note: All signatories must provide identification noted in Step 10.1 An individual, joint applicant or sole trader over 18 years of age Robert Brown, Individual(s) Individual(s) Clients introduced by an adviser: Robert Brown and • Your adviser will identify you on our behalf and request the Mary Brown appropriate identification documents. • Your adviser must sign Step 9 to state they have identified you in accordance with our guidelines. Direct applicants: • When completing your Application Form please refer to Step 10.1 on the Application Form. A Domestic Company Brown & Co Pty Ltd Company Two Directors Clients introduced by an adviser: or Director and • Your adviser will identify you on our behalf and request the Secretary or appropriate identification documents. Sole Director • Your adviser must sign Step 9 to state they have identified you in accordance with our guidelines. Direct applicants: When completing your Application Form please refer to Step 10.2 on the Application Form. Superannuation Fund or Trust Robert Brown Superannuation The Trustee(s) Clients introduced by an adviser: and Mary Brown Fund, Trust • Your adviser will identify you on our behalf and request the as trustees or Trustee appropriate identification documents. for the J Smith • Your adviser must sign Step 9 to state they have identified Superannuation you in accordance with our guidelines. Fund or J Smith Family trust Direct applicants: When completing your Application Form please refer to Step 10.3 on the Application Form. Sandhurst Trustees Limited 31
  • Guide to completing your Application Form Continued Examples of TFN/ABN Identification documentation Who signs Step 8 Investor details (optional) Note: All signatories must provide identification noted in Step 10.1 A Partnership Brown & Brown The Partners The Partners Clients introduced by an adviser: trading as ABC • Your adviser will identify you on our behalf and request the Business appropriate identification documents. • Your adviser must sign Step 9 to state they have identified you in accordance with our guidelines. Direct applicants: When completing your Application Form please refer to Step 10.4 on the Application Form. Deceased Estate The Estate of the The Estate The Executor(s) Clients introduced by an adviser: Late Mary Brown • Your adviser will identify you on our behalf and request the appropriate identification documents. • Your adviser must sign Step 9 to state they have identified you in accordance with our guidelines. Direct applicants: When completing your Application Form please refer to Step 10.1 on the Application Form. An original or certified copy of grant of Probate or Letters of Administration must be provided and signed by all executors/administrators detailed on the grant of Probate or Letters of Administration. Association, Club or Co-operative Bendigo Tennis Club Unincorporated Authorised Clients introduced by an adviser: Association/ representative(s) • Your adviser will identify you on our behalf and request the Co-operative on behalf of the appropriate identification documents. association/ • Your adviser must sign Step 9 to state they have identified co-operative you in accordance with our guidelines. Direct applicants: When completing your Application Form please refer to Step 10.5 on the Application Form. 32 Sandhurst Professional Series
  • Step 2: Contact details Step 7: Adviser service fee All correspondence will be sent to the address nominated. Complete this section if you have agreed with your financial adviser to have an Adviser Service Fee deducted Step 3: Income distribution instructions from your initial or additional investments. Each time Please tick the appropriate box if you would like to have you wish for an Adviser Service Fee to be paid via your income distributions reinvested or directly deposited Sandhurst you must complete this section and send us into a bank, building society or credit union account. the application form. Refer to item 6 in the “Additional Please provide the details of the account where you wish explanation of fees and costs” section on page 17. to have your distributions deposited. Step 8: Investor(s) declaration and signature(s) Step 4: Account operating authority Joint account applications must be signed by all parties Please read the PDS thoroughly and then sign the however withdrawals shall be permitted as authorised and Application Form. Sandhurst reserves the right to refuse indicated at Step 4 on the Application Form. an application for any reason. Applications will not be accepted unless signed by you personally. Step 5: Investment details If it is signed by your attorney, a certified copy of the Please choose between the investment options by relevant power of attorney must be enclosed with your completing the investment amount/percentage next to your application. If joint Investors are applying, all signatures chosen Fund/s. Initial investments must be a minimum are required. of $25,000 for each Fund. Please see page 19 for further information. Additional investments must be a minimum of Step 9: Adviser use only $5,000 for each Fund. Advisers must complete this Step which includes Your cheque must be payable to “Sandhurst Professional a declaration from the adviser acknowledging and Series - Name of Applicant” and cross “Not Negotiable”. confirming that the adviser has identified the Investor(s) in accordance with the applicable AML/CTF Identification Switches must be a minimum of $5,000 for each Fund documentation. Please read Step 9 before signing. but can be expressed as a dollar amount or percentage of holding. Tick the “From” box next to the Fund you wish to Advisers/agents will need to contact Sandhurst on switch from. Tick the “To” box next to the Fund you wish to 1800 634 969 to formalise the relationship (including switch to. AML/CTF obligations) with Sandhurst and obtain a Distribution Agreement for signing. Mail your completed application and cheque to: Sandhurst Professional Series Step 10: AML/CTF identification documentation Sandhurst Trustees Ltd Please provide the correct identification documentation 5/120 Harbour Esplanade according to your Investor type. Docklands Victoria 3008 All relevant documentation must be duly certified. We cannot accept applications without the documents. Step 6: Nominated representative facility (optional) Step 11: Direct Debit Request If you wish to nominate someone to operate your account If you wish to make initial or additional contributions to on your behalf, you need to complete this section. Both your investment via deductions from a bank, building the Investor and the nominated representative need society or credit union, please read the Direct Debit to read the terms and conditions in the PDS and sign Service Agreement on page 34 and complete the Direct this section. Nominated representatives are required to Debit Request Form. provide Identification documentation. Sandhurst Trustees Limited 33
  • Guide to completing your Application Form Continued Direct Debit Service Agreement • advise us if the nominated account 5/120 Harbour Esplanade, is transferred or closed, or the Docklands, Vic, 3008. You may also This Direct Debit Service Agreement account details change; contact your financial institution is issued by Sandhurst Trustees to complete a ‘Direct Debit Claim • arrange a suitable payment method Limited (Sandhurst) in its capacity as Request’ form. if Sandhurst cancels the drawing responsible entity for the Sandhurst arrangements; and Professional Series (The Funds). Other information You should direct all inquiries about • ensure that all account holders on • The details of your drawing your direct debit to our Customer the nominated financial institution arrangements are contained in the Service Centre on 1800 634 969. account sign this direct debit Investment Details section of this request form. form. Our commitment to you Your rights • Sandhurst reserves the right to ask • Sandhurst will give you at least • Subject to the terms and conditions that instructions from a customer to 14 days notice in writing if there of the Funds, you may alter the stop, or in any way alter the drawing are changes to the drawing drawing arrangements. Such advice details, are in a written or electronic arrangements. should be received by Sandhurst form. • Sandhurst will keep information at least seven (7) Business Days • Sandhurst reserves the right to relating to your nominated financial before the drawing date for any of cancel drawing arrangements if institution account confidential, the following: three consecutive drawings are except where required for the – stopping an individual drawing; dishonoured by your financial purposes of conducting direct debits institution, and to arrange with you with your financial institution. – deferring a drawing; an alternate payment method. • Where the due date is not a – altering the Direct Debit Request • The terms and conditions of the Business Day, Sandhurst will draw form; and Funds account also govern your from your nominated financial – cancelling the drawing drawing arrangements. institution account on the next completely. Business Day. • All bank charges incurred by • Where you consider that a drawing Sandhurst arising from a rejection Your commitment to us has been initiated incorrectly, by your bank of a direct debit, It is your responsibility to: you should contact our Customer processed in accordance with this Service Centre on 1800 634 969. If Direct Debit Request will be payable • ensure your nominated account can you are not happy with our response by you. accept direct debits; you can address a formal complaint • ensure there are sufficient funds to the Sandhurst Complaints Officer, available in the nominated account Sandhurst Trustees Limited, to meet each drawing on the due date; 34 Sandhurst Professional Series
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  • Sandhurst Professional Series Page A1 Application Form This Application Form is for applying for an interest or Units offered under the Product Disclosure Statement dated 30 November 2009. Sandhurst Trustees Limited’s AFSL No. is 237906. The information in this Application Form is collected by Sandhurst Trustees Limited which can be contacted on 1800 634 969. Please use BLOCK LETTERS and tick (✓) boxes where applicable. Please indicate which of the following options you will be using this form for: Initial investment (complete all steps) Additional investment (complete steps 1, 5, 8; or 11) Switching (complete all steps) Investor/Portfolio Number Step 1 General Name of Investor/s as you would like it to appear on Register of Unitholders. Please tick one box to indicate type of Investor and then complete the relevant part of this Step. Individual Step 1.1 Trust/Superannuation Fund Step 1.2 & 1.3 (if trustee is a company) Joint Step 1.1 Partnership Step 1.1 and 1.4 (if partners are individuals) Domestic Company Step 1.2 Partnership Step 1.2 and 1.4 (if partners are companies) Trust/Superannuation Fund Step 1.1 & 1.3 (if trustee is an individual(s)) Association/Club/Co-operative Step 1.5 Step 1.1 For individuals, joint Investors or sole trader applicants Please complete all steps for all your initial investments in any of the Sandhurst Professional Series. Applicant 1 Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode Date of birth D D / M M / Y Y Y Y Drivers Licence No. Are you an Australian resident for tax purposes? Yes No If No – State country resident for tax purpose TFN or exemption code Reason for exemption (if applicable) Business name (sole trader) ABN Principal place of business address Town/Suburb State Postcode Applicant 2 (If there is no Applicant 2, please cross out this section) Title Surname Given name(s) Residential Address (PO Box is not acceptable) Town/Suburb State Postcode Date of birth D D / M M / Y Y Y Y Drivers Licence No. Are you an Australian resident for tax purposes? Yes No If No – State country resident for tax purpose TFN or exemption code Reason for exemption (if applicable) Business name (sole trader) ABN Principal place of business address Town/Suburb State Postcode Please complete Step 2 to 8 and Step 10.1.
  • Page A2 STEP 1.2 Domestic company applicant Full company name (as registered with ASIC) Registered office address (PO Box is not acceptable) Town/Suburb State Postcode Principal place of business (PO Box is not acceptable) Town/Suburb State Postcode ACN Company type: Proprietary Public ABN Is the company regulated (licensed by Australian Commonwealth, State or Territory statutory regulator)? No Yes - Please specify Regulator name Licence details Details of Directors The full name of all directors must be provided for proprietary companies. If there are more than two directors attach additional page(s). 1. Title Surname Given name(s) 2. Title Surname Given name(s) NOTE: If you would like to operate this account, please complete Step 1.1 as well as Step 1.2. Details of Shareholders To be completed for each shareholder who owns more than 25% of the issued capital of a proprietary or private company. 1. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode 2. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode 3. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode Please complete Step 2 to 8 and Step 10.2.
  • Page A3 Step 1.3 Trust/superannuation fund Full name of trust/superannuation fund Full business name (if any) of the trustee in respect to the Trust ABN TFN Type of trust Individual(s) in trust for another person (where there is no formal trust deed) Proceed to “Details of trustee(s)” below OR Family Trust Unit Trust Self Managed Superannuation Fund Other – please specify Country in which Trust was established Details of trustee(s) One Trustee must complete the relevant Step 1.1 (individuals) or 1.2 (company) in all cases and complete the relevant verification requirements (the verification requirements do not apply to Regulated Trusts). In addition, all other Trustees must provide their name and address (except Regulated Trusts). 1. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode 2. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode 3. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode NOTE: If you would like to operate this account, please complete Step 1.1 and/or Step 1.2 (where relevant) as well as this section. Details of Beneficiary(ies) Trusts licensed and subject to Australian regulatory oversight do not need to complete this section (e.g. Managed Investment Schemes and Superannuation Funds). Individuals 1. Title Surname Given name(s) 2. Title Surname Given name(s) If insufficient space, attach additional page(s). Other (e.g. beneficiaries by membership of a class – details of the type of class). Please complete Step 2 to 8 and Step 10.3.
  • Page A4 Step 1.4 Partnership Applicant If your partnership has individual partners, please complete Step 1.1 with one partner’s details and this section with details of the partnership. If your partnership has corporate partners, please complete Step 1.2 with the partner’s details and this section with details of the partnership. Full name of partnership Registered business name of partnership (if any) Registered business number of partnership (if any) Country in which partnership was established Details of partner(s) One partner must complete the individual customer identification requirements – refer to Step 1.1. If only one partner completes Step 1.1 then the following is required to be included for any other partners. If there are more than two partners attach additional page(s). 1. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode 2. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode Please complete Step 2 to 8 and Step 10.4. Step 1.5 Association/Club/Co-operative Incorporated association Unincorporated association Co-operative Full name of association/club/co-operative Any identifying number (issued upon incorporation/registration) Principal place of administration or registered office Town/Suburb State Postcode If neither address can be supplied: Details of public officer (or President/Secretary/Treasurer if no Public Officer) 1. Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode Position (e.g. Treasurer) Officer details (or equivalent officers in each case) Chairman Title Surname Given name(s) Secretary Title Surname Given name(s)
  • Page A5 Treasurer Title Surname Given name(s) Either the Chairman, Secretary or Treasurer (or equivalent officers in each case) must complete the individual customer identification requirements – Step 1.1. Please complete Step 2 to 8 and Step 10.5. Step 2: Contact details Preferred contact Address (PO Box is not acceptable) Town/Suburb State Postcode Country Telephone (Daytime preferred) ( ) Facsimile ( ) Mobile Email Please tick (✓) here if you wish to opt into receiving our annual report: You can access an electronic copy of the annual report each year from September 30 on www.sandhursttrustees.com.au/annualreports. Step 3: Income distribution instructions Reinvest income Pay to bank (If you choose this option, please complete Section below) Financial institution Account name BSB – Account number Step 4: Account operating authority Please indicate how you wish to operate your account: Any one signatory to sign All signatories to sign If you select ‘any one signatory to sign’, each of you (including any person you appoint as an authorised operator) will be able to transact on or otherwise operate your account independently of the others. Joint applications must be signed by all parties but withdrawals shall be permitted as authorised and indicated herein. You can change the account operating authority at any time by written request signed by all account holders. If you do not select an option we will assume that ‘any one signatory to sign’ option will apply. Step 5: Investment details Enter the amount you want to invest in the Funds. Refer to page 19 for minimum initial and additional investments. Funds Initial/Additional/Switch Amount Switch only FROM TO Sandhurst Professional IML Australian Share Fund % OR $ . Sandhurst Professional IML Industrial Share Fund % OR $ . Sandhurst Professional IML Future Leaders Fund % OR $ . Sandhurst Professional IML Value & Income Fund % OR $ . Sandhurst Professional GVI Global Industrial Fund % OR $ . Please make your cheque payable to Sandhurst Professional Series - ‘Name of Applicant’ and cross ‘Not Negotiable’.
  • Page A6 Step 6 Nominated representative facility (optional) I/We nominate the following person as my/our nominated representative, and acknowledge that the appointment is governed by the terms set out on page 28 of this PDS. Name of nominated representative Title Surname Given name(s) Signature of nominated representative Date D D / M M / Y Y Y Y Applicant 1/Company signatory name Title Surname Given name(s) Signature of Applicant 1/Company signatory Date D D / M M / Y Y Y Y Applicant 2/Company signatory name Title Surname Given name(s) Signature of Applicant 2/Company signatory Date D D / M M / Y Y Y Y Company seal (if company or trust) Step 7 Adviser Service Fee Complete this section if you have negotiated an Adviser service fee with your financial adviser. I request that Sandhurst deduct an Adviser service fee of the following amount from my investment to pay my financial adviser for the advice provided in relation to my investment in the Funds. Flat dollar based fee $ . (max $10,000) (Refer to page 15 for further information)
  • Page A7 Step 8 Declaration & signature(s) • I/We wish to invest in the Sandhurst Professional Series Funds as described in this PDS dated 30 November 2009 and agree to be bound by the provisions of the PDS and the Constitution (as amended) for each Fund in which I/we invest. • I/We declare that this application was included in, or accompanied by, the PDS dated 30 November 2009, which I/we have read. • I/We declare that all details in this Application Form are correct. • I/We declare that I/we have legal power to invest in the Funds. • I/We declare that by making this Application, I/we will not contravene any law, regulation, authorisation or the relevant constitution or constituent documents of the Investor. • I/We acknowledge that neither Sandhurst Trustees nor any other person guarantees the return of capital or the performance of the Funds. • I/We acknowledge that I/we have received this PDS and Application Form dated 30 November 2009 in Australia. • If joint Investors are applying, the Investors agree to hold the Units as joint tenants. Both applicants are required to sign the application and either Investor is able to operate the account and bind the other Investor for future transactions, including additional deposits and withdrawals. • I/We authorise the use of this TFN or ABN to the investment for which I am/we are applying. • Note for corporate Investors, this application must be signed either: (a) under seal (b) by two directors or a director and company secretary, or (c) by the sole director/company secretary (where applicable). The Investor(s) confirms that they are officers of the company and that they have the authority to bind the company to the investment. If they are the sole signatories signing on behalf of a company, the Investor confirms that they are signing as sole director/secretary of the company. *If not signing under seal, please state your title (e.g. Director, Company Secretary or Sole Director and Company Secretary). • If your application is signed under a Power of Attorney, (in which case, the attorney declares that he/she has not received notice of revocation of that power), please enclose a certified copy of the Power of Attorney (and authorised signatories) with your Application Form. • If investing as trustee on behalf of a superannuation fund or trust, the Investor confirms that they have the power and authority under the relevant trust deed to invest on behalf of the superannuation fund or trust. • I/We consent to providing Sandhurst Trustees and the Bendigo and Adelaide Bank Group with personal information and for Sandhurst and the Bendigo and Adelaide Bank Group to use that personal information in accordance with the Privacy Section on page 27 of this PDS. • I/We declare that if the Investor is a corporation or a trust, no action has been taken in respect of it for winding up, dissolution, deregistration or reorganisation. • I/We acknowledge that investments in the Funds are not investments, deposits or other liabilities of Sandhurst or the Bendigo and Adelaide Bank Group or its associates and are subject to investment and other risks, including possible delays in repayment and the loss of income and principal invested. The Bank does not stand behind or guarantee the performance of Sandhurst. • I/We acknowledge that if I/we make additional investments in the Funds, I/we have received the current PDS at the time of making the additional investment. • This Application Form, once signed by me/us, holds me/us to a number of representations and warranties, among other things, relating to matters of which Sandhurst and the Bendigo and Adelaide Bank Group must seek confirmation in order to comply with the provisions of the Anti-Money Laundering and Counter Terrorism Financing Act 2006. NOTE: All signatories must complete Step 1.1 Applicant 1/Company signatory name and title Director Company Secretary Sole Director/Company Secretary Title Surname Given name(s) Signature of Applicant 1/Company signatory Date D D / M M / Y Y Y Y Applicant 2/Company signatory name and title Director Company Secretary Sole Director/Company Secretary Title Surname Given name(s) Signature of Applicant 2/Company signatory Date D D / M M / Y Y Y Y Company seal (if company or trust) PLEASE NOTE: You may be entitled, within fourteen (14) days of payment of your initial Application Money, to call upon Sandhurst Trustees as the Responsible Entity of the Funds in writing for withdrawal of your initial application monies at the price you would have paid for your investment on the date your request is received less any reasonable administrative and transaction costs. See page 19 of the PDS for more information.
  • Page A8 Step 9 Financial Adviser Use Only To enable Sandhurst Trustees to communicate with you, please provide your contact details. Dealer group name Adviser full name AFSL No. By signing this section, I acknowledge and confirm that I have identified the Investor(s) in accordance with the applicable identification documentation requirements. Please note, unless the Dealer Group has entered into an agreement with Sandhurst in respect of AML/CTF obligations, certified copies of identification documents need to be sent to Sandhurst along with the completed Application Form. Adviser’s signature Date D D / M M / Y Y Y Y Dealer Group Stamp If you are a new adviser, please also complete the following details: Adviser company name Business address Town/Suburb State Postcode Telephone ( ) Facsimile ( ) Mobile Email Referral Bendigo and Adelaide Bank Branch (if applicable) Step 10 AML/CTF identification documentation As part of your investment application, we need to obtain identification information as required by law, including “know your customer” requirements under anti-money laundering and counter terrorism financing legislation. For example, for an individual this will include information such as name, residential address and date of birth. The customer identification guidelines replace the previous requirements that existed under the 100 Point Identification Method. Either original documents or certified copies can be accepted. A certified copy means a document that has been certified as a true copy of an original document by any one of the eligible certifiers listed below. The person certifying the documents must include a statement “This is a true copy of an original or a certified copy document provided”, then print and sign their name, date, Qualification No. (if applicable), state category of certifier (refer to list below) and a contact telephone number. a A lawyer – a person who is enrolled on the roll of the Supreme Court of a State or Territory or High Court of Australia, as a legal practitioner (however described); b A judge of a court; c A magistrate; d A Chief Executive Officer of a Commonwealth Court; e A registrar or deputy registrar of a court; f A Justice of the Peace; g A Notary public (for the purposes of the Statutory Declaration Regulations 1993); h A Police Officer; i A postal agent – an agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public; j The post office – a permanent employee of the Australian Postal Corporation with two or more year’s of continuous service who is employed in an office supplying postal services to the public; k An Australian Consular officer or an Australian Diplomatic officer (within the meaning of the Consular Fees Act 1955); l An officer with two or more year’s continuous service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993); m A finance company officer with two or more year’s of continuous service with one or more financial companies (for the purposes of the Statutory Declaration Regulations 1993); n An officer with, or authorised representative of, a holder of an Australian Financial Services Licence having two or more year’s of continuous service with one or more licensees; or o Accountants (members of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with two or more year’s continuous membership). Each document provided with this Application Form must be certified by an acceptable certifier. We will not accept photocopies or electronic transmissions of a certification. Please contact us if the documentation will not be certified in Australia.
  • Page A9 Step 10.1 Documentation requirements for individuals/joint applicants/sole traders The full name and either date of birth or residential address must be verified from either an original or certified copy (or extract) of: EITHER One primary photographic identification document: • Drivers Licence (State or Territory issued) • Passport (an Australian passport that has expired within the preceding 2 years is acceptable) • State or Territory issued proof of age card • Foreign national identity card OR One primary non-photographic identification document: • Australian birth certificate or foreign birth certificate • Birth extract issued by an Australian State or Territory • Australian citizenship certificate or foreign citizenship certificate • Pension card issued by Centrelink or the Department of Veteran Affairs • Health Card issued by Centrelink AND One secondary identification document: • A notice which records the provision of benefits to the individual which has been issued by Commonwealth, State or Territory within the preceding 12 months that contains the name of the individual and their residential address • A notice issued by Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the name of the individual and their residential address • Notice issued by a local government body or utilities provider within the preceding 3 months that records the provision of services to that address or to that person (must contain the individuals name and residential address) Step 10.2 Documentation requirements for companies: Domestic companies Original or certified documentation required Domestic company One of the following documents: • Certificate of Registration of the company; or • Company search of the relevant ASIC database Domestic listed public company One of the following documents: Majority owned subsidiary of a domestic listed public company • A search of the relevant domestic stock exchange; or • A public document issued by the relevant company Regulated company (licensed by an Australian Commonwealth, (e.g. Annual Report); or State or Territory statutory regulator) • A search of the relevant ASIC database; or • A search of the licence or other records of the relevant regulator. Step 10.3 Documentation requirements for Trust/Superannuation Funds Trust/superannuation fund Original or certified documentation required To verify the trust body or superannuation fund One of the following documents: NOTE: Managed Investment Schemes, Trusts registered and subject to • Trust deed or extract of a trust deed; or regulatory oversight of a Commonwealth statutory regulator or government • Notice issued by the Australian Taxation Office within superannuation funds are required to produce specific documentation – the last 12 months (e.g. a Notice of Assessment) that contact Sandhurst for further information. contains the full name of the trust; or • Letter from a solicitor or qualified accountant that confirms the full name of the trust AND • In respect of the trustees, one of those trustees (individual To verify the trustee or company) must be verified with the documentation listed for the applicable Investor type i.e. Step 10.1 or Step 10.2.
  • Page A10 Step 10.4 Documentation requirements for Partnerships Partnerships Original or certified documentation required Partnerships One of the following documents: • Partnership agreement, or extract of the partnership agreement; or • Extract of the minutes of a partnership meeting approving the establishment of the business relationship; or • Certificate of registration of business name issued by an Australian government body; or • Bank statement in the name of the partnership issued within the last 12 months; or • Letter from the accountant or legal practitioner confirming the name of the existence of the partnership dated within the last 12 months. To verify the partnership is regulated by a professional If the partnership is regulated by a professional association, association (only required if the full name and address of then a search of the current membership directory each partner is not collected) To verify at least one partner In respect to one partner, the documentation listed as per the “know your customer” identification requirements for an individual (Step 10.1). Step 10.5 Documentation requirements for Association/Club/Co-0perative Incorporated & unincorporated associations Original or certified documentation required and clubs & Co-operatives Incorporated association One of the following documents: • Information provided by ASIC (ASIC search) or by State or Territory government bodies responsible for the incorporation of the association (e.g. certificate of incorporation); or • An original, certified copy or certified extract of the Rules or Constitution of the Association; or • Minutes of a meeting of the association or a certified copy or certificate extract of minutes of a meeting of the association Unincorporated association One of the following documents: • An original, certified copy or certified extract of the Rules or Constitution of the Association; or • Minutes of a meeting of the association or a certified copy or certificate extract of minutes of a meeting of the association. Chairman, secretary or treasurer In respect of the chairman OR secretary OR treasurer of the association, the documentation listed as per the “know your customer” identification requirements for an individual (Step 10.1) Co-operatives One of the following documents: • A search of the relevant ASIC database; or • Information provided by ASIC or by State or Territory government bodies responsible for the incorporation of the association (eg. certificate of incorporation); or • Any register, certified copy or certified extract of any register maintained by the co-operative; or • Minutes or certified copy or certified extract of the minutes of the meeting of the co-operative. To verify the chairman, secretary or treasurer In respect of the chairman OR secretary OR treasurer of the co-operative, the documentation listed as per the “know your customer” identification requirements for an individual (Step 10.1).
  • Sandhurst Professional Series Page A11 Direct Debit Request Form (Optional) This Form accompanies the Product Disclosure Statement dated 30 November 2009. Sandhurst Trustees Limited’s AFSL No. is 237906. Please use BLOCK LETTERS and tick (✓) boxes where applicable. Step 11.1 Direct Debit Request Request for debiting amounts to accounts by the Direct Debit System Applicant 1 Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode Applicant 2 Title Surname Given name(s) Residential address (PO Box is not acceptable) Town/Suburb State Postcode Details of account to be debited Financial institution Branch address Town/Suburb State Postcode Account name BSB – Account number Please note: direct debit is not available on the full range of bank accounts. If in doubt, please refer to your bank or financial institution. Your financial institution may charge a fee for this service. Investment Details – Amount to be debited I/We request Sandhurst Trustees as Responsible Entity of the Funds until further notice in writing, to arrange for funds to be debited from my/our account as described in this schedule and allocate the amount (detailed below) as a contribution to my/our Funds investment as follows: Funds Direct Debit Amount Investor/Account Number Sandhurst Professional IML $ . Australian Share Fund (User ID 329455) Sandhurst Professional IML $ . Industrial Share Fund (User ID 329457) Sandhurst Professional IML $ . Future Leaders Fund (User ID 329456) Sandhurst Professional IML $ . Value & Income Fund (User ID 345019) Sandhurst Professional GVI $ . Global Industrial Fund (User ID 329454) Please remember to read and sign the declaration on the page overleaf.
  • Page A12 Step 11.2 Declaration and signatures • I/We wish to invest in the Sandhurst Professional Series Funds as described in the PDS dated 30 November 2009 and agree to be bound by the provisions of the PDS and the Constitution (as amended) for each Fund in which I/we invest. • I/We acknowledge that neither Sandhurst nor any other person guarantees the return of capital or the performance of the Funds. • I/We acknowledge that I/we have received this PDS and Application Form dated 30 November 2009 in Australia and that my/ our application will not be accepted where this application is made outside Australia. • If joint Investors are applying, the Investors agree to hold the Units as joint tenants. Both applicants are required to sign the application. NOTE: For corporate Investors, this application must be signed either: (a) under seal (b) by two directors or a director and company secretary, or (c) by the sole director/company secretary (where applicable). The Investor(s) confirms that they are officers of the company and that they have the authority to bind the company to the investment. If they are the sole signatories signing on behalf of a company, the Investor confirms that they are signing as sole director/secretary of the company. • f not signing under seal, please state your title (e.g. Director, Company Secretary or Sole Director and Company Secretary). I • If your application is signed under a Power of Attorney, (in which case, the attorney declares that he/she has not received notice of revocation of that power), please enclose a certified copy of the Power of Attorney (and authorised signatories) with your Application Form. • If investing as Trustee on behalf of a superannuation fund or trust, the Investor confirms that they have the power and authority under the relevant trust deed to invest on behalf of the superannuation fund or trust. • I/We have read the Direct Debit Service Agreement set out on page 34, and understand and agree to the terms by which this Direct Debit Service Agreement operates. I/We also understand and acknowledge that: – Sandhurst may in its absolute discretion, at any time by notice in writing to me/us, suspend or terminate this request to the drawing arrangement. – Should Sandhurst be charged any dishonour fees as a result of the provision of incorrect account details or insufficient funds in my/our nominated account, then Sandhurst Trustees may in its discretion, deduct these charges from my/our investment or charge these fees directly to me/us. I/We agree to meet any bank charges resulting from my/our use of the Direct Debit facility. – Should an alteration to the method of operation of the Direct Debit facility take place, Sandhurst will provide 14 days written notice prior to the alteration taking place. • I/We consent to providing Sandhurst and the Bendigo and Adelaide Bank Group with personal information and for Sandhurst and the Bendigo and Adelaide Bank Group to use that personal information in accordance with the Privacy Section on page 27 of this PDS. • I/We consent to the collection and use of the above information by Sandhurst for the purposes specified. • Direct Debit information provided to Sandhurst will only be used for the purpose specified. It will only be disclosed to other parties where required by law (e.g. ATO) or to implement your request (e.g. financial institution). If you do not provide all of the requested information we may not be able to action your request. SIGNATURES (All applicant(s) and authorised signatories of the account to be debited must sign this Form) Applicant 1/Company signatory name and title Director Company Secretary Sole Director/Company Secretary Title Surname Given name(s) Signature of Applicant 1/Company signatory Date D D / M M / Y Y Y Y Applicant 2/Company signatory name and title Director Company Secretary Sole Director/Company Secretary Title Surname Given name(s) Signature of Applicant 2/Company signatory Date D D / M M / Y Y Y Y Company seal (if company or trust)
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  • Mindful Faithful Lasting (S24334) V002 BEN50PD020 (06/09)