PDS Updates

Following the merger of our parent entity Bendigo Bank Limited with Adelaide Bank Limited during November 2007, the merged company has voted to change its name to Bendigo and Adelaide Bank Limited. The name change will take effect from Monday 31 March 2008.

Following the merger of our parent entity Bendigo Bank Limited with Adelaide Bank Limited during November 2007, the merged company has voted to change its name to Bendigo and Adelaide Bank Limited. The name change will take effect from Monday 31 March 2008.

As a result of the change in name, the following changes are to be made to the Product Disclosure Statements issued by Sandhurst Trustees Limited –

• Any reference to “Bendigo Bank Limited” should now be read as “Bendigo and Adelaide Bank Limited”
• Any reference to “Bendigo Bank Group” should now be read as “Bendigo and Adelaide Bank Group”.
• Any reference to a “Bendigo Bank branch” or “branch of the Bendigo Bank” is a reference to a Bendigo and Adelaide Bank Limited branch using the Bendigo Bank name, logo and system of operations.

 

We do not expect this merger and change of name to affect our customers.

This document dated 28 September 2011 updates the Sandhurst Common Funds Product Disclosure Statement dated 25 May 2007 (the PDS) and should be read together with the PDS and any updates to the PDS available on our website from time to time.

On 1 July 2008, the Banking and Financial Services Ombudsman (BFSO), Financial Industry Complaints Service (FICS) and Insurance Ombudsman Service (IOS) merged to form the national Financial Ombudsman Service (FOS).

As a result of this merger references to the ‘Financial Industry Complaints Services (FICS)’ and its contact details, in the Sandhurst Common Funds Product Disclosure Statement should be replaced with:

Financial Ombudsman Services Limited (FOS)
GPO Box 3 Melbourne, VIC 3001
Telephone: 1300 780 808
Facsimile: (03) 9613 6399
Email: info@fos.org.au

For more information on our dispute resolution process you can download our Talk to us we are Listening brochure.

Sandhurst has implemented the Know Your Customer (KYC) requirements in accordance with the Anti Money Laundering and Counter-Terrorism Financing Act 2006. KYC requirements replace the previous requirements that existed under the Financial Transactions & Reports Act 1988 which contained the ‘100 point identification method’ and ‘referee method’.

Sandhurst has implemented the Know Your Customer (KYC) requirements in accordance with the Anti Money Laundering and Counter-Terrorism Financing Act 2006. KYC requirements replace the previous requirements that existed under the Financial Transactions & Reports Act 1988 which contained the ‘100 point identification method’ and ‘referee method’.

In order to meet our legislative requirements we are required to collect additional identification information including specific identification documentation from any new investors or new signatories. To assist you in providing this additional information we have prepared an Identification Document Requirement Help Card and a Confirmation of Identity Form.

Note: Due to the KYC requirements, the following sections from the Sandhurst Common Funds Products Disclosure Statement are deleted: ‘100 point check’ section on page 23, all references to the ‘Identification Record for a Signatory to an Account’ on pages 20, 28 and 34, the ‘Identification Record for a Signatory to an Account’ form on pages 39 and 45, the ‘Notes of Guidance’ form on pages 40 and 46 and all reference to ‘100 points’.

If you have any questions, we encourage you to contact our Customer Service Centre on 1800 803 173 between 8:30am and 5:00pm (AEST) Monday to Friday.

As of 30 March 2011, the Adelaide Managed Funds Protected Global Opportunities Fund has changed its name to the Sandhurst Protected Global Opportunities Fund.

As a result all references to the Adelaide Managed Funds Protected Global Opportunities Fund are to be read as the Sandhurst Protected Global Opportunities Fund throughout the Product Disclosure Statement dated 30 January.

This update should be read in conjunction with the PDS.

Sandhurst Trustees assumed the role of Responsible Entity on 30 March 2011 for the Adelaide Managed Funds Protected Global Opportunities Fund (PGOF). Sandhurst has also taken over the registry and administration functions from Perpetual Services Pty Ltd.

PGOF is a 7 year capital protected investment, maturing on May 2014. Investors are provided with exposure to a diversified portfolio of international investments.

The portfolio exposure is equally divided between a diversified portfolio of offshore listed real estate investment trusts (REITs) and emerging market funds in Brazil (Latin America), Russia, India and China (BRIC funds).

Sandhurst Trustees replacing Adelaide Managed Funds as Responsible Entity was the next logical step in consolidating two funds management businesses within the Bendigo and Adelaide Bank group of companies.

The latest PGOF Net Asset Value price can be found here.

Following the merger of Bendigo Bank Limited with Adelaide Bank Limited, our parent entity, during November 2007, the merged company has voted to change its name to Bendigo and Adelaide Bank Limited.

The name change will take effect from Monday 31 March 2008.

As a result of the change in name, the following changes are to be made to the Adelaide Managed Funds Protected Global Opportunities Fund Product Disclosure Statement issued by Adelaide Managed Funds Limited --

• Any reference to "Adelaide Bank Group" should now be read as "Bendigo and Adelaide Bank Group"

The Closing Date for the Adelaide Managed Funds Protected Global Opportunities Fund was extended. Due to change in the Closing Date, the key dates listed below have also changed by an equivalent period along with the dates applied to the REIT and BRIC Delivery Parcel calculations as detailed on page 24 and 25 of the Product Disclosure Statement.

Key Dates

Alternative Remuneration Register

Please note any payments or commissions are made in compliance with the IFSA Industry Code of Practice on Alternative Forms of Remuneration (IFSA Code). We keep a register of certain payments as required by the IFSA code. Please contact us if you would like to view this register.

The taxation information provided below is for general information purposes only. We do not provide tax advice. As the Australian taxation system is complex and individual investors have different circumstances, we recommend that you seek professional taxation advice before investing in the Fund.

As part of the Federal Government’s continuing review of the taxation of managed investment trusts, a number of initiatives have been announced to commence from 1 July 2013. The proposed changes include:

• an exclusive tax regime for managed investment trusts;
  
• all managed investment trusts will be statutorily deemed to be fixed trusts, providing certainty for the availability of carry-forward losses, the flow-through of imputation benefits and tax-free capital gains for non-resident investors;
  
• taxable income will be attributed to investors on a fair and reasonable basis by the trustee, replacing the current method of ‘present entitlement’; and
  
• minor variances between the taxable income distributed and the Fund’s actual taxable income can be carried forward as an ‘under’ or ‘over’.

These proposed changes may affect taxation outcomes for your investment in the Sandhurst Professional Series (the Funds).

Definition of Managed Investment Trust and capital election

The Federal Government has introduced a capital election for certain eligible managed investment trusts. Generally, eligible trusts which have made the capital election treat gains and losses from shares, units in unit trusts, land and other eligible assets on capital account.

Sandhurst as responsible entity and trustee of the Funds has made valid capital elections in respect of its Funds. The Funds’ investments in eligible assets will be held and taxed on capital account. This may change the amount of tax that you pay.

As a result of making the capital election, losses from eligible assets are capital losses which can only be offset against capital gains of the Funds made in subsequent years.

The Federal Government has also introduced concessional withholding rates for payments made by eligible managed investment trusts to non-resident investors. The extent of the concession depends upon the location of the non-resident and the character of the payment.

Foreign Accumulation Fund (FAFs)

The Federal Government has repealed the foreign investment fund rules and has announced its intention to introduce Foreign Accumulation Fund (FAF) rules. A FAF is proposed to include a foreign entity that has debt interests that comprise at least 80% of all its assets by market value and it accumulates rather than distributes at least 80% of its annual profits.

Under the proposed FAF rules, a fund which holds investments indirectly in foreign entities may be required to include in the net taxable income distributed to investors the unrealised gains accumulating for any FAF interests. Sandhurst does not expect that any of the Funds would hold FAF interests and be subject to accumulation taxation under the FAF rules.

As of 14 December 2010, the Sandhurst Professional IML Value & Income Fund (Fund) has closed and is no longer open to new investments. Consequently, the Sandhurst Professional Series Product Disclosure Statement (PDS) dated 30 November 2009 is updated to reflect this change. This update should be read in conjunction with the PDS.

Unless stated otherwise, terms used in this update have the same meaning given to them in the PDS. This notice has been prepared by the Responsible Entity.

Changes to the PDS (effective 14 December 2010) are outlined below.

All references to the Sandhurst Professional IML Value & Income Fund are removed from the definitions of “Sandhurst Professional Series”, “the Funds” or “the Fund” throughout the PDS.

Furthermore the PDS is amended as follows:

• page 3, under the heading ‘Significant features’ the information in the table relating to the Sandhurst Professional IML Value & Income Fund is deleted;
• page 4 and 5, under the heading ‘The Funds: a snapshot’ the information in the table relating to the Sandhurst Professional IML Value & Income Fund is deleted;
  
• page 7, under the heading ‘Who manages the Funds?’, in the section describing Investors Mutual Limited, the reference to the Sandhurst Professional IML Value & Income Fund in the fourth dot point is deleted;
• page 7, under the heading ‘Who manages the Funds?’, in the section describing Global Value Investors Limited, the second sentence in the first paragraph is deleted;
• page 9, the reference to the ‘Additional information on the Investment style for the Sandhurst Professional IML Value & Income Fund’ section is deleted in full;
• pages 11 to 13 inclusive, under the heading ‘Funds affected by the risk’, the reference in the table to Sandhurst Professional IML Value & Income Fund is deleted;
• page 11, under the heading ‘Market, country and political risk’ the words “and the IML Value & Income Fund are” are deleted in the third paragraph and are replaced with the word “is”;
• page 12, under the heading ‘Foreign currency risk’ the words “and the IML Value & Income Fund invest” are deleted in the second paragraph and replaced with the word “invests”;
• page 15, in the ‘Table of Fees and cost’ the information relating to the Sandhurst Professional IML Value & Income Fund under the heading ‘management costs’ is deleted;
• page 16, under the heading ‘Indirect Cost Ratio’ the information relating to the Sandhurst Professional IML Value & Income Fund is deleted;
• page 20, under the heading ‘Withdrawing your investment’ the words in the fourth paragraph “(60 days for the Sandhurst Professional IML Value and Income Fund)” are deleted;
• page 21, the information in the second paragraph under the heading ‘Distributions’ is deleted in full;
• page 23, under the heading ‘Foreign Investment Funds’ the words “The Sandhurst Professional IML Value & Income Fund and” are deleted in the first paragraph and the reference to “Funds are” should be replaced with “Fund is” in the second paragraph;
• page 26, under the section ‘Other information, under the heading ‘Sandhurst IML Funds – Strategic Alliance Agreement’ the reference to Sandhurst Professional IML Value & Income Fund in the fourth dot point under the first paragraph is deleted;
• on page 30, under the heading ‘Glossary’ reference to Investors Mutual Value & Income Fund (ARSN 107 095 438) is deleted from the definition of ‘Underlying Managed Funds’;
• on the Application Form the reference to the Sandhurst Professional IML Value & Income Fund under the heading ‘Funds’ in step 5 is deleted; and
• on the Direct Debit Request Form the reference to the Sandhurst Professional IML Value & Income Fund under the heading ‘Funds’ in Step 11.1 is deleted.