Fillable 20201008 Dent Sector Fund-PDS Appform FINAL S (Australian National University)

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20201008 Dent Sector Fund-PDS Appform FINAL S (Australian National University)

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Welcome!
Fund at a glance
ASIC benchmarks
ASIC disclosure principles
How the Fund invests
Who is managing the Fund
Managing risk
Invesng and withdrawing
Keeping track of your investment
Fees and other costs
Taxaon
Other important informaon
Glossary
4
6
7
9
12
15
18
23
25
29
30
36
CONTENTS
2
Dent Sector Fund
This product disclosure statement (“PDS”) was issued
on 8 October 2020. This PDS is for the offer of interests
in the Dent Sector Fund ARSN 642 661 729 APIR
ETL9161AU ISIN: AU60ETL91617 (the “Fund“).
The PDS has been prepared and issued by Equity
Trustees Limited ABN 46 004 031 298, Australian
Financial Services Licence (“AFSL”) No. 240975 in its
capacity as the responsible entity of the Fund (the
“Responsible Entity”, “Equity Trustees”, “us” or “we”).
The fund manager of the Fund is Stone Door Pty Ltd
ACN 637 489 322 (the “Fund Manager” or “Stone
Door”). The investment manager of the Fund is EviDent
Pty Limited ACN 637 489 395 (“Investment Manager”
or “EviDent”).
The Responsible Entity has authorised the use of this
PDS as disclosure to investors and prospective investors
who invest directly in the Fund, as well as investors and
prospective investors of an investor directed portfolio
service, master trust, wrap account or an investor
directed portfolio service-like scheme (“IDPS”). This
PDS is available for use by persons applying for units
through an IDPS (“Indirect Investors”).
The operator of an IDPS is referred to in this PDS as
the “IDPS Operator” and the disclosure document
for an IDPS is referred to as the “IDPS Guide”. If you
invest through an IDPS, your rights and liabilities will
be governed by the terms and conditions of the IDPS
Guide. Indirect Investors should carefully read the IDPS
Guide before investing in the Fund. Indirect Investors
should note that they are directing the IDPS Operator
to arrange for their money to be invested in the Fund
on their behalf. Indirect Investors do not become
unitholders in the Fund or have the rights of unitholders.
The IDPS Operator becomes the unitholder in the
Fund and acquires these rights. The IDPS Operator
can exercise or decline to exercise the rights on an
Indirect Investor’s behalf according to the arrangement
governing the IDPS. Indirect Investors should refer to
their IDPS Guide for information relating to their rights
and responsibilities as an Indirect Investor, including
information on any fees and charges applicable to
their investment. Information regarding how Indirect
Investors can apply for units in the Fund (including
an application form where applicable) will also be
contained in the IDPS Guide. Equity Trustees accepts
no responsibility for IDPS Operators or any failure by
an IDPS Operator to provide Indirect Investors with
a current version of this PDS as provided by Equity
Trustees or to withdraw the PDS from circulation if
required by Equity Trustees.
Please ask your adviser if you have any questions
about investing in the Fund (either directly, or indirectly
through an IDPS).
This PDS is prepared for your general information
only. It is not intended to be a recommendation by
the Responsible Entity, Fund Manager, the Investment
Manager, or any associate, employee, agent or ofcer of
the Responsible Entity, Manager, Investment Manager
or any other person to invest in the Fund. This PDS does
not take into account the investment objectives, nancial
situation or needs of any particular investor. You should
not base your decision to invest in the Fund solely on the
information in this PDS. You should consider whether
the information in this PDS is appropriate for you,
having regard to your objectives, nancial situation and
needs, and you may want to seek professional nancial
advice before making any investment decision.
None of Equity Trustees, the Fund Manager or the
Investment Manager, or their employees, associates,
agents or ofcers, guarantee the success, repayment of
capital or any rate of return on income or capital or the
investment performance of the Fund. Past performance
is no indication of future performance. An investment in
the Fund does not represent a deposit with or a liability
of Equity Trustees, the Fund Manager, the Investment
Manager or any of their associates. An investment is
subject to investment risk, including possible delays in
repayment and loss of income or capital invested. Units
in the Fund are offered and issued by the Responsible
Entity on the terms and conditions described in this
PDS. You should read this PDS in its entirety because
you will become bound by it if you become a direct
investor in the Fund.
In considering whether to invest in the Fund, investors
should consider the risk factors that could affect the
nancial performance of the Fund. Some of the risk
factors affecting the Fund are summarised in Section 6.
The offer to which this PDS relates is only available
to persons receiving this PDS in Australia and New
Zealand (electronically or otherwise). All references to
dollars or “$” in this PDS are to Australian dollars.
This PDS does not constitute a direct or indirect offer
of securities in the US or to any US Person as dened
in Regulation S under the US Securities Act of 1933
as amended (“US Securities Act”). Equity Trustees may
vary its position and offers may be accepted on merit
at Equity Trustees’ discretion. The units in the Fund
have not been, and will not be, registered under the US
Securities Act unless otherwise determined by Equity
Trustees and may not be offered or sold in the US to,
or for, the account of any US Person (as dened) except
in a transaction that is exempt from the registration
requirements of the US Securities Act and applicable
US state securities laws.
If you received this PDS electronically, we will provide
a paper copy free upon request during the life of this
PDS.
Certain information in this PDS is subject to change.
We may update this information. You can obtain any
updated information by contacting us:
writing to GPO Box 2307 Melbourne VIC 3001
Australia,
calling +613 8623 5000, or
visiting www.eqt.com.au/insto.
3
Product Disclosure Statement 2020
A paper copy of the updated information will be provided
free of charge on request.
Unless otherwise stated, all fees quoted in the PDS
are inclusive of GST, after allowing for an estimate for
Reduced Input Tax Credits (“RITC”). All amounts are in
Australian dollars unless otherwise specied (for example,
as NZ dollar amounts). All references to legislation are to
Australian law unless otherwise specied.
New Zealand investors warning statement
This offer to New Zealand investors is a regulated offer
made under Australian and New Zealand law. In Australia,
this is Chapter 8 of the Corporations Act 2001 and
regulations made under that Act. In New Zealand, this
is subpart 6 of Part 9 of the Financial Markets Conduct
Act 2013 and Part 9 of the Financial Markets Conduct
Regulations 2014.
This offer and the content of this PDS are principally
governed by Australian rather than New Zealand
law. In the main, the Corporations Act 2001 and the
regulations made under that Act set out how the offer
must be made.
There are differences in how nancial products are
regulated under Australian law. For example, the
disclosure of fees for managed investment schemes is
different under the Australian regime.
The rights, remedies, and compensation arrangements
available to New Zealand investors in Australian nancial
products may differ from the rights, remedies, and
compensation arrangements for New Zealand nancial
products.
Both the Australian and New Zealand nancial markets
regulators have enforcement responsibilities in relation
to this offer. If you need to make a complaint about this
offer, please contact the Financial Markets Authority,
New Zealand (http://www.fma.govt.nz). The Australian
and New Zealand regulators will work together to settle
your complaint.
The taxation treatment of Australian nancial products
is not the same as for New Zealand nancial products.
If you are uncertain about whether this investment is
appropriate for you, you should seek the advice of an
appropriately qualied nancial adviser. The offer may
involve a currency exchange risk. The currency for
the nancial products is not New Zealand dollars. The
value of the Fund will go up or down for NZ investors
according to changes in the exchange rate between
that currency and New Zealand dollars. These changes
may be signicant.
If you expect the nancial products to pay any amounts
in a currency that is not New Zealand dollars, you may
incur signicant fees in having the funds credited to a
bank account in New Zealand in New Zealand dollars.
The dispute resolution process described in this PDS
is available only in Australia and is not available in New
Zealand.
4
Dent Sector Fund
1. Fund at a glance
Summary For further information
Name of the Fund Dent Sector Fund
ARSN 642 661 729 APIR ETL9161AU ISIN AU60ETL91617
Section 5
Fund Manager Stone Door Pty Limited
ACN 637 489 322
Section 5
Investment Manager EviDent Pty Limited
ACN 637 489 395
Section 5
Responsible Entity Equity Trustees Limited
ABN 46 004 031 298 AFSL 240975
Section 5
Administrator Mainstream Fund Services Pty Limited
ABN 81 118 902 891 AFSL 303253
Section 5
Snapshot The Fund will use an investment process based on macroeconom-
ic research to identify global investment themes and opportuni-
ties. It has a exible and focused approach to take advantage of
global trends and changes through a range of asset classes. The
fund will be dynamic and has the scope to take a market contrary
position where it is considered overvalued and/or reaching a
turning point.
Section 4
Investment objective The Fund aims to seek returns in excess of the RBA cash rate over
rolling 5 year periods.
Section 4
Investment strategy The Fund’s investment strategy is based on the Investment
Manager’s belief that the best investment opportunities are
driven by fundamental trends that are reected in cycles of many
types and their interplay.
Section 4
Asset allocation Unrestricted but the focus of the Fund is expected to be on listed
equities, either through investment in carefully selected exchange
traded funds and listed investment companies or by taking direct
positions where considered appropriate. Other assets classes
such as xed interest may also be included. Cash positions will
generally be minimised. The Fund can use exchange traded
derivatives, to manage risk and to gain investment exposure.
Section 4
Geographical exposure Global but the geographical focus of the Fund is expected to be
on advanced and developing nations, with exposure to emerging
countries being selective where the investment case is considered
compelling.
Section 4
Currency management Hedging may be used, but investors should be prepared for the
impact of currency movements.
Section 4
Derivatives The Fund may use exchange traded derivatives to both hedge risk,
primarily currency and interest rate risk, and also to gain exposure
to investments. The underlying investments of the Fund may also
use derivatives in these ways.
Section 4
Risk As a stand-alone investment, the Investment Manager considers
it a medium to higher-risk investment, but one which potentially
reduces overall portfolio risk and smooths investment returns
when included appropriately in an investor’s investment portfolio.
Section 4
Volatility Medium with higher volatility at times depending on portfolio
positioning
Section 4
Recommended investment
time-frame
5 years or more. Section 4
5
Product Disclosure Statement 2020
Summary For further information
How to invest Please complete the application form at the back of this PDS,
alternatively, online at www.dentsectorfund.mainstreamfs.com/
apply
Section 7
Minimum initial investment $10,000 or a lesser sum at our discretion Section 7
Minimum additional investment $1,000 or a lesser sum at our discretion Section 7
Minimum withdrawal amount $1,000 or a lesser sum at our discretion Section 7
Minimum balance $10,000 or a lesser sum at our discretion Section 7
Applications Accepted each Business Day. Section 7
Withdrawals Accepted each Business Day. Section 7
Cut off time for applications and
withdrawals
2pm each Business Day Section 7
Valuation frequency The Fund’s assets are normally valued daily. Section 7
Cooling off period Yes Section 7
Available through Administration
Platforms?
Yes, check with you IDPS Operator Section 7
Management Fee 1.50% p.a. of the Net Asset Value (“NAV”) (including GST less
RITCs)
Section 9
Expenses 0.25% p.a. of the Net Asset Value (“NAV”) (including GST less
RITCs) xed
Section 9
Performance Fee 15% of any Fund total return over the RBA cash rate after Fund
Management Fees and Usual Expenses, accruing daily and payable
monthly, with an annual reset at 30 June.
Section 9
Entry fee/exit fee Nil Section 9
Buy/Sell spread +0.50% on applications into the Fund and -0.50% on withdrawals
out of the Fund
Section 9
6
Dent Sector Fund
2. ASIC benchmarks
The
Fund
is
a
‘hedge
fund’
for
the
purposes
of
Australian
Securities
and
Investments
Commission
(ASIC)
Regulatory
Guide
240.
The
following
table
and
the
tables
in
Sections
1
and
3
set
out
a
summary
of
the
disclosure
ASIC
requires
for
hedge
funds,
the
key
features
of
the
Fund
and
a
guide
to
where
more
detailed
information
can
be
found
in
this
PDS.
A
copy
of
ASIC
Regulatory
Guide
240
dated
October
2013
(as
may
be
amended,
supplemented
or
replaced
from
time
to
time)
is
available
from
www.asic.gov.au.
The
information
summarised
in
the
relevant
tables
and
explained
in
detail
in
the
identied
section
reference
is
intended
to
assist
investors
with
analysing
the
risks
of
investing
in
the
Fund.
Investors
should
consider
this
information
together
with
the
detailed
explanation
of
various
benchmarks
and
principles
referenced
throughout
this
PDS
and
the
key
risks
of
investing
in
the
Fund
highlighted
in
Section
6
of
this
PDS.
ASIC Benchmark
Is the
benchmark
satised? Summary
For further
information
Valuation of assets
This benchmark addresses
whether valuations of the Fund’s
non-exchange traded assets are
provided by an independent
administrator or an independent
valuation service provider.
Yes Equity Trustees has appointed an independent
administrator, Mainstream Fund Services Pty Ltd
(“Mainstream”), to provide administration services for
the Fund, including valuation services.
The Fund satises Benchmark 1 by having its non-ex-
change traded assets independently valued by the
Administrator in accordance with its pricing policy.
Section 5
Periodic reporting
This benchmark addresses
whether the responsible entity
of the Fund will provide periodic
disclosure of certain key
information specied by ASIC on
an annual and monthly basis.
Yes The Responsible Entity will provide periodic disclosure
of certain key information on an annual and monthly
basis.
Section 8
7
Product Disclosure Statement 2020
3. ASIC disclosure principles
Summary
Section (for further
information)
Investment strategy The Investment Manager considers that understanding cycles (e.g. social
trends and technological developments) and their interplay is a key to
successfully managing investments as this should enable better predictions
of future events to be made. The Investment Manager aims to identify
cycles which make some sectors attractive by comparison to others, and
carefully select a mix of investments with the goal of achieving the targeted
investment outcomes.
The primary objective of the Fund is to seek returns in excess of the RBA
cash rateover rolling5 year periods.
The Investment Manager aims to build an investment portfolio focussed
on investments in sectors globally which, according to its investment
philosophy, the Investment Manager believes should deliver superior
investment potential over time.
The goal is to manage the portfolio to generate returns whether markets are
rising or falling,by positioning the portfolio to benet from where markets
are anticipated to move.
The focus of the Fund is expected to be on listed equities, either through
investment in carefully selected exchange traded funds and listed
investment companies or by taking direct positions where considered
appropriate. Other asset classes such as xed interest may also be included.
Cash positions will generally be minimised.
Exchange traded derivatives may also be used to manage risk and to gain
investment exposure.
Section 4
Investment manager Equity Trustees Limited, as Responsible Entity of the Fund, has appointed
Stone Door as the Fund Managerof the Fund. The Fund Manager has
appointed EviDent as the Investment Manager of the Fund.
See Section 5 in relation to the expertise of the Fund Manager and the
Investment Manager, and the Investment Management Agreement under
which the Fund Manager and the Investment Manager have been appointed.
Under the Investment Management Agreement between the Fund Manager,
Investment Manager and Equity Trustees, Equity Trustees can terminate the
Fund Manager or the Investment Manager’s appointment where the Fund
Manager or the Investment Manager becomes insolvent, materially breaches
the agreement, ceases to carry on its business or in certain other circum-
stances. In the event that Equity Trustees terminates the FundManager or
the Investment Manager following one of these events, the appointment
would cease upon any termination date specied in the notice, and the
Fund Manager or the Investment Manager (as relevant)would be entitled
to receive fees in accordance with the agreement until the effective date of
termination.
Section 4
Fund structure The Fund is an Australian unlisted managed investment scheme structured
as an open ended (i.e. non xed term) unit trust, registered under the Corpo-
rations Act and falling within ASIC’s policy concerning hedge funds.
The key providers to the Fund are:
the Responsible Entity,
the Fund Manager,
the Investment Manager,
the custodian and administrator, Mainstream, and
the auditor, Ernst & Young.
They are all Australian companies, retained under formal written agreements
which require regular reporting and allow compliance and other reviews. All
arrangements are on at least arm’s length terms.
There are some common directors and shareholdings for the Fund Manager
and the Investment Manager.
Assets are held by Mainstream.
Risks of the structure are discussed in Section 6.
Section 4
8
Dent Sector Fund
Summary
Section (for further
information)
Valuation, location and
custody of assets
The Fund has no geographical constraints, but the geographical focus of
the Fund is expected to be on advanced and developing nations, with
exposure to emerging countries being selective where the investment case
is compelling.
Mainstream is the custodian and administrator of the Fund and provides
custodial, administrative, accounting, registry and transfer agency services.
They are responsible for calculating the Fund’s NAV.
See section 4 for further information on custodial arrangement and the
geographical location of assets.
Section 4
Liquidity Withdrawals are usually processed each Business Day. The Responsible
Entity reasonably expects it could, in normal market conditions realise at
least 80% of the Fund’s assets at the value ascribed to them in calculating
the Fund’s NAV within 10 days.
Section 4
Leverage Any direct borrowing by the Fund would be very limited.
Particularly, from time to time amounts may be borrowed on a short term
basis to meet distributions, or short term Fund obligations, but only if
the borrowing is considered to be prudent and in the best interests of all
investors, and no more than 10% of net asset value. Such borrowing would
only be from leading nancial institutions. Security may be granted over
Fund assets.
Underlying investments may borrow. Each underlying investment has
different approaches to the way it uses leverage.
The Fund is not geared.
Borrowing, or leverage, has risks: see the Risks section.
Section 4
Derivatives The Fund may use exchange traded derivatives to both hedge risk, primarily
currency and interest rate risk, and also to gain exposure to investments.
The underlying investments of the Fund may also use derivatives in these
ways. Although derivatives can be a form of borrowing, or leverage, albeit
indirectly, the Fund is not geared (it always has sufcient asset to meet
liabilities). Leverage does have some risks.
See section 4 and 6 for more information.
Section 4
Short selling The Fund may use an investment technique called short selling. The
underlying investments of the Fund may also short sell. Short selling does
have some risks: see the Risks section.
Section 4 and 6
Withdrawals Withdrawals are usually processed each Business Day. Because cash is paid
to your account when you withdraw, investments of the Fund may need to
be sold to pay you. Depending on factors such as the state of the markets,
selling investments is not always possible, practicable or consistent with the
best interests of investors. This is one of the reasons why the Constitution
species limited circumstances where there could be a delay in meeting
your withdrawal request. The law sometimes restricts withdrawals, including
where the Fund is no longer a liquid scheme. Investors can withdrawin
writing– see Section 7 for details.
Section 7
9
Product Disclosure Statement 2020
4. How the Fund invests
An underlying principle
The Dent Sector Fund invests based on the Investment
Manager’s belief that the best sectors are driven by
fundamental trends that are reected in cycles of many
types.
The real skill is to identify the cycles and determine
the interplay so that the most important trends can be
discerned.
With this as the underlying principle, the Fund’s
portfolio can then be built and managed.
A belief in fundamental trends
The Investment Manager seeks to identify the cycles
that appear likely to have a material impact on
investment markets. Understanding cycles and the
way that different cycles interplay, for example social
trends and technological developments, the Investment
Manager believes is a key to better manage investments.
The goal is to better predict future events.
The Investment Manager has always believed that
everything works in trends or cycles. Taking the time
to identify and understand those cycles, when they
arise, why, for how long, and how they interact, is in the
Investment Manager’s opinion the best way to shine
light on the future. The best way to manage risk and
maximise returns.
Investment decisions won’t always be right. The future
does have uncertainties.
Our investment objecves
The primary objective of the Fund is to seek returns in
excess of the RBA cash rate over rolling 5 year periods.
The Fund aims to produce returns combining of growth
in the value of your investment as well as (annual)
income.
And the returns the Investment Manager aims to
produce are risk adjusted, as opposed to returns at any
level of risk. Risk identication and management is at
the very core of the investment philosophy.
There is no particular performance benchmark which
the Fund aims to outperform, although the Investment
Manager is entitled to a share of the Fund’s investment
performance where after (most) fees and costs
performance over the relevant period is greater than
the RBA cash rate - see the Fees section for details.
An acvely managed fund
The Fund is actively managed. But not in the sense that it
trades each day. Active management for this fund means
to identify and move to exploit cycles and have exposure
to the sectors which present as most promising.
The Investment Manager believes that the past, in the
sense of interconnectedness of societies, markets,
cultures, demographics and geo-politics, is a key to what
the future will most likely look like.
Over time, the Fund’s portfolio will be repositioned as
cycles and favoured sectors are anticipated, evolve,
peak and weaken. Investments in preferred sectors will
be acquired, held and swapped based on the Investment
Manager’s assessment of these factors over time.
Cycles can take all forms and include those in:
the environment,
innovation including technology,
demographics including birth rates and
urbanisation,
consumption,
geo-politics,
boom and bust, and
commodities.
The Investment Manager does not simply look at how
a company or sector performed yesterday and assume
that the company or sector will continue to be a good
investment. It seeks to identify the cycles that have
a material impact on investment markets, and select
investments it considers well placed to prot from
those cycles.
The goal is to manage the portfolio to generate returns
whether markets are rising or falling, to position the
portfolio to benet from where markets are anticipated
to move and positioning the Fund ahead of the trends.
Investments held
The focus of the Fund is expected to be on listed
equities, either through investment in carefully selected
exchange traded funds and listed investment companies
or by taking direct positions where warranted. Other
assets classes such as xed interest may also be
included. Cash positions will generally be minimised.
The Fund may use exchange traded derivatives to
manage risk and to gain investment exposure and may
use an investment technique called short selling – see
below for further details.
10
Dent Sector Fund
The Investment Manager takes a global view. There are
no formal geographic investment constraints.
However, depending on the cycles being considered,
it could be useful to set investment rules or limits or
bands concerning geographical exposure, for example
about how the Fund may or may not be exposed to
economies which are:
advanced,
developing, or
emerging.
The Fund can have investment exposure across the
globe.
It may also have exposure to a broad range of market
sectors, including:
nancial,
utilities,
consumer discretionary,
consumer staples,
energy and commodities,
healthcare,
industrial,
technology,
health and aged care,
industrial, and
real estate.
The portfolio at any time could be broken down along
any of these lines.
There are no specic rules or limits or bands restricting
the Fund’s asset exposure across these categories, as
the Investment Manager believes that this would be
counterproductive.
Rather, the exposure across geographical economies or
regions or markets will be set by the cycles considered
by the Investment Manager to be the most signicant
at any given time.
While the geographical focus of the Fund is expected
to be on advanced and developing nations, there may
be selective exposure to emerging countries where
the investment case appears compelling. At times, this
exposure might be signicant.
The investment decisions of the Fund are not taken
with any formal labour, environmental, social or ethical
considerations in mind.
There are no dened limits on the number of investments
held by the Fund but the Investment Manager expects
that the number held would typically be in the range of
10 to 20 investments once the portfolio is mature. The
actual number will vary, depending on factors including
the size of the Fund and the availability of appropriate
investment opportunities, as well as seeking to ensure
that the mix of underlying investments is optimal having
regard to the objectives of the Fund.
The Fund focusses on cycles as they are emerging, and
will have a bias to sectors that the Investment Manager
considers stand to benet. Nonetheless, the spread
of investments is expected to bring a range of sector
exposures and the diversication associated with that.
From time to time positions may be taken in unlisted
investments, which would generally be companies focused
on activities which the Investment Manager considers
would add signicantly the Fund’s investment portfolio.
These would not usually be expected to represent more
than 10% of the established portfolio value.
It is not the objective of the Fund to be correlated or
uncorrelated with traditional markets such as equities.
Rather, the Fund seeks to extract value before others
realise, aiming to outperform by being among the rst
investors in emerging opportunities.
What about volality?
When we speak of volatility, we mean how often and how
fast the value of your investment goes up and down. If
you’re investing for a long time, this can be less important.
The Investment Manager aims to identify cycles and
take a measured approach to uncertainties. But uncer-
tainties always remain and this will bring a measure of
volatility to the Fund at times.
Medium volatility is expected over the long term, with
higher volatility at times depending on portfolio positioning.
For this reason, it is suggested that you invest for 5
years or more.
Currency
The Fund has holdings which are denominated in currencies
other than the Australian dollar and may be affected by
movements in exchange rates. Consequently, the value of
your investment may rise or fall in line with the exchange
rates. The Investment Manager may hedge some exposure
from time to time. See the Risks section for details.
Borrowing
Any direct borrowing by the Fund would be very limited
and on a short-term basis to meet distributions or short
term Fund obligations. Borrowing will not be undertaken
for investment purposes and will only occur if the
borrowing is considered to be prudent and in the best
interests of all investors, and is no more than 10% of net
asset value.
Such borrowing would only be from leading nancial
institutions. Security may be granted over Fund assets.
Underlying investments through which the Fund invests
may borrow.
Borrowing, or leverage, has risks: see the Risks section.
11
Product Disclosure Statement 2020
Changing the investment strategy
The
way
that
the
Fund
invests
may
be
changed.
If
a
change
is
to
be
made,
investors
in
the
Fund
will
be
notied
in
accordance
with
the
Corporations
Act.
Risk
As
a
stand-alone
investment,
the
Investment
Manager
con -
siders
it
a
medium
to
higher-risk
investment,
but
one
which
potentially
reduces
overall
portfolio
risk
and
smooths
investment
returns
when
included
appropriately
in
an
investor’s
investment
portfolio.
As
noted
above,
the
suggested
minimum
investment
timeframe
is
5
years
or
more.
See
the
Risks
section
for
details.
Derivaves
The Fund and the underlying investments of the Fund
may use derivatives. Derivatives are contracts between
two parties that usually derive their value from the price
of a physical asset or market index. Derivative types
may include for example spot and forward currency
contracts, futures and options.
Sophisticated investors can use derivatives to manage
portfolio risk or as part of an investment strategy.
The Investment Manager may use derivatives and if it
does so this may be to hedge risk – for example currency
and interest rate risk – and/or to gain investment
exposure. Derivatives are not used to gear the Fund.
The underlying investments of the Fund – for example
exchange traded funds and listed investment companies
- may also use derivatives in these ways. The Investment
Manager carefully assesses underlying derivatives use
as an essential part of underlying investment selection.
See the Risks section for more detail.
Short selling
The Fund and the underlying investments of the Fund
may use an investment technique called short selling.
Short selling aims to reduce risk or make money based
on the belief that the price of an investment – usually a
listed stock - will fall.
Practically, this investment technique involves the Fund
committing to sell a share – but one it has borrowed
and does not own - at a time in the future. When comes
the time to actually sell the share, it must buy the share
on market (and return the borrowed one). If it buys at
a lower price, it makes a prot. If at a higher price (and
assuming it can buy the share) it makes a loss.
Sophisticated investors use short selling to manage
(or hedge) portfolio risk or with the primary goal of
generating investment returns.
The Fund may short sell to hedge risk - usually the
perceived downside risk associated with particular
investment exposures. The Fund may also use short
selling with the goal of generating investment returns.
Short positions are managed carefully and conserva-
tively with the goal that they never result in the Fund
being geared.
The underlying investments of the Fund – for example
exchange traded funds and listed investment companies
- may also use short selling to hedge risks and also with
the goal of generating investment returns. The Investment
Manager carefully assesses underlying short selling as an
essential part of underlying investment selection.
See the Risks section for more detail.
Valuaon and custody of assets
Equity Trustees has appointed an independent adminis-
trator, Mainstream, to provide custody and administra-
tion services for the Fund, including valuation services.
Listed assets are valued from exchange provided prices.
Non-exchange traded assets are independently valued
by the Administrator in accordance with its pricing policy.
Fund performance
Up to date information on the performance of the Fund
can be obtained from www.dentsectorfund.com or by
contacting the Investment Manager. A free of charge
paper copy of the information will also be available on
request.
Types of investors
There are no restrictions on investor types: trustees,
companies, individuals, partnerships, charities, authorities
and Government and semi government entities can
invest. We do not accept US Persons as investors and may
restrict investors from outside Australia or New Zealand.
The offer to which this PDS relates is only available to
persons receiving this PDS (electronically or otherwise) in
Australia or New Zealand.
12
Dent Sector Fund
5. Who is managing the Fund
The Responsible Enty
Equity Trustees Limited
Equity Trustees Limited ABN 46 004 031 298 AFSL
240975, a subsidiary of EQT Holdings Limited ABN 22
607 797 615, which is a public company listed on the
Australian Securities Exchange (ASX: EQT), is the Fund’s
responsible entity and issuer of this PDS. Established as
a trustee and executorial service provider by a special
Act of the Victorian Parliament in 1888, today Equity
Trustees is a dynamic nancial services institution
which continues to grow the breadth and quality of
products and services on offer.
Equity Trustees’ responsibilities and obligations as the
Fund’s responsible entity are governed by the Fund’s
constitution (“Constitution”), the Corporations Act and
general trust law. Equity Trustees has appointed Stone
Door Pty Ltd as the fund manager, of the Fund who in
turn has appointed EviDent Pty Ltd as the investment
manager of the Fund. Equity Trustees has appointed a
custodian to hold the assets of the Fund. The custodian
has no supervisory role in relation to the operation of the
Fund and is not responsible for protecting your interests.
The Fund Manager
Stone Door Pty Ltd
Stone Door Pty Ltd (“Stone Door”) was established
in 2019 as a special purpose Australian investment
management business with key management team
members bringing more than 150 years’ experience to
the table from within the nance/economic/marketing
professions. The founder and Managing Director of
Stone Door is Andrew Stewart.
Stone Door is appointed by the Responsible Entity to
manage the Fund but as mentioned has in turn appointed
EviDent Pty Ltd to determine the investments which
should form and remain part of the Fund’s portfolio
from time to time.
Investment Manager
EviDent Pty Ltd
Harry Dent, Jr leads the investment team at EviDent Pty
Ltd (“EviDent”), the Investment Manager for the Fund.
EviDent is a newly established specialist Australian
portfolio manager dedicated to achieving the Fund’s
investment strategy.
Its investment team is responsible for the design and
maintenance of the strategic design of the Fund’s
portfolio. Appointed by the Fund Manager, its role is
also to determine the investments which should form
and remain part of the Fund’s portfolio.
It makes sure as far as practicable that the portfolio is, in
an investment sense, always facing the right direction,
manoeuvring, anticipating as far as practicable, so as
to capture and maximise value from cycles which the
investment team considers will maximise the Fund’s
performance within assigned risk parameters.
Undertaking investment research and due diligence,
the investment team is also responsible for addition-
ally overlaid risk management strategies which include
diversication and taking investment positions which
hedge identied risks.
Its Investment Committee drives this process, its members
being:
Harry Dent, Jr, and
Andrew Stewart.
Harry Dent, Jr
Chief Investment Ofcer, EviDent
Investment Committee member
Harry is a bestselling author and an outspoken global
nancial editor.
Over the years, Harry has developed a method for
studying global economies, and provided insights to
what to expect in the future.
He now brings that experience to the Dent Sector Fund.
After studying economics in college, Harry went on
to receive his MBA from Harvard Business School,
where he was a Baker Scholar and was elected to the
Century Club for leadership excellence. He then joined
Bain & Company as a Fortune 100 business consultant
and now heads the independent research rm Dent
Research.
Since then, he’s spoken to executives, nancial advisers
and investors around the world about demographics
and the power of identifying different cycles.
Harry has appeared on “Good Morning America”, PBS,
CNBC, CNN, Fox News and is a regular guest on Fox
Business.
He has also been featured in Barron’s, Investor’s
Business Daily, Fortune, U.S. News and World Report,
Business Week, The Wall Street Journal and many other
publications.
Harry has written numerous bestselling books over the
last few decades, including:
The Great Boom Ahead, in 1992,
The Demographic Cliff, in 2015,
The Sale of a Lifetime, in 2016, and
Zero Hour, in 2017.
13
Product Disclosure Statement 2020
In 2019 Harry published his latest book Spending
Waves, where he shares decades of extensive research
covering over 200 businesses across 14 different
industries to give readers a usable tool to nd the most
lucrative opportunities over the next 20 years.
Andrew Stewart
CEO, EviDent
CEO, Stone Door
Investment committee member
Compliance committee member
Andrew is the driving force behind the establishment of
the Dent Sector Fund.
His passion for excellence in investment outcomes for
investors has spanned more than 3 decades.
Andrew is also a Founder/Director and Senior Partner of
Stonehouse Financial Services Limited (“Stonehouse”).
Stonehouse delivers high quality advice to high net
wealth clients, researched investment strategies, super-
annuation, insurance and loan solutions. The Company
was formed in 2005 and has developed nancial
products to market and the rm manages over $450
million of assets under management.
Andrew holds a Bachelor of Commerce from Grifth
University along with various other industry associated
credentials.
Andrew is an active member of the Financial Planning
Association of Australia (“FPA”) and is a Director of
a Registered Charity – ‘Droplets in a Stream’, and is
passionate about philanthropy, travelling to Uganda
and Kenya annually to work hands on in charitable
projects for the past decade.
Custodian and Administrator
The Responsible Entity has appointed Mainstream to
act as custodian and administrator for the Fund.
Mainstream holds legal title to the assets of the Fund.
Mainstream has no supervisory role in relation to
the operation of the Fund and is not responsible for
protecting your interests.
Mainstream performs all general administrative tasks
for the Fund, including keeping nancial books and
records and calculating the NAV of the Fund.
The Responsible Entity has entered into a custody and
administration agreement with Mainstream, which governs
the services that it will provided to Equity Trustees.
The Responsible Entity may at any time, in consultation
with the Fund Manager, select any other custodian and/
or administrator to serve as custodian and/or adminis-
trator to the Fund.
Mainstream
has
no
supervisory
role
in
relation
to
the
operation
of
the
Fund
and
is
not
responsible
for
protecting
your
interests.
Compliance
Stone Door’s board is focused on checking that all
legal requirements have been met. The Compliance
committee comprises Andrew Stewart and two nancial
services professionals who are independent of the Fund
Manager and the Investment Manager:
Anthony Fleming, and
Patrick Bergin:
Meeting at least quarterly, together the committee
brings to the Fund Manager almost a century of funds
management experience.
Anthony Fleming
Compliance Committee member
Anthony Fleming is the Managing Partner of Launch |
Financial Services Lawyers.
Anthony draws on more than 30 years’ experience in
nancial services founded on his time as a nancial
services partner in the Sydney ofce of the (then) world’s
largest International law rm Baker & McKenzie, and
before that, at Australia’s leading law rm King Wood
Mallesons (formerly Mallesons Stephen Jaques).
His client base is dominated by fund managers, which
represent the full spectrum of the investment universe
including xed interest and equities, real property, alter-
natives, derivatives, hedge, distressed, private capital
and VC, both listed and unlisted, local and offshore.
Anthony authored the industry standard managed
funds prospectus and PDS, and the compliance plan
which many consider has become the de facto industry
standard.
Patrick Bergin
Compliance Committee member
Patrick is an experienced Chartered Accountant with
more than 25 years broad nance, operations and
compliance exposure gained with large and boutique
nancial services organisations in Financial Controller,
Head of Finance, Chief Financial Ofcer, Company
Secretary and Director roles.
Extensive experience gained in funds management,
fund administration and trustee services covering
all aspects of back ofce operations including fund
accounting and administration, nancial control in
funds management and trustee services, outsourcing
functions, funds management compliance processes
and managing teams.
Patrick has held roles at Deloitte, BT Financial Group,
Chase Manhattan Bank, Macquarie Bank, Select Fund
Services, Crestone Wealth Management Limited before
establishing a nancial services consulting business in
2017, Coolnacritta Partners Pty Limited.
14
Dent Sector Fund
Relaonships amongst the providers
Members of the Investment Manager’s management
team (or entities associated with them) own the majority
of shares of the Investment Manager. Andrew Stewart
(or entities associated with him) has a controlling
interest in both the Fund Manager and the Investment
Manager. Harry Dent, Jr has minority interest in the
Investment Manager and the Fund Manager.
The Fund Manager and the Investment Manager have
a written policy to manage any material conicts which
may arise in managing the Fund.
No adverse ndings
There have been no adverse ndings (signicant or
otherwise) against us, the Fund Manager or the Investment
Manager, or any of the senior investment professionals at
these organisations. It is the members of the Investment
Committee who play a key role in investment decisions.
See Section 5 for details.
Generally, we would not be aware of any such ndings
in relation to the underlying investments or their senior
investment professionals. Generally, the underlying
investment’s board or investment committee is key
in making its investment decisions. These matters are
different for each underlying investment.
Visually
15
Product Disclosure Statement 2020
6. Managing risk
All investments carry risks. Different investment
strategies may carry different levels of risk, depending
on the assets acquired under the strategy. Assets with
the highest long-term returns may also carry the highest
level of short-term risk.
The signicant risks below should be considered in light
of your risk prole when deciding whether to invest
in the Fund. Your risk prole will vary depending on a
range of factors, including your age, the investment
time frame (how long you wish to invest for), your other
investments or assets and your risk tolerance.
The Responsible Entity, Fund Manager and the
Investment Manager do not guarantee the liquidity
of the Fund’s investments, the repayment of capital
invested or any particular rate of return or the Fund’s
investment performance. The value of the Fund’s
investments will vary. Returns are not guaranteed and
you may lose money by investing in the Fund. The
level of returns will vary and future returns may differ
from past returns. Laws affecting managed investment
schemes may change in the future. The structure and
administration of the Fund is also subject to change.
In addition, we do not offer advice that takes into
account your personal nancial situation, including
advice about whether the Fund is suitable for your cir-
cumstances. If you require personal nancial or taxation
advice, you should contact a licensed nancial adviser
and/or taxation adviser.
This Fund and risk
As a stand-alone investment, the Investment Manager
considers it a medium to high-risk investment, but one
which potentially reduces overall portfolio risk and
smooths investment returns when included appropri-
ately in an investor’s investment portfolio.
Managing risk
The Investment Manager aims to manage market,
investment and international risks as far as is practicable
by identifying strategically on an ongoing basis where
the Fund should be positioned and why, and giving
effect to this through careful investment selection,
employing portfolio risk management techniques as
considered appropriate. Whenever investments are
made, the potential for returns in light of risks involved
is carefully assessed. Risk is considered at every stage
and level of the investment process. This includes
seeking diversication considered appropriate for
example, geographically, across markets and currencies,
and between long and short portfolio positioning.
The Investment Manager aims to manage derivatives,
short selling risk, currency and interest rate risks as
far as is practicable by understanding their impact and
the ways they can be managed, monitoring exposures,
dealing with parties considered appropriate and using
the expertise of investment professionals.
Operational risks such as valuation, liquidity, structural
and information risks involvement management largely
by gathering a team that supports the Fund which is
professional in the execution of their functions, for
example in their experience and resources, and how
they manage information and how fund liquidity is
monitored.
However, many risks are difcult or impracticable to
manage effectively and some risks are beyond reasonable
or practicable management.
Risk generally
The signicant risks of investing in managed investment
schemes generally include the risks that:
the value of investments will vary,
the level of returns will vary, and future returns will
differ from past returns,
returns are not guaranteed and investors may lose
some or all of their money, and
laws change.
The level of risk for you particularly will vary depending
on a range of other factors, including age, investment
time frame, how other parts of your wealth are invested,
and your risk tolerance. If you are unsure whether this
investment is suitable for you, we recommend you
consult a nancial adviser. If you have questions about
the Fund, feel free to contact the Investment Manager.
Further information about the risks of investing in
managed investment schemes can be found on ASIC’s
MoneySmart website at moneysmart.gov.au.
The signicant risks for the Fund are as follows.
Market risk
This is the risk that an entire market, country or economy
(such as Australia) changes in value or becomes more
volatile, including the risk that the purchasing power
of the currency changes (either through ination or
deation), potentially causing a reduction in the value
of the Fund and increasing its volatility.
Reasons can be many, and include changes in economic,
nancial, technological, environmental, political or legal
conditions, natural and man-made disasters, health,
conicts and changes in market sentiment.
16
Dent Sector Fund
Investment risk
This is the risk that the value of an individual investment
in the Fund may change in value or become more volatile,
potentially causing a reduction in the value of the Fund
and increasing its volatility. Reasons can be many,
and include changes in an investment’s operations,
changes in the environment, or what people think of
the investment. It can lead to default of an entity to
which the Fund has an investment exposure including
under securities lending arrangements.
Internaonal risk
The geographical focus of the Fund is expected to be
on advanced and developing nations, with exposure
to emerging countries being selective where the
investment case is compelling.
International investments may be more affected by
political and economic uncertainties, lower regulatory
supervision and possibly more volatile, less liquid markets.
Developing and more so emerging markets are
generally less sophisticated with less evolved reporting,
governance and regulatory frameworks, and greater
political, legal and other risks, than developed markets.
Differences in auditing and nancial reporting standards
may result in the unavailability of material information
about issuers, less extensive regulation of the securities
markets, longer settlement periods for securities trans-
actions and less reliable clearance and custody arrange-
ments. Often there is less protection through regis-
tration of assets and less developed corporate laws
regarding duciary duties of ofcers and directors and
protection of investors.
Currency risk also arises from investing internationally,
and this is discussed below.
Derivaves risk
The Fund and the underlying investments of the Fund
may use derivatives.
Unfortunately, derivatives use is not always successful,
is not used to offset all risk, and is sometimes not cost
effective or practical to use. It can lead to losses.
Risks associated with derivatives include the possibility
that:
the derivative position is difcult or costly to
reverse,
there is an adverse movement in the asset or index
underlying the derivative, and or
the other party – the counter party – does not
perform their obligations under the contract however
all derivatives used by the Fund are exchange-trad-
ed, which signicantly reduces counterparty risk.
The Investment Manager always ensures that derivatives
use does not result in the fund being geared – that is, it
monitors its derivatives positions so that it always has
sufcient assets to meet associated liabilities.
Short selling risk
This fund may short sell, to hedge risk - usually the
perceived downside risk associated with particular
investment exposures, but may also use short selling
with the goal of generating investment returns. Short
positions are managed carefully and conservatively
with the goal that they never result in the Fund being
geared.
The underlying investments of the Fund – for
example exchange traded funds and listed investment
companies - may also use short selling to hedge risks
and also with the goal of generating investment returns.
The Investment Manager carefully assesses underlying
short selling policies as an essential part of underlying
investment selection.
Unfortunately, short selling use is not always successful
and is sometimes not cost effective or practical to use.
The principal risk associated with short selling is that
the value of the share could rise rather than fall and so it
must be bought at a higher price. If not managed, losses
from this risk could be very substantial, as in theory the
value of the share has no upper limit. The share may not
even be able to be bought in a timely way if for example
the stock is thinly traded or trading is suspended.
The Investment Manager manages short positions
carefully and conservatively with the goal that they
never result in the Fund being geared.
Borrowing
The Fund does not borrow directly to invest.
Any direct borrowing by the Fund would be very
limited. Particularly, from time to time amounts may be
borrowed on a short term basis to meet redemptions,
distributions, or short term Fund obligations, but only
if the borrowing is considered to be prudent and in the
best interests of all investors, and no more than 10%
of net asset value. Such borrowing would only be from
leading nancial institutions. Security may be granted
over Fund assets.
Underlying investments may borrow. Each underlying
investment has different approaches to the way it uses
leverage. Some underlying investments will be more
leveraged than others. Underlying managers often
do have their own leverage limit for their individual
underlying investments.
The Investment Manager carefully assesses underlying
borrowing as an essential part of underlying investment
selection.
It is not practicable to give investors the maximum
anticipated level of underlying borrowing because
levels vary: some underlying investments use leverage
whilst others do not, techniques can be used to offset
the impact of leverage and the underlying investment
mix changes.
17
Product Disclosure Statement 2020
Currency or exchange rate risk
This is an Australian denominated fund in terms of
currency. Investing internationally gives rise to foreign
currency exposure. The value of an investment in the
Fund will vary depending on changes to exchange
rates and the extent and effectiveness of any ‘hedging’.
Hedging is an investment made with the goal of
reducing the risk of loss, but which might also reduce
the potential gain from changes in the exchange rates.
The Investment Manager may hedge some currency
exposure from time to time. Investments in which the
Fund invests may also employ hedging. Derivatives and
short selling are amongst the ways risk can be hedged.
Unfortunately, hedging is not always successful, is not
always used to offset all currency risk, and is sometimes
not cost effective or practical to use. You should be
prepared to accept that the performance of your
investment will be subject to exchange rate movements
which may have both a positive and negative impact on
the Fund.
Interest rate risk
This is the risk that changes in interest rates can have
a negative impact on investment values or returns.
Reasons for interest rate changes are many and include
changes in ination, economic activity and Central
Bank policies.
Whilst interest rates can affect many types of invest-
ments, invest ment in bonds and other debt instruments
(including related derivatives) is particularly subject to
interest rate risk. If interest rates change, the value of
your investment is likely to be impacted. Additional-
ly, for these types of investments, the government or
company issuer of a bond might not be able to repay
either the interest or the original loan amount and
therefore default on the debt. This would affect the
credit rating of the bond and, in turn, the value of the
Fund. However the Investment Manager only invests in
debt instruments it considers credit worthy.
The Investment Manager may hedge some interest rate
exposure from time to time. Investments in which the
Fund invests may also employ hedging. Derivatives and
short selling are amongst the ways risk can be hedged.
Unfortunately, hedging is not always successful, is
not always used to offset all interest rate risk, and is
sometimes not cost effective or practical to use. You
should be prepared to accept that the performance
of your investment will be subject to interest rate
movements which may have both a positive and
negative impact on the Fund.
Valuaon risk
The value of the Fund’s underlying investments, as
obtained from independent valuation sources, may
not accurately reect the realisable value of those
investments. The Fund seeks to reduce this risk by
seeking that all the assets of the Fund are valued inde-
pendently on a daily basis and wherever possible using
market prices.
Liquidity risk
This is the risk that your withdrawal requests cannot
be met when you expect. Because cash is paid to your
account when you withdraw, investments of the Fund
may need to be sold to pay you. Depending on factors
such as the state of the markets, selling investments is
not always possible, practicable or consistent with the
best interests of investors. This is one of the reasons
why the Constitution species limited circumstances
where there could be a delay in meeting your withdrawal
request. The law sometimes restricts withdrawals.
Structure risk
This is the risk associated with having someone invest
for you.
Risks associated with investing in the Fund include that
the Fund could be terminated, there can be changes in
the parties responsible (for example if key individuals
were no longer involved, especially Harry Dent),
someone involved with your investment (even remotely)
does not meet their obligations or perform as expected,
assets may be lost, not recorded properly or misappro-
priated, laws may adversely change, insurers may not
pay when expected or insurance may be inadequate.
There can be unexpected application of a law or
regulation, contracts may not be legally enforceable or
may be documented inadequately.
Investment decisions, although taken carefully, are not
always successful. The future will always have uncer-
tainties.
Informaon risk
Equity Trustees is committed to ensuring that investor
information is protected from misuse and loss and from
unauthorized access, modication and disclosure. We
use the internet in operating the Fund, including that
records may be stored in the cloud. If stored overseas,
different privacy and other standards may apply there.
Our Privacy Policy is available free from us on request.
The internet does not however always result in a secure
information environment and although we take steps
we consider reasonable to protect your information, we
cannot absolutely guarantee its security.
18
Dent Sector Fund
7. Investing and withdrawing
Applying for units
You can acquire units by completing the Application
Form that accompanies this PDS or completing the
application process online. The minimum initial
investment amount for the Fund is $10,000.
If completing the hard copy Application Form, it should
be sent along with your identication documents (if
applicable) to:
Mainstream Fund Services
Client Services Registry Team
GPO Box 4968
Sydney NSW 2001 Australia
Please note that cash cannot be accepted.
If completing the online Application Form, please go
to www.dentsectorfund.mainstreamfs.com/apply for
further instructions.
We reserve the right to accept or reject applications in
whole or in part at our discretion. We have the discretion
to delay processing applications where we believe this
to be in the best interest of the Fund’s investors.
The price at which units are acquired is determined in
accordance with the Constitution (“Application Price”).
The Application Price on a Business Day is, in general
terms, equal to the Net Asset Value (“NAV”) of the Fund,
divided by the number of units on issue and adjusted
for transaction costs (“Buy Spread”). At the date of this
PDS, the Buy Spread is 0.50%.
Investors who apply for units in the fund within the rst
21 days from the date of the publication of this PDS will
not pay any Buy Spread. Once this 21 day period expires,
unit pricing shall commence and this offer ceases.
The Application Price will vary as the market value of
assets in the Fund rises or falls.
Applicaon cut-o mes
If you submit an online application or we receive a
correctly completed Application Form, and we also
receive the required identication documents (if
applicable) and cleared application money:
before or at 2pm (Sydney time) on a Business Day
and your application for units is accepted, you will
receive the Application Price calculated for that
Business Day, or
after 2pm (Sydney time) on a Business Day and
your application for units is accepted, you will
receive the Application Price calculated for the
next Business Day.
We will only start processing an application if:
we consider that you have correctly completed
online process or the Application Form,
you have provided us with the relevant identica-
tion documents if required, and
we have received the application money (in cleared
funds) stated in your application.
We reserve the right to accept or reject applications
in whole or in part at our discretion. We have the
discretion to delay processing applications including
where we believe this to be in the best interest of the
Fund’s investors.
Addional applicaons
You can make additional investments into the Fund
at any time by sending us your additional investment
amount together with a completed Application Form.
The minimum additional investment into the Fund is
$1,000.
Terms and condions for applicaons
The easiest way to apply is to visit www.dentsectorfund.
mainstreamfs.com/apply.
Applications can be made at any time. Application
cut-off times and unit pricing are set out in the initial
applications section above.
Please note that we do not pay interest on application
monies (any interest is credited to the Fund).
19
Product Disclosure Statement 2020
Equity Trustees reserves the right to refuse any application
without giving a reason. If for any reason Equity Trustees
refuses or is unable to process your application to invest
in the Fund, Equity Trustees will return your application
money to you, subject to regulatory considerations,
less any taxes or bank fees in connection with the
application. You will not be entitled to any interest on
your application money in this circumstance.
Under AML/CTF laws, applications made without
providing all the information and supporting identi-
cation documentation requested cannot be processed
until all the necessary information has been provided. As
a result, delays in processing your application may occur.
Cooling-o period
If
you
are
a
Retail
Client
who
has
invested
directly
in
the
Fund,
you
may
have
a
right
to
a
‘cooling
off’
period
in
relation
to
your
investment
in
the
Fund
for
14
days
from
the
earlier
of:
conrmation of the investment being received, and
the end of the fth business day after the units are
issued.
A Retail Client may exercise this right by notifying
Equity Trustees in writing. A Retail Client is entitled to
a refund of their investment adjusted for any increase
or decrease in the relevant Application Price between
the time we process your application and the time we
receive the notication from you, as well as any other
tax and other reasonable administrative expenses and
transaction costs associated with the acquisition and
termination of the investment.
The right of a Retail Client to cool off does not apply in
certain limited situations, such as if the issue is made
under a distribution reinvestment plan, switching
facility or represents additional contributions required
under an existing agreement. Also, the right to cool off
does not apply to you if you choose to exercise your
rights or powers as a unit holder in the Fund during the
14 day period. This could include selling part of your
investment or switching it to another product.
Indirect Investors should seek advice from their IDPS
Operator as to whether cooling off rights apply to an
investment in the Fund by the IDPS. The right to cool
off in relation to the Fund is not directly available to
an Indirect Investor. This is because an Indirect Investor
does not acquire the rights of a unit holder in the Fund.
Rather, an Indirect Investor directs the IDPS Operator
to arrange for their monies to be invested in the Fund
on their behalf. The terms and conditions of the IDPS
Guide or similar type document will govern an Indirect
Investor’s investment in relation to the Fund and any
rights an Indirect Investor may have in this regard.
Cooling off rights may apply to New Zealand investors.
If you wish to exercise your cooling off rights you should
contact Equity Trustees.
Making a withdrawal
Investors can withdraw their investment by completing
a written request to withdraw from the Fund and
mailing it to:
Mainstream Fund Services
Client Services Registry Team
GPO Box 4968
Sydney NSW 2001 Australia
or sending it by fax to +61 2 9251 3525
The minimum withdrawal amount is $1,000. Once we
receive your withdrawal request, we may act on your
instruction without further enquiry if the instruction
bears your account number or investor details and your
(apparent) signature(s), or your authorised signatory’s
(apparent) signature(s).
Equity Trustees will generally allow an investor to access
their investment within 5 Business Days of processing
of a withdrawal request (and in any case by 21 days of
processing) by transferring the withdrawal proceeds to
the investors’ nominated bank account.
The price at which units are withdrawn is determined in
accordance with the Constitution (“Withdrawal Price”).
The Withdrawal Price on a Business Day is, in general
terms, equal to the NAV of the Fund, divided by the
number of units on issue and adjusted for transaction
costs (“Sell Spread”). At the date of this PDS, the Sell
Spread is 0.50%. The Withdrawal Price will vary as the
market value of assets in the Fund rises or falls.
Equity Trustees reserves the right to fully redeem your
investment if your investment balance in the Fund falls
below $10,000 as a result of processing your withdrawal
request.
Equity Trustees can deny a withdrawal request or
suspend consideration of a withdrawal request in
certain circumstances, including:
if it is not possible, or not in the best interests of
investors and former investors who have not yet
received the redemption price for their units at
the time the circumstances arise, for it to process
redemption requests or make the payment (as
applicable) due to one or more circumstances
outside its control (such as restricted or suspended
trading or extreme price uctuation or uncertainty
in the market for an asset) but not due to any event
which was reasonably foreseen by the Responsible
Entity at the time it accepted the redemption
request - the 21 days allowed for payment may
be extended by the number of days during which
such circumstances apply, or
where the Fund is not liquid (as dened in the
Corporations Act) - when the Fund is not liquid,
an investor can only withdraw when Equity
Trustees makes a withdrawal offer to investors in
accordance with the Corporations Act, but Equity
Trustees is not obliged to make such offers.
20
Dent Sector Fund
If you are an Indirect Investor, you need to provide your
withdrawal request directly to your IDPS Operator. The
time to process a withdrawal request will depend on
the particular IDPS Operator and the terms of the IDPS.
Withdrawal cut-o mes
If we receive a withdrawal request:
before 2pm on a Business Day and your withdrawal
request is accepted, you will receive the Withdrawal
Price calculated for that Business Day, or
on or after 2pm on a Business Day and your withdrawal
request is accepted, you will receive the Withdrawal
Price calculated for the next Business Day.
We reserve the right to accept or reject withdrawal
requests in whole or in part at our discretion. We have the
discretion to delay processing withdrawal requests where
we believe this to be in the best interest of the Fund’s
investors.
Access to funds
Except where the Fund is not liquid (see below), the
Responsible Entity will generally allow investors to
access their funds within 3 Business Days of request
for the relevant amount.
However, the Constitution of the Fund allows the
Responsible Entity to make payment up to 30 days after
receipt of a Redemption Request Form, and this period
can be extended at the discretion of Equity Trustees in
accordance with the Constitution.
The Responsible Entity reserves the right to postpone
the processing and payment of withdrawals for the
Fund subject to the above extensions of time.
Where the Fund is not liquid (as dened in the Cor-
porations Act) an investor does not have a right to
withdraw from the Fund and can only withdraw where
the Responsible Entity makes a withdrawal offer to
investors in accordance with the Corporations Act. The
Responsible Entity is not obliged to make such offers.
The Fund will cease to be liquid if less than 80% of
its assets are liquid assets. Broadly, liquid assets are
money in an account or on deposit with a nancial
institution, bank accepted bills, marketable securities,
other prescribed property and other assets that the
Responsible Entity reasonably expects can be realised
for their market value within the period specied in the
Constitution for satisfying withdrawal requests while
the Fund is liquid.
Minimum withdrawal amounts are subject to the
Australian dollars minimum amounts disclosed above.
Withdrawal requests received from New Zealand
investors must specify:
the withdrawal amount in Australian dollars; or
the number of units to be withdrawn.
We are unable to accept withdrawal amounts
quoted in New Zealand dollars. Please note that the
withdrawal amount paid to you will be in Australian
dollars and may differ from the amount you receive
in New Zealand dollars due to:
Foreign Exchange spreads between Australian and
New Zealand dollars (currency rate differs daily); and
Overseas Telegraphic Transfer costs
Terms and condions for withdrawals
The minimum withdrawal amount in the Fund is $1,000.
Where a withdrawal request takes the balance below
the minimum level of $10,000, the Responsible Entity
may require you to redeem the remaining balance
of your investment. Equity Trustees has the right to
change the minimum holding amount.
The Responsible Entity can deny a withdrawal request
in whole or in part. Equity Trustees will refuse to comply
with any withdrawal request if the requesting party does
not satisfactorily identify themselves as the investor.
Withdrawal payments will not be made to third parties
(including authorised nominees), and will only be paid
directly to the investor’s bank account held in the name of
the investor at a branch of an Australian domiciled bank.
By lodging an electronic, facsimile or email withdrawal
request the investor releases, discharges and agrees to
indemnify Equity Trustees from and against any and all
losses, liabilities, actions, proceedings, account claims
and demands arising from any such withdrawal request.
You also agree that any payment made in accordance with
the electronic, fax or email instructions shall be in complete
satisfaction of the obligations of Equity Trustees, not-
withstanding any fact or circumstance including that the
payment was made without your knowledge or authority.
When you are withdrawing, you should take note of the
following:
we are not responsible or liable if you do not
receive, or are late in receiving, any withdrawal
money that is paid according to your instructions,
we may contact you to check your details before
processing your redemption request form. this may
cause a delay in nalising payment of your withdrawal
money. no interest is payable for any delay in nalising
payment of your withdrawal money,
if we cannot satisfactorily identify you as the
withdrawing investor, we may refuse or reject your
withdrawal request or payment of your withdrawal
proceeds will be delayed. we are not responsible
for any loss you consequently suffer, and
as an investor who is withdrawing, you agree that any
payment made according to instructions received
by post, courier, electronically, fax or email, shall be
a complete satisfaction of our obligations, despite
any fact or circumstances such as the payment being
made without your knowledge or authority.
21
Product Disclosure Statement 2020
You agree that if the payment is made according to
all the terms and conditions for withdrawals set out
in this PDS, you and any person claiming through
or under you, shall have no claim against Equity
Trustees or the Investment Manager in relation to
the payment.
Investors will be notied of any material change to
their withdrawal rights (such as any suspension of their
withdrawal rights) in writing.
Distribuons
An investor’s share of any distributable income is
calculated in accordance with the Constitution and
is generally based on the number of units held by the
investor at the end of the distribution period.
The Fund usually distributes income annually at the end
of June. Distributions are calculated effective the last
day of the distribution period and are normally paid to
investors as soon as practicable after the distribution
calculation date.
Investors in the Fund can indicate a preference to have
their distribution:
reinvested back into the Fund, or
directly credited to their Australian domiciled bank
account.
Investors who do not indicate a preference will have
their distributions automatically reinvested.
Applications for reinvestment will be taken to be
received immediately prior to the next Business Day
after the relevant distribution period. There is no Buy
Spread on distributions that are reinvested.
In some circumstances, the Constitution may allow
for an investor’s withdrawal proceeds to be taken to
include a component of distributable income.
Indirect Investors should review their IDPS Guide for
information on how and when they receive any income
distribution.
New Zealand investors can only have their distribution
directly credited if an AUD Australian domiciled bank
account is provided, otherwise it must be reinvested.
If New Zealand investors elect to have their distribution
paid in cash, they will need to nominate a bank account
held in their own name with an Australian domiciled
bank. Cash distributions will only be paid in Australian
dollars to such an account.
When the distribution is reinvested, New Zealand
investors will be allotted units in accordance with the
terms and conditions set out below. The distribution
reinvestment plan is offered to New Zealand investors
on the following basis:
At the time the price of the units allotted pursuant
to the distribution reinvestment plan is set, Equity
Trustees will not have any information that is not
publicly available that would, or would be likely to,
have a material adverse effect on the realisable
price of the units if the information were publicly
available.
The right to acquire, or require Equity Trustees to
issue, units will be offered to all investors of the
same class, other than those resident outside New
Zealand who are excluded so as to avoid breaching
overseas laws.
Units will be issued on the terms disclosed to you,
and will be subject to the same rights as units
issued to all investors of the same class as you
There is available from Equity Trustees, on request
and free of charge, a copy of the most recent annual
report (if any) of the Fund, the most recent nancial
statements (if any) of the Fund, the auditor’s report
on those nancial statements or, if those nancial
statements are not audited or reviewed by an auditor, a
statement to that effect, the PDS and the Constitution
for the Fund (including any amendments). Other than
the Constitution, these documents maybe obtained
electronically from www.eqt.com.au/insto.
Valuaon of the Fund
The value of the investments of the Fund is generally
determined daily.
The value of a unit is determined by the Net Asset Value
(“NAV”). This is calculated by deducting from the gross
value of the Fund assets the value of the liabilities of
the Fund (not including any investor liability).
Generally, investments will be valued on each Business
Day at their market value but other valuation methods
and policies may be applied by Equity Trustees if
appropriate or if otherwise required by law or applicable
accounting standards.
The Application Price of a unit in the Fund is based
on the NAV divided by the number of units on issue.
The Responsible Entity can also make an allowance
for transaction costs required for buying investments
when an investor acquires units: this is known as the
Buy Spread.
The Withdrawal Price of a unit in the Fund is based
on the NAV divided by the number of units on issue.
The Responsible Entity can also make an allowance for
transaction costs required for selling investments when
an investor makes a withdrawal: this is known as the
Sell Spread.
The Buy/Sell Spread can be altered by the Responsible
Entity at any time and www.eqt.com.au/insto. will be
updated as soon as practicable to reect any change.
Refer to Section 9 for additional information.
22
Dent Sector Fund
Joint account operaon
For joint accounts, each signatory must sign withdrawal
requests. Please ensure both signatories sign the
declaration in the Application Form. Joint accounts will
be held as joint tenants.
Authorised signatories
You can appoint a person, partnership or company as
your authorised signatory. If a company is appointed,
the powers extend to any director and ofcer of the
company. If a partnership is appointed, the powers
extend to all partners. Such appointments will only be
cancelled or changed once we receive written instruc-
tions from you to do so.
Once appointed, your authorised signatory has full
access to operate your investment account for and on
your behalf. This includes the following:
making additional investments,
requesting income distribution instructions to be
changed,
withdrawing all or part of your investment,
changing bank account details,
enquiring and obtaining copies of the status of
your investment, and
having online account access to your investment.
If
you
do
appoint
an
authorised
signatory:
you are bound by their acts,
you release, discharge and indemnify us from and
against any losses, liabilities, actions, proceedings,
account claims and demands arising from instructions
received from your authorised representatives, and
you agree that any instructions received from your
authorised representative shall be complete satis-
faction of our obligations, even if the instructions
were made without your knowledge or authority.
Electronic instrucons
If an investor instructs Equity Trustees by electronic means,
such as facsimile, email or internet, the investor releases
Equity Trustees from and indemnies Equity Trustees
against, all losses and liabilities arising from any payment
or action Equity Trustees makes based on any instruction
(even if not genuine) that Equity Trustees receives by an
electronic communication bearing the investor’s investor
code and which appears to indicate to Equity Trustees that
the communication has been provided by the investor eg.
a signature which is apparently the investor’s and that of
an authorised signatory for the investment or an email
address which is apparently the investor’s.
The investor also agrees that neither they nor anyone
claiming through them has any claim against Equity
Trustees or the Fund in relation to such payments or
actions.
There is a risk that a fraudulent withdrawal request can
be made by someone who has access to an investor’s
investor code and a copy of their signature or email
address. Please take care.
23
Product Disclosure Statement 2020
8. Keeping
track
of
your
investment
Complaints resoluon
Both the Australian and New Zealand nancial markets
regulators have enforcement responsibilities in relation
to this offer.
Equity Trustees has an established complaints handling
process and is committed to properly considering and
resolving all complaints. If you are in Australia and have
a complaint about your investment, please contact us on:
Phone: 1300 133 472
Post: Equity Trustees Limited
GPO Box 2307, Melbourne VIC 3001 Australia
Email: compliance@eqt.com.au
We will acknowledge receipt of the complaint as soon
as possible and in any case within 3 days of receiving
the complaint. We will seek to resolve your complaint
as soon as practicable but not more than 45 days after
receiving the complaint.
If you are not satised with our response to your
complaint, Australian investors may be able to lodge
a complaint with the Australian Financial Complaints
Authority (“AFCA”).
Contact details are:
Online: www.afca.org.au
Phone: 1800 931 678
Email: info@afca.org.au
Post: GPO Box 3, Melbourne VIC 3001 Australia.
If you are in New Zealand and need to make a complaint
about this offer, please contact the Financial Markets
Authority (the FMA), New Zealand (http://www.fma.
govt.nz). The Australian and New Zealand regulators
will work together to settle your complaint.
AFCA and the FMA are established to assist you in
resolving your complaint where you have been unable
to do so with us. However, it’s important that you
contact us rst.
Reports
We will also make the following statements available to
all investors:
a transaction conrmation statement, showing
a change in your unit holding (provided when a
transaction occurs or on request),
the Fund’s annual audited accounts for each period
ended 30 June,
an annual distribution, tax and conrmation of
holdings statements for each period ended 30
June, and
an annual report detailing each of the following:
the actual allocation to each asset type,
the liquidity prole of the portfolio assets as
at the end of the period,
the maturity prole of the liabilities as at the
end of the period,
the derivative counterparties engaged (inclu ding
capital protection providers), and
the leverage ratio (including leverage
embedded in the assets of the Fund, other
than listed equities and bonds) as at the end
of the period,
the key service providers if they have changed
since the latest report given to investors,
including any change in their related party
status.
The latest annual report will be available
online from www.eqt.com.au/insto.
The following information is available on Stone Door’s
website and/or is disclosed monthly:
the current total NAV of the Fund and the
withdrawal value of a unit in each class of units as
at the date the NAV was calculated,
the monthly or annual investment returns over
at least a ve-year period (or, if the Fund has not
been operating for ve years, the returns since its
inception),
any change to key service providers if they have
changed since last report given to investors,
for each of the following matters since the last
report on those matters:
the net return on the Fund’s assets after fees,
costs and taxes,
any material change in the Fund’s risk prole,
any material change in the Fund’s strategy, and
any change in the individuals playing a key
role in investment decisions for the Fund.
By applying to invest in the Fund, you agree that, to
the extent permitted by law, any periodic information
which is required to be given to you under the Corpora-
tions Act or ASIC policy can be given to you by making
that information available on Equity Trustees’ or the
Investment Manager’s website.
Please note that Indirect Investors who access the
Fund through an IDPS will receive reports directly
from the IDPS Operator and not from the Responsible
Entity. However, Equity Trustees will be providing the
reports described above to relevant IDPS Operators.
Indirect Investors should refer to their IDPS Guide for
information on the reports they will receive regarding
their investment.
24
Dent Sector Fund
If and when the Fund has 100 or more direct investors, it
will be classied by the Corporations Act as a ‘disclosing
entity’. As a disclosing entity the Fund will be subject to
regular reporting and disclosure obligations. Investors
would have a right to ob
tain
a
copy,
free
of
charge,
of
any
of
the
following
documents:
the most recent annual nancial report lodged
with ASIC (“Annual Report”),
any subsequent half yearly nancial report lodged
with ASIC after the lodgement of the Annual
Report, and
any continuous disclosure notices lodged with
ASIC after the Annual Report but before the date
of this PDS.
Equity Trustees will comply with any continuous
disclosure obligation by lodging documents with ASIC
as and when required.
Copies of these documents lodged with ASIC in relation
to the Fund may be obtained through ASIC’s website at
www.asic.gov.au.
Keeping us informed
In addition, it’s important to keep all your details
with us (not just personal information) up to date.
Again, if you think your records are incorrect or out
of date, contact the Administrator and they will be
corrected.
You must provide in a timely way all information
regarding you and your investment which law
requires, for example, regarding your identity or the
source or use of invested monies.
25
Product Disclosure Statement 2020
9. Fees and other costs
The warning statement below is required by law to be displayed at the beginning of the ‘Fees and other costs’
section of product disclosure statements for managed investment products. The example given in the warning
statement does not relate to any investments described within this PDS.
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
investment balance rather than 1% could reduce your nal
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 fees. Ask the
fund or your nancial adviser.
You should read all the information about fees and costs because it is important to understand their impact on
your investment. For Indirect Investors, the fees listed in the ‘Fees and other costs’ section of this PDS are in
addition to any other fees and charges charged by your IDPS Operator.
The following table shows fees and other costs that you may be charged. These fees and costs may be deducted
from your money, from the returns on your investment or from the assets of the Fund as a whole. Information
about taxation is set out in Section 10 of this document.
Addional Explanaon of fees and costs
Type of fee or cost Amount How and when paid
Fees when your money moves in or out of the Fund
Establishment fee
the fee to open your investment
Nil There is no establishment fee payable
when you set up your investment in the
Fund.
Contribution fee
the fee on each amount contributed to
your investment
Nil There is no contribution fee payable when
you invest in the Fund.
Withdrawal fee
the fee on each amount you take out of
your investment
Nil There is no withdrawal fee payable when
you withdraw investments from the Fund.
Exit fee
the fee to close your investment
Nil There is no exit fee payable when you
close your investment in the Fund.
Management costs
The fees and costs for managing your investment
1
Management Fees: 1.50% p.a. of the Net Asset Value
(NAV) of the Fund²
The management fees are calculated daily
and payable within 14 days of the end of
each calendar month.
Usual Expenses 0.25% pa of the NAV This is a xed amount.
TO FIND OUT MORE
If you would like to nd out more, or see the
impact of the fees based on your own circum-
stances, the Australian Securities and Investments
Commission (ASIC) Moneysmart website (www.
moneysmart.gov.au) has a managed funds fee
calculator to help you check out different fee
options.
26
Dent Sector Fund
Type of fee or cost Amount How and when paid
Performance Fee 15% of any total Fund total annual
return over the RBA cash rate after
Fund Management Fees and Usual
Expenses, with an annual reset at 30
June.
3
The performance fees are calculated daily
and payable monthly in arrears from the
Fund and calculated based on the daily
NAV of the Fund over the relevant period.
Indirect costs: Estimated to be nil The Fund was established in June 2020.
Indirect costs are based on amounts which
the Responsible Entity has reasonably
estimated will apply over a nancial
year. See “Indirect costs” below for more
information
Service fees
Investment switching fee.
The fee for changing investment options
Nil Not applicable
1
All fees quoted above are inclusive of Goods and Services Tax (“GST”) and net of any Reduced Input Tax Credits (“RITC”). See below
for more details as to how management costs are calculated.
2
Management Fees can be negotiated. See “Differential fees” below.
3
This represents the performance fees which are payable as an expense of the Portfolio to the Investment Manager. See
“Performance Fees” below for more information.
Addional explanaon of fees and costs
What do the management costs pay for?
Management costs comprise the additional fees or costs that an investor incurs by investing in the Fund rather
than by investing directly in the underlying assets of the Fund. Management costs include Management Fees,
Performance Fees, expenses and indirect costs.
Management costs do not include transactional and operational costs (i.e. costs associated with investing the
underlying assets, some of which may be met by Buy/Sell Spreads).
Management Fees
The Management Fees of 1.50% p.a. of the NAV of the Fund are payable to the Fund Manager for managing the
assets and overseeing the operations of the Fund. The Management Fees are accrued daily and paid from the Fund
monthly in arrears and reected in the unit price.
Expenses
Equity Trustees has the right to recover from the Fund all expenses incurred in the proper performance of its
duties.
Usual Expenses are paid from the Fund but are xed at 0.25% p.a. of the NAV including net GST of the Fund. If
actual Usual Expenses are higher than this then they are paid by the Investment Manager. If they are lower than
this then the difference is paid to the Investment Manager.
Usual Expenses include custodian fees (excluding transaction-based fees such as trading or settlement costs
incurred by the custodian), administration and audit fees, and other ordinary expenses of operating the Fund.
Usual Expenses do not include unusual expenses (if they are incurred in future), such as litigation costs and the
costs of convening investor meetings.
Indirect costs
Indirect costs include fees and other management costs (if any) arising from underlying investments and, if
applicable, a reasonable estimate of the cost of investing in over-the-counter derivatives to gain investment
exposure to assets or implement the Fund’s investment strategy. Indirect costs are reected in the unit price of
the Fund and borne by investors, but they are not paid to the Responsible Entity or Investment Manager.
27
Product Disclosure Statement 2020
The Fund was established after June 2020. The Fund’s indirect costs are the indirect costs that are expected to
apply over a nancial year. These costs are estimates only.
There is no reasonable basis for us to estimate the indirect costs for the rst nancial year of the Fund. Actual
indirect costs for future years may differ. If in future there is an increase to indirect costs disclosed in this PDS,
updates will be provided on Equity Trustees’ website at www.eqt.com.au/insto where they are not otherwise
required to be disclosed to investors under law.
Performance Fees
Performance Fees are payable to the Investment Manager where the investment performance of the Fund (after
Fund Management Fees and Usual Expenses) exceeds the performance of the RBA cash rate (“Benchmark”). The
performance fees are 15% of this excess, calculated daily and paid monthly in arrears from the Fund and calculated
based on the beginning NAV of the Fund over the relevant period.
However the Performance Fee is not payable in any given month if the NAV of the Fund at the end of the month is
less than the NAV of the Fund at the start of the then current nancial year. This is referred to as the High Water
Mark.
Note that the Net Asset Value as at the end of the relevant performance fee period is adjusted for any change in
the Net Asset Value as a result of applications, redemptions or distributions since the end of the last performance
fee period for which a performance fee was paid.
Based on the current calculation methodology for the performance fee, the Responsible Entity has estimated that
the typical ongoing performance fee payable per annum may be $473.53 assuming an average account balance of
$50,000 during the year. However, this is not a forecast as the actual performance fee for the current and future
nancial years may differ. The Responsible Entity cannot guarantee that performance fees will remain at their
previous level or that the performance of the Fund will outperform the Benchmark.
It is not possible to estimate the actual performance fee payable in any given period, as we cannot forecast what
the performance of the Fund will be, but it will be reected in the management costs for the Fund for the relevant
year. Information on current performance fees will be updated from time to time and available at www.eqt.com.
au/insto.
Transaconal and operaonal costs
In managing the assets of the Fund, the Fund may incur transaction costs such as brokerage, settlement costs,
clearing costs and applicable stamp duty when assets are bought and sold. This generally happens when the assets
of a fund are changed in connection with day-to-day trading or when there are applications or withdrawals which
cause net cash ows into or out of a fund.
The Buy/Sell Spread is a reasonable estimate of transaction costs that the Fund will incur when buying or selling
assets of the Fund. These costs are an additional cost to the investor but are incorporated into the unit price and
arise when investing application monies and funding withdrawals from the Fund and are not separately charged to
the investor. The Buy Spread is paid into the Fund as part of an application and the Sell Spread is left in the Fund
as part of a redemption and not paid to Equity Trustees or the Investment Manager.
The Buy/Sell Spread is 0.50% on entry and 0.50% upon exit. The dollar value of these costs based on an application
or a withdrawal of $10,000 is $50 for each individual transaction.
The Buy/Sell Spread can be altered by the Responsible Entity at any time and will be updated as soon as practicable
to reect any change. The Responsible Entity may also waive the Buy/Sell Spread in part or in full at its discretion.
Transactional costs which are incurred other than in connection with applications and redemptions arise through
the day-to-day trading of the Fund’s assets and are reected in the Fund’s unit price. As these costs are factored
into the NAV and reected in the unit price, they are an additional implicit cost to the investor – they are not a fee
paid to the Responsible Entity. These costs can arise as a result of bid-offer spreads (the difference between an
asset’s bid/buy price and offer/ask price) being applied to securities traded by the Fund. Liquid securities generally
have a lower bid-offer spread while less liquid assets have a higher bid-offer spread reecting the compensation
taken by market makers in providing liquidity for that asset.
We estimate that the total transaction costs for the Fund over the rst full nancial year will be 0.06% of the NAV
of the Fund, of which 100% of these transaction costs is reasonably estimated to be recoupled via the Buy/Sell
Spread when applications or redemptions take place, resulting in a net cost to the Fund of nil. However, actual
transactional and operational costs may differ.
28
Dent Sector Fund
Can
the
fees
change?
Yes, all fees and expense caps can change without investor consent, but for fees this is subject to the maximum fee
amounts specied in the Constitution. Equity Trustees has the right to recover all reasonable expenses incurred in
relation to the proper performance of its duties in managing the Fund and as such these expenses may increase or
decrease accordingly. We will generally provide investors with at least 30 days’ notice of any proposed change to
the management costs. In most circumstances, the Constitution denes the maximum level that can be charged
for fees described in this PDS. Expense recoveries may change without notice, for example, when it is necessary
to protect the interests of existing members and if permitted by law. Payments to IDPS Operators
Subject to the law, payments may be made to some IDPS Operators because they offer the Fund on their investment
menus. If the payment of annual fees to IDPS Operators is limited or prohibited by the law, Equity Trustees will
ensure the payment of such fees is reduced or ceased.
Differential fees
The Responsible Entity or Investment Manager may from time to time negotiate a different fee arrangement (by
way of a rebate or waiver of fees) with certain investors who are Australian Wholesale Clients or New Zealand
Wholesale Investors.
Example of annual fees and costs for the Fund
This table gives an example of how the fees and costs for this managed investment product can affect your
investment over a 1 year period. You should use this table to compare this product with other managed investment
products.
Example – Dent Sector Fund
BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR
Contribution Fees Nil For every $5,000 you put in, you will be charged $0
Management
Costs
Comprising:
1.75% p.a. For every $50,000 you have in the Fund you will be charged $875 each year, comprising:
Fund
Management Fees:
1.50% p.a. for every $50,000 you have in the Fund you will be charged $750 each year.
plus Usual Expenses
(xed):
0.25% p.a for every $50,000 you have in the Fund you will be charged $125 each year
plus Indirect costs
(estimate):
nil for every $50,000 you have in the Fund you will be charged $nil each year
plus Performance Fee
(estimate)
nil for every $50,000 you have in the Fund you will be charged $nil each year
Equals
Cost of Fund
1.75% 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, then you would be charged fees of:
$875*
What it costs you will depend on the fees you negotiate.
This example assumes the $5,000 contribution occurs at the end of the rst year, therefore management costs are calculated using
the $50,000 balance only.
* Additional fees may apply. Please note that this example does not capture all the fees and costs that may apply to you such as the
Buy/Sell Spread, transactional and operational costs, any Unusual Expenses, additional costs such as international transfer fees and
exchange rate costs, and any Performance Fees that may be paid for the successful management of the Fund.
There is no reasonable basis at this time to estimate Performance Fees or Indirect costs.
Warning: If you have consulted a nancial adviser, you may pay additional fees. You should refer to the Statement of Advice or
Financial Services Guide provided by your nancial adviser in which details of the fees are set out.
ASIC provides a fee calculator on www.moneysmart.gov.au, which you may use to calculate the effects of fees and costs on your
investment in the Fund.
29
Product Disclosure Statement 2020
10. Taxation
Generally
This information is a general guide only for Australian
resident investors who hold their investment on capital
account. It is not a complete statement of relevant tax laws.
You will probably need to pay tax in relation to your
investment in the Fund, both on distributions and
withdrawals. The amount and type of tax you will need
to pay, and when, depends on the tax character of any
amounts paid to you, their timing and on your personal
nancial circumstances.
Tax can be complex. We strongly encourage you to seek
timely professional advice before making investment
decisions.
Distribuons
This Fund aims to pay distributions each year, after the
end of the nancial year in June.
Our policy is to distribute income at least as law
requires.
Investors will usually incur an income tax liability on
their distributions.
Under certain laws if they apply to the Fund, we can
attribute different tax results to different investors and
classes, but we must make these decisions fairly, and
you have rights in limited circumstances to object to
any such decision. We expect that for the most part, all
investors of each class will be treated the same.
Withdrawals
Investors will usually incur a capital gains tax liability
when they make a withdrawal from the Fund and when
ownership of their units’ changes. Sometimes discounts
are available which reduce tax liability. Factors relevant
include the kind of taxpayer you are, your tax residence
and how long you have held your units.
Invesng from outside Australia
Tax
outcomes
can
be
different
for
investors
in
the
Fund
who
are
not
residents
of
Australia
for
tax
purposes.
For
example,
we
may
need
to
deduct
withholding
tax
from
amounts
we
pay
and
Australian
tax
rates
may
be
higher.
Investing
from
offshore
into
Australia
can
be
less
efcient
that
where
an
offshore
investor
invests
in
their
own
country
or
a
more
tax
advantaged
jurisdiction.
TFNs and ABNs
You do not have to disclose your tax le number (“TFN”)
or any Australian Business Number (“ABN”) you may
have, but most investors do. If you choose not to and
you do not have an exemption, we must deduct tax
at the highest personal rate, plus the Medicare levy,
before paying any distribution to you.
What else should you know?
We will send you information after the end of each
nancial year (after June) to help you complete your tax
return.
Investing through a trust can also mean some things are
different for you from a tax viewpoint. Liabilities may
be different and you may have less control. It is possible
that a liability to pay tax arises on your investment even
when we have not paid money to you, and in this case,
you may need to fund this liability independently of
your investment.
Sometimes when we are administering the Fund we
learn new things about past tax matters and need to
make adjustments. If this happens, it is possible that
we will ask you to adjust your own tax records, or the
Fund may pay tax or receive a refund and it can be the
investors at the time that are subject to this.
Internaonal aspects of tax
Under Australia’s offshore tax rules, the ATO expects
that tax be paid by investors on some gains made
offshore even though those gains are not yet received
by investors back in Australia. So it is possible that
investors have a tax liability on gains realised offshore
but not actually paid to them here in Australia. This can
mean there could be a cash ow issue for investors: a
liability with no matching payment to fund the liability.
If Fund distributions are insufcient, you will need to
independently fund any such tax liability.
Additionally, certain laws focus on investors who
are not Australian residents for tax purposes. These
laws include the US based ‘FATCA’ laws, and also the
‘Common Reporting Standard’ which is designed to be
a global standard for collection and reporting of tax
information about non-residents. You must, in a timely
way, give us such information concerning these matters
as we may ask.
Tax reform
Tax laws change, often substantially. You should monitor
reforms to the taxation of trusts in particular and seek
your own professional advice that is specic to your cir-
cumstances.
NZ investors
The taxation treatment of Australian nancial products
and investors is not the same as for New Zealand
nancial products or investors. Seek advice.
30
Dent Sector Fund
11. Other important information
Constuon of the Fund
You will be issued units in the Fund when you invest. Subject to the rights, obligations and restrictions of a
class, each unit represents an equal undivided fractional benecial interest in the assets of the Fund as a whole
subject to liabilities, but does not give you an interest in any particular property of the Fund.
Equity Trustees’ responsibilities and obligations, as the responsible entity of the Fund, are governed by the Con-
stitution as well as the Corporations Act and general trust law. The Constitution contains a number of provisions
relating to the rights, terms, conditions and obligations imposed on both Equity Trustees, as the responsible entity
of the Fund, and investors. Some of the provisions of the Constitution are discussed elsewhere in this PDS.
Other provisions relate to an investor’s rights under the
Constitution, and include:
an investor’s right to share in any Fund income,
and how we calculate it,
what you are entitled to receive when you
withdraw or if the Fund is wound up,
an investor’s right to withdraw from the Fund
- subject to the times when we can suspend
processing withdrawals, such as if the Fund
becomes ‘illiquid’,
the nature of the units - identical rights attach to
all units within a class, and
an investor’s rights to attend and vote at meetings.
There are also provisions governing our powers and
duties, including:
how we calculate unit prices, the maximum amount
of fees we can charge and expenses we can recover,
when we can amend the Constitution - generally
we can only amend the Constitution where we
reasonably believe that the changes will not adversely
affect investors’ rights, and otherwise the Constitu-
tion can only be amended if approved at a meeting
of investors.
Note: to the extent that any contract or obligation
arises in connection with the acceptance by Equity
Trustees of an application or reliance on this PDS
by an investor, any amendment to the Constitu-
tion may vary or cancel that contract or obligation.
Further, that contract or obligation may be
varied or cancelled by a deed executed by Equity
Trustees with the approval of a special resolution
of investors, or without that approval if Equity
Trustees considers the variation or cancellation
will not adversely affect investors’ rights,
when we can retire as the Responsible Entity of
the Fund - which is as permitted by law, noting that
if the Investment Manager requests, then subject
to its duciary duties the Responsible Entity
must promptly convene a meeting of members
to consider the Responsible Entity’s retirement or
removal and its replacement with an entity which
the Fund Manager selects and the Responsible
Entity agrees (not to be unreasonably withheld),
when we can be removed as the Responsible Entity
of the Fund - which is when required by law, and
our broad powers to invest, borrow and generally
manage the Fund.
31
Product Disclosure Statement 2020
The Constitution also deals with our liabilities in relation
to the Fund and when we can be reimbursed out of the
Fund’s assets. For example:
subject to the Corporations Act we are not liable
for acting in reliance and good faith on profession-
al advice,
subject to the Corporations Act we are not liable
for any loss, and
we can be reimbursed for any liabilities we incur
in connection with the proper performance of our
powers and duties in respect of the Fund.
As mentioned above, Equity Trustees’ responsibilities
and obligations as the Responsible Entity of the Fund
are governed by the Constitution of the Fund, the Cor-
porations Act and general trust law, which require that
we:
act in the best interests of investors and, if there
is a conict between investors’ interests and our
own, give priority to investors,
ensure the property of the Fund is clearly identied,
held separately our assets, and from other assets
except where law allows, and is valued regularly,
ensure payments from the Fund’s property are
made in accordance with the Constitution and the
Corporations Act, and
report to ASIC any breach of the Corporations Act
which is signicant breaches required by law.
A copy of the Constitution is available, free of charge,
on request from Equity Trustees.
Your privacy
The Australian Privacy Principles contained in the
Privacy Act 1988 (Cth) (“Privacy Act”) regulate the
way in which we collect, use, disclose, and otherwise
handle your personal information. Equity Trustees is
committed to respecting and protecting the privacy
of your personal information, and our Privacy Policy
details how we do this.
It is important to be aware that, in order to provide
our products and services to you, Equity Trustees may
need to collect personal information about you and
any other individuals associated with the product or
service offering. In addition to practical reasons, this
is necessary to ensure compliance with our legal and
regulatory obligations (including under the Corpora-
tions Act, the AML/CTF Act and taxation legislation).
If you do not provide the information requested, we
may not be able to process your application, administer,
manage, invest, pay or transfer your investment(s).
You must therefore ensure that any personal information
you provide to Equity Trustees is true and correct in
every detail. If any of this personal information (including
your contact details) changes, you must promptly advise
us of the changes in writing. While we will generally
collect your personal information from you, your broker
or adviser or the Investment Manager and Administra-
tor directly, we may also obtain or conrm information
about you from publicly available sources in order to
meet regulatory obligations.
In terms of how we deal with your personal information,
Equity Trustees will use it for the purpose of providing
you with our products and services and complying with
our regulatory obligations. Equity Trustees may also
disclose it to other members of our corporate group, or
to third parties who we work with or engage for these
same purposes. Such third parties may be situated in
Australia or offshore, however we take reasonable
steps to ensure that they will comply with the Privacy
Act when collecting, using or handling your personal
information.
The types of third parties that we may disclose your
information to include, but are not limited to:
stockbrokers, nancial advisers or adviser dealer
groups, their service providers and/or any joint
holder of an investment;
those providing services for administering or
managing the Fund, including the Investment
Manager, Custodian and Administrator, auditors,
or those that provide mailing or printing services;
our other service providers;
regulatory bodies such as ASIC, ATO, APRA and
AUSTRAC; and
other third parties who you have consented to
us disclosing your information to, or to whom
we are required or permitted by law to disclose
information to.
Equity Trustees or the Investment Manager may from
time to time provide you with direct marketing and/or
educational material about products and services they
believe may be of interest to you. You have the right
to “opt out” of such communications by contacting us
using the contact details below.
In addition to the above information, Equity Trustees’
Privacy Policy contains further information about how
we handle your personal information, and how you can
access information held about you, seek a correction to
that information, or make a privacy-related complaint.
Full details of Equity Trustees’ Privacy Policy are
available at www.eqt.com.au. You can also request a
copy by contacting Equity Trustees’ Privacy Ofcer on
+61 3 8623 5000 or by email to privacy@eqt.com.au.
Transfers and lisng
Investors can transfer units at any time to any person
eligible to invest in the Fund, although there may not
be such a person or, at least, such a person at the price
desired. A transfer form is available from the Admin-
istrator on request. Transfers can be refused without
giving reasons. Transfers have tax consequences and an
investor may need to pay stamp duty.
The units in the Fund are not currently listed on any
stock exchange.
32
Dent Sector Fund
Terminaon of the Fund
The Responsible Entity may resolve at any time to terminate and liquidate the Fund (if it provides investors with
notice) in accordance with the Constitution and the Corporations Act. Upon termination and after conversion of
the assets of the Fund into cash and payment of, or provision for, all costs, expenses and liabilities (actual and
anticipated), the net proceeds will be distributed pro-rata among all investors according to the aggregate of the
Withdrawal Price for each of the units they hold in the Fund.
Compliance plan
Equity Trustees has prepared and lodged a compliance plan for the Fund with ASIC. The compliance plan describes
the procedures used by Equity Trustees to comply with the Corporations Act and the Constitution of the Fund.
Each year the compliance plan for the Fund is audited and the audit report is lodged with ASIC.
Unit pricing discreons policy
Equity Trustees has developed a formal written policy in relation to the guidelines and relevant factors taken into
account when exercising any discretion in calculating unit prices (including determining the value of assets and
liabilities). A copy of the policy and, where applicable and to the extent required, any other relevant documents in
relation to the policy (such as records of any discretions which are outside the scope of, or inconsistent with, the
unit pricing policy) will be made available to investors free of charge on request.
Indemnity
Equity Trustees, as the responsible entity of the Fund, is indemnied out of the Fund against all liabilities incurred
by it in performing or exercising any of its powers or duties in relation to the Fund. To the extent permitted by
the Corporations Act, this indemnity includes any liability incurred as a result of any act or omission of a delegate
or agent appointed by the Responsible Entity. Subject to the law, Equity Trustees may retain or pay out from the
assets of the Fund any sum necessary to affect such an indemnity.
An-Money Laundering and Counter Terrorism Financing (“AML/CTF”)
Australia’s anti-money laundering and counter terrorism nancing (“AML/CTF”) laws require Equity Trustees to
adopt and maintain a written AML/CTF Program. A fundamental part of the AML/CTF Program is that Equity
Trustees must hold up-to-date information about investors (including benecial owner information) in the Fund.
To meet this legal requirement, we need to collect certain identication information (including benecial owner
information) and documentation (“KYC Documents”) from new investors. Existing investors may also be asked
to provide KYC Documents as part of an ongoing customer due diligence/verication process to comply with
AML/CTF laws. If applicants or investors do not provide the applicable KYC Documents when requested, Equity
Trustees may be unable to process an application, or may be unable to provide products or services to existing
investors until such time as the information is provided.
In order to comply with AML/CTF Laws, Equity Trustees may also disclose information including your personal
information that it holds about the applicant, an investor, or any benecial owner, to its related bodies corporate
or service providers, or relevant regulators of AML/CTF Laws (whether inside or outside Australia). Equity Trustees
may be prohibited by law from informing applicants or investors that such reporting has occurred.
None of Equity Trustees, the Fund Manager or the Investment Manager shall be liable to applicants or investors for
any loss you may suffer because of compliance with the AML/CTF laws.
Common Reporng Standard (“CRS”)
The CRS is developed by the Organisation of Economic Co-operation and Development (the “OECD”) and requires
certain nancial institutions resident in a participating jurisdiction to document and identify reportable accounts
and implement due diligence procedures. These nancial institutions will also be required to report certain
information on reportable accounts to their relevant local tax authorities.
33
Product Disclosure Statement 2020
Australia has enacted provisions within the domestic tax legislation to implement CRS in Australia. Australian
nancial institutions need to document and identify reportable accounts, implement due diligence procedures
and report certain information with respect to reportable accounts to the ATO. The ATO may then exchange this
information with foreign tax authorities in the relevant signatory countries.
In order to comply with the CRS obligations, we may request certain information from you. Unlike FATCA, there is
no withholding tax that is applicable under CRS.
Informaon on underlying investments
Information regarding the underlying investments of the Fund will be provided to an investor of the Fund on
request, to the extent Equity Trustees is satised that such information is required to enable the investor to comply
with its statutory reporting obligations. This information will be supplied within a reasonable timeframe having
regard to these obligations.
Indirect Investors
You may be able to invest indirectly in the Fund via an IDPS by directing the IDPS Operator to acquire units on
your behalf. If you do so, you will need to complete the relevant forms provided by the IDPS Operator and not the
Application Form accompanying the PDS. This will mean that you are an Indirect Investor in the Fund and not an
investor or member of the Fund. Indirect Investors do not acquire the rights of an investor as such rights are acquired
by the IDPS Operator who may exercise, or decline to exercise, these rights on your behalf.
Indirect Investors do not receive reports or statements from us and the IDPS Operator’s application and withdrawal
conditions determine when you can direct the IDPS Operator to apply or redeem. Your rights as an Indirect Investor
should be set out in the IDPS Guide or other disclosure document issued by the IDPS Operator.
Foreign Account Tax Compliance Act (“FATCA”)
The Australian Government has signed an intergovernmental agreement (“IGA”) with the United States of America
(“U.S.”), which requires all Australian nancial institutions to comply with the FATCA regime.
Under FATCA, Australian nancial institutions are required to collect and review their information to identify account
holders that are U.S. residents and US controlling persons that invest indirectly through certain passive entities. The
information of such account holders is reported to the ATO. The ATO may then pass that information onto the U.S.
Internal Revenue Service.
In order to comply with the FATCA obligations, we may request certain information from you. Failure to comply with
FATCA obligations may result in the Fund, to the extent relevant, being subject to a 30% withholding tax on payment
of U.S. income or gross proceeds from the sale of certain U.S. investments. If the Fund suffers any amount of FATCA
withholding and is unable to obtain a refund for the amounts withheld, we will not be required to compensate
investors for any such withholding and the effect of the amounts withheld will be reected in the returns of the Fund.
Investment management and porolio management arrangements
We have an arm’s length agreement (the Investment Management Agreement) to which the Fund Manager and
the Investment Manager are parties.
Under the Investment Management Agreement:
we appoint the Investment Manager to invest, promote and manage the Fund for us, and
the Fund Manager in turn appoints the Investment Manager to invest, promote and manage the Scheme and
Portfolio for the Investment Manager.
The Fund Manager is required, naturally, to oversee and monitor the Investment Manager’s investment and
management of the Fund for us.
The appointment of the Fund Manager and the Investment Manager in relation to the Fund is exclusive.
34
Dent Sector Fund
The Investment Management Agreement contains pro -visions ‘usual’ for these types of agreements, such as:
termination of the agreement generally or either the Fund Manager or the Investment Manager (generally in
absence of a material unremedied breach, at least 60 days’ notice is required, and there is no minimum term
for the agreement),
the Investment Manager and the Portfolio being required perform their functions consistently with law &
policies,
condentiality,
indemnities,
reporting,
fees to which we and the Fund Manager are entitled (the Fund Manager pays the fees of the Investment
Manager),
dispute management, and
limits on indirect loss and for matters beyond a party’s control.
We have no other relationship with the Fund Manager or the Investment Manager.
The Investment Manager has agreements with the members of its Investment Committee which are on arm’s
length terms and which provide for usual matters for agreements such as these such as the scope of their services,
standards and how they are paid for the services they provide.
Related and other pares
All agreements with and appointments by the Responsible Entity and the Investment Manager are on at least arm’s
length terms and contain no provisons which the Responsible Entity (for its agreements) and the Investment Manager
(for its agreements) consider unusual or onerous. Subject to the matters below, none of the entities involved with the
Fund are related bodies corporate or otherwise associated except by way of their arrangements to provide services in
relation to the Fund.
Members of the Investment Manager’s management team (or entities associated with them) own the majority
of shares of the Investment Manager. Andrew Stewart (or entities associated with him) has a controlling interest
in both the Investment Manager and the Portfolio Manager. Harry Dent, Jr has minority interests in the Fund
Manager and the Investment Manager.
The Investment Manager has a written policy to manage any material conicts which may arise in managing the
Fund for the Responsible Entity, and requires the Investment Manager to comply with its policies.
The Fund Manager and the Investment Manager are each corporate authorised representatives of Sanlam Private
Wealth Pty Ltd ABN 18 136 960 775 AFSL 337 927 (“Sanlam”).
35
Product Disclosure Statement 2020
Meengs and change of trustee and investment manager
Investor meetings are uncommon. Investors can generally attend and vote and meetings are regulated by the
Fund’s constitution as well as the Corporations Act. The quorum is generally at least 2 investors present in person
or by proxy together holding at least 5% of relevant units. Investors have the rights granted by the Corporations
Act to requisition meetings of investors and seek retirement and replacement of the responsible entity.
Limits on your responsibility
The Constitution generally provides that an investor need not indemnify the Responsible Entity if there is a deciency
in the assets of the Fund or meet the claim of any creditor of the Responsible Entity in respect of the Fund. It also
generally provides that the recourse of the Responsible Entity and any creditor, and any person claiming through
them against an investor is limited to the assets of the Fund. However we cannot give you an absolute assurance
about creditor limitations – the issue has not been nally determined by Australian courts.
Deducons
The Responsible Entity may deduct from the proceeds of redemption or money paid pursuant to a redemption
offer any money due to it by an investor.
Your promises when you invest
When you apply to invest, you (the applicant) are telling us:
you have received, read and understood the current PDS,
monies used to invest are not associated with crime, terrorism, money laundering or terrorism nancing nor
will monies received from your account have any such association,
you are not bankrupt or a minor, and
you agree to be bound by the Fund’s constitution and the PDS, replaced or re-issued from time to time.
Consents
The Fund Manager has given and, as at the date of this PDS, has not withdrawn:
written consent to be named in this PDS as the fund manager of the Fund, and
written consent to the inclusion of the statements made about it and its intentions in relation to the
management of the Fund, and Sanlam’s role, in the form and context in which they appear.
The
Investment
Manager
has
given
and,
as
at
the
date
of
this
PDS,
has
not
withdrawn:
written consent to be named in this PDS as the investment manager of the Fund, and
written consent to the inclusion of the statements made about it and its intentions in relation to the
management of the Fund in the form and context in which they appear.
Neither the Investment Manager nor the Fund Manager have otherwise been involved in the preparation of this
PDS or caused or otherwise authorised the issue of this PDS.
36
Dent Sector Fund
12. Glossary
AFSL
Australian Financial Services Licence.
AML/CTF
Anti-money laundering and counter terrorism
nancing.
ASIC
Australian Securities and Investments Commission.
ATO
Australian Taxation Ofce.
Auditor
Ernst & Young, the auditor appointed by the
Responsible Entity to audit the Fund’s nancial
statements.
Benchmark
The RBA cash rate.
Business Day
A day other than Saturday or Sunday on which banks
are open for general banking business in Melbourne
or if the Administrator primarily performs its adminis-
trative functions in respect of the Fund in a city other
than Melbourne, the city in which the administrator
performs such functions.
Buy/Sell Spread
The difference between the Application Price and
Withdrawal Price of units in the Fund, which reects
the estimated transaction costs associated with buying
or selling the assets of the Fund, when investors invest
in or withdraw from the Fund.
Compliance Commiee
The Fund Manager’s and Investment Manager’s joint
compliance committee.
Constuon
The document which describes the rights, responsibil-
ities and benecial interest of both investors and the
Responsible Entity in relation to the Fund as amended
from time to time.
Corporaons Act
The Corporations Act 2001 and Corporations
Regulations 2001 (Cth) as amended from time to time.
Equity Trustees
Equity Trustees Limited
ABN 46 004 031 298 AFSL 240975
Fund
The Dent Sector Fund
ARSN 642 661 729
37
Product Disclosure Statement 2020
Fund Manager
Stone Door Pty Ltd
ACN 637 489 322
GST
Goods and services tax.
IDPS
Investor-Directed Portfolio Service or investor-di-
rected portfolio-like managed investment scheme. An
IDPS is generally the vehicle through which an investor
purchases a range of underlying investment options
from numerous investment managers. In New Zealand,
the IDPS needs to be licensed as a Discretionary
Investment Management Service provider.
Indirect Investors
Individuals who invest in the Fund through an IDPS.
Investment Committee
The Investment Committee for the Fund appointed by
the Investment Manager.
Investment Manager
EviDent Pty Ltd
ACN 637 489 395
NAV
Net Asset Value of the Fund.
Net Asset Value or
The value of the investments of the Fund after
deducting certain liabilities including income entitle-
ments and contingent liabilities.
RBA
Reserve Bank of Australia.
Responsible Enty
Equity Trustees Limited.
Retail Client
Persons or entities dened as such under section
761G of the Corporations Act.
RITC
Reduced input tax credit.
Unusual Expense
Any expense which is not a Usual Expense.
US Person
A person so classied under securities or tax law in the
United States of America (the US) including, in broad
terms, the following persons:
any citizen of, or natural person resident in, the US,
its territories or possessions,
any corporation or partnership organised or incor-
porated under any laws of or in the US or of any
other jurisdiction if formed by a US Person (other
than by accredited investors who are not natural
persons, estates or trusts) principally for the
purpose of investing in securities not registered
under the US Securities Act of 1933,
any agency or branch of a foreign entity located
in the US,
a pension plan primarily for US employees of a US
Person,
a US collective investment vehicle unless not
offered to US Persons,
any estate of which an executor or administrator
is a US Person (unless an executor or adminis-
trator of the estate who is not a US Person has
sole or substantial investment discretion over the
assets of the estate and such estate is governed by
non-US law) and all the estate income is non-US
income not liable to US income tax,
any Fund of which any trustee is a US Person
(unless a trustee who is a professional duciary is
a US Person and a trustee who is not a US Person
has sole or substantial investment discretion over
the assets of the trust and no beneciary (or settlor,
if the trust is revocable) of the trust is a US Person),
any discretionary account or similar account (other
than an estate or trust) held by a dealer or other
duciary for the benet or account of a US Person,
or
any non-discretionary account or similar account
(other than an estate or trust) held by a dealer or
other duciary organised, incorporated or (if an
individual) resident in the US for the benet or
account of a US Person.
Wholesale Client
Persons or entities dened as such under section 761G
of the Corporations Act.
Wholesale Investor
In the case of a New Zealand investor, means a Wholesale
Client who also meets the denition of wholesale
investor under clause 3(2) of Schedule 1 of the New
Zealand Financial Markets Conduct Act 2013.
Equity Trustees Application Form – 2020
Dent Sector Fund
Application Form
This application form accompanies the Product Disclosure Statement ('PDS') relating to units in
the following product issued by Equity Trustees Limited (ABN 46 004 031 298, AFSL 240975).
The PDS contains information about investing in the Fund. You should read the PDS in its entirety
before applying.
• Dent Sector Fund
The law prohibits any person passing this Application Form on to another person unless it is
accompanied by a complete PDS.
• If completing by hand, use a black or blue pen and print within the boxes in BLOCK LETTERS, if you
make a mistake, cross it out and initial. DO NOT use correction fluid
• The investor(s) must complete and sign this form
• Keep a photocopy of your completed Application Form for your records
U.S. Persons: This offer is not open to any U.S. Person. Please refer to the PDS for further
information.
Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”)
We are required to collect certain information to comply with FATCA and CRS, please ensure you complete
section 7.
If investing with an authorised representative, agent or financial adviser
Please ensure you, your authorised representative, agent and/or financial adviser also complete Section 6.
Financial adviser details and customer identification declaration
You do not need to provide copies of your certified identification documentation with your Application Form if
this information has been provided to your licensed financial adviser and your licensed financial adviser has
elected to retain this information, and agreed to make it available upon request, under Section 6 of this
Application Form.
Provide certified copies of your identification documents
Please refer to section 9 on AML/CTF Identity Verification Requirements.
Send your documents & make your payment
See section 2 for payment options and where to send your application form.
Section 1 - Are you an existing investor in the Fund and wish to add to your
investment?
Do you have an existing investment in the Fund and the information provided remains current and correct?
Yes
,
if you can tick both of the boxes below, complete Sections 2 and 8
I/We confirm there are no changes to our identification documents previously provided.
I/We confirm there have been no changes to our FATCA or CRS status
If there have been changes in your identification documents or FATCA/CRS status since your last
application, please complete the full Application Form as indicated below.
No
,
please complete sections relevant to you as indicated below:
Investor Type:
Individuals/Joint: complete section 2 , 3, 6 (if applicable), 7, 8 & 9
Companies: complete section 2, 4, 6 (if applicable), 7, 8 & 9
Trusts/superannuation funds:
•
with an individual trustee - complete sections 2, 3, 5, 6 (if applicable), 7, 8 & 9
•
with a company as a trustee – complete sections 2, 4, 5, 6 (if applicable), 7, 8 & 9
If you are an Association, Co-operative, Government Body or other type of entity not listed above, please contact Equity
Trustees.
Equity Trustees Application Form – 2020
Section 2 - Investment details
Investment to be held in the name(s) of (must include name(s) of investor(s))
Postal address
Suburb State Postcode Country
Email address Contact no.
Fund Name
APIR code
Application amount (AUD)
Dent Sector Fund ETL9161AU $
The minimum initial investment is $10,000
Distribution Instructions
If you do not select a distribution option, we will automatically reinvest your distribution. If you select cash, please
ensure you provide your bank details below.
Reinvest distributions if you select this option your distribution will be reinvested in the Fund
Pay distributions to the bank if you select this option your distribution will be paid to the bank account
below
Investor bank details
For withdrawals and distributions (if applicable), these must match the investor(s)’ name and must be an AUD-
denominated bank account with an Australian domiciled bank.
Financial institution name and branch location
BSB number Account number
Account name
Payment method
Cheque – payable to Equity Trustees Limited as RE for Dent Sector Fund
Direct credit – pay to:
Financial institution name and
branch location
National Australia Bank Limited, 105 Miller Street NORTH SYDNEY
BSB number
082 401
Account number
876 341 846
Account name
Equity Trustees Limited as RE for Dent Sector Fund
Reference
<Investor Name>
Source of investment
Please indicate the source of the investment amount (e.g. retirement savings, employment income):
Send your completed Application Form to:
Mainstream Fund Services
Client Services Registry Team
GPO Box 4968
SYDNEY NSW 2001
Please ensure you have completed all relevant sections and signed the
Application Form
Equity Trustees Application Form – 2020
Section 3 – Investor details – Individuals/Joint
Please complete if you are investing individually, jointly or you are an individual or joint trustee.
See Group A AML/CTF Identity Verification Requirements in Section 9
Investor 1
Title First name(s) Surname
Residential address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Email address Contact no.
Date of birth (DD/MM/YYYY) Tax File Number* – or exemption code
/ /
Country of birth Occupation
Investor 2
Title First name(s) Surname
Residential address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Email address Contact no.
Date of birth (DD/MM/YYYY) Tax File Number* – or exemption code
/ /
Country of birth Occupation
If there are more than 2 beneficial owners, please provide details as an attachment.
Do any of the investors named hold a prominent public position or function in a government body (local, state,
territory, national or foreign) or in an international organisation or are you an immediate family member or a
business associate of such a person?
No Yes, please give details:
Equity Trustees Application Form – 2020
Section 4 – Investor details – Companies/Corporate Trustee
Please complete if you are investing for a company or where the company is acting as trustee.
See Group B AML/CTF Identity Verification Requirements in Section 9
Full company name (as registered with ASIC or relevant foreign registered body)
Registered office address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Australian Company Number Tax File Number* – or exemption code
Australian Business Number* (if registered in Australia) or equivalent foreign company identifier
Contact Person
Title First name(s) Surname
Email address Contact no.
Principal place of business: For non-Australian companies please provide a local agent name and address if you
do not have a principal place of business in Australia.
Registered Office Address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Registration details
Name of regulatory body Identification number (e.g.
ARBN)
Beneficial owners
All beneficial owners will need to provide Group A AML/CTF Identity Verification
Requirements in Section 9
Senior Managing Official and controlling person
(e.g. managing directors, senior executive etc. who are authorised to sign on the company’s behalf, make policy,
operational and financial decisions)
1
2
3
4
Shareholders and other beneficial owners (shareholders and those who own directly, indirectly,
jointly or beneficially 25% or more of the company’s issued capital).
Beneficial owner 1
Title First name(s) Surname
Residential address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Date of birth (DD/MM/YYYY)
/ /
Equity Trustees Application Form – 2020
Beneficial owner 2
Title First name(s) Surname
Residential address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Date of birth (DD/MM/YYYY)
/ /
If there are more than 2 beneficial owners, please provide details as an attachment.
Do any of the beneficial owners named hold a prominent public position or function in a government body (local,
state, territory, national or foreign) or in an international organisation or are you an immediate family member or
a business associate of such a person?
No
Yes, please give details:
Equity Trustees Application Form – 2020
Section 5 – Investor Details – Trusts/superannuation funds
Please complete if you are investing for a trust or superannuation fund.
See Group C AML/CTF Identity Verification Requirements in section 9
Full name of trust or superannuation fund
Full name of business (if any) Country where established
Australian Business Number* (if obtained)
Tax File Number* – or exemption code
Trustee details
- How many trustees are there?
Individual trustee(s) – complete section 3 – Investor details – Individuals/Joint
Company trustee(s) – complete section 4 – Investor details – Companies/Corporate Trustee
Combination – trustee(s) to complete each relevant section
Type of Trust
Registered Managed Investment Scheme
Australian Registered Scheme Number (ARSN)
Regulated Trust (including self-managed superannuation funds and registered charities that are trusts)
Name of Regulator (e.g. ASIC, APRA, ATO, ACNC)
Registration/Licence details
Other Trust (unregulated)
Please describe
Beneficiaries of an unregulated trust
Please provide details below of any beneficiaries who directly or indirectly are entitled to an interest of
25% or more of the trust.
1
2
3 4
If there are no beneficiaries of the trust, describe the class of beneficiary (e.g. the name of the family
group, class of unit holders, the charitable purpose or charity name):
Please provide the full name of the settlor of the trust where the initial asset contribution to the trust was
greater than $10,000 and the settlor is not deceased:
Beneficial owners of an unregulated trust
Please provide details below of any beneficial owner of the trust. A beneficial owner is any individual
who directly or indirectly has a 25% or greater interest in the trust or a person who exerts control over
the trust. This includes the appointer of the trust who holds the power to appoint or remove the trustees
of the trust.
Equity Trustees Application Form – 2020
All beneficial owners will need to provide Group A AML/CTF Identity Verification
Requirements in Section 9
Beneficial owner 1
Title First name(s) Surname
Residential address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Date of birth (DD/MM/YYYY)
/ /
Beneficial owner 2
Title First name(s) Surname
Residential address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Date of birth (DD/MM/YYYY)
/ /
If there are more than 2 beneficial owners, please provide details as an attachment.
Do any of the beneficial owners named hold a prominent public position or function in a government body (local,
state, territory, national or foreign) or in an international organisation or are you an immediate family member or a
business associate of such a person?
No Yes, please give details:
Equity Trustees Application Form – 2020
Section 6 – Authorised representative, agent and/or financial adviser
Please complete if you are appointing an authorised representative, agent and/or financial adviser.
I am an authorised representative or agent as nominated by the investor(s)
See Group D AML/CTF Identity Verification Requirements in Section 9
You must attach a valid authority such as Power of Attorney, guardianship order, grant of probate,
appointment of bankruptcy etc. that is a certified copy. The document must be current and complete, signed
by the investor or a court official and permits the authorised representative or agent to transact on behalf of
the investor.
Full name of authorised representative or agent
Role held with investor(s)
Signature Date
I am a financial adviser as nominated by the investor
Name of adviser AFSL number
Dealer group Name of advisory firm
Postal address
Suburb State Postcode
Email address Contact no.
Financial Adviser Declaration
I/We hereby declare that I/we are not a US Person as defined in the PDS.
I/We hereby declare that the investor is not a US Person as defined in the PDS.
I/We have completed an appropriate Customer Identification Procedure (CIP) on this investor which
meets the requirements (per type of investor) set out above,
AND EITHER
I/We have attached the relevant CIP documents; OR
I/We have not attached the CIP documents however I/We confirm that I have completed the AML/KYC
checks on the investor(s) in accordance to the AUSTRAC’s requirements. I/We also agree to provide
Equity Trustees the relevant CIP documents on request.
Signature Date
Access to information
Unless you elect otherwise, your authorised representative, agent and/or financial adviser will be provided access to
your investment information and/or receive copies of statements and transaction confirmations. By appointing an
authorised representative, agent and/or financial adviser you acknowledge that you have read and agreed to the
terms and conditions in the PDS relating to such appointment.
Please tick this box if you DO NOT want your authorised representative, agent and/or financial adviser to
have access to information about your investment.
Please tick this box if you DO NOT want copies of statements and transaction confirmations sent to your
authorised representative, agent and/or financial adviser.
Please tick this box if you want statements and transaction confirmations sent ONLY to your authorised
representative, agent and/or financial adviser.
Equity Trustees Application Form – 2020
Section 7 – Foreign Account Tax Compliance Act (FATCA), Common Reporting
Standard (CRS) Self-Certification Form – ALL investors MUST complete
Sub-Section I - Individuals
Please fill this Sub-Section I only if you are an individual. If you are an entity, please fill Sub-Section II.
1. Are you a US citizen or resident of the US for tax purposes?
Yes: provide your Taxpayer Identification Number (TIN) or equivalent (or Reason Code if no TIN
is provided) below and continue to question 2
Investor 1
Investor 2
No: continue to question 2
2. Are you a tax resident of any other country outside of Australia?
Yes: state each country and provide your TIN or equivalent (or Reason Code if no TIN is provided)
for each jurisdiction below and skip to question 12
Investor 1
Investor 2
If more space is needed please provide details as an attachment.
No: skip to question 12
Reason Code:
If TIN or equivalent is not provided, please provide reason from the following options:
• Reason A: The country/jurisdiction where the entity is resident does not issue TINs to its residents.
• Reason B: The entity is otherwise unable to obtain a TIN or equivalent number (Please explain why the entity
is unable to obtain a TIN in the below table if you have selected this reason).
• Reason C: No TIN is required. (Note. Only select this reason if the domestic law of the relevant jurisdiction
does not require the collection of the TIN issued by such jurisdiction).
If Reason B has been selected above, explain why you are not required to obtain a TIN:
Investor 1
Investor 2
Sub-Section II - Entities
Please fill this Sub-Section II only if you are an entity. If you are an individual, please fill Sub-Section I.
3. Are you an Australian complying superannuation fund?
Yes: skip to question 12
No: continue to question 4
FATCA
4. Are you a US Person?
Yes: continue to question 5
No: skip to question 6
5. Are you a Specified US Person?
Yes: provide your TIN below and skip to question 7
No: indicate exemption type and skip to question 7
6. Are you a Financial Institution for the purposes of FATCA?
Yes: provide your Global Intermediary Identification Number (GIIN)
If you do not have a GIIN, please provide your FATCA status below and continue to question 7
Exempt Beneficial Owner, provide type below:
Equity Trustees Application Form – 2020
Deemed-Compliant FFI (other than a Sponsored FI or a Trustee Documented Trust), provide
type below:
Non-Participating FFI, provide type below:
Sponsored Financial Institution. Please provide the Sponsoring Entity’s name and GIIN:
Trustee Documented Trust. Please provide your Trustee’s name and GIIN:
Other, provide details:
No: continue to question 7
CRS
7. Are you a tax resident of any country outside of Australia and the US?
Yes: state each country and provide your TIN or equivalent (or Reason Code if no TIN is provided)
for each jurisdiction below and continue to question 8
Investor 1
Investor 2
If more space is needed please provide details as an attachment.
Reason Code:
If TIN or equivalent is not provided, please provide reason from the following options:
• Reason A: The country/jurisdiction where the entity is resident does not issue TINs to its residents.
• Reason B: The entity is otherwise unable to obtain a TIN or equivalent number (Please explain why the entity
is unable to obtain a TIN in the below table if you have selected this reason).
• Reason C: No TIN is required. (Note. Only select this reason if the domestic law of the relevant jurisdiction
does not require the collection of the TIN issued by such jurisdiction).
If Reason B has been selected above, explain why you are not required to obtain a TIN:
Investor 1
Investor 2
8. Are you a Financial Institution for the purpose of CRS?
Yes: specify the type of Financial Institution below and continue to question 9
Reporting Financial Institution
Non-Reporting Financial Institution:
Trustee Documented Trust
Other: please specify:
9. Are you an investment entity resident in a non-participating jurisdiction for CRS purposes and
managed by another financial Institution?
Yes: skip to question 11
No: skip to question 12
Non-Financial Entities
10. Are you an Active Non-Financial Entity (Active NFE)?
Yes: specify the type of Active NFE below and skip to question 12:
Less than 50% of the Active NFE’s gross income from the preceding calendar year is passive
income (e.g. dividends, distribution, interests, royalties and rental income) and less than 50%
of its assets during the preceding calendar year are assets held for the production of passive
income
Corporation that is regularly traded or a related entity of a regularly traded corporation
No: continue to question 8
No: skip to question 10
Equity Trustees Application Form – 2020
Governmental Entity, International Organisation or Central Bank
Other: please specify:
No: you are a Passive Non-Financial Entity (Passive NFE). Continue to question 11
Controlling Persons
11. Does one or more of the following apply to you:
• Is any natural person that exercises control over you (for corporations, this would include directors or
beneficial owners who ultimately own 25% or more of the share capital) a tax resident of any country outside
of Australia?
• If you are a trust, is any natural person including trustee, protector, beneficiary, settlor or any other natural
person exercising ultimate effective control over the trust a tax resident of any country outside of Australia?
Controlling person 1
Title First name(s) Surname
Residential address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Date of birth (DD/MM/YYYY)
/ /
Country of tax residence
TIN or equivalent Reason Code if no TIN provided
Controlling person 2
Title First name(s) Surname
Residential address (not a PO Box/RMB/Locked Bag)
Suburb State Postcode Country
Date of birth (DD/MM/YYYY)
/ /
Country of tax residence
TIN or equivalent Reason Code if no TIN provided
If there are more than 2 controlling persons, please provide details as an attachment.
Reason Code:
If TIN or equivalent is not provided, please provide reason from the following options:
• Reason A: The country/jurisdiction where the entity is resident does not issue TINs to its residents.
• Reason B: The entity is otherwise unable to obtain a TIN or equivalent number (Please explain why the entity
is unable to obtain a TIN in the below table if you have selected this reason).
• Reason C: No TIN is required. (Note. Only select this reason if the domestic law of the relevant jurisdiction
does not require the collection of the TIN issued by such jurisdiction).
If Reason B has been selected above, explain why you are not required to obtain a TIN:
Investor 1
Investor 2
No: continue to question 12
Equity Trustees Application Form – 2020
12. Signature and Declaration – ALL investors must sign
I undertake to provide a suitably updated self-certification within 30 days of any change in circumstances
which causes the information contained herein to become incorrect.
I declare the information above to be true and correct.
Investor 1 Investor 2
Name of individual/entity
Name of individual/entity
Name of authorised representative
Name of authorised representative
Signature
Signature
Date
Date
Equity Trustees Application Form – 2020
Section 8 – Declarations – ALL investors MUST complete
In most cases the information that you provide in this form will satisfy the AML/CTF Act, the US Foreign Account Tax
Compliance Act (‘FATCA’) and the Common Reporting Standards (‘CRS’). However, in some instances the Responsible
Entity may contact you to request further information. It may also be necessary for the Responsible Entity to collect
information (including sensitive information) about you from third parties in order to meet its obligations under the
AML/CTF Act, FATCA and CRS.
When you complete this Application Form you make the following declarations:
• I/We have received the PDS and made this
application in Australia (and/or New Zealand for
those offers made in New Zealand).
• I/We have read the PDS to which this Application
Form applies and agree to be bound by the terms
and conditions of the PDS and the Constitution of
the relevant Fund in which I/we have chosen to
invest.
• I/We have considered our personal circumstances
and, where appropriate, obtained investment
and/or taxation advice.
• I/We hereby declare that I/we are not a US Person
as defined in the PDS.
• I/We acknowledge that (if a natural person) I am/we
are 18 years of age or over and I am/we are eligible
to hold units in the Fund in which I/We have chosen
to invest.
• I/We acknowledge and agree that Equity Trustees
has outlined in the PDS provided to me/us how and
where I/we can obtain a copy of the Equity Trustees
Group Privacy Statement.
• I/We consent to the transfer of any of my/our
personal information to external third parties
including but not limited to fund administrators,
fund investment manager(s) and related bodies
corporate who are located outside Australia for the
purpose of administering the products and services
for which I/we have engaged the services of Equity
Trustees or its related bodies corporate and to
foreign government agencies for reporting purposes
(if necessary).
• I/we hereby confirm that the personal information
that I/we have provided to Equity Trustees is correct
and current in every detail, and should these details
change, I/we shall promptly advise Equity Trustees
in writing of the change(s).
• I/We agree to provide further information or
personal details to the Responsible Entity if required
to meet its obligations under anti-money laundering
and counter-terrorism legislation, US tax legislation
or reporting legislation and acknowledge that
processing of my/our application may be delayed
and will be processed at the unit price applicable for
the Business Day as at which all required information
has been received and verified.
• If I/we have provided an email address, I/we consent
to receive ongoing investor information including
PDS information, confirmations of transactions and
additional information as applicable via email.
• I/We acknowledge that Equity Trustees does not
guarantee the repayment of capital or the
performance of the Fund or any particular rate of
return from the Fund.
• I/We acknowledge that an investment in the Fund is
not a deposit with or liability of Equity Trustees and
is subject to investment risk including possible
delays in repayment and loss of income or capital
invested.
• I/We acknowledge that Equity Trustees is not
responsible for the delays in receipt of monies
caused by the postal service or the investor’s bank.
• If I/we lodge a fax application request, I/we
acknowledge and agree to release, discharge and
agree to indemnify Equity Trustees from and against
any and all losses, liabilities, actions, proceedings,
account claims and demands arising from any fax
application.
• If I/we have completed and lodged the relevant
sections on authorised representatives, agents
and/or financial advisers on the Application Form
then I/we agree to release, discharge and indemnify
Equity Trustees from and against any and all losses,
liabilities, actions, proceedings, account claims and
demands arising from Equity Trustees acting on the
instructions of my/our authorised representatives,
agents and/or financial advisers.
• If this is a joint application each of us agrees that our
investment is held as joint tenants.
• I/We acknowledge and agree that where the
Responsible Entity, in its sole discretion, determines
that:
o I/we are ineligible to hold units in a Fund or have
provided misleading information in my/our
Application Form; or
o I/we owe any amounts to Equity Trustees, then
I/we appoint the Responsible Entity as my/our
agent to submit a withdrawal request on my/our
behalf in respect of all or part of my/our units,
as the case requires, in the Fund.
• For Wholesale Clients* - I/We acknowledge that I
am/we are a Wholesale Client (as defined in Section
761G of the Corporations Act 2001 (Cth)) and are
therefore eligible to hold units in the Fund.
• For New Zealand applicants* - I/we have read the
terms of the offer relating to New Zealand investors,
including the New Zealand warning statement.
* Disregard if not applicable.
*Terms and conditions for collection of Tax File Numbers (TFN) and Australian Business Numbers
(ABN)
Collection of TFN and ABN information is authorised and its use and disclosure strictly regulated by tax laws and the
Privacy Act. Investors must only provide an ABN instead of a TFN when the investment is made in the course of their
enterprise. You are not obliged to provide either your TFN or ABN, but if you do not provide either or claim an
exemption, we are required to deduct tax from your distribution at the highest marginal tax rate plus Medicare levy
to meet Australian taxation law requirements.
Equity Trustees Application Form – 2020
For more information about the use of TFNs for investments, contact the enquiries section of your local branch of the
ATO. Once provided, your TFN will be applied automatically to any future investments in the Fund where formal
application procedures are not required (e.g. distribution reinvestments), unless you indicate, at any time, that you do
not wish to quote a TFN for a particular investment. Exempt investors should attach a copy of the certificate of
exemption. For super funds or trusts list only the applicable ABN or TFN for the super fund or trust.
When you sign this Application Form you declare that you have read, agree to and make
the declarations above
Investor 1
Investor 2
Name of individual /entity
Name of individual/entity
Capacity (e.g. Director, Secretary, Authorised
signatory)
Capacity (e.g. Director, Secretary, Authorised
signatory)
Signature
Signature
Date
Date
Company Seal (if applicable)
Equity Trustees Application Form – 2020
Section 9 – AML/CTF Identity Verification Requirements
The AML/CTF Act requires the Responsible Entity to adopt and maintain an anti-
money laundering and counter-terrorism financing ('AML/CTF') program. The
AML/CTF program includes ongoing customer due diligence, which may require
the Responsible Entity to collect further information.
• Identification documentation provided must be in the name of the investor.
• Non-English language documents must be translated by an accredited translator.
• Applications made without providing this information cannot be processed until all the necessary
information has been provided.
• If you are unable to provide the identification documents described please contact Equity Trustees.
These documents should be provided as an original or a CERTIFIED COPY of the original.
Who can certify?
Below is an example of who can certify proof of ID documents under the AML/CTF requirements:
• Bailiff
• Bank officer with 5 or more years of continuous
service
• Building society officer with 5 or more years of
continuous service
• Chiropractor (licensed or registered)
• Clerk of court
• Commissioner for Affidavits
• Commissioner for Declarations
• Credit union officer with 5 or more years of
continuous service
• Dentist (licensed or registered)
• Fellow of the National Tax Accountant's
Association
• Finance company officer with 5 or more years
of continuous service
• Judge of a court
• Justice of the peace
• Legal practitioner (licensed or registered)
• Magistrate
• Marriage celebrant licensed or registered
under Subdivision C of Division 1 of Part IV of
the Marriage Act 1961
• Master of a court
• Medical practitioner (licensed or registered)
• Member of Chartered Secretaries Australia
• Member of Engineers Australia, other than at
the grade of student
• Member of the Association of Taxation and
Management Accountants
• Member of the Australian Defence Force with
5 or more years of continuous service
• Member of the Institute of Chartered
Accountants in Australia, the Australian Society
of Certified Practicing Accountants or the
Institute of Public Accountants
• Member of the Parliament of the
Commonwealth, a State, a Territory
Legislature, or a local government authority of
a State or Territory
• Minister of religion licensed or registered
under Subdivision A of Division 1 of Part IV of
the Marriage Act 1961
• Nurse (licensed or registered)
• Optometrist (licensed or registered)
• Permanent employee of Commonwealth, State
or local government authority with at least 5 or
more years of continuous service.
• Permanent employee of the Australian Postal
Corporation with 5 or more years of continuous
service
• Pharmacist (licensed or registered)
• Physiotherapist (licensed or registered)
• Police officer
• Psychologist (licensed or registered)
• Registrar, or Deputy Registrar, of a court
• Sheriff
• Teacher employed on a full-time basis at a
school or tertiary education institution
• Veterinary surgeon (licensed or registered)
When certifying documents, the following process must be followed:
• All copied pages of original proof of ID documents must be certified.
• The authorised individual must ensure that the original and the copy are identical; then write or stamp
on the copied document “certified true copy”. This must be followed by the date and signature, printed
name and qualification of the authorised individual.
• In cases where an extract of a document is photocopied to verify customer ID, the authorised individual
should write or stamp “certified true extract”
Equity Trustees Application Form – 2020
GROUP A – Individuals/Joint
Each individual investor, individual trustee, beneficial owner, or individual agent or authorised representative must
provide one of the following primary photographic ID:
A current Australian driver’s licence (or foreign equivalent) that includes a photo and signature.
An Australian passport (or foreign equivalent) (not expired more than 2 years previously).
An identity card issued by a State or Territory Government that includes a photo.
If you do NOT own one of the above ID documents, please provide one valid option from Column A and one valid
option from Column B.
Column A
Column B
Australian birth certificate.
Australian citizenship
certificate.
Pension card issued by
Department of Human
Services.
A document issued by the Commonwealth or a State or Territory within
the preceding 12 months that records the provision of financial benefits
to the individual and which contains the individual’s name and residential
address.
A document issued by the 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 individual’s name and residential address. Block out the TFN
before scanning, copying or storing this document.
A document issued by a local government body or utilities provider
within the preceding 3 months which records the provision of services to
that address or to that person (the document must contain the
individual’s name and residential address).
If under the age of 18, a notice that: was issued to the individual by a
school principal within the preceding 3 months; and contains the name
and residential address; and records the period of time that the
individual attended that school.
GROUP B – Companies
For Australian Registered Companies, provide one of the following (must clearly show the Company’s full name,
type (private or public) and ACN):
A certified copy of the company’s Certificate of Registration or incorporation issued by ASIC
A copy of information
regarding the company’s licence or other information held by the relevant
Commonwealth, State or Territory regulatory body e.g. AFSL, RSE, ACL etc.
A full company search issued in the previous 3 months.
If the company is listed on an Australian securities exchange, provide details of the exchange and the ticker
(issuer) code.
If the company is a majority owned subsidiary of a company listed on an Australian securities exchange,
provide details of the exchange and the ticker (issuer) code for the holding company.
For Foreign Companies, provide one of the following:
A certified copy of the company’s Certificate of Registration or incorporation issued by the foreign jurisdictions
in which the company was incorporated, established or formed.
A certified copy of the company’s articles of association or constitution.
A copy of a company search on the ASIC database or relevant foreign registration body.
All of the above must clearly show the company’s full name, its type (i.e. public or private) and the ARBN issued by
ASIC, or the identification number issued to the company by the foreign regulator.
In addition, please provide verification documents for each beneficial owner (senior managing official and
shareholder) as listed under Group A.
A beneficial owner of a company is any customer entitled (either directly or indirectly) to exercise 25% or more of
the voting rights, including a power of veto, or who holds the position of senior managing official (or equivalent).
Equity Trustees Application Form – 2020
GROUP C – Trusts
For a Registered Managed Investment Scheme, Government Superannuation Fund or a trust registered with
the Australian Charities, Regulated Superannuation Fund (including a self-managed super fund) and Not-for-
profit Commission (ACNC), provide one of the following:
A copy of the company search of the relevant regulator’s website e.g. APRA, ASIC, or ATO.
A copy or relevant extract of the legislation establishing the government superannuation fund sourced
from a government website.
A copy from the ACNC of information registered about the trust as a charity
Annual report or audited financial statements.
A certified copy of a notice issued by the ATO within the previous 12 months.
A certified copy of the Trust Deed.
For all other Unregulated trust (including Foreign trust), provide the following:
A certified copy of the Trust Deed.
If the trustee is an individual, please also provide verification documents for one trustee as listed
under Group A.
If the trustee is a company, please also provide verification documents for a company as listed
under Group B.
GROUP D – Authorised Representatives and Agents
In addition to the above entity groups:
If you are an Individual Authorised Representative or Agent – please also provide the identification
documents listed under Group A.
If you are a Corporate Authorised Representative or Agent – please also provide the identification
documents listed under Group B.
All Authorised Representatives and Agents must also provide a certified copy of their authority to act for the
investor e.g. the POA, guardianship order, Executor or Administrator of a deceased estate, authority granted
to a bankruptcy trustee, authority granted to the State or Public Trustee etc.
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20201008 Dent Sector Fund-PDS Appform FINAL S (Australian National University)

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Completed 28 April 2021

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