Ventura International Shares Fund Product Disclosure Statement ARSN 099 585 145 APIR VEN0031AU Issue Date 28 September 2017
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Ventura International Shares Fund Product Disclosure Statement ARSN 099 585 145 APIR VEN0031AU Issue Date 28 September 2017 About this PDS Contents This Product Disclosure Statement (“PDS”) has been prepared and issued by Equity Trustees Limited (“Equity Trustees”, “we” or “Responsible Entity”) and is a summary of the 1. About Equity Trustees Limited significant information relating to an investment in the Ventura International Shares Fund 2. How the Ventura International (the “Fund”). It contains a number of references to important information (including a Shares Fund works glossary of terms) contained in the Ventura Reference Guide (“Reference Guide”), which 3. Benefits of investing in the forms part of this PDS. You should consider both the information in this PDS, and the Ventura International Shares information in the Reference Guide, before making a decision about investing in the Fund. Fund The offer to which this PDS relates is only available to persons receiving this PDS (electronically or otherwise) in Australia. 4. Risks of managed investment schemes This PDS does not constitute a direct or indirect offer of securities in the US or to any US Person as defined in Regulation S under the US Securities Act of 1933 as amended (“US 5. How we invest your money Securities Act”). Equity Trustees may vary this position and offers may be accepted on merit 6. Fees and costs at Equity Trustees’ discretion. The units in the Fund have not been, and will not be, 7. How managed investment registered under the US Securities Act unless otherwise approved by Equity Trustees and schemes are taxed may not be offered or sold in the US to, or for, the account of any US Person except in a transaction that is exempt from the registration requirements of the US Securities Act and 8. How to apply applicable US state securities laws. 9. Other information The information provided in this PDS is general information only and does not take account of your personal objectives, financial situation or needs. You should obtain financial advice tailored to your personal circumstances and consider whether the information in this PDS is appropriate for you in light of those circumstances. The Reference Guide Throughout the PDS, there are references to additional information contained in the Reference Guide. You can obtain a copy by visiting www.venturafm.com.au or by visiting www.eqt.com.au/insto. The information contained in the Reference Guide may change between the day you receive this PDS and the day you acquire the product. You must therefore ensure that you have read the Reference Guide current at the date of your application. Updated information Information in this PDS is subject to change. We will notify you of any changes that have a materially adverse impact on you or other significant events that affect the information contained in this PDS. Any information that is not materially adverse is subject to change from time to time and may be updated and obtained by visiting www.venturafm.com.au or by visiting www.eqt.com.au/insto. A paper copy of the updated information will be provided free of charge on request. Investment Manager Custodian and Administrator Responsible Entity Ventura Investment Management Ltd National Australia Bank Limited Equity Trustees Limited ABN 49 092 375 258, AFSL 253 045 ABN 12 004 044 937 ABN 46 004 031 298, AFSL 240975 Ph: 1300 738 421 GPO Box 1406 GPO Box 2307 Web: www.venturafm.com.au Melbourne VIC 3001 Melbourne VIC 3001 Ph: +61 3 8623 5000 Web: www.eqt.com.au/insto Ventura International Shares Fund PDS 1 1. About Equity Trustees Limited If you invest in the Fund through an IDPS (as defined in the Reference Guide) you will not become a unit holder in the Fund. The operator The Responsible Entity or custodian of the IDPS will be the unit holder entered in the Fund’s register and will be the only person who is able to exercise the rights Equity Trustees Limited and receive benefits of a unit holder. Please direct any queries and Equity Trustees Limited ABN 46 004 031 298 AFSL 240975 (“Equity requests relating to your investment to your IDPS Operator. Unless Trustees”), a subsidiary of EQT Holdings Limited ABN 22 607 797 otherwise stated, the following explanation applies to direct 615, which is a public company listed on the Australian Securities investors. Exchange (ASX: EQT), is the Fund’s Responsible Entity and issuer of this PDS. Established as a trustee and executorial service provider by Applying for units a special Act of the Victorian Parliament in 1888, today Equity You can acquire units by completing the Application Form that Trustees is a dynamic financial services institution which continues to accompanies this PDS. The minimum initial investment amount for grow the breadth and quality of products and services on offer. the Fund is $20,000, or $10,000 where you will be contributing to the Equity Trustees’ responsibilities and obligations as the Fund’s regular investment plan. Responsible Entity are governed by the Fund’s Constitution Completed Application Forms should be sent along with your (“Constitution”), the Corporations Act and general trust law. Equity identification documents (if applicable) to: Trustees has appointed Ventura Investment Management Ltd as the Ventura Client Services Investment Manager of the Fund. Equity Trustees has appointed a GPO Box 1406 Custodian to hold the assets of the Fund. The Custodian has no Melborne, VIC 3001 Australia supervisory role in relation to the operation of the Fund and is not responsible for protecting your interests. Please note that cash cannot be accepted. The price at which units are acquired is determined in accordance The Investment Manager with the Constitution (“Application Price”). The Application Price on Ventura Investment Management Ltd a Business Day (as defined in the Reference Guide) is, in general Ventura Investment Management Ltd ABN 49 092 375 258, AFSL 253 terms, equal to the Net Asset Value (“NAV”) of the Fund, divided by 045 (Ventura) has been managing client portfolios in Australia for the number of units on issue and adjusted for transaction costs (“Buy more than 10 years. Ventura is owned by Centrepoint Alliance Spread”). At the date of this PDS, the Buy Spread is 0.15%. Limited, a diversified financial services company listed on the The Application Price will vary as the market value of assets in the Australian Securities Exchange. Fund rises or falls. Ventura’s investment philosophy for the Ventura funds focuses on delivering risk adjusted, consistent returns for our clients, using a Making additional investments multi-manager approach in investing the fund assets. Ventura effects You can make additional investments into the Fund at any time by this philosophy through the appointment of a specialist manager sending us your additional investment amount together with a which decides the investments it will make in accordance with the completed Application Form. The minimum additional investment performance objectives and risk management guidelines agreed into the Fund is $5,000 or for the regular investment plan, $250 each with Ventura under an investment management agreement. month. Ventura selects and supervises the appointed specialist manager, providing independent oversight. Ventura reviews the investment Distributions manager on an ongoing basis to ensure they are performing to our An investor’s share of any distributable income is calculated in investment expectations and managing the investments of the Fund accordance with the Constitution and is generally based on the according to the agreed processes. number of units held by the investor at the end of the distribution Specialist Investment Manager period. The Fund usually distributes income quarterly at the end of March, Russell Investment Management Ltd June, September and December. Distributions are calculated Ventura has appointed Russell Investment Management Ltd ABN 53 effective the last day of each accounting period and are normally 068 338 974, AFSL 247 185 (Russell Investments) as the specialist paid to investors as soon as practicable after the distribution investment manager for the Fund. Russell Investments, a global asset calculation date. manager, is one of only a few firms that offers actively managed multi-asset portfolios and services that include advice, investments Investors in the Fund can indicate a preference to have their and implementation. Russell Investments provides solutions for distribution: institutional investors, financial advisers and individuals working with • reinvested back into the Fund; or their advisers—using the firm’s core capabilities that extend across • directly credited to their Australian domiciled bank account. capital market insights, manager research, asset allocation, portfolio implementation and factor exposures— to help each achieve their Investors who do not indicate a preference will have their desired investment outcomes. The firm has AUD$361.4 billion in distributions automatically reinvested. Applications for reinvestment assets under management (as of 30/6/2017) and works with more will be taken to be received prior to the next valuation time after the than 2,500 institutional clients, independent distribution partners relevant distribution period. There is no Buy Spread on distributions and individual investors globally. that are reinvested. In some circumstances, where an investor makes a large withdrawal request (i.e. the withdrawal request is in respect of 5% or more of the 2. How the Ventura International total units on issue), their withdrawal proceeds may be taken to Shares Fund works include a component of distributable income. The Fund is a registered managed investment scheme. The Fund is Indirect Investors should review their IDPS guide for information on governed by the Constitution. The Fund comprises assets which are how and when they receive any income distribution. acquired in accordance with the Fund’s investment strategy. Direct investors receive units in the Fund when they invest.