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UPDATE TO PRODUCT DISCLOSURE STATEMENT DATED 29 JANUARY 2008
On 12 November 2009 the responsible entity of the AMF Yield Fund (Fund) changed from Adelaide Managed Funds Limited (AMF) to Sandhurst Trustees Limited (Sandhurst). Sandhurst is a member of the Bendigo and Adelaide Bank Group and is a sister company of AMF.
Sandhurst was established in 1888 and has provided estate management and financial services for more than 100 years. As at 30 June 2009, Sandhurst was responsible for the management of over $2.4 billion in assets.
The relevant details of Sandhurst are set out below:
Address: Level 5, 120 Harbour Esplanade Docklands VIC 3008
ABN: 16 004 030 737
AFSL: 237906
Effective 17 February 2009
The PDS for the Fund currently sets a maximum daily withdrawal of $20m per account and does not set a maximum investment balance. To both assist in improving returns and to further reduce liquidity risk, the maximum daily withdrawal limit has changed to $2m per account and the maximum investment balance has been set at $10m.
As a result of these changes, the PDS is amended as follows:
Section 1: Investment Overview
- The "Investment Overview" table on Page 6 of the PDS is amended by:
- deleting the reference to "$20m" in the "Maximum daily withdrawal" section and replacing this with a reference to "$2m"; and
- the following entry is to be added to the table on page 5 under "Minimum operating investment balance":
- column 1 - "Maximum operating investment balance"
- column 2 - "$10m per investment account"
- column 3 - Section 6.1 for ongoing operating balance requirements.
Section 2: Investment Details
- Under the heading "Payment of Distribution Returns" on Page 9 of the PDS the following amendment is made:
Section 6: Managing Your Investment
- Part 6.1 "Investments in the Fund" on Page 17 of the PDS the following paragraph:
- "Please note that a minimum operating investment balance of $50,000 applies. Once you have made your initial investment, you can make additional investments of any amount at any time."
is amended by deleting the words 'of any amount' and replacing them with the following sentence:
- "subject to the maximum investment balance of $10 million"
- Part 6.2 "How to Withdraw from the Fund" on page 17 of the PDS the following paragraph:
"You can make a withdrawal of $10,000 or more from your investment at any time provided that:
- The amount you withdraw from your investment account on any one day does not exceed $20 million;
Is amended by deleting the reference to "$20 million" and replacing it with a reference to "$2 million".
Section 8: How to Invest
Update to Product Disclosure Statement – Notice Dated 22 October 2009
The AMF Yield Fund Liquidity Facility has changed from $502m to $481m.
This Facility is unsecured and continues to provide additional comfort to unitholders that AMF will be able to meet redemption requests.
Effective 1 December 2008.
On 30 November 2007, Bendigo and Adelaide Bank Limited (BEN) (previously known as Bendigo Bank Limited) and Adelaide Bank Limited (ABL) merged. From 1 December 2008 the two banks will operate through a single legal entity.
This will mean that from this date all custodial and administration services and the liquidity facility currently provided by ABL in respect of the AMF Yield Fund ARSN 113 735 407 (Fund) will be provided by BEN. Similarly, on this date ABL's interests, rights and obligations in respect of the Torrens Trust Program will transfer to BEN and as such, mortgage origination and provision of various facilities (including swap and liquidity facilities) in respect of this program will be undertaken by BEN. For more information on the Torrens Trust Program please refer to page 8 of the Fund's Product Disclosure Statement dated 29 January 2008 (PDS).
This change will not affect fees, costs, the way in which you can make investments in or withdrawals from the Fund, or the way that we manage your investment in the Fund.
In addition to the change outlined above, on 1 July 2008 the Banking and Financial Services Ombudsman (BFSO), Financial Industry Complaints Service (FICS) and Insurance Ombudsman Service (IOS) merged to form the national Financial Ombudsman Service (FOS).
Consequential changes to the Fund's PDS are outlined below. These changes are not materially adverse, and accordingly, the amendments are made in accordance with ASIC Class Order 03/237. This update should be read in conjunction with the PDS.
Changes to the PDS (effective 1 December 2008)
All sections (including the Application Form)
- Except as detailed below, all references to Adelaide Bank Limited and that entity's ABN 54 061 461 550 and AFSL 240516 should be read as references to Bendigo and Adelaide Bank Limited and that latter entity's ABN 11 068 049 178 and AFSL 237879.
- As a result of the above change, all references to 'Adelaide Bank' and 'the Bank' will mean Bendigo and Adelaide Bank Limited.
Important Notice
-
Under the heading "Product Disclosure Statement (PDS)" on page 2 of the PDS the following is deleted:
"Investments in the Fund are not deposits with or other liabilities of Adelaide Bank Limited (ABN 54 061 461 550) (referred to as Adelaide Bank, the Bank), or of any other entity in the Bendigo and Adelaide Bank Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of Adelaide Bank Limited, Adelaide Managed Funds Limited, any member of the Bendigo and Adelaide Bank Group guarantees any particular rate of return or the performance of the Fund, nor do they guarantee the repayment of capital from the Fund."
And replaced with:
"Investments in the Fund are not deposits with or other liabilities of Bendigo and Adelaide Bank Limited (ABN 11 068 049 178) (referred to as Adelaide Bank, the Bank), or of any other entity in the Bendigo and Adelaide Bank Group and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. None of Bendigo and Adelaide Bank Limited, Adelaide Managed Funds Limited or any member of the Bendigo and Adelaide Bank Group guarantees any particular rate of return or the performance of the Fund, nor do they guarantee the repayment of capital from the Fund."
Section 2: Investment Details
- Part 2.4 "Torrens Trust Program" on page 8 of the PDS, the words "the same" are deleted from the second paragraph and replaced with the word "a".
Section 7: Additional Information
-
Part 7.15 "Complaints" on page 23 of the PDS the following is deleted:
"If the complaint is not resolved to your satisfaction (or resolved within 45 days of receipt), you may contact the Financial Industry Complaints Service Limited (FICS), an independent industry complaints body approved by ASIC and of which we are a member. The contact details are:
Financial Industry Complaints Service Limited
PO Box 579
Collins Street West
Melbourne VIC 3007
Telephone: 1300 780 808
FICS's role is to formally investigate cases only after you have exhausted our complaint procedures."
And replaced with:
"If the complaint is not resolved to your satisfaction (or resolved within 45 days of receipt), you may contact the Financial Ombudsman Services Limited (FOS), an independent industry complaints body approved by ASIC and of which we are a member. The contact details are:
Financial Ombudsman Services Limited
GPO Box 3
Melbourne, VIC 3001
Telephone: 1300 780 808
Facsimile: (03) 9613 6399
Email: info@fos.org.au
FOS's role is to formally investigate cases only after you have exhausted our complaint procedures."
Inside back cover
- The registered office of the Manager has changed from 169 Pirie Street, Adelaide SA 5000 to The Bendigo Centre, Bendigo Vic 3550.
Notice dated 1 December 2008
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