Get documents about "UBS Investment Funds
Shared by: linxiaoqin
-
Stats
- views:
- 10
- posted:
- 7/7/2012
- language:
- English
- pages:
- 71
Document Sample
Supplementary No. 2
UBS Investment Funds
Product Disclosure Statement
Issue No. 6, dated 14 April 2009
Offered by UBS Global Asset Management (Australia) Ltd
ABN 31 003 146 290
AFS Licence No. 222605
UBS Investment Funds - Product Disclosure
Statement No. 6
Supplementary Product Disclosure Statement No.2
Prepared: 1 January 2010
Offered by UBS Global Asset Management (Australia) Ltd
ABN 31 003 146 290
AFS Licence No. 222605
Supplementary Product Disclosure Statement
This document is a Supplementary Product Disclosure Statement (“SPDS”) which supplements UBS
Investment Funds – Product Disclosure Statement No. 6 dated 14 April 2009 (“PDS”). This SPDS must be read
together with the PDS.
The information below updates and supersedes the information found in the PDS.
Removal of Standard and Poor’s ratings
Standard & Poor’s has withdrawn its application for an Australian Financial Services License relating to retail
investors. As a result, from 1 January 2010, Standard & Poor’s credit ratings are no longer available to retail
investors, and we are required to remove any references to Standard & Poor’s credit ratings from the PDS. As
such, effective from 1 January 2010, the following amendments are being made to the PDS:
1. UBS Cash Fund
a. On page 13 of the PDS, under the heading “UBS Cash Fund”, the text “Rated AAAf by Standard &
Poor’s*” will be removed.
b. At the bottom of page 13 of the PDS, the text “*see page 49” will be removed.
2. UBS Protected Cash Fund
a. On page 14 of the PDS, under the heading “UBS Protected Cash Fund”, the text “Rated AAAf by
Standard & Poor’s*” will be removed.
b. At the bottom of page 14 of the PDS, the text “*see page 49” will be removed.
3. UBS Cash-Plus Fund
a. On page 16 of the PDS, under the heading “UBS Cash-Plus Fund”, the text “Rated AAf by Standard
& Poor’s*” will be removed.
b. At the bottom of page 16 of the PDS, the text “*see page 49” will be removed.
4. Other Information
a. On page 48, under the heading “Borrowing”, the text “A Fund with a Standard and Poor’s rating
can only borrow to redeem units and this must not exceed 10% of the asset value of the relevant
Fund” will be removed.
b. On page 49, the entire section (consisting of 6 paragraphs) under the heading “Rated Funds” will
be removed.
Direct contact details
For any enquiries please contact Client
Services on (02) 9324 3222 or toll free on
1800 023 043 or via the email address below.
Email: clientservices-ubsam@ubs.com
website: www.ubs.com/australia
This Supplementary Product Disclosure Statement is dated 1 January 2010 and should be read together with the UBS Investment
Funds - Product Disclosure Statement No. 6 dated 14 April 2009. Note that this Supplementary Product Disclosure Statement
may be available electronically. UBS Global Asset Management (Australia) Ltd (ABN 31 003 146 290) (AFS Licence No. 222605)
is the Responsible Entity of the Fund. If you require the Australian Business Number (ABN) for the Fund, it is available from Client
Services on (02) 9324 3222 or freecall on 1800 023 043. The information in this Supplementary Product Disclosure Statement
is general information only. In preparing this Supplementary Product Disclosure Statement, UBS Global Asset Management
(Australia) Ltd has not taken into account any individual investor’s investment objectives, tax and financial situation or particular
needs.
UBS Global Asset Management (Australia) Ltd is the issuer of this Supplementary Product Disclosure Statement.
No member company of UBS other than UBS Global Asset Management (Australia) Ltd makes any statement or
representation in this document.
UBS Global Asset Management (Australia) Ltd is a subsidiary of UBS AG
UBS Investment Funds - Product Disclosure
Statement No. 6
Supplementary Product Disclosure Statement No.1
Prepared: 27 November 2009
Offered by UBS Global Asset Management (Australia) Ltd
ABN 31 003 146 290
AFS Licence No. 222605
Supplementary Product Disclosure Statement
This document is a Supplementary Product Disclosure Statement (“SPDS”) which supplements UBS
Investment Funds – Product Disclosure Statement No. 6 dated 14 April 2009 (“PDS”). This SPDS must be read
together with the PDS.
The information below updates and supersedes the information found in the PDS.
UBS Australian Equity Income Fund – closed for applications
We will not accept any further applications to invest in UBS Australian Equity Income Fund (“Fund”) after 27
November 2009. All other references to the Fund in the PDS, however, remain valid and unchanged.
Direct contact details
For any enquiries please contact Client
Services on (02) 9324 3222 or toll free on
1800 023 043 or via the email address below.
Email: clientservices-ubsam@ubs.com
website: www.ubs.com/australia
This Supplementary Product Disclosure Statement is dated 27 November 2009 and should be read together with the UBS
Investment Funds - Product Disclosure Statement No. 6 dated 14 April 2009. Note that this Supplementary Product Disclosure
Statement may be available electronically. UBS Global Asset Management (Australia) Ltd (ABN 31 003 146 290) (AFS Licence No.
222605) is the Responsible Entity of the Fund. If you require the Australian Business Number (ABN) for the Fund, it is available
from Client Services on (02) 9324 3222 or freecall on 1800 023 043. The information in this Supplementary Product Disclosure
Statement is general information only. In preparing this Supplementary Product Disclosure Statement, UBS Global Asset
Management (Australia) Ltd has not taken into account any individual investor’s investment objectives, tax and financial situation
or particular needs.
UBS Global Asset Management (Australia) Ltd is the issuer of this Supplementary Product Disclosure Statement.
No member company of UBS other than UBS Global Asset Management (Australia) Ltd makes any statement or
representation in this document.
UBS Global Asset Management (Australia) Ltd is a subsidiary of UBS AG
Important Information
This Product Disclosure Statement is dated 14 April 2009. The offer to which this Product Disclosure
Statement relates is only available to persons receiving a copy (paper copy or otherwise) in
Australia. Note that this Product Disclosure Statement may be available electronically. Applications
can only be accepted if we receive a completed, current application form which accompanied the
electronic or paper copy. Paper copies are available free on request.
UBS Global Asset Management (Australia) Ltd (ABN 31 003 146 290) (AFS Licence No. 222605) is
the Responsible Entity of the Fund. If you require the Australian Business Number (ABN) for a Fund,
it is available from Client Services on (02) 9324 3222 or freecall on 1800 023 043.
This is an important document. You should read it carefully before completing the application form.
The information in this Product Disclosure Statement is general information only. In preparing this
Product Disclosure Statement, UBS Global Asset Management (Australia) Ltd has not taken into
account any individual investor’s investment objectives, tax and financial situation or particular
needs. Investors should seek professional advice before investing.
UBS Global Asset Management (Australia) Ltd is the issuer of this Product Disclosure
Statement. No member company of UBS other than UBS Global Asset Management
(Australia) Ltd makes any statement or representation in this document. Neither UBS
Global Asset Management (Australia) Ltd nor any other member company of UBS, nor
National Australia Bank Limited (ABN 12 004 044 937) (AFS Licence No. 230686) - as
custodian and service provider to the Funds, guarantees the capital value, payment of
income or performance of any Fund.
Your investment in a Fund does not represent deposits or other liabilities of UBS or
any member company of UBS. Your investment is subject to investment risk, including
possible delays in repayment and loss of income and capital invested.
Information in this Product Disclosure Statement is subject to change from time to time.
If the change is not materially adverse, the information may be updated by means
described in this Product Disclosure Statement. The updated information can be obtained
at any time by visiting our website www.ubs.com/australia or by calling Client Services on
(02) 9324 3222 or freecall on 1800 023 043. A paper copy of any updated information will
be given to a person without charge on request.
The offer under this PDS is only available to persons receiving this PDS (electronically or otherwise)
in Australia. This PDS does not constitute an offer or invitation in any place in which, or to any
person to whom, it would not be lawful to make such an offer or invitation.
The distribution of this PDS outside Australia may be restricted by law. If you come into possession
of this PDS, you should observe any restrictions and seek your own advice on such restrictions. Any
failure to comply with these restrictions may violate securities laws.
No action has been taken to register or qualify the Funds or to otherwise permit a public offering of
interests in the Funds outside Australia.
In this Product Disclosure Statement, references to “the Responsible Entity”, “manager”,
“we”, “us” and “our” refer to UBS Global Asset Management (Australia) Ltd.
Table of contents
Important information ...................................................Inside front cover
Fund features at a glance ....................................................................... 2
About UBS Global Asset Management ................................................... 3
Our investment capabilities .................................................................... 4
Benefits and risks of investing in the Funds ............................................. 6
Fund summary ..................................................................................... 10
Fund Categories
Cash and Cash Enhanced
UBS Cash Fund ................................................................................ 13
UBS Protected Cash Fund ................................................................. 14
UBS Cash-Plus Fund ......................................................................... 16
Fixed Income
UBS Australian Bond Fund ............................................................... 17
UBS Diversified Fixed Income Fund ................................................... 18
UBS Diversified Credit Income Fund.................................................. 19
Property Securities
UBS Property Securities Fund ............................................................ 21
UBS Global Property Securities Fund ................................................. 22
Australian Share
UBS Australian Share Fund ............................................................... 23
UBS Australian Small Companies Fund ............................................. 24
UBS Australian Equity Income Fund .................................................. 25
Global Share
UBS International Share Fund ........................................................... 26
UBS Global Opportunities Share Fund .............................................. 27
UBS Emerging Markets Equity Fund (AUD) ....................................... 28
Multi Assets
UBS Defensive Investment Fund ....................................................... 30
UBS Balanced Investment Fund ........................................................ 31
UBS Absolute Return Fund (AUD) ..................................................... 32
Summary of features ............................................................................ 34
How to make your investment ............................................................. 35
Fees and other costs ............................................................................ 37
Taxation ............................................................................................... 43
Income distribution .............................................................................. 44
Investment information ........................................................................ 45
Other information ................................................................................ 46
Glossary ............................................................................................... 50
Completing the Application Form ........................................................ 53
UBS Investment Funds Application Form............................................... 57
Directory ........................................................................ Inside back cover
1
Fund features at a glance
Features Page 34
Initial Investment $20,000 each Fund
Additional Investment $1,000 per Fund
Switching $1,000 (minimum switch to or from other UBS Funds)
Minimum Balance Not applicable
Withdrawals No minimum
Fees Refer to pages 37-42
Entry Fee Nil
Management Costs 0.22%pa to 1.35%pa inclusive of GST (depending on the Fund invested)
Buy/Sell Spread 0.00% to 1.00% (depending on the Fund invested)
Switching Fee Nil
Exit Fee Nil
Distributions
To your nominated bank account or by cheque
Payment Options (No third party payments allowed)
Reinvested back into the Fund
Frequency Monthly, quarterly or half yearly depending on the Fund selected
Reporting
Transaction Confirmations For investments, switches, transfers and withdrawals
Regular Reporting Semi-annual report (via website)
Annual Reporting Annual financial report (via website) and yearly tax statement
Unit Pricing Daily (via website)
Performance Updated monthly (via website)
Investment Portfolio Latest composition of the funds is available (via website)
Contact details
National Australia Bank Limited (NAB)
Attn: Registry Services
By Mail
GPO Box 4364
Melbourne VIC 3001
Client Services (02) 9324 3222 or freecall 1800 023 043
By Telephone
9am to 5pm (Sydney time) Monday to Friday on Sydney business days
By Fax 1300 365 601
By Email ClientServices-UBSAM@ubs.com
Website www.ubs.com/australia
2
About UBS Global Asset Management
We offer a wide range of investment
products and services from our boutique -
like capabilities delivered through a global
structure.
We focus on delivering simple, transparent
investment strategies with consistent
results for our clients.
UBS Global Asset Management, an autonomous We aim to combine the latest in portfolio
business division of UBS, is one of the world’s construction, risk management, product
leading asset managers, providing traditional, development and investment knowledge.
alternative, real estate, infrastructure and private
equity investment solutions to private clients, We believe our strengths lie in our diverse
financial intermediaries and institutional investors range of investment capabilities and styles, our
worldwide. Our aim is to deliver consistent, boutique-like capability structure and disciplined
long-term investment results to our clients from investment processes, which encourage
distinctive and innovative products and services. entrepreneurial leadership. The expertise and
diversity of our employees, as well as in the
UBS Global Asset Management is one of the quality and responsiveness of our client service
largest asset managers in the world. Invested and mandate execution are all key to our
assets totalled some A$758 billion as at success.
31 December 2008, with around 60% for
institutional clients and around 40% for the
wholesale intermediary market. With around
Global resources –
3,800 employees located in 25 countries, we are local client services & delivery
a truly global firm. Headquartered in London,
our other main offices are in Chicago, Frankfurt, We seek to deliver all our capabilities to clients,
Hartford, Hong Kong, New York, Paris, Rio de providing quality client servicing by combining
Janeiro, Sydney, Tokyo, Toronto and Zurich. We local knowledge with our global network. The
combine financial strength with a reputation for experience of our people creates value for our
security, stability and innovation. clients and we are committed to attracting,
developing and retaining those with the skills,
talent and integrity required to understand and
Depth and breadth of investment meet our clients’ needs.
capabilities and services
You can access our capabilities through the
UBS Global Asset Management has a history comprehensive range of investment solutions
of leadership, delivery and execution in the outlined in this Product Disclosure Statement.
investment management industry.
3
Our investment capabilities
Fixed Income Global Real Estate (GRE)
Our Fixed Income capability offers a diverse range Our Global Real Estate capability actively manages
of global and local market-based investment direct and listed real estate investments in Asia,
strategies based on a disciplined investment Europe and the US and across all major sectors.
philosophy and process. The investment process In Australia, the GRE capability provides actively
is anchored in the fundamental analysis applied managed portfolios that invest in global and
to every level of a portfolio, which forms the basis domestic listed real estate securities (REITs). The
of broader strategic themes as well as sector and investment philosophy is based on our belief
security selection decisions. Rigorous fundamental that REITs are hybrid investments, reflecting the
research is supplemented by market behaviour influence primarily of the real estate markets but
analysis to identify attractive investments, also reflecting influence of the stock and bond
allowing our globally resourced investment teams markets. GRE’s listed property investment process
to evaluate and exploit opportunities. Our state- leverages off our 25 years of experience as a
of-the-art risk management seeks to ensure that global equities and direct real estate investment
portfolio construction captures compensated risks manager, with locally based experienced property
to generate returns. specialists backed by global resources.
Our Cash, Cash Enhanced and Our Property Funds
Fixed Income Funds UBS Property Securities Fund
UBS Global Property Securities Fund
Cash and Cash Enhanced
UBS Cash Fund
UBS Protected Cash Fund
UBS Cash-Plus Fund
Fixed Income
UBS Australian Bond Fund
UBS Diversified Fixed Income Fund
UBS Diversified Credit Income Fund
4
Equities Global Investment Solutions (GIS)
Our Equities capability offers a broad range of Our Global Investment Solutions capability offers
domestic and global equity strategies across asset allocation, currency, risk management and
the full spectrum of investment styles and with advisory services. They manage a wide array of
varying risk and return objectives, developed to domestic, regional and global multi-asset class
meet our clients’ needs. funds and absolute return strategies. GIS aims to
deliver portfolios that manage risk exposures in
Core refers to our price to intrinsic value three dynamic dimensions: market, currency and
investment philosophy. The price to intrinsic value security selection, with the primary objective of
investment philosophy pays great attention to achieving returns that properly compensate for
investment fundamentals and expected cash flows the risk taken. The investment process employs
when assessing investments. We use disciplined, a fundamental price to intrinsic value analysis of
repeatable processes to apply our philosophy asset classes, currencies and security selection,
systematically. Our commitment to this philosophy and then uses market behaviour analysis to
keeps us grounded in fundamentals and creates understand reasoning in the marketplace for
opportunities to outperform. prevailing levels of market pricing.
Our global growth managers offer distinct global Our Multi Assets Funds
and emerging market growth strategies. Strict
adherence to a disciplined investment process, as UBS Defensive Investment Fund
well as independent fundamental research and UBS Balanced Investment Fund
distinct portfolio construction techniques, results UBS Absolute Return Fund (AUD)
in consistent application of the growth style.
Our Equity Funds
Australian Equities
UBS Australian Share Fund
UBS Australian Small Companies Fund
UBS Australian Equity Income Fund
Global Equities
UBS International Share Fund
UBS Global Opportunities Share Fund
UBS Emerging Markets Equity Fund (AUD)
5
Benefits and risks of investing in the Funds
Benefits of investing in investors usually do not have.We The returns of all these assets and
the Funds are distinguished by our truly related derivatives are affected by risk
The UBS Investment Funds have a integrated global investment factors including general risks and
number of benefits, including (among platform and our significant asset class specific risks.
others) the following: research contributions to the
industry, including pioneering General risks
• Multiple investors have been work in asset allocation,
Market risk
pooled into each Fund which quantitative asset management
Changes in legal, tax and economic
provides investors with access and risk management.
conditions, political events, investor
to investment opportunities
and diversity which is otherwise
Risks of investing in the sentiment and market variables such
difficult to achieve.
Funds as interest rates, exchange rates
Investment in the Funds carries risks, and equity indices can all directly or
• Each Fund (depending on the including volatility of returns and/ indirectly influence the value of your
composition of its investment or loss of capital. Volatility refers to investments.
portfolio) provides investors the degree to which returns may
access to the returns available fluctuate around their longer-term Company specific risk
from investing in a broad range average. The value of investments can vary
or mix of asset classes, markets, because of changes to management,
industries, securities and Each asset class, whether it is cash, product distribution or the company’s
currencies through professionally fixed interest, property, Australian or business environment.
managed vehicles. international shares, or alternatives
has associated investment risks and Interest rate risk
• Each Fund will aim to achieve the return achieved by each will vary Changes in official interest rates
total returns (after ongoing accordingly. The degree of investment can directly and indirectly impact on
fees) that exceed its stated risk for each Fund is determined investment returns.
benchmark over the relevant largely by the Fund’s exposure to
investment period. Currency rate risk
higher risk assets - shares, property
Currency movements relative to the
• Flexibility to separate and securities, foreign currencies and
Australian dollar can cause changes in
manage different sources of some credit exposure. The exposure
the value of your investments. A rise
investment risks to ensure that to higher risk assets will vary over
in the Australian dollar against the
each Fund takes risks only when time in line with changing investment
relevant currency will lead to a fall in
and where it is expected to be strategies.
the value of international assets held
compensated. by any of the Funds in that currency.
Typically higher risk assets such as
• Each Fund is managed by a team international and Australian shares, Conversely, a fall in the Australian
of experienced professionals on average produce higher long-term dollar against the relevant currency
with access to investment and returns than lower risk investments will lead to a rise in the value of
risk management systems such as fixed interest or cash. international assets held by any of the
and processes which ordinary Funds in that currency.
6
Currency rate risk may also be As a consequence, the derivative aiming to profit from a decrease in
generated by active currency positions position cannot always be expected the value of that investment. This
held separately to underlying asset to perfectly hedge the risk of the may involve borrowing the security
or market exposures. These can be physical security. or simply acquiring a short exposure
managed to seek to add portfolio via a market transaction. The short
performance either against the Credit risk selling of a security, derivative or
Australian dollar or cross currency. The issuer of a credit transaction may currency exposure may, but need
fail to meet its obligation to repay not necessarily, involve a greater
Foreign investment risk the principal or the interest payment. risk of investment than buying
Additional risks may arise when This risk is primarily managed by that same security, derivative or
investing overseas, including - monitoring the creditworthiness of currency exposure. In the instance
changes in foreign exchange control the issuer. of security short selling, there can
regulations, foreign tax legislation be no guarantee that the securities
and withholding tax and government Counterparty risk
necessary to cover a short position
policy. Additionally, differences in A counterparty may fail to perform
will be available for purchase. There
accounting, legal, securities trading contractual obligations, either in
may also be interest and other costs
and settlement procedures can whole or in part. This risk is primarily
associated with borrowing securities
also impact the value of a Fund’s managed by ensuring counterparties,
for sale. Short selling is designed to
investment. together with the respective credit
benefit portfolio value when markets
limits, are approved with stringent
are falling but may detract from
Regulatory risk criteria and ensuring, where possible
portfolio value if markets rise. There
The Fund may be adversely affected transactions are undertaken with a
is no short selling in a Fund unless
by future changes in applicable laws, number of counterparties.
specifically stated in the investment
including tax laws and regulations.
The Defensive Investment Fund, the policy of the Fund.
Liquidity risk Balanced Investment Fund and the
Leverage risk
Some investments may be thinly Absolute Return Fund may make
A Fund may borrow money from
traded or illiquid and cannot be significant investments indirectly
banks to purchase investments for the
traded in reasonable sizes and through derivative instruments such
Fund, which is a form of leverage. If
therefore may be sold in small lots as options or swaps. These derivative
a Fund borrows money to purchase
over longer periods or even at a instruments may be held with a
securities and the Fund’s investments
discount. single or relatively few counterparties.
decrease in value, the Fund’s losses
This results in a higher level of
Under extraordinary or extreme will be greater than if the Fund did
counterparty risk relative to Funds
market conditions, generally liquid not borrow money for investment
that do not invest in this way.
investments can become illiquid purposes. In addition, if the return
which may result in a loss when such Performance risk on an investment purchased with
assets need to be sold within a certain A Fund may fail to perform as borrowed money is not sufficient to
time frame. expected in which case the Fund’s cover the cost of borrowing, then
investment objective may not be the net income of the Fund will
Derivative risk achieved. be less than if borrowing were not
Derivatives may be used to gain or used. Certain derivatives that a Fund
reduce exposure to markets and Asset allocation risk may use may also create leverage.
currencies as well as to manage The risk that a Fund may allocate Derivative instruments that involve
risk. Derivatives are not used to money to an asset category that leverage can result in losses to the
leverage the Funds unless specifically underperforms other asset categories. Fund that exceeds the amount
stated. Fluctuations in the price of For example, a Fund may be originally invested in the derivative
a derivative will reflect movements overweighed in equity securities when instruments. There is no leverage in a
in the underlying assets, reference the stock market is falling and the Fund unless specifically stated in the
rate or index to which the derivatives fixed income market is rising or vice investment policy of the Fund.
relate. The use of derivative positions versa.
to hedge the risk of physical securities Fund of Fund risk
will involve “basis risk”, which refers Short selling risk The investment performance of
to the possibility that the derivative Short selling means that a Fund sells a Fund investing in other funds
positions may not move perfectly a security, derivative contract or is affected by the investment
in line with the physical security. currency exposure it does not own performance of the underlying funds
7
Benefits and risks of investing in the Funds
Continued
in which the Fund invests. Through its Asset class specific risks Equities
investment in the underlying funds, (Domestic and international)
the Fund is subject to the risks of Fixed income The returns from listed securities
the underlying funds’ investments (Domestic and international) are affected by factors including the
and subject to the underlying funds’ The capital value of fixed income underlying strength of the cash flows,
expenses. securities will rise and fall as a balance sheets and management.
consequence of changes in interest These factors may impact the
Non-diversification risk rates. If interest rates rise, the value ability of the company to meet the
The risk that a Fund will be more of a fixed income security falls; if challenges of fluctuating economic
volatile than a more diversified interest rates fall, its value rises. The growth, structural change and
fund because the Fund invests in a magnitude of these changes depends competitive forces and the ability to
smaller number of issuers. The gains mainly on the term to maturity of pay dividends to shareholders.
and losses on a single security may, the security. In general, a security
therefore, have a greater impact on with a longer term to maturity Investment returns from international
the Fund’s net asset value. is more affected by interest rate shares (and related derivatives)
changes. When investing in fixed are also affected by fluctuations
Business risk in exchange rates. The currency
income securities it is also necessary
Business risk includes those risks exposure of international Funds may
to consider the impact of credit risk.
arising from carrying on a complex be hedged into the Australian dollar.
Credit risk refers to the issuer of a
business. The operation of the Funds
debt instrument failing to meet an
requires us, the Custodian and Investments into shares listed in less
obligation to pay periodic interest or
other service providers to implement developed countries, commonly
to repay the principal sum at maturity.
sophisticated systems and procedures. referred to as Emerging Markets
In the case of fixed income securities
The Funds have systems in place are riskier due to the more volatile
which are of investment grade
designed to minimise these risks, nature of their fundamentals. Certain
credit quality, the risk of default is
such as compliance systems and risk markets are at an early stage of
considered to be low.
management processes. development which can typically
Fixed income securities which are involve a higher level of price
Investment time horizon volatility. These markets also provide
below investment grade credit quality
Another factor that affects risk is the less liquidity than their developed
(commonly referred to as “High
length of time you plan to invest in market counterparts. Similarly,
Yield” fixed income securities) have a
the Fund. Historically, growth assets investments into Private Equity afford
much higher risk of default. Similarly,
have achieved the highest returns limited liquidity to the investor, due to
emerging markets debt which is
over the long run with the greatest the fact that they are unlisted.
normally below investment grade
risk in the short term.
quality has a much higher risk of
Fund termination risk default.
The Constitution of each Fund, read
Investment returns from international
subject to the Corporations Act,
bonds (and related derivatives) are
allows us to terminate a Fund at any
also affected by fluctuations in
time if we believe it is in the best
exchange rates. Generally, (unless the
interests of members. This may occur
investment policy allows), the foreign
for a variety of reasons including, but
currency exposure is hedged to the
not limited to, the Fund no longer
Australian dollar. Due to the nature
being able to satisfy its investment
of some markets, there may be a
objectives or strategy. While we will
residual unhedged exposure.
only terminate a Fund if we believe it
is in the best interests of members as
a whole, consequences for individual
members (for example in relation to
taxation) may vary depending on their
own circumstances at the time that
the relevant Fund is terminated.
8
Property securities Certain alternative assets may carry Ways to reduce risk
(Domestic and international) a liquidity risk in that managers may
The capital value of property securities not be able to meet the liquidity Diversify investments. In order to
and any income generated will rise demands required of them. Due to control risk, investors may diversify
and fall as a consequence of changes this liquidity risk, certain alternative their investments within sectors and
in a number of factors including, but strategies may provide lower liquidity across a range of sectors. Because
not limited to rental income, interest to the investor. each type of investment performs
rates and stock price movements in differently at different times, this
differing regions. Multi-Asset (Diversified) Funds strategy ensures that investors are not
The degree of investment risk dependent on the performance of
Many property securities are also faced by the multi-asset funds; the one particular investment or sector.
involved in property development Defensive Investment Fund, Balanced
and construction which can be Investment Fund and the Absolute Seek professional advice. Doing so
more volatile than passive property Return Fund, is determined by factors will assist you in understanding your
investments. such as their asset allocation, currency current financial situation, setting
exposure and security selection your investment objectives and
The returns from property securities exposures. In general, over the long establishing a plan as to how best to
entities are affected by factors term, the greater the exposure to achieve these objectives.
including the underlying strength higher risk assets such as equities,
of the company or trust’s cash property, credit and certain forms Invest for at least the
flows, balance sheet strength and of alternative assets, the greater the recommended time frame.
management. In addition, the returns expected risk, return and volatility of Historically, growth assets have
from listed property securities are each Fund. The exposure to defensive achieved the highest returns over
affected by the supply and demand assets such as cash and Government the long run and experience greater
for property and the level of income bonds will tend to reduce risk. volatility greater risk in the short term.
that properties produce.
A principle feature of risk control Plan your investment strategy
Investment returns from global within all multi-asset funds, is the (together with your financial adviser)
property securities (and related diversification of asset exposure taking into account:
derivatives) are also affected by across multiple asset classes, securities
fluctuations in exchange rates. Please • your risk profile (that is, how
and currencies. This can provide
note that the currency exposure in much risk you are prepared to
greater diversification benefits when
the Global Property Securities Fund tolerate);
compared with funds that only invest
may be hedged into the Australian in a single asset (for more information • how long you want to invest for;
dollar. regarding diversification, see
• what level of return you require;
“Diversify investments” below).
Alternative strategies
• whether you are investing for
Alternative strategies may include
income or growth;
but are not limited to investments
in a diversified portfolio of hedge • the timing and amount of
funds, infrastructure, private equity, All of the Funds in tax payable in respect of your
real property and commodities for this PDS are subject investment; and
the UBS Defensive and Balanced to some or all of
these risks. You • your current financial situation.
Investment Funds and UBS Absolute
Return Fund (AUD). It may involve should consult your
allocations to any Fund, asset class or financial adviser
capability that does not otherwise fit before making an
the definition under individual asset investment decision.
classes. The returns from alternative
assets are affected by many of the
same factors that affect traditional
asset classes such as project specific
factors and economic, regulatory and
financial market factors.
9
Fund summary
Suggested
Return Objective Volatility/
Investment
(after management costs)1 Risk Level
Time Frame
Short Term Return equivalent to UBS Bank Bill Index
Cash Fund Very Low
6-12 months (before management costs)
Return equivalent to UBS Bank Bill
Short Term
Protected Cash Fund 6-12 months Index (before fee for Guarantee and Very Low
management costs)
Medium Term Return in excess of the Low to
Cash-Plus Fund 1+ year UBS Bank Bill Index Medium
Return in excess of
Medium to Long Term Low to
Australian Bond Fund UBS Composite
3+ years Medium
Bond Index 0+YR
Diversified Fixed Income Medium to Long Term Return in excess of relevant debt Low to
Fund 3+ years market indices Medium
Diversified Credit Medium to Long Term Income distribution and potential Medium
Income Fund 3+ years for capital growth
Long Term Return in excess of S&P/ASX Property
Property Securities Fund High
5+ years Accumulation Index
Global Property Long Term Return in excess of FTSE EPRA/NAREIT High
Securities Fund 5+ years Developed Index
Long Term Return in excess of the S&P/ASX 300
Australian Share Fund High
5+ years Accumulation Index
Australian Small Long Term Return in excess of the S&P/ASX Small High
Companies Fund 5+ years Ordinaries Accumulation Index
Australian Equity Medium to Long Term Return in excess of the dividend yield
High
Income Fund 3-5 years on the S&P/ASX 200 Index
International Share Long Term Return in excess of the High
Fund 5+ years MSCI Accum. Index ex Australia
Global Opportunities Long Term Return in excess of High
Share Fund 5+ years MSCI World Free Index
Emerging Markets Long Term Return in excess of MSCI High
Equity Fund (AUD) 5+ years Emerging Markets Index
Defensive Investment Medium to Long Term CPI plus 4.5-6.5% on average Medium
Fund 3+ years (before management costs)
Balanced Investment Medium to Long Term CPI plus 6-8% on average Medium
Fund 3+ years (before management costs) to High
Absolute return of 3-5% return
Absolute Return Fund Medium to Long Term Medium
above UBS Bank Bill Index
(AUD) 3+ years to High
(before management costs)
1
For more information about investment time horizon and costs please refer to the Investment objective for each Fund.
2
Income, of an economic size, is distributed as shown, or at any other time in our discretion.
3
Inclusive GST. We reserve the right to vary these fees during the life of the PDS. We will notify you in writing should there be any fee
changes.
10
Income
Management Buy/Sell Date of
Distribution ARSN APIR
Costs (pa)3 spread4 Inception
Frequency2
Monthly 0.22% 0.00% 11/05/89 090 431 039 SBC0811AU
Monthly 0.22% 0.00% 2/12/08 134 216 961 UBS0017AU
Quarterly 0.30% +0.00%/-0.10%5 06/04/93 090 428 121 SBC0812AU
Quarterly 0.40% +0.00%/-0.05% 30/11/89 090 427 571 SBC0813AU
Quarterly 0.42% +0.05%/-0.10% 31/01/97 090 428 372 SBC0007AU
Quarterly 0.70% +0.30%/-0.50%6 15/03/02 094 218 498 UBS0003AU
Quarterly 0.85% +/-0.25% 03/02/93 090 431 271 SBC0816AU
Quarterly 0.95% +/-0.35% 01/09/05 110 631 171 UBS0008AU
Quarterly 0.80% +/-0.25% 21/07/92 090 427 213 SBC0817AU
Quarterly 1.10% +/-0.40% 31/03/04 107 739 873 UBS0004AU
Quarterly 0.80% +/-0.25% 4/10/05 115 905 907 UBS0007AU
Half Yearly 0.90% +/-0.30% 26/11/92 090 431 735 SBC0822AU
Half Yearly 0.90% +/ 0.35% 22/07/08 132 077 199 UBS0016AU
Half Yearly 1.25% +/-1.00% 02/04/07 121 926 458 UBS0012AU
Quarterly 0.65% +/-0.15% 15/06/92 090 430 881 SBC0814AU
Quarterly 0.70% +/-0.20% 03/11/92 090 430 210 SBC0815AU
Quarterly 1.35% +/-0.35% 18/06/07 124 993 666 UBS0013AU
4
We may vary the buy/sell spreads from time to time provided that the spreads stay within the maximum limits indicated on page 42.
Updated details are available on our website www.ubs.com/australia or by contacting our Client Services on (02) 9324 3222 or freecall
on 1800 023 043. The buy/sell spreads shown here are applicable as at the date of this PDS (see exceptions below). Please see page 41
for additional information.
5
This buy/sell spread will take effect 30 days after the issue of this PDS. The current buy/sell spread for this Fund is +/-0.00%.
6
This buy/sell spread will take effect 30 days after the issue of this PDS. The current buy/sell spread for this Fund is +0.30%/-0.35%.
11
Our Cash, Cash Enhanced and Fixed Income Funds
Cash and Cash Enhanced
UBS Cash Fund
UBS Protected Cash Fund
UBS Cash-Plus Fund
Fixed Income
UBS Australian Bond Fund
UBS Diversified Fixed Income Fund
UBS Diversified Credit Income Fund
12
UBS Cash Fund
Rated AAAf by Standard & Poor’s*
Investment objective Investment portfolio
This Fund aims to provide a return (before The composition of the Fund as at 27 February
management costs) equivalent to the UBS Bank 2009 is shown below.
Bill Index (Benchmark) when measured over
rolling 12 month periods.
Investor suitability
The Fund is best suited to investors who seek
an investment that provides stable income and
preservation of capital through investment in
short dated securities that provide a high level
of liquidity and security. The Fund is a very low
risk investment and should be viewed over a 6
to 12 month period.
Investment policy
The Fund is an actively managed $A portfolio
of high quality short term call deposits, cash
equivalent securities - such as treasury notes,
bank bills of exchange, semi-government,
corporate and asset backed promissory Monthly performance data and the latest
notes, and interest rate investment contracts portfolio composition for this Fund are available
(or equivalent). The Fund may also invest in on our website: www.ubs.com/australia
financial derivatives to gain or reduce exposure
to relevant markets and manage investment risk.
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size
$1,391.50m (as at 27 February 2009)
Income distribution
Monthly
Management costs
0.22% pa. (see page 37-42)
Buy/sell spread
0.00%
*
See page 49
13
UBS Protected Cash Fund
Rated AAAf by Standard & Poor’s*
Investment objective Investment portfolio
This Fund aims to provide a return (before The composition of the Fund as at 27 February
management costs and a fee paid for the 2009 is shown below.
Australian Government Guarantee) equivalent
to the UBS Bank Bill Index (Benchmark) when
measured over rolling 12 month periods.
Investor suitability
The Fund is best suited to investors who seek
an investment that provides stable income and
preservation of capital through investment in
short dated securities that provide a high level
of liquidity and security and are eligible for the
Australian Government Guarantee Scheme for
Large Deposits and Wholesale Funding or have
an explicit guarantee by the Commonwealth of
Australia. The Fund is a very low risk investment
and should be viewed over a 6 to 12 month
period.
Investment policy
The Fund is an actively managed $A portfolio
of high quality short term call deposits and
cash equivalent securities. These securities will Monthly performance data and the latest
be issued by Eligible Authorised Deposit-taking portfolio composition for this Fund are available
Institutions (ADIs) covered by the Australian on our website: www.ubs.com/australia
Government Guarantee Scheme, or securities
explicitly guaranteed by the Commonwealth
of Australia. These include senior unsecured
debt instruments such as bank bills, negotiable
certificates of deposit, commercial paper and
bank deposits. The Fund may also invest in
financial derivatives to gain or reduce exposure
to relevant markets and manage investment risk.
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size
$107.46m (as at 27 February 2009)
Income distribution
Monthly
Management costs
0.22% pa. (see page 37-42)
Buy/sell spread
0.00%
*
See page 49
14
Australian Government Automatic switch into the UBS
Guarantee Scheme Costs Cash Fund
The Government is charging a fee for the It is possible that the Government may choose
Government Guarantee. This fee will be to lift the Government Guarantee or to amend
applied to instruments issued by Eligible its terms once the market conditions have
Authorised Deposit-taking Institutions (ADIs). normalised. If the Government Guarantee is
The scheme covers all senior wholesale lifted, the Fund’s investment strategy will be
unsecured debt instruments and all deposits in largely identical to that of the UBS Cash Fund
excess of $1 million per customer per institution. and it is currently intended that, at that time,
This fee is paid directly by the Eligible ADIs to all investors will have their units in the Fund
the Reserve Bank of Australia as the scheme redeemed and the proceeds of redemption will
administrator. It is expected that these fees (or be applied to subscribe for units in the UBS Cash
a large majority thereof) will be passed on to Fund, after which the Fund will be terminated.
investors (such as the Fund). These indirect costs That is, investors agree to switch from the
will be incorporated into the Net Asset Value Fund to the UBS Cash Fund at that time. The
of the Fund and are effectively borne by the Fund application form includes a request on
investor. These costs are not fees charged by the your behalf to effect this switch when the
Fund or by the Responsible Entity. The amount Government Guarantee is lifted. You will be
of the fee is dependant on the credit rating of given at least 5 working days notice before your
the issuer of each instrument or bank account investment is switched into the UBS Cash Fund.
and is subject to change by the Government. At At the time of publication it is uncertain how
the time of publication, the fees charged to the the lifting of the Government Guarantee will be
Eligible ADIs ranged from 0.7% to 1.5% of the effected by the Government and, accordingly,
value of the instrument per annum. while the switch to the UBS Cash Fund will be
effected as soon as commercially practicable
These fees are subject to change by the following the lifting of the Guarantee, there
Government at any time. If the Government may be a period preceding the switch where
Guarantee is lifted, these costs will no longer the Fund will be invested in assets that are not
be incurred by the Fund and all investments in Government Guaranteed. The duration of this
the Fund will be automatically switched into the period will depend on commercial circumstances
UBS Cash Fund (see page 13). at the time that the Government Guarantee is
lifted, including the manner in which it is lifted
by the Government and the assets in which the
Fund is invested at that time.
15
UBS Cash-Plus Fund
Rated AAf by Standard & Poor’s*
Investment objective Investment portfolio
This Fund aims to provide a total return (after The composition of the Fund as at 27 February
management costs) in excess of the UBS Bank 2009 is shown below.
Bill Index (Benchmark) when measured over
rolling 12 month periods.
Investor suitability
The Fund is best suited to investors who seek
an investment that provides stable income
with the potential to achieve returns greater
than cash. The Fund will be managed with the
intention of avoiding negative monthly returns
although investors should be prepared to accept
some variability in returns. The Fund is a low to
medium risk investment and should be viewed
Bank Deposits, Bills of Exchange and Equivalents 44%
over at least a one year period.
Corporate and Structured Floating Rate Notes (FRNS) 31%
Mortgage Backed FRNs 25%
Investment policy
The Fund is an actively managed $A portfolio of
high quality short term deposits, cash equivalent
securities, fixed income securities and interest
rate investment contracts (or equivalent). The
Fund will invest in longer dated fixed income Monthly performance data and the latest
securities when we are confident that these portfolio composition for this Fund are available
investments will achieve superior risk adjusted on our website: www.ubs.com/australia
returns compared with bank bills. The Fund
may also invest in financial derivatives to gain
or reduce exposure to relevant markets and
manage investment risk.
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size
$205.92m (as at 27 February 2009)
Income distribution
31 March, 30 June, 30 September, 31 December
Management costs
0.30% pa. (see page 37-42)
Buy/sell spread
+0.00%/-0.10%**
*
See page 49
**
These buy/sell spreads will take effect 30 days after
the issue of this PDS.
16
UBS Australian Bond Fund
Investment objective Investment portfolio
This Fund aims to provide a total return (after The composition of the Fund as at 27 February
management costs) in excess of the UBS 2009 is shown below.
Composite Bond Index 0+YR (Benchmark) when
measured over rolling three year periods.
Investor suitability
The Fund is best suited to investors who seek a
diversified portfolio of investment grade fixed
income and cash equivalent assets. Investment
returns will fluctuate over the shorter term and
may even be negative. The Fund is a low to
medium risk investment and should be viewed
over at least a three year period.
Investment policy Bank Bills and Cash 9%
Semi-Government Bonds 31%
The Fund is an actively managed $A portfolio
Commonwealth Bonds 4%
of investment grade fixed income and cash
Corporate Bonds 49%
equivalent securities. Investments of the Fund Asset/Mortgage Backed Securities 7%
may include government, semi-government
and corporate bonds; mortgage and other
asset backed securities; structured fixed income
securities; and interest rate investment contracts
(or equivalent). The Fund may also invest in Monthly performance data and the latest
financial derivatives to gain or reduce exposure portfolio composition for this Fund are available
to relevant markets and manage investment on our website: www.ubs.com/australia
risk. Derivative holdings may result in notional
exposures that are greater than the underlying
value of the assets in the Fund.
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size
$592.30m (as at 27 February 2009)
Income distribution
31 March, 30 June, 30 September, 31 December
Management costs
0.40% pa. (see page 37-42)
Buy/sell spread
+0.00%/-0.05%
17
UBS Diversified Fixed Income Fund
Investment objective Asset allocation
This Fund aims to provide investors with a total
return (after management costs) in excess of Asset sector Neutral Typical Asset
the returns measured by relevant debt market weights % allocation
range %
indices, over rolling three year periods.
Australian bonds and cash 50 20-80
Investor suitability International bonds and cash 50 20-80
The Fund is best suited to investors who are ($A hedged)
seeking: Foreign Currency Exposure 0 0-10
• fixed income asset class return exposure.
• to diversify their fixed income exposure Investment portfolio
through investment in a mix of domestic The composition of the Fund as at 27 February
and international securities. 2009 is shown below.
• potential returns above Australian fixed
income with a similar risk level.
Investment policy
The Fund is an actively managed portfolio of
cash and fixed income securities with respect
to market and sector allocation, interest rate
exposure and issue selection. The Fund may gain
its asset sector exposure by investing in UBS
managed funds or direct securities and financial
derivatives.
Australian Cash & Fixed Income 61%
The fixed income assets of the Fund are Global Credit 19%
predominantly of investment grade quality. Global Government Bonds 1%
Non- investment grade fixed income assets Global Asset Backed Securities 9%
(High Yield and Emerging Market debt) will Strategic Fixed Income Opportunities Fund 10%
generally not exceed 30% of the total portfolio.
The Fund may invest in derivatives to gain
or reduce exposure to relevant markets and
currencies and to manage investment risk.
The Fund is managed to a minimum 90% $A Monthly performance data and the latest
exposure. Derivative holdings may result in portfolio composition for this Fund are available
notional exposures that are greater than the on our website: www.ubs.com/australia
underlying value of the assets in the Fund.
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size
$210.43m (as at 27 February 2009)
Income distribution
31 March, 30 June, 30 September, 31 December
Management costs
0.42% pa. (see page 37-42)
Buy/sell spread
+0.05% /-0.10%
18
UBS Diversified Credit Income Fund
Investment objective Fund size
This Fund aims to provide investors with an $254.21m (as at 27 February 2009)
income distribution and potential for capital
growth when measured over rolling three year Income distribution
periods. 31 March, 30 June, 30 September, 31 December
Investor suitability Management costs
The Fund is best suited to investors who seek a 0.70% pa. (see page 37-42)
medium risk investment and should be viewed
over at least a three year period. The Fund will
Buy/sell spread
+0.30%/-0.50%*
be managed with the intention of maximising
total return (income plus growth). Investment Investment portfolio
returns will fluctuate over the shorter term, The composition of the Fund as at 27 February
including the possibility of a negative return in 2009 is shown below.
some periods.
Investment policy
The Fund is an actively managed portfolio of
Australian and international investment grade
and non-investment grade securities which
will include listed and unlisted securities. The
portfolio may have an allocation to hybrid
securities. These securities provide income style
returns combined with equity characteristics
and include such securities as convertible notes,
exchangeable notes, converting preference
shares and reset securities. Other securities that Bank Bills and Cash 20%
may be held are income securities; domestic AUD Investment Grade Floating Rate Securities 29%
AUD Investment Grade Fixed Rate Securities 11%
and international high yield and emerging
AUD Domestic Hybrids 24%
market securities; fixed income and securitised
Securitized Assets 8%
assets. The Fund may invest in derivatives to US/EU Non-Investment Grade Securities 6%
gain or reduce exposure to relevant markets Asian Non-Investment Grade Securities 2%
and currencies and manage investment risk.
Derivative holdings may result in notional
exposures that are greater than the underlying
value of assets in the Fund. The Fund is
managed to a minimum 90% $A exposure. Monthly performance data and the latest
portfolio composition for this Fund are available
The Fund may also invest in other UBS managed on our website: www.ubs.com/australia
funds to gain exposure to certain eligible
securities.
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Prior to 14 April 2009 this Fund was named UBS
Hybrid Income Fund.
*
These buy/sell spreads will take effect 30 days after
the issue of this PDS.
19
Our Property and Equity Funds
Property Securities
UBS Property Securities Fund
UBS Global Property Securities Fund
Australian Share
UBS Australian Share Fund
UBS Australian Small Companies Fund
UBS Australian Equity Income Fund
Global Share
UBS International Share Fund
UBS Global Opportunities Share Fund
UBS Emerging Markets Equity Fund (AUD)
20
UBS Property Securities Fund
Investment objective Investment portfolio
This Fund aims to provide investors with a total The composition of the Fund as at 27 February
return (after management costs) in excess of 2009 is shown below.
the S&P/ASX 300 Property Accumulation Index
(Benchmark) when measured over rolling five
year periods.
Investor suitability
The Fund is best suited to investors who seek a
well diversified portfolio of property securities
listed on the Australian Stock Exchange. Over
the shorter term, investment returns will
fluctuate and may even be negative. The Fund
is a high risk investment and should be viewed
over at least a five year period.
Investment policy
The Fund is an actively managed portfolio of
property securities listed on the Australian Stock
Exchange or those we reasonably expect to
list within 6 months. The Fund will generally
hold at least 10 securities. The Fund can hold
a maximum of 15% of its assets in cash. The
Fund may invest in financial derivatives to adjust
exposure to property securities or to manage Monthly performance data and the latest
investment risk. portfolio composition for this Fund are available
on our website: www.ubs.com/australia
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size
$293.87m (as at 27 February 2009)
Income distribution
31 March, 30 June, 30 September, 31 December
Management costs
0.85% pa. (see page 37-42)
Buy/sell spread
+/- 0.25%
21
UBS Global Property
Securities Fund
Investment objective Asset allocation
This Fund aims to provide investors with a total Region Market range Currency range
return (after management costs) in excess of the %* %*
FTSE EPRA/NAREIT Developed Index* total return North America 30-80 0-80
in $A (Benchmark) when measured over rolling
Japan 0-40 0-40
five year periods.
Europe (ex-UK) 0-30 0-50
Investor suitability United Kingdom 0-30 0-50
The Fund is best suited to investors who seek
Asia (ex-Japan) 0-40 0-40
a well-diversified portfolio of global property
Australia & NZ 0-30 0-100
securities with foreign currency exposures. Over
the shorter term, investment returns will fluctuate *
Strategy is expected to fall in this range with 95% frequency.
and may even be negative. The Fund is a high-risk Foreign Currency Exposure 0-100%
investment and should be viewed over at least a
five year period. Investment portfolio
The composition of the Fund as at 27 February
Investment policy
2009 is shown below.
The Fund is an actively managed portfolio of
property securities (with currency exposures) listed Regional exposure
on recognised international exchanges. The Fund
may also invest in derivatives to gain exposure
to markets and currencies or to manage risk.
North America 40%
The Fund is generally diversified across 10-20
Europe (ex UK) 10%
countries. The Fund will generally hold at least UK 5%
40-90 securities. The Fund can hold a maximum of Japan 15%
20% of its assets in cash. Asia (ex Japan) 17%
Australia/NZ 8%
Currency allocation is a separate, although related, Cash 5%
decision to that of country allocation. Currency
allocation is actively managed. Foreign currency
Sector exposure
exposure may be reduced by hedging up to 100%
of the global portfolio into the $A.
UBS Global Asset Management Group’s
worldwide offices advise on the overall structure
of the Fund.
Investment risk
The risks associated with these investments are set
out in the section “Risks of investing in the Funds”
on page 6-9.
Fund size
$37.48m (as at 27 February 2009)
Monthly performance data and the latest
Income distribution portfolio composition for this Fund are available
31 March, 30 June, 30 September, 31 December on our website: www.ubs.com/australia
Management costs
0.95% pa. (see page 37-42)
Buy/sell spread
+/- 0.35%
*The FTSE EPRA/NAREIT Developed Index is designed
to track the performance of listed real estate
companies and REITs worldwide.
22
UBS Australian Share Fund
Investment objective Investment portfolio
This Fund aims to provide investors with a total The composition of the Fund as at 27 February
return (after management costs) in excess of the 2009 is shown below.
S&P/ASX 300 Accumulation Index (Benchmark)
when measured over rolling five year periods.
Investor suitability
The Fund is best suited to investors who seek
a well diversified portfolio of securities listed
on the Australian Stock Exchange. Due to the
inherent volatility of share markets, investment
returns will fluctuate and may even be negative
in some periods. The Fund is a high risk
investment and should be viewed over at least a
five year period.
Energy 6%
Materials 23%
Investment policy
Industrials 9%
The Fund is an actively managed portfolio
Consumer Discretionary 3%
of securities listed on the Australian Stock Consumer Staples 12%
Exchange or those we reasonably expect Healthcare 4%
to list within 6 months. The Fund may also Information Technology 1%
invest indirectly in listed Australian securities Telecommunications 3%
via investments in other UBS managed funds, Utilities 1%
including the UBS Australian Small Companies Financials ex Real Estate 36%
Fund which includes companies which may be Property Trusts 2%
listed in New Zealand but not in Australia - this
exposure is likely to be small. The Fund may
invest in financial derivatives to gain exposure
to the Australian sharemarket or to manage
Monthly performance data and the latest
investment risk.
portfolio composition for this Fund are available
Normally the Fund will hold between 30 and 60 on our website: www.ubs.com/australia
stocks/sub funds with at least 75% of the Fund
invested in stocks that comprise the S&P/ASX
100 Index. The Fund can hold a maximum of
10% in cash.
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size
$959.07m (as at 27 February 2009)
Income distribution
31 March, 30 June, 30 September, 31 December
Management costs
0.80% pa. (see page 37-42)
Buy/sell spread
+/- 0.25%
23
UBS Australian Small
Companies Fund
Investment objective Investment portfolio
This Fund aims to provide investors with a total The composition of the Fund as at 27 February
return (after management costs) in excess of the 2009 is shown below.
S&P/ASX Small Ordinaries Accumulation Index
when measured over rolling five year periods.
Investor suitability
The Fund is best suited to investors who seek a
well diversified portfolio of small capitalisation
securities. Due to the inherent volatility of share
markets, and in particular smaller capitalisation
companies, investment returns will fluctuate
and may even be negative in some periods. The
Fund is a high risk investment and should be
viewed over at least a five year period.
Energy 13%
Investment policy Materials 24%
The Fund is an actively managed portfolio Industrials 6%
of securities listed, or those we reasonably Consumer Discretionary 15%
Consumer Staples 4%
expect to list within 6 months, on recognised
Healthcare 8%
exchanges in Australia and New Zealand.
Information Technology 11%
The Fund may also invest indirectly in listed Utilities 5%
Australian and New Zealand securities through Financials ex Real Estate 7%
investments in other relevant UBS managed Property Trusts 7%
funds. The Fund may invest in financial
derivatives to gain exposure to the Australian
sharemarket or to manage investment risk.
Normally the Fund will hold between 30 and
90 stocks/sub funds with the majority of Monthly performance data and the latest
investments to be made in securities not in portfolio composition for this Fund are available
the S&P/ASX 100 Index. The Fund can hold a on our website: www.ubs.com/australia
maximum of 10% in cash.
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size
$69.82m (as at 27 February 2009)
Income distribution
31 March, 30 June, 30 September, 31 December
Management costs
1.10% pa. (see page 37-42)
Buy/sell spread
+/- 0.40%
Prior to 14 April 2009 this Fund was named UBS
Emerging Companies Fund.
24
UBS Australian Equity Income Fund
This Fund is no longer open for applications
Investment objective Investment risk
This Fund aims to provide investors with an The risks associated with these investments are
income return (after management costs) set out in the section “Risks of investing in the
in excess of the dividend yield on the S&P/ Funds” on page 6-9.
ASX200 Index. In addition, this Fund aims
to provide investors with tax adjusted total Fund size
returns* in excess of the adjusted S&P/ASX200 $99.01m (as at 27 February 2009)
Accumulation Index when measured over rolling
three to five year periods.
Income distribution
31 March, 30 June, 30 September, 31 December
Investor suitability
The Fund is best suited to investors who seek
Management costs
0.80% pa. (see page 37-42)
income returns from a diversified portfolio
of securities listed on the Australian Stock Buy/sell spread
Exchange. Due to the inherent volatility of share +/- 0.25%
markets, investment returns will fluctuate and
may even be negative in some periods. The Investment portfolio
Fund is a high-risk investment and should be The composition of the Fund as at 27 February
viewed over at least a three to five-year period. 2009 is shown below.
Investment policy
The Fund is focused on providing “equity
style income” from an actively managed
portfolio of securities listed on the Australian
Stock Exchange. The Fund may also invest in
other UBS managed funds whose underlying
investments are listed on the Australian Stock
Exchange. The Fund will seek to enhance the
income distribution by focusing on imputation
credits and other tax advantaged income,
as well as via the use of derivative based
Energy 8%
instruments, which may also be used as a means
Materials 18%
of protecting investor capital.
Industrials 1%
Consumer Discretionary 4%
Equity style income is income derived from
Consumer Staples 14%
equity related instruments including but
Healthcare 5%
not limited to shares, property trusts, hybrid Telecommunications 8%
securities and derivative instruments. Hybrid Utilities 2%
securities include such securities as convertible Financial ex Property Trusts 37%
notes, exchangeable notes, exchange traded Property Trusts 1%
funds, converting preference shares and reset Cash 2%
securities. Derivative instruments include but are
not limited to listed exchange traded options,
warrants and futures.
Normally the Fund will hold between 20 and 50 Monthly performance data and the latest
stocks/sub funds. Generally the Fund will hold a portfolio composition for this Fund are available
maximum of 20% cash. on our website: www.ubs.com/australia
*Adjusted total returns include imputation tax credits
assuming these tax credits can be utilised for their full
value upon entitlement to dividend.
25
UBS International Share Fund
Investment objective Market and currency
This Fund aims to provide a total return (after Region Market range Currency range
management costs) in excess of the MSCI World %* %*
Equity Accumulation Index ex-Australia (in $A)
North America 35-80 35-80
(Benchmark) when measured over rolling five
year periods. Japan 0-30 0-30
Europe 10-50 10-50
Investor suitability Asia (ex-Japan) 0-20 0-20
The Fund is best suited to investors who seek
Australia & NZ 0-5 0-100
a diversified portfolio of international equity
securities with foreign currency exposure. *Strategy will fall in this range with 95% frequency.
Investment returns will fluctuate over the
shorter term and may even be negative. The
Investment portfolio
Fund is a high risk investment and should be
The composition of the Fund as at 27 February
viewed over at least a five year period.
2009 is shown below.
Investment policy Regional exposure
The Fund is an actively managed portfolio of
securities listed on recognised international
exchanges and currency exposures. The Fund
North America 45%
may also invest in derivatives to gain exposure
Europe (ex UK) 25%
to markets and currencies or to manage risk. UK 11%
The Fund seeks to invest across a wide number Japan 12%
of countries and currencies in order to deliver Asia (ex Japan) 4%
a diversified investment strategy aimed at Cash 3%
achieving the objectives of the Fund. The Fund
can hold a maximum of 10% in cash.
Sector exposure
Currency allocation is a separate, although
related decision to that of country allocation. Energy 11%
Materials 5%
Currency allocation is actively managed.
Industrials 10%
UBS Global Asset Management Group’s Consumer Discretionary 13%
Consumer Staples 10%
worldwide offices advise on the overall structure
Healthcare 10%
of the Fund.
Information Technology 12%
Telecommunications 6%
Investment risk Utilities 4%
The risks associated with these investments are
Financials 16%
set out in the section “Risks of investing in the Cash 3%
Funds” on page 6-9.
Fund size
$135.79m (as at 27 February 2009)
Monthly performance data and the latest
Income distribution portfolio composition for this Fund are available
30 June, 31 December on our website: www.ubs.com/australia
Management costs
0.90% pa. (see page 37-42)
Buy/sell spread
+/- 0.30%
26
UBS Global Opportunities Share Fund
Investment objective traded funds, country funds, participation
This Fund aims to provide a total return (after notes and Unit investment trusts;
management costs) in excess of the MSCI • Exchange traded and over the counter
World Free Index (in A$) (Benchmark) over a full derivatives; and
market cycle (usually three to five years).
• Cash and other liquid investments.
Investor suitability
The Fund is best suited to investors who seek
Investment risk
The risks associated with these investments are
a diversified portfolio of international equity
set out in the section “Risks of investing in the
securities (with a focus on growth companies)
Funds” on page 6-9.
and related investments including foreign
currency exposure. Investment returns will Fund size
fluctuate over the shorter term, including the $43.48m (as at 27 February 2009)
possibility of a negative return in some periods.
The Fund is a high risk investment. The Fund Income distribution
should be viewed over a full market cycle. 30 June, 31 December
Investment policy Management costs
The Fund is an actively managed portfolio of 0.90% pa. (see page 12)
securities of global growth companies principally
and funds which are listed on recognised Buy/sell spread
global exchanges. The Fund may also invest +/- 0.35%
in derivatives to gain exposure to markets and
currencies or to manage risk. The Fund seeks Investment portfolio
to invest across a wide number of countries The composition of the Fund as at 27 February
and currencies including emerging markets in 2009 is shown below.
order to deliver a diversified investment strategy
Regional exposure
aimed at achieving the objective of the Fund.
Investments in emerging markets’ companies
may be made either directly or indirectly
through a range of instruments.
The products that the Fund may invest in
include, without any limitation:
• Securities in companies such as ordinary
shares, preferred shares, and convertible
shares (whether by way of a private
placement or an offer to the public); Sector exposure
Energy 6%
• Financial products that give a right to
Materials 7%
securities in companies such as warrants
Industrials 8%
and options; Consumer Discretionary 9%
• Instruments that give the Fund the Consumer Staples 10%
opportunity to obtain a return based Healthcare 17%
on the return of an underlying security Information Technology 19%
without owning the security, such as Telecommunications 5%
Utilities 4%
depository receipts, depository shares and
Financials 10%
equity linked notes;
Cash 5%
• Securities issued by real estate investment
trusts, which use the capital of investors to
purchase and manage real estate;
• Pooled investment funds or structured
Monthly performance data and the latest
products investing primarily in the
portfolio composition for this Fund are available
securities listed above including exchange
on our website: www.ubs.com/australia
27
UBS Emerging Markets
Equity Fund (AUD)
Investment objective Investment risk
This Fund aims to provide investors with a total return The risks associated with these investments are set out in
(after management costs) in excess of the MSCI the section “Risks of investing in the Funds” on page 6-9.
Emerging Markets Net Dividends Reinvested Index (in
A$) (Benchmark) when measured over a full market cycle Fund size
(usually three to five years). $6.41m (as at 27 February 2009)
Investor suitability Income distribution
The Fund is best suited to investors who seek a diversified 30 June, 31 December
portfolio of global emerging markets equity securities and
related investments including foreign currency exposure.
Management costs
1.25% pa. (see page 37-42)
Investment returns will fluctuate over the shorter term and
may even be negative in some periods. The Fund is a high Buy/sell spread
risk investment and should be viewed over a full market +/- 1.00%
cycle.
Investment portfolio
Investment policy The composition of the Fund as at 27 February 2009 is
The Fund is an actively managed portfolio of securities shown below.
principally invested in emerging markets growth
companies and funds which are listed on recognised global Regional exposure
exchanges. The Fund focuses on an investable universe
Republic of Korea 9%
of securities that exhibit strong growth characteristics
Brazil 18%
and seeks to invest in companies undergoing positive, Russia 3%
sustainable fundamental change driving a period of above Taiwan 7%
average earnings growth. The Fund may also invest in China 25%
derivatives to gain exposure to markets and currencies or India 5%
to manage risk. The Fund seeks to invest across a wide South Africa 11%
number of countries and currencies in order to deliver Mexico 4%
a diversified investment strategy aimed at achieving the Other 18%
objective of the Fund. Investments may be made either
directly or indirectly through a range of instruments. Sector exposure
Energy 14%
The products that the Fund may invest in include, without
Materials 11%
any limitation: Industrials 10%
Consumer Discretionary 8%
• Securities in companies such as ordinary shares,
Consumer Staples 9%
preferred shares, and convertible shares (whether by
Healthcare 4%
way of a private placement or an offer to the public);
Financials 16%
• Financial products that give a right to securities in Information Technology 8%
companies such as warrants and options; Telecommunications 14%
Utilities 2%
• Instruments that give the Fund the opportunity to Cash 4%
obtain a return based on the return of an underlying
security without owning the security, such as
depository receipts, depository shares and equity
linked notes;
• Securities issued by real estate investment trusts, Monthly performance data and the latest
which use the capital of investors to purchase and portfolio composition for this Fund are available
manage real estate; on our website: www.ubs.com/australia
• Pooled investment funds or structured products
investing primarily in the securities listed above,
including exchange traded funds, country funds,
participation notes and unit investment trusts;
• Exchange traded and over the counter derivatives; and
• Cash and other liquid investments.
28
Our Multi Asset Funds
UBS Defensive Investment Fund
UBS Balanced Investment Fund
UBS Absolute Return Fund (AUD)
UBS Defensive Investment Fund
Investment objective Management costs
This Fund is managed against a long term gross 0.65% pa. (see page 37-42)
performance objective of delivering CPI plus
4.5-6.5% pa on average over a full investment Buy/sell spread
cycle (usually three to five years). It aims to do +/- 0.15%
this with below average market risk (volatility)
compared with similarly available funds in the
Asset allocation
market place. Asset sector Neutral Asset allocation
weights% range %
Investor suitability
Income assets
The Fund is best suited to investors who seek to
Cash 0-50
enhance the returns from a diversified portfolio Bonds 0-80
of income assets through a limited investment
TOTAL 60 30-90
in growth and alternative assets. Investment
returns will fluctuate over the shorter term, Growth assets
Property Securities/REITs 0-20
including the possibility of a negative return in Australian Shares 0-40
some periods. The Fund is managed to seek to International Shares 0-40
mitigate the incidence and magnitude of such
TOTAL 30 0-50
periods of negative returns. This is a medium
Alternative Strategies 10 0-40*
risk investment and should be viewed over a
three to five year period. Foreign Currency Exposure 12 0-65
*
may exceed the upper limit of this range for extended periods
Investment policy due to market movements or significant cash flows.
The Fund may maintain its asset allocation
anywhere within the allowable range to The neutral asset position represents the
differing asset classes consistent with the risk likely expected long term average exposure
and return objectives indicated above. of the portfolio to various asset classes in
The Fund normally gains its asset sector order to meet its investment objective over a
exposure by investing in other relevant UBS full investment cycle. At any point in time the
managed funds and third-party funds either actual asset weighting of the portfolio may be
directly or indirectly through a range of set away from the neutral position, although
instruments. The Fund may also invest directly still consistent with the asset allocation range,
in securities. Derivatives may also be used to reflecting the views of the portfolio manager.
gain or hedge exposure to securities, markets,
asset classes and currencies. Derivative holdings Investment portfolio
may result in notional exposures that are greater The composition of the Fund as at 27 February
than the underlying value of assets in the Fund. 2009 is shown below.
The long term neutral (or average) exposure to
traditional growth and income assets is expected
to be around 30% and 60% respectively of the
Cash 37%
total portfolio. The remaining 10% is expected
Bonds 21%
to be allocated on average to various alternative
Alternative Strategies 9%
asset strategies which are likely to provide
Property Securities 2%
a combination of both income and growth Australian Shares 12%
potential. International Shares 19%
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size Monthly performance data and the latest
$255.77m (as at 27 February 2009) portfolio composition for this Fund are available
on our website: www.ubs.com/australia
Income distribution
31 March, 30 June, 30 September, 31 December
30
UBS Balanced Investment Fund
Investment objective Buy/sell spread
This Fund is managed against a gross long term +/- 0.20%
performance objective of delivering CPI plus
6-8% pa on average over a full investment Asset allocation
cycle (usually three to five years). It aims to do Asset sector Neutral Asset allocation
this with below average market risk (volatility) weights% range %
compared with similarly available funds in the Income assets
market place. Cash 0-30
Bonds 0-60
Investor suitability TOTAL 25 0-70
The Fund is best suited to investors who seek to
Growth assets
achieve returns from a mix of growth, income
Property Securities/REITs 0-30
and alternative assets. Investment returns will Australian Shares 0-60
fluctuate over the shorter term, including the International Shares 0-60
possibility of a negative return in some periods. TOTAL 65 20-95
The Fund is a medium to high risk investment
Alternative Strategies 10 0-40*
and should be viewed over a three to five year
period. Foreign Currency Exposure 30 0-95
*
may exceed the upper limit of this range for extended periods
Investment policy due to market movements or significant cash flows.
The Fund may maintain its asset allocation
anywhere within the allowable range to The neutral asset position represents the likely
differing asset classes consistent with the risk expected long term average exposure of the
and return objectives indicated above. The portfolio to various asset classes in order to meet
Fund normally gains its underlying security its investment objective over a full investment
selection exposure by investing in other relevant cycle. At any point in time the actual asset
UBS managed funds and third-party funds weighting of the portfolio may be set away from
either directly or indirectly through a range of the neutral position, although still consistent with
instruments. The Fund may also invest directly the asset allocation range, reflecting the views of
in securities. Derivatives may also be used to the portfolio manager.
gain or hedge exposure to securities, markets,
asset classes and currencies. Derivative holdings Investment portfolio
may result in notional exposures that are greater The composition of the Fund as at 27 February
than the underlying value of assets in the Fund. 2009 is shown below.
The long term neutral (or average) to traditional
growth and income assets is expected to be
around 65% and 25% respectively of the total
portfolio. The remaining 10% is expected to Cash 11%
be allocated on average to various alternative Bonds 11%
Alternative Strategies 10%
asset strategies which are likely to provide
Property Securities 6%
a combination of both income and growth
Australian Shares 28%
potential.
International Shares 34%
Investment risk
The risks associated with these investments are
set out in the section “Risks of investing in the
Funds” on page 6-9.
Fund size Monthly performance data and the latest
$698.27m (as at 27 February 2009) portfolio composition for this Fund are available
on our website: www.ubs.com/australia
Income distribution
31 March, 30 June, 30 September, 31 December
Management costs
0.70% pa. (see page 37-42)
31
UBS Absolute Return Fund (AUD)
Investment objective We attempt to generate positive returns
This Fund seeks to achieve an absolute return through active security and market selection,
over a full market cycle (usually three to five currency overlay management and tactical
years) of 3.5%-5.5% pa gross return above the asset allocation. These decisions are a function
UBS Bank Bill Index. This is similar to an absolute of analysis of global market and economic
return of CPI + 6-8% pa. conditions.
In net return terms this objective is equivalent Derivative instruments may, but are not required
to an absolute return over a full market cycle to be, used for risk management purposes or as
of 2.15%-4.15% pa above the UBS Australian part of the investment strategies.
Bank Bill Index.
The strategies are implemented using our risk
Investor suitability management systems in a highly risk controlled
The Fund is best suited to investors who seek to manner ensuring excessive risk is not introduced
achieve returns from a core portfolio solution to the portfolio inconsistent with the risk
that is globally diversified across multiple asset budget.
classes but shows relatively lower volatility than
Derivatives may be used to earn income
traditional multi asset investments. Investment
and enhance returns, to manage or adjust
returns will fluctuate over the short term,
investment profile, to replace more traditional
including the possibility of negative return in
direct investments, or to obtain exposure to
some periods. The Fund is a medium to high risk
certain markets. Through the use of derivatives
investment and should be viewed over at least a
we have the flexibility to manage market (‘Beta’)
three to five year period.
and security selection (‘Alpha’) risk separately
Investment policy and will actively manage currency exposure
The Fund will seek to achieve its investment by applying a currency overlay. This allows for
objective primarily by investing in an underlying greater investment efficiency and lower volatility
UBS managed investment scheme.* than many traditional balanced investment
funds.
A wide range of financial instruments, securities
and products may be used to gain investment In addition, the Fund may be net short or long
and asset exposure. These may include for overall market exposure and may establish
example investment in the following asset net short or net long positions for individual
classes - global equity, global fixed income, markets, currencies and securities.
cash equivalent markets, global currencies,
Borrowings can be used to purchase
commodities, private equity, property,
investments. There is no specific limit on the
infrastructure, hedge funds and other traditional
amount that can be borrowed. Leverage may be
and alternative asset classes. However, this list is
incorporated through borrowings or derivatives
not exhaustive and does not limit our scope and
provided the risk position is monitored relative
range. Changes, along with details of the Fund’s
to the risk budget.
composition will be available on our website.
The Fund may also invest into third-party funds Investing in the underlying Fund enables us to
either directly or indirectly through a range of maintain consistent performance and achieve
instruments. administrative efficiency across the Funds that
invest in the underlying Fund. You do not pay
any additional fees for this arrangement.
The underlying Fund may invest all or a portion
of its assets in other UBS or non-UBS managed
funds to gain exposure to various asset classes.
*The underlying scheme is the UBS Dynamic Alpha
Strategy Fund A (AUD).
32
Investment risk Market exposure
The risks associated with these investments are (implemented through derivatives)
set out in the section “Risks of investing in the Security
Funds” on page 6-9. Target
selection Derivatives
market
exposures overlay
Fund size exposures1
by Market %
%
$2.14m (as at 27 February 2009) %
Equities 88.0% (28.0%) 60.0%
Income distribution US 50.0 (13.2) 36.8
31 March, 30 June, 30 September, 31 December UK 18.0 (4.1) 13.9
Europe ex UK 0.0 23.9 23.9
Management costs Netherlands 0.0 8.7 8.7
1.35% pa. (see page 37-42) Germany 0.0 (2.9) (2.9)
Others 0.0 18.1 18.1
Buy/sell spread Japan 0.0 4.6 4.6
+/- 0.35% Global Systematic Alpha 20.0 (20.0) 0.0
Other Developed 0.0 (19.2) (19.2)
Investment portfolio Australia 0.0 (4.6) (4.6)
Canada 0.0 (12.7) (12.7)
The composition of the Fund as at 27 February
Others 0.0 (1.9) (1.9)
2009 is shown below. Emerging Markets Equity 0.0 0.0 0.0
Brazil 0.0 (2.9) (2.9)
Physical portfolio exposure Korea 0.0 3.4 3.4
Other 0.0 (0.5) (0.5)
Bonds 0.0% 10.5% 10.5%
Global Bonds 0.0 17.5 18.5
US T-Future 10yr 0.0 (5.0) (5.0)
JGB Futures 0.0 (18.0) (18.0)
AUS Future 10yr 0.0 8.0 8.0
High Yield Debt 5yr 0.0 34.0 34.0
Investment Grade 5yr 0.0 10.0 10.0
Others 0.0 (7.5) (11.5)
Hybrid Income 0.0 0.0 0.0
Real Return Bonds 0.0 (11.0) (11.0)
Real estate 0.0% 4.8% 4.8%
Cash 12% Cash/Hedge Offsets 12.0% 12.8% 24.8%
UK Value Equity 18% Total 100.0% 0.0% 100.0%
US Core Equity 22% 1
The market exposure results from holdings of physical assets, futures, options
US Large Cap Growth Equity 16% and swap positions.
US Mid Cap Gowth Equity 12%
Global Systemic Alpha 20%
Monthly performance data and the latest
portfolio composition for this Fund are available
on our website: www.ubs.com/australia
33
Summary of features
Minimum Request
Summary of received by
transaction Documentation required Cut-off times*
features
amount Mail Fax
Received by 3pm
Initial
investment
$20,000 per Fund
Application Form. on a Sydney
business day.
Clear signed instructions with your Received by 3pm
Additional
investments
$1,000 per Fund
Investor Number, investment amount
and Fund to invest into.
on a Sydney
business day.
Clear signed instructions with your
Received by 3pm
Switch
between Funds
$1,000 per Fund
Investor Number, amount or units to
be switched and which Funds to switch
from and to. Please refer to page 35.
on a Sydney
business day.
Clear signed instructions with your
Investor Number, amount or units Received by 3pm
Withdrawals No minimum
to be withdrawn and payment
instructions. (Note: Third party
on a Sydney
business day.
payments are not allowed.)
Received by 3pm
Transferring
ownership
Not applicable
Application form and a standard
transfer form.
on a Sydney
business day.
Clear signed instructions with your
Delegation of
authority
Not applicable
Investor Number and the details of the
person to be delegating your authority.
Not applicable.
* See “Unit pricing” on page 36.
34
How to make your investment
Initial investment Cooling off period Fund in which you want to invest,
To make your initial investment, If you decide within a certain period and stating your Investor Number.
complete the current UBS Investment that you do not want the units we Alternatively, you may fax instructions
Funds application form accompanying have issued to you in a Fund, we to us following the initial investment
this Product Disclosure Statement and must give you a refund. This “cooling procedures. The instructions
send it to NAB either by: off” right enables you to have your requesting us to make the additional
investment returned. Your money will investment must be signed by the
• mail with your cheque be repaid after any adjustments for investor. Details of any commissions
(see page 56); or market movements and taxes. You to be paid to your adviser (if any)
can exercise your right by writing to must also be stated.
• fax to 1300 365 601 for the
attention, Registry Services, with us within 14 days, commencing on
the earlier of:
Switching between Funds
evidence from your financial You can switch between our Funds
institution that the money has at any time. Requests to switch must
1. When you receive confirmation
been banked. Please call Client be made in writing and signed by the
of your investment; or
Services on (02) 9324 3222 or appropriate signatories. Details of
freecall on 1800 023 043 for our 2. The end of the fifth business any commissions to be paid to your
bank account details. day after the day on which your adviser (if any) must also be stated.
units were issued or sold to you. If you are switching to a UBS Fund
If your application is received before
3pm (Sydney time) on a business day, This right terminates immediately if that is not included in this PDS, you
the application price will be based you exercise a right of power under will need to complete an application
on the net value of the assets of the the terms of the product, such as form from the relevant PDS unless
relevant Fund when next calculated selling part of your investment or you already hold units in the Fund to
(usually at close of business that day). switching to another product. For any which you are switching.
If received after this time, or on a subsequent investments made under
Switching can have taxation
non-business day, you will generally a distribution reinvestment plan, the
consequences – for example, a capital
receive the unit price calculated at “cooling off” right does not apply.
gain or loss may be realised by the
close of business the next business
If you have any questions about this disposal of your units (see page 43).
day.
right please contact your adviser or
The minimum initial investment is Client Services on (02) 9324 3222 or Transferring ownership
$20,000 per Fund. freecall on 1800 023 043. Indirect You can transfer some or all of your
investors should seek advice from investment at any time. Please contact
We can vary the minimum investment their service operator. Client Services for the procedure for
amounts for the Funds and have the transferring units. Transferring can
right to refuse applications. Additional investments have tax consequences (see page 43).
Additional investments of $1,000
Indirect investors (see page 49) or more can be made by sending
should seek advice from their service us your additional investment
operator as to how they can apply to amount, together with details of the
make an investment in the Fund(s).
35
How to make your investment
Continued
Withdrawing your Changes to the value of Facsimile indemnity
investment your investment If you are advising us via facsimile
You can withdraw some or all of The units which are issued to you in respect of instructions (including
your investment at any time. You can represent your interest in the Fund. applications, withdrawal requests and
withdraw from a Fund by written Once your application and cheque switching requests) you should be
request, signed by the appropriate have been accepted, we calculate the aware of the following conditions:
signatories. Please tell us the amount number of units to be issued to you
that you wish to withdraw, your based on the applicable application • We will only process your
Investor Number and any relevant price. If you make additional facsimile instructions if it has
banking details for the proceeds. You investments, switch between Funds been received by us in full.
can fax these details to us on 1300 or make a withdrawal, the number We are not responsible for
365 601, to the attention of the of units you hold will change. The any loss or delay that results
Manager, Registry Services. Please value of your investment at any given from a transmission not being
note that we only make payments time will depend on the total number received by us. A facsimile
to your nominated Australian bank of units you hold in a Fund and the receipt confirmation from the
or financial institution account or a applicable redemption price. sender’s facsimile machine is
cheque in favour of the investor. No not evidence of receipt of the
third party payments will be allowed. Unit pricing facsimile by us.
The Funds are normally valued
• We do not take responsibility
Please note withdrawals can also have each Sydney business day. If your
for any fraudulently completed
taxation consequences. application, switch or redemption is
facsimile transactions and we
received before 3pm (Sydney time)
Under normal circumstances, if will not compensate you for any
on a business day, the application or
your withdrawal is received by 3pm losses. For example, you bear
redemption price will be based on the
(Sydney time) on a business day, the risk that a fax may be sent
net value of the assets of the relevant
redemption proceeds will be paid by someone who knows your
Fund when next calculated (usually at
within 6 business days, except for account details.
close of business that day). If received
the Cash and Protected Cash Funds. after this time, or on a non-business • In the event of fraud taking
Redemption proceeds for these Funds day, you will generally receive the unit place, you agree to release,
are normally paid the next business price calculated at close of business discharge and indemnify UBS
day after the written request is the next business day. Global Asset Management
received by us. (Australia) Ltd from and against
Unit price information is available all actions, proceedings,
The Constitution of each Fund from Client Services or from our accounts, claims, costs,
permits 30 days for payment and also website www.ubs.com/australia demands, charges and expenses,
allows us to suspend withdrawals
losses and liabilities (however
in limited circumstances (such as We have adopted a unit pricing
they arise) to the extent
a relevant stock exchange being discretion policy which sets out,
permitted by law, suffered by
closed). among other things, the principles
you or suffered by or brought
we will adhere to when exercising
If a Fund ceases to be liquid (as against us, in respect of the
the discretions provided to us under
defined by the Corporations Act), facsimile instructions.
the Funds’ constitutions in relation
you will only be able to withdraw to calculating unit prices. Our unit
from the Fund if we make an offer pricing discretion policy is available on
of withdrawal. If we do make such our website www.ubs.com/australia,
an offer, you may only be able to or by contacting Client Services.
withdraw part of your investment.
There is no obligation for us to make
such an offer. We do not expect any
Fund to become illiquid.
36
Fees and other costs
The information in the box below is standardised across all product issuers and does not provide information
which relates specifically to fees and costs in the Funds and therefore does not reflect the fees and costs you
will be charged. For fee details please refer to page 37-42.
Did you know? To find out more
Small differences in both investment performance and If you would like to find out more, or see the impact
fees and costs can have a substantial impact on your long of the fees based on your own circumstances, the
term returns. Australian Securities and Investments Commission
(ASIC) website (www.fido.asic.gov.au) has a managed
For example, total annual fees and costs of 2% of your investment fee calculator to help you check out different
fund balance rather than 1% could reduce your final fee options.
return by up to 20% over a 30 year period (for example,
reduce it from $100,000 to $80,000).
You should consider whether features such as superior
investment performance or the provision of better
member services justify higher fees and costs.
You may be able to negotiate to pay lower contribution
fees and management costs where applicable. Ask the
fund or your financial adviser.
This document 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 Fund assets as a whole.
Taxes are set out in another part of this document (see page 43 for more information).
You should read all the information about fees and costs because it is important to understand their impact on your
investment. Fees and costs for particular investment options are set out on page 42.
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
Nil Not applicable
investment.
There is no contribution fee payable when you invest in
Contribution fee: The fee on each amount a Fund. However, you have the option to direct us to pay
Nil
contributed to your investment. your financial adviser an initial adviser service fee. Please see
“Establishment fee” on page 39 for more information.
Withdrawal fee: The fee on each amount
Nil Not applicable
you take out of your investment.
Termination fee: The fee to close your
Nil Not applicable
investment.
Management costs
The fees and costs for managing your 0.22% - 1.35% per We charge a fee for administering and managing the Funds.
investment. annum (including GST) These fees are calculated daily on the value of each Fund
depending on the Fund. and paid to the Manager on a monthly basis. These fees
The amount you pay on specific investment reduce the net asset value of the Funds and are reflected in
options is shown on page 42. the unit prices. The fees are not charged separately to your
investment. In certain circumstances this fee is negotiable.
Refer to “Additional explanation of fees and costs” on page
39.
37
Fees and other costs
Continued
Type of fee or cost Amount How and when paid
Services fees*
Investment switching fee: The fee for Nil. We do not charge any fees when you switch to/from other
changing investment options. UBS Funds. However, we reserve the right to limit these
switches to a maximum of five per year.
Initial adviser service fee: This is the fee for To be nominated by If you agree, we can arrange for your adviser to receive an
initial advice from your adviser about your investors. initial adviser service fee. This remunerates your adviser for
investment. initial advice and service. Please see “Initial adviser service
Up to 3.3% (including fee” on pages 40 for more information.
GST). This means for
every $20,000 you have
invested, up to $660
(including GST) may be
deducted as an initial
adviser service fee.
Ongoing adviser service fee: This To be nominated by If you agree, we can also arrange for your adviser to receive
remunerates your adviser for ongoing investors. Up to 1.1% an ongoing adviser service fee. This remunerates your adviser
advice and service. per annum (including for ongoing advice and service. Please see “Ongoing adviser
GST). service fee” on page 40 for more information.
*Note that you may incur a buy/sell spread when acquiring, switching or redeeming units. Please see “Transaction costs” on page 41.
Example of annual fees and costs for managed investment products
This table gives an example of how the fees and costs in a fund within this product range can affect your investment over
a one year period. You should use this table to compare this product with other managed investment products. The fund
used in this table is the UBS Balanced Investment Fund.
Example Amount Balance of $50,000 with a contribution of $5,000
during the year
Contribution fees Nil No contiribution fee applies to additional contributions.
plus Management costs 0.70% For every $50,000 you have in the Fund you will be charged
$350 each year.
equals Cost of Fund 0.70% If you had an investment of $50,000 at the beginning of the
year and you invest an additional $5,000 during that year,
you would be charged a fee of between
$350 and $385*
What it costs you will depend on the fees you negotiate
with your financial adviser or the Fund**.
*Additional fees may apply: including a buy/sell spread. Please see “Transaction costs” on page 41.
We have assumed a constant value throughout the year. Please see “Management costs” on pages 39-40.
**You may negotiate an initial adviser service fee and/or ongoing adviser service fee with your financial adviser. This would increase the
cost of your investment.
38
Additional explanation of fees For the Australian Bond Fund the maximum
and costs fee provided in the Constitution for acting as
Each fee that may be charged is described Trustee of the Fund is 0.08% per annum of the
below. Fund’s net asset value subject to a minimum of
$5,000 per annum.
Establishment and contribution fees
There are no establishment or contribution fees For the remaining funds, the Constitution
payable to us when you invest in the Funds. permits us to charge 0.1% per annum of the
However, you have the option to direct us Funds’ Net Asset Value, subject to a minimum of
to pay your financial adviser an initial adviser $8,000 per annum per fund, CPI indexed.
service fee. If agreed by you with your financial
However, as stated, for the life of this PDS we
adviser, we may pay a once only commission
will not charge these fees with respect to any of
on application monies of up to 3.3% (inclusive
the Funds.
of GST). By completing Section 11 of the
application form you can direct us to deduct Management costs
from your initial investment this amount and We charge a fee for administering and
pay it directly to your adviser. managing the Funds. This is an ongoing fee
of between 0.22% and 1.35% per annum
With the exception of the Australian Bond Fund
depending on the Fund. These are referred to
(which cannot charge an establishment fee), the
as management costs. Management costs are
Constitutions permit us to charge a maximum
calculated daily on the value of the Funds and
establishment fee of 6% of the application
paid to the Manager on a monthly basis. The
amount. However, for the life of this Product
fee reduces the net asset value of the Funds
Disclosure Statement, we will not charge an
and is reflected in the unit prices. The fee is not
establishment fee.
charged separately to your investment. A simple
Withdrawal fee and termination fees example is as follows: A $50,000 investment
There are no withdrawal or termination fees in the UBS Balanced Investment Fund at the
payable when you withdraw from the Funds. current management cost of 0.70% per annum
would equal a fee of $350 for a 12 month
With the exception of the Diversified Fixed period, assuming no variation in the value of the
Income Fund (which cannot charge a initial investment. In practice, this fee is based
withdrawal fee), the Constitutions permit us to on the market value of your investment, which
charge a maximum withdrawal fee of 1% of may fluctuate daily.
the redemption price. However, for the life of
this Product Disclosure Statement, we will not The Constitutions permit us to charge a
charge any withdrawal fee. maximum fee for management costs of 1%
per annum of the net asset value of each Fund
Trustee fee in respect of each day we act as Manager for
There are no trustee fees payable to us for the following Funds: Cash Fund, Cash Plus
acting as trustee of the Funds. Fund, Australian Bond Fund, Australian Share
Fund, Property Securities Fund, International
With the exception of the UBS Protected Cash Share Fund, Defensive Investment Fund and
Fund, the UBS Absolute Return Fund (AUD) and Balanced Investment Fund. For all other
the UBS Global Opportunities Share Fund (which Funds the maximum fee permitted is 2% per
cannot charge trustee fees), the Constitutions annum. For the life of this Product Disclosure
permit us to charge a maximum trustee fee Statement, however, we will only charge for our
(referred to in the Constitutions as an ‘asset management costs, as outlined on page 37.
fee’) for acting as trustee of the Funds.
The fees described above, are inclusive of any
For the International Share Fund, the GST after taking into account expected reduced
Constitution permits us to charge a maximum input tax credit entitlements.
trustee fee of 1.0% per annum, of the Fund’s
Net Asset Value, subject to a minimum of These fees will pay for expenses incurred in
$8,000 per annum per fund, CPI indexed. managing the Funds including compliance
committee costs, custodial and insurance costs,
39
Fees and other costs
Continued
accounting and audit expenses, and legal and or third party, investment managers. These
regulatory expenses as well as any GST impact security selection investment managers will
on our services. charge management costs and, to the extent
that those investment managers are related to
We may pay UBS AG, Australia Branch (part UBS, we will rebate these costs or pay these
of a related company), part of our fee from costs out of our management fee. However,
investments in Funds introduced by the the remainder of these costs will be reflected
investment banking group of UBS AG to cover in the value of the underlying security selection
their marketing and related expenses. portfolios and, as a result, the Funds that invest
in these non-UBS exposures may be exposed to
We have entered into certain arrangements
some indirect management costs in relation to
with UBS Wealth Management Australia Ltd (a
these exposures.
related company), that may involve us making
payments of certain amounts to UBS Wealth Investment switching fee
Management Australia Ltd for introducing and We do not charge any fees when you switch
servicing clients, and similar matters. between UBS Funds. However please see
“Transaction Costs” on page 41 for more
For the life of this Product Disclosure Statement
information.
we may also pay other related parties part of
our fee in return for their providing advisory or Initial adviser service fee
management fees for the Funds. You have the option to direct us to pay your
financial adviser an initial adviser service fee. If
From our fees, we may pay, for the life of this
agreed by you with your financial adviser, we
Product Disclosure Statement, an amount to the
may pay a once only commission on application
responsible entity or trustee of a master trust,
monies of up to 3.3% (inclusive of GST). This
or the operator of an investor directed portfolio
remunerates your adviser for initial advice and
service, with respect to the Funds in this Product
service.
Disclosure Statement, as well as any other funds
for which we are the Responsible Entity, being By completing Section 11 of the application
included in the range of investments offered form you can direct us to deduct from your
by the relevant master trust or investor directed initial investment this amount and pay it directly
portfolio service. to your adviser. As an example this means for
every $20,000 you have invested, up to $660
From our fee, we may at our discretion, choose
(including GST) may be deducted as an initial
to pay a commission to, or sponsor various
adviser service fee.
dealer groups that recommend our Funds. For
example, we may contribute to conference If you wish to change or cancel the initial adviser
costs. service fee, please advise us in writing.
Costs of buying and selling investments Ongoing adviser service fee
(and related duties, taxes, GST and financial If you agree, we can arrange for your adviser
institutions charges) are paid from the Funds, to receive an ongoing adviser service fee. This
not by us. remunerates your adviser for ongoing advice
and service. We do not receive any fees for this
The Funds can invest in other UBS investment
service.
funds (inter-fund investments). The
management costs outlined on pages 39-40 You can direct us to pay these fees by
are only charged once if we make inter-fund completing Section 11 of the application
investments. form. The ongoing adviser service fee must
be a percentage (up to a maximum of 1.1%
The Balanced Investment Fund, Defensive
including GST). This fee is calculated daily on
Investment Fund and the Absolute Return
the Net Asset Value of the Fund and paid to
Fund (AUD) may invest directly in or indirectly
your adviser on a quarterly basis. A simple
(via certain instruments e.g. options or swaps)
example is as follows: an investor with a
to gain exposure to certain specialist security
$50,000 investment in the Fund who elected
selection strategies that may be managed by
to pay an ongoing adviser service fee of 1.1%
one or more domestic or offshore, UBS related
40
would pay a fee of $550 for a 12 month period, Change in fees
assuming no variation in the value of the initial It is possible for the fees and costs to change. If
investment. In practice, this fee is based on the there is any proposed increase, we would advise
market value of your investment, which may you in writing at least 30 days prior to the date
fluctuate daily. that the increase takes effect. This applies only
to fees and costs charged by the Responsible
For any ongoing adviser fees we will pay your
Entity and not to indirect costs or transaction
adviser quarterly by redeeming a sufficient
costs (provided that these transaction costs stay
number of your Units to cover the fee (including
within the maximum buy/sell spreads indicated
GST). The redemption of Units will generally
in the table on page 42), which are subject to
realise a capital gain or loss (assuming you
change at any time without notice.
hold your Units on capital account). These
redemptions will generally occur on or about Individual fee arrangement
the 5th business day after quarter end. Details From time to time we may individually negotiate
of all amounts that are paid to your financial our management fee with wholesale clients
adviser and any GST impact will be advised to (within the Corporations Act meaning) – such
you quarterly. as master trusts and wrap account operators.
This may include other UBS companies. This is
This fee may be tax deductible. Investors should
generally because they invest very large amounts
seek their own professional tax advice for
of money in the Funds. We do not enter into
eligibility.
such fee arrangements with retail clients (within
If you wish to change or cancel the ongoing the Corporations Act meaning).
adviser fee, please advise us in writing.
Receipt of non-cash benefits
Transaction costs We may receive non-cash benefits in the nature
When calculating application and redemption of research from brokers and other persons
prices of units, transaction costs (buy/sell through whom investment transactions are
spreads) may apply. Transaction costs are carried out. In addition, in certain circumstances
our estimate of the total transaction cost the we may nominate a broker to direct payment to
Fund would incur to buy the assets of the a third party who will provide non-cash benefits
Fund (for applications) or sell those assets (for in the nature of research to us. However, we will
withdrawals). For an application for units, an only use brokers to provide brokerage services
adjustment is made to increase the issue price; where we are satisfied that the broker’s services
and for a withdrawal of units, an adjustment are consistent with best execution available in
is made to decrease the unit price. Types of the market and that the brokerage rates paid
transaction costs include brokerage and taxes. will not exceed usual institutional full service
brokerage rates for those brokerage services.
Transaction costs are paid to the Fund not to We will only receive non-cash benefits in the
us. They are an additional cost to you and are nature of research where we believe the Funds
reflected in the unit price. Transaction costs will will benefit from these arrangements.
generally be incurred when you invest, switch or
withdraw from Funds. These costs will generally
not apply to reinvested distributions.
An indication of the maximum buy/sell spreads
for each Fund is shown on page 42. We may
vary the applicable buy/sell spreads from time
to time, provided that they remain within these
maximum limits. Updated transaction cost
details will be available by contacting
Client Services or from our website
www.ubs.com/australia.
41
Fees and other costs
Continued
Example
Entry/Exit Fee Maximum Management Costs Management
Fund
% pa buy/sell spread %1 1 March 2009 %pa2 Costs for $20,000
invested
Cash Fund Nil +/-0.023 0.22 $44
Protected Cash Fund Nil +/-0.02 0.22 $44
Cash-Plus Fund Nil +/-0.503 0.30 $60
Australian Bond Fund Nil +/-0.203 0.40 $80
Diversified Fixed Income Fund Nil +/-0.303 0.42 $84
Diversified Credit Income Fund Nil +/-1.003 0.70 $140
Property Securities Fund Nil +/-0.35 0.85 $170
Global Property Securities Fund Nil +/-0.40 0.95 $190
Australian Share Fund Nil +/-0.30 0.80 $160
Australian Small Companies Fund Nil +/-0.45 1.10 $220
Australian Equity Income Fund Nil +/-0.30 0.80 $160
International Share Fund Nil +/-0.45 0.90 $180
Global Opportunities Share Fund Nil +/- 0.50 0.90 $180
Emerging Markets Equity Fund (AUD) Nil +/-1.00 1.25 $250
Defensive Investment Fund Nil +/-0.20 0.65 $130
Balanced Investment Fund Nil +/-0.30 0.70 $140
Absolute Return Fund (AUD) Nil +/-0.40 1.35 $270
1
We may vary the buy/sell spreads from time to time, provided that they remain within the maximum limits indicated in the table above.
Updated details are available on our website www.ubs.com/australia or by contacting our Client Services on (02) 9324 3222 or freecall
on 1800 023 043. The maximum buy/sell spreads shown here are applicable as at the date of this PDS. Please see page 41 for additional
information.
2
Inclusive of GST. We reserve the right to vary these fees during the life of the PDS. We will notify you in writing should there be any fee
changes.
3
These maximum buy/sell spreads will take effect 30 days after the issue of this PDS.
The current maximum buy/sell spreads for these funds are - Cash Fund: +/-0.002%, Cash-Plus Fund: +/-0.03%,
Australian Bond Fund: +/-0.09%, Diversified Fixed Income Fund: +/-0.15% and Diversified Credit Income Fund: +/-0.35%.
42
Taxation
This taxation information is a general summary and does Capital gains tax
not take into account specific circumstances. It addresses A Fund may make capital gains. If so, the investor’s share
tax consequences for Australian resident investors only and of the Fund’s taxable income will include a capital gain.
is based on Australian income tax, stamp duty and GST If the capital gain is eligible for the ‘CGT discount’ at
laws in operation as at the date of this Product Disclosure the Fund level, broadly, CGT discount treatment should
Statement. Importantly, changes to taxation rules including also be available for the investor. To calculate its precise
those discussed below under the heading “Proposed CGT liability, the investor must first apply its capital losses
changes to income tax law” could impact on the return against the gross amount of the gain (i.e. the amount of
realised by investors in the Funds. We recommend that the gain before it was discounted at the Fund level) and
you seek independent professional taxation advice that is then apply the CGT discount.
specific to your circumstances.
Investors will generally realise a capital gain or loss on
Fund’s liability to income tax disposal, switching (including an “automatic” switch,
Each Fund is resident in Australia for taxation purposes. e.g. from the UBS Protected Cash Fund to the UBS Cash
As investors in a Fund will ordinarily be presently entitled Fund), transfer or redemption of Units in the Fund. (This
to all of the income of the Fund, the Fund itself should assumes that investors hold their Units on capital account.
generally not be liable for income tax. Instead, investors in If not, other tax consequences will apply). If you are an
a Fund will be taxed on their share of the Fund’s taxable individual, trust or complying superannuation entity and
income at the end of the relevant income year, whether or have held Units for at least 12 months prior to disposal or
not they actually receive a distribution from the Fund equal redemption, you may be entitled to discount capital gains
to that amount. treatment.
It may be possible for an investor to use any available Controlled Foreign Companies (CFCs) and Foreign
tax credits, offsets or rebates to offset the Australian tax Investment Funds (FIFs)
payable on their share of the Fund’s taxable income. The Fund may invest in foreign entities which could
constitute CFCs or FIFs for Australian taxation purpose.
Foreign income The Fund may invest in other entities which could hold
Some Funds may derive foreign source income that is CFC or FIF interests for Australian tax purposes.
subject to taxation overseas. An investor in such a Fund
should include their share of the gross foreign income The CFC and FIF regimes are accruals regimes. Under these
amount (i.e. the amount of foreign income before foreign regimes income of the foreign entity can be attributed
tax was imposed) in their assessable income. An investor to holders of CFC and FIF interests each year for taxation
may be entitled to a ‘foreign income tax offset’ (“FITO”) purposes.
in respect of the foreign income. FITOs are intended to
provide some relief from the “double tax” burden which If required under the taxation laws, a Fund will determine
arises where an investor is effectively taxed under both the income to be recognised under the CFC and/
foreign law and Australian law on the same amount. or FIF regimes and keep any special records and may
undertake investment actions necessary to comply with
Dividend income the requirements. Generally, all CFC and FIF attributable
Some Funds may directly or indirectly derive income in income will be included within the taxable income of the
the form of franked distributions (i.e. distributions which Fund and will be taxed in the hands of the investor.
“attach” franking credits). An investor in such a Fund
should include in their assessable income, their share Proposed changes to income tax law
of both the distribution and its “attached” franking The Tax Laws Amendment (Taxation of Financial
credits. (This assumes that none of the complex franking/ Arrangements) Act 2008 (the TOFA Act) received Royal
imputation anti-avoidance provisions apply and that Assent on 26 March 2009 and will apply to taxpayers
the Fund is not in a net loss position for the year.) If the for income years commencing on or after 1 July 2010
investor is the ultimate recipient of the distribution (e.g. an unless an election is made for it to apply earlier. Where
individual, company or complying superannuation fund) an election is made for the TOFA Act to apply earlier, it
the investor should generally be entitled to reduce their tax will apply to taxpayers for income years commencing on
liability by their share of the franking credits. To the extent or after 1 July 2009. Once the TOFA Act applies, it could
that the investor’s share of the franking credits exceeds affect the way a Fund’s taxable income is determined.
the investor’s tax liability, the investor may be entitled to The effect, if any, will depend on the nature of a Fund’s
a refund of the excess, at least where the investor is an investments and which ‘elections’ it makes under TOFA.
individual or a complying superannuation fund.
43
Taxation Income distribution
Continued
The Board of Taxation has recently been asked to review: Each of the Funds may earn income from their various
investments which they will distribute if of an economic
• the tax arrangements applying to managed size. Capital gains or losses can occur on the sale of
investment trusts. (The review is scheduled to be investments within each Fund. As a result, distributions
completed in mid-2009); and may vary from period to period. Generally, all taxable
• the FIF, CFC and other “offshore investment” rules. income and realised taxable capital gains in a financial year
(The Board finalised its review in September 2008 and will be distributed to unitholders. We intend to distribute
the Government is now preparing a response.) franking credits quarterly, where available.
Both reviews may ultimately result in legislation which Your share of any income depends on how many units you
affects the taxation of the Funds and their investors. hold in the relevant Fund at the end of the distribution
period. The amount may vary with each distribution and
Investors should seek their own advice on the potential unit prices normally fall following a distribution. If you
impact of the TOFA Bill and the reviews on their invest just prior to a distribution, you may receive some
investment in the Fund. of your investment back immediately as income. If you
withdraw from a Fund just before a distribution, you might
Providing your Tax File Number or Australian
turn the accrued income into a capital gain or a reduction
Business Number
in your capital losses or your withdrawal proceeds
You may choose to quote your TFN or ABN (if applicable)
might include a share of the income for the period. We
or claim an exemption in relation to your investment in
recommend that you seek professional tax advice relevant
the Fund. The law strictly regulates how we may use TFNs
to your particular situation.
and ABNs. If you choose not to give us your TFN or ABN
or claim an exemption, we must deduct tax at the highest Except for the Cash, Protected Cash, International Share,
personal tax rate (plus Medicare Levy) before we pass on Global Opportunities Share and Emerging Markets Equity
each distribution to you. Funds, distributions are generally paid quarterly, as at 31
March, 30 June, 30 September and 31 December.
Goods and services tax
The Funds have been registered for GST, which applies Distributions by the Cash and Protected Cash Funds are
to most supplies that are connected with Australia. The generally paid monthly.
majority of goods and services that the Funds will acquire
for their operations will be subject to GST and GST will Distributions by the International Share, Global
be payable on the Responsible Entity’s fees and most Opportunities Share and Emerging Markets Equity Funds
other fees and expenses incurred by the Funds. In certain are generally paid semi annually as at 30 June and 31
circumstances, the Funds may be entitled to reduced input December.
tax credits (‘RITCs’) of 75% of GST paid, which effectively
reduces the GST costs from 10% to 2.5%. GST will apply Distributions will be paid as soon as practicable after the
to contribution and withdrawal fees if they are imposed. end of the distribution period.
As a consequence of GST being added for fees and You may choose to have your distributions:
expenses, and the potential availability of RITCs, the actual
• reinvested in additional units in the relevant Fund; or
fees and expenses may exceed the rates stated in this
Product Disclosure Statement, except where we otherwise • paid directly to a nominated Australian bank or
state that fees are inclusive of GST and net of RITCs. financial institution account; or
No GST will apply on amounts received by the Funds • paid by cheque and sent to your postal address.
for the issue of Units, sale proceeds of the securities, or Unless you indicate otherwise on the application form, we
investment income and gains or buy/sell spreads applied. will reinvest your income. Please send us a written request
signed by the investor, by mail or fax if you wish to change
Stamp duty
your choice.
The issue or redemption of Units should not attract any
stamp duty. Stamp duty may be payable on the transfer of
Units. You should confirm the stamp duty consequences of
transferring Units with your taxation adviser.
44
Investment information
Transaction confirmations Access to Fund If any further information is required,
We provide written confirmation information please call Client Services on (02)
of each of your transactions within To obtain the most recent Fund 9324 3222 or freecall 1800 023 043.
seven business days. This includes information, please see our website
initial and additional investments, at www.ubs.com/australia or contact
Additional information
As a disclosing entity, each Fund
switches, withdrawals and transfers. Client Services on (02) 9324 3222 or
is subject to regular reporting and
freecall on 1800 023 043.
Annual Financial report disclosure obligations. Copies
The financial reports will be prepared Complaints of documents lodged with ASIC
as at 30 June each year and are Please notify us of complaints in in relation to each Fund may be
expected to be available by 30 writing or by calling Client Services obtained from, or inspected at, an
September. on (02) 9324 3222 or freecall on ASIC office.
1800 023 043. Under each Fund’s
The audited financial statements for We can also provide you with a copy
Constitution we must acknowledge
the Funds will be published on our of any continuous disclosure notices
your complaint within 14 days and
website (www.ubs.com/australia)* given for a Fund after the lodgement
follow certain procedures.
within three months after 30 June of that annual report and before the
each year. If you are not happy with how the date of this PDS.
complaint has been resolved, you may
You may also elect to receive, free of Please call Client Services on
contact the Financial Ombudsman
charge, a hard copy of the financial (02) 9324 3222 or
Service of which we are a member.
statements. freecall on 1800 023 043.
This is an independent body and is
approved by the ASIC to consider
Tax statement complaints. Their freecall number is
A year-end tax statement will be sent
1300 780 808.
to you if you have been invested in
a Fund that has distributed income Registry services
during the previous financial year. National Australia Bank Limited
Generally this statement is sent to you provides registry services on our
shortly after the final distribution for behalf. Registry correspondence
the financial year. should be mailed to:
Statement of transactions National Australia Bank Limited
Shortly after each distribution PDS may be updated
Attn: Registry Services
period, you will receive a statement This Product Disclosure
GPO Box 4364
detailing your transactions and your Statement may be updated or
Melbourne VIC 3001
distributions. On request, Client replaced from time to time.
Services can also provide you with a or faxed to 1300 365 601. You can request, and will be
statement of transactions. provided free of charge, the
most recent Product Disclosure
Statement for the Funds.
*The financial statements can be found at
www.ubs.com/1/e/globalam/apac/australia/australia_investors/financial_information.html
45
Other information
Keeping us informed Disclosing your information
Our records about you are important. Please We disclose your information to your consultant
inform us in writing (must be signed by all or adviser if you complete section 10 of the
investors) of any changes to details which application form, or if you request us to, and
you have given us. This may be a new postal to any other authorised representative of yours
address, a change of name or new financial (such as your accountant or lawyer) from
institution account details for distribution time to time. In addition, we may disclose
payments. information we hold about you in the following
circumstances:
We will send you written confirmation of any
changes. • you consent to the disclosure;
Please quote your Investor Number when you • to any joint investor;
contact us. • to companies that provide services to us,
to our related companies, to the Funds, or
Privacy on our behalf - for example administration,
You can access, correct or update any personal
custody, investment management,
information we hold about you, subject to
technology, identity verification, auditing,
some exceptions allowed by law, by contacting
registry, mailing or printing services printing
Client Services. Reasons will be given if access
statements or notices which we send to
is denied. We may charge a reasonable fee for
you; or
access to your personal information. Please
contact Client Services on (02) 9324 3222 • if the disclosure is required or authorised
or freecall on 1800 023 043 if you have any by law, which may include disclosures to
questions about how we handle your personal the Australian Taxation Office and other
information. You can obtain a copy of our Government or regulatory bodies; or
Privacy Policy on request.
• organisations related to us such as UBS
Using your information Wealth Management Australia Ltd and
We collect information for the following its related bodies corporate, whether
purposes: in Australia or any overseas jurisdiction
(“Related Companies”).
• to process your application;
In some cases, the types of organisations
• to administer your investment and provide referred to above to whom we will disclose your
you with reports; personal information may be located overseas.
This may be the case, for example, in relation
• to monitor and improve the quality of
to organisations which process (or in any way
service provided to you; and
assist with the processing or administering of)
• to comply with regulatory or legal transactions which are conducted overseas.
requirements, including Australian taxation
laws, the Corporations Act and other laws Your information may be transferred between
and regulations. our Related Companies. These Related
Companies can be registered and governed
We also ask you for some personal details so by laws outside the Australian jurisdiction. As
that we, and our related companies, can keep such, the laws regulating Related Companies
in touch with you and tell you about our other may differ to Australian laws and may apply
products and services that could be useful to a greater or lesser standard of protection for
you. Please contact us if you do not wish your your personal information. However, should
details to be used for marketing purposes. your personal information be transferred to a
jurisdiction with inadequate privacy protection,
our internal policy will impose the Australian
privacy standard, or superior, in relation to the
treatment and handling of your information.
46
What happens if you choose not • the nature of the units – identical rights
to disclose the information? attach to all units;
Depending on the type of information, the • how we must calculate unit prices, and
following may apply: what you are entitled to receive when you
withdraw or the Fund is wound up;
• TFN or ABN: we have to deduct tax at the
highest rate before we pay distributions to • the times we can delay processing
you (see page 44 for more details). withdrawals (such as if pricing the Fund is
impracticable); and
• account details: we will not be able to pay
income directly to your bank account (see • your right to share in any Fund income,
Section 7 of the application form). and how we calculate it.
• incomplete application: we will not The Constitutions state that your liability
be able to process your requested is limited to the amount you paid for your
investment or tell you about other units but the courts are yet to determine the
investment opportunities until the required effectiveness of provisions of this kind.
information is received.
Your rights to requisition, attend and vote
Our role at meetings are mainly contained in the
We are the trustee of, and manage, each Fund. Corporations Act.
Under the Corporations Act we are described
as the “Responsible Entity”. We and the Funds What are the main duties and
are regulated principally by ASIC under the rights of the Responsible Entity
Corporations Act. under the Funds’ Constitutions?
Under the Corporations Act we must act There are also provisions governing our powers
honestly and in the best interests of investors. and duties:
We have a compliance plan for each Fund
which details the methods we follow to ensure • our powers to invest, borrow and
that in operating the Fund we comply with the generally manage the Fund are practically
Corporations Act and the Constitution of each unrestricted;
Fund. The compliance plan has been lodged • we have discretion to refuse transfers and
with ASIC and is audited annually. applications;
We also have a Compliance Committee which • we can change the Constitutions, but
(amongst other things) monitors our adherence we need approval from a meeting of unit
to the compliance plans. It comprises three holders if the change will adversely affect
members, two being external. Breaches of the your rights;
compliance plan are reported to the Board of
• we can terminate a Fund, and if we do,
Directors and if required, to ASIC.
you will share pro rata in the net proceeds
What are the main rights of from us selling the investments;
investors under the Funds’ • we can retire, but in most situations only if
Constitutions? a new Responsible Entity is appointed; and
The rights and obligations of investors are
governed by the Funds’ Constitutions and this • we can charge fees and recover expenses.
Product Disclosure Statement, but are also As Responsible Entity, we are also subject to
affected by the Corporations Act, exemptions many duties under the Corporations Act –
and declarations issued by ASIC, and the including duties to act honestly, exercise care
general law relating to trusts. and diligence and treat investors equally.
Some of the provisions of the Constitutions are
outlined elsewhere in this document. Others
relate to your rights under the Constitutions:
47
Other information
Continued
What do the Constitutions Related party transactions &
say about the liabilities and service providers
indemnities of the Responsible On a non-exclusive basis, UBS Global Asset
Entity? Management (Australia) Ltd uses the services of
The Constitutions also deal with our liabilities UBS AG Australia Branch, a related company,
in relation to the Funds and when they can be for futures trading and clearing, fixed income
reimbursed to us out of the Funds’ assets, for trading and underwriting services. We also use
example: the services of UBS Securities Australia Limited,
a related company for equity broking services.
• we are not liable for acting in reliance in Fees paid to these related companies for their
good faith on professional advice; services are at normal commercial rates.
• we are not liable for any loss unless we
We use the investment management services
fail to comply with our duties under the
of UBS Global Asset Management Group’s
Corporations Act;
worldwide offices. These offices are part of the
• we exclude liability under other laws as same business group and they do not receive
much as possible; a fee for their services beyond that already
included in our management costs.
• we can be reimbursed for liabilities we
incur in connection with the proper We have appointed National Australia Bank
performance of our duties for each Fund, Limited (NAB) as custodian to hold the assets
including in circumstances where an of the Funds. NAB has also been appointed as
unrelated act or omission for which we service provider for the following outsourced
have responsibility has caused loss to the functions: unit pricing, fund accounting and
Fund. investor registry services.
Borrowing The custodian has no supervising role in relation
The Funds can borrow and may do so from time to the operation of the Funds and is not
to time. A Fund with a Standard and Poor’s responsible for protecting your interests. It only
rating can only borrow to redeem units and this acts in accordance with the relevant custody
must not exceed 10% of the asset value of the agreement. NAB has no liability or responsibility
relevant Fund. to you for any oversight or omission made in
accordance with the terms of their custody
Termination
agreements.
The Constitution of each Fund, read subject to
the Corporations Act, allows us to terminate NAB was not involved in preparing, and takes
a Fund at any time if we believe it is in the no responsibility for this Product Disclosure
best interests of members. This may occur for Statement. NAB makes no guarantee of the
a variety of reasons including, but not limited success of the Funds or the repayment of capital
to, the Fund no longer being able to satisfy its or any particular rate of capital or income
investment objectives or strategy. If this occurs, return.
we will issue a termination notice after which all
assets in the fund will be realised and paid out
to members in proportion to their unit holding
(subject to any fund expenses). The termination
process will be completed as quickly as possible
but the time taken will vary depending on the
nature of the assets in the terminating Fund.
While we will only terminate a Fund if we
believe it is in the best interests of members as
a whole, consequences for individual members
(for example in relation to taxation) may vary
depending on their own circumstances at the
time that the relevant Fund is terminated.
48
Audit Rated Funds
The financial reports and compliance plans of Standard & Poor’s has assigned an ‘AAAf’ rating
the Funds are required to be audited annually. to the Cash Fund and the Protected Cash Fund
and an ‘AAf’ rating to the Cash-Plus Fund.
Indirect investors
Investors and potential investors accessing the The ‘AAAf’ rating indicates that the Fund’s
Funds through an investor directed portfolio assets provide extremely strong protection
service (IDPS) or IDPS-like service (commonly a against losses from credit defaults. The ‘AAf’
master trust or wrap account) or a nominee or ratings indicate that the Fund’s assets provide
custody service (service) with whom we have very strong protection against losses from credit
an agreement, should not refer to this PDS. defaults. The ‘f’ subscript to the rating signifies
A separate IDPS PDS will be issued for these Standard & Poor’s assessment of the overall
investors. credit quality of the Fund’s portfolio holding.
A Fund’s credit quality rating reflects the level
Such “indirect investors” do not become of protection that the Fund’s portfolio provides
investors or acquire the rights of an investor. against losses from credit defaults.
The operator of that service acquires those
rights and can exercise them, or decline to In order to maintain their ratings, each of these
exercise them, on behalf of indirect investors. Funds must comply with certain Standard &
Poor’s criteria. The ratings criteria are available
Indirect investors do not receive income or from us.
reports directly from us, and do not directly
participate in investor meetings or the winding A Fund’s credit rating is and must be construed
up of the Fund. They need not complete the solely as a statement of opinion and not a
application form accompanying this Product statement of fact or recommendation to
Disclosure Statement. Transaction cut-off times purchase, sell or hold any financial product(s).
for these indirect investors depend on the Ratings are subject to change without notice.
transaction cut-off times of their service. No
“cooling off” rights apply to indirect investors. Standard & Poor’s Information Services
Indirect investors should seek appropriate tax (Australia) Pty Limited (Standard & Poor’s) has
advice. given its written consent to be named in this
Product Disclosure Statement (PDS) with the
Environmental, social and ethical statements about the rating of the Cash Fund,
considerations Protected Cash Fund and Cash-Plus Fund in
We do not take into account labour standards the form and context in which they have been
or environmental, social or ethical considerations reviewed. Other than giving that consent,
when choosing investments. This means that Standard & Poor’s has not authorised or caused
we do not screen out companies solely on the the issue of this PDS. Standard & Poor’s only
basis of these standards or considerations. If a role in relation to the preparation of this PDS
company’s policies fall short of labour standards has been to review the statements about the
or its activities are considered environmentally, rating of the Cash Fund, Protected Cash Fund
socially or ethically unacceptable and as a result, and Cash Plus Fund. Standard & Poor’s makes
the company’s earnings are adversely affected, no representations or warranties as to the
we may not invest or choose to divest ourselves completeness or appropriateness of any other
of the investment. information contained in this PDS.
Standard & Poor’s holds an Australian Financial
Services Licence Number 258896.
49
Glossary
ABN: Australian Business Number. Distribution: Income paid from a fund to an
investor.
ADIs: Authorised Deposit-taking Institutions.
Earnings growth: The growth in a company’s
AFS Licence No.: Australian Financial Services earnings per share over a specified period.
Licence Number, granted by ASIC.
Eligible ADIs: At the time of publication
ASIC: Australian Securities and Investments this included any ADI as defined under the
Commission. Banking Act 1959 and under schedule 1 of the
Guarantee Scheme Rules.
Asset: Anything that has a monetary value that
is owned by, or owed to an entity. Franked dividend: An arrangement in Australia
that eliminates the double taxation of dividends.
Asset allocation: The weighting of assets in
Dividends are distributed with tax imputations
an investment portfolio among different asset
attached to them. The shareholder may be
classes.
able to reduce the tax paid on the dividend
Asset class: A broadly defined category of by an amount equal to the tax imputation
financial assets, e.g.. domestic shares, overseas credits. Essentially taxation of dividends has
bonds, cash, etc. been partially paid by the company issuing the
dividend.
$A and $: Australian dollars.
Fund: Each Fund described in this document
Bank bill: A Bill of Exchange of which the and Funds means all of them.
acceptor or endorser is a bank.
Fundamental factors: Information relating to
Benchmark: An index or other market the economic “health” of a company such as
measurement which is used by a fund manager revenue, earnings, assets, liabilities and growth.
as a yardstick to assess the risk and performance
of a portfolio. Futures: An agreement to buy or sell a specified
quantity of an underlying asset, such as bank
Bill of exchange: An unconditional order bills, at a particular time in the future and at a
in writing requiring the party to whom it is price agreed when the contract was executed. A
addressed to pay a certain sum on a fixed date futures contract is a derivative.
in the future. Bills of exchange usually mature
within six months, and can be sold at a discount Government Guarantee: The Australian
to face value. Government Guarantee Scheme for Large
Deposits and Wholesale Funding governed by
Client Services: UBS Global Asset Management the Guarantee Scheme Rules as amended from
Client Services, the contact details of which can time to time.
be found on the back page of this document.
Constitution: The written document lodged
with the ASIC which governs the operation of
the Fund.
Corporations Act: Corporations Act 2001
(Commonwealth of Australia).
CPI: Consumer price index, as published by the
Australian Bureau of Statistics.
Derivative: A financial instrument whose price
is dependent upon or derived from one or more
underlying assets. Its value is determined by
the fluctuations of the underlying asset. The
most common underlying assets include: stocks,
bonds, commodities, currencies, interest rates
and market indexes.
50
Guarantee Scheme Rules: The Australian Investor Number: A unique number issued by
Government Guarantee Scheme for Large us to you.
Deposits and Wholesale Funding Rules
published by the Australian Government. At the Investment philosophy: The set of principles
time of publication, the Guarantee Scheme rules or systems used by investment managers to
were available at www.guaranteescheme.gov. govern the way they manage portfolios.
au. The Guarantee Scheme Rules are subject to
Leverage: The use of various financial
change at any time.
instruments or borrowings, to increase the
GST: Goods and services tax. potential return of an investment. It can magnify
the potential gain or loss, and volatility of
Hedging: The practice of undertaking one investment returns. Leverage can be created
investment activity in order to offset changes in through options, futures, margin lending, debt
another. Hedges aim to reduce potential losses. and other financial instruments.
Typical hedges include currency forwards, share
and bond futures and short selling. Liquidity: The ability of an investment to be
easily converted into cash with little or no loss of
Hedge fund: Hedge funds are professionally capital and minimum delay.
managed investment vehicles focusing on
delivering active returns which are independent Managed Investment scheme: A type of
from the returns of traditional asset classes. investment vehicle which pools the assets of
Greater flexibility in the use of financial market multiple investors into a single vehicle with a
tools, including leverage, short-selling and common investment objective and strategy. The
derivatives, are afforded to these managers. investor’s interests in the managed investment
scheme are recognised as a financial product
Hybrid investment: Hybrid investments are and are regulated in Australia under the
instruments or other financial products which Corporations Act.
have the characteristics of both debt and equity.
Money market: The market for trading short-
IDPS: Investor directed portfolio service. term securities such as bills of exchange.
Investment Manager: An organisation that National Australia Bank Limited: Provides
specialises in the investment of a portfolio Custodian Services for the Funds.
of securities on behalf of individuals or
organisations subject to the guidelines and Net Asset Value: Refers to the total value of
directions of the investor. Investment managers a fund’s underlying investment portfolio, less
offer both pooled investment products and any fees, charges, expenses and other liabilities
individual portfolios to a range of clients accrued by the fund.
including superannuation providers, institutions
pa: per annum.
and individual investors.
PDS: Product Disclosure Statement.
Portfolio: An investor’s collection of investment
holdings, usually with reference to its
composition. That is, the mix of different classes
of securities, such as bonds, property, shares
and cash; or if in a single asset class, the mix of
different sectors and stocks.
Portfolio construction: The process of building
a portfolio of assets taking into consideration
valuations, benchmark and risk considerations.
Private Equity: An equity interest in an unlisted
company or enterprise.
51
Glossary
Continued
Quantitative analysis: Refers to a way of Switching: The withdrawal of monies from one
measuring things and may include the use fund at the redemption price and an investment
of complex mathematical and statistical of monies in another fund at the application
modelling, measuring and research. By assigning price on the same effective date. As the
a numerical value to variables, quantitative withdrawal is treated as a redemption this may
analysts seek to predict future events (such as give rise to a capital gains tax liability.
changes in share prices) using mathematical
relationships. TFN: Tax file number.
Redeem: Withdraw units from the trust. Trust, fund or unit trust: Any form of pooled
investment in which a number of individuals
Responsible Entity: The responsible entity of place their money with a professional manager
the Fund, as defined under the Corporations to manage the total fund on their behalf and
Act, which, at the date of this PDS, is UBS produce a return to them individually.
Global Asset Management (Australia) Ltd.
UBS: UBS AG group of companies including us.
Risk budget: The average ex ante (forward
looking) risk, as calculated by our proprietary UBS Global Asset Management: An
risk systems, that the Fund would be expected autonomous business division of UBS AG.
to be managed to over a full market cycle. It
UBS Global Asset Management (Australia)
represents the risk benchmark against which the
Ltd: The Responsible Entity of the Funds.
portfolio’s actual risk position will be actively
managed. In periods where we wish to take Unit: A term of measurement that represents an
above average risk within the portfolio, the interest in a managed investment scheme.
actual risk will be managed to be above the risk
budget and it will be managed at a lower than Volatility: The standard deviation of the change
budgeted risk level when we wish to take lower in value of an investment usually expressed as a
than average risk. percentage over a year.
Shares: The ownership of part of a company. Yield: The rate of income generated from a
A contract between the issuing company and share in the form of dividends (dividend yield),
the owner of a share which gives the latter an or the effective rate of interest paid on a fixed
interest in the management of the corporation, income security.
the right to participate in profits and, if the
company is dissolved, a claim upon assets
remaining when all debts have been paid.
Short position: The sale of an asset or security
that the seller does not own in the expectation
that the asset or security will fall in value,
enabling the seller to buy the asset or security
at a lower amount than the price at which they
sold short.
52
Completing the Application Form
Introduction 2. Completing the category you
The Anti-Money Laundering and Counter- fit into
Terrorism Financing Act 2006 (the Act) requires Please complete the category you fit into for a
us to identify our new investors and verify their unit holding as follows:
identity. Our application form captures personal
information about investors to comply with the • Individual(s) or joint names cross,
requirements of the Act. Certified copies of your “Individual(s)” and proceed to Section 5.
identification documentation will be required
and details of the certification process are • Company, cross “Company” and proceed
contained in pages 63 and 64 of this Product to Section 3.
Disclosure Statement. We will not be able to
• Trust, cross “Trust” and proceed to
process your application until we receive the
Section 4.
identification information we require.
• Superannuation Fund, (including self-
We may need to collect further information
managed superannuation funds) cross
about you to comply with our ongoing
“Superannuation Fund” and proceed to
customer due diligence obligations under the
Section 4. For Corporate Trustees proceed
Act. Please see page 62 for more details.
to Section 3.
The following instructions for completing the
• Association, cross “Association” and
application form will assist you to provide
proceed to Section 3 if incorporated or to
the information we require. The provision of
Section 4 if unincorporated.
complete and accurate information will enable
us to process your application efficiently and to • Co-operative, cross “Co-operative” and
meet our obligations under the Act. proceed to Section 3.
Please complete the accompanying • Partnership, cross “Partnership” and
application form in BLOCK LETTERS and proceed to Section 5.
sign Section 13 of the application form.
• Sole Trader, cross “Sole Trader” and
proceed to Section 5.
1. Completing Investor Details • Government Body, cross “Government
Please complete the investor details as follows. Body” and proceed to Section 3.
If you are a current investor who acquired an
investment by direct issue from UBS Global
Asset Management (Australia) Ltd prior to 12
December 2007 or we have previously collected
the necessary identification information from
you in accordance with the Act, and you wish to
invest in the same name, please cross “Existing”
and provide your investor number.
If you are a new investor please cross “New”
and proceed to Section 2.
53
Completing the Application Form
Continued
3. Completing company, Note: All documents supporting the
superannuation fund, identification of applicants must be certified.
incorporated association, Instructions for identification are covered in
co-operative or government Certification on pages 63-64 on this Application
body Form.
5. Completing Account Details
If you are a: To complete this section you may cross more
Company, For Australian listed companies (or than one box to define your applicant status
majority owned subsidiary) please complete this e.g. trustee and beneficiary.
section and proceed to Section 6.
Note: All documents supporting the
For a private, proprietary or public company identification of applicants must be certified.
complete this section and proceed to Section 5. Instructions for identification are covered in
For foreign registered companies complete this Certification on pages 63-64. Details of the
section and include country of registration and industry of your employer e.g. mining, health
relevant registration number in the ABN/ACN/ and finance and investable assets are required
ARBN box and proceed to Section 5. to enable us to comply with the specific
requirements of Commonwealth Government
NB: All applications must be in the name of the Legislation (Anti-Money Laundering and
company (as registered by ASIC). The Business Counter Terrorism Financing Act 2006).
name(s) is/are not acceptable.
Tax File Number Lodgement (TFN) or
Superannuation Fund, please complete this Australian Business Number (ABN)
section (Corporate trustee only), and proceed to Lodgement
Section 5. Collection of TFN information is authorised
and its use and disclosure are strictly regulated
Association, please complete this section and by Tax Laws and the Privacy Act. It is not an
proceed to Section 5. offence if you choose not to supply your TFN
or exemption, but tax may be taken out of
Co-operative, please complete this section and
your income distributions, currently at 46.5%.
proceed to Section 5.
For any future investments if the TFN provided
Government Body, please complete this corresponds to the Applicant Details the TFN will
section and state in the name of the body which be automatically applied. You have the right to
jurisdiction the Government Body is established indicate at any time that you no longer wish to
(e.g. state or territory), and whether the body quote a TFN for an investment. You may choose
is an entity/emanation or established under to provide your Australian Business Number
legislation, and proceed to Section 5. (ABN) instead of your TFN if your investment is
made in the course of carrying on an enterprise.
4. Completing trust or other For more information about the use of tax file
entity numbers, please contact your nearest tax office.
Please complete this section if you are a
Tax Exemption
trust, self-managed superannuation fund or
You may not be required to lodge a tax return if
superannuation fund (not a corporate trustee)
you fit into one of the following categories:
and proceed to Section 5. For a superannuation
fund that is regulated by APRA, please complete • Recipient of Age, Service, Invalid, Veteran,
this section then proceed to Section 6. If the Care, Sole Parent or Special Benefit
type of investor is a trust, you will need to pension - specify type
provide the name of each beneficiary under
the trust and the classes of the trust members • Non-residency - please specify country
(if applicable). Trusts must provide appropriate
certified documentation (eg. the relevant • Other - please specify
sections of the trust deed including the title
For an Individual please complete this section
page showing the full name of the trust, the
and proceed to Section 6.
named beneficiaries and the execution page).
54
For a Company registered as a Proprietary or 6. Investment Details
Private company, please complete this section Indicate how much you wish to invest in the
as an individual for each director and beneficial Fund.
owner (any individual who owns through one
or more shareholdings, more than 25% of the Minimum initial investment: $20,000
issued capital of the company). For a company
registered as a Public company, please provide Cheque: Make your cheque payable to “NNL
the full name and residential address of each OCA – UBS Applications Account [your name]”
director (attach separately). You do not need to and crossed “Not Negotiable”. Please note we
complete this section if you are an Australian do not accept third party cheques.
Listed Company and you have supplied your
If you wish to make an additional investment
ABN/ACN in Section 3. Once this section is
in the Fund or switch from the Fund to
completed proceed to Section 6.
another UBS Fund, please read page 35 for the
For a Trust or Superannuation Fund the full procedures.
details of only one of the trustees needs to be
7. Income Distributions
completed in this section as an individual and
Please indicate your preferred method for
only the full name and residential address of
income distributions. If income is to be credited
the other trustee(s) and beneficiary(ies) is also
to an account with an Australian bank, building
required in Section 5. However, if any of the
society or credit union, we require your
trustees is a company, then for each one of
complete account details. You may also ask to
those companies you must complete this section
receive your income distribution by cheque. If
as an individual for each director and beneficial
you do not nominate your preferred option, it
owner. Once this section is completed proceed
will be assumed that you require the income to
to Section 6.
be reinvested in additional units in the Fund.
For an Association the full name of the
association’s registered office or the residential
8. Redemption Payments
Please indicate your preferred method for
address of the public officer (or president,
payment of redemptions. If redemptions are to
secretary or treasurer) is required. Also the full
be credited to an Australian bank or financial
name of the Chairman, Secretary and Treasurer
institution, we require your complete account
(or equivalent) is required. Once this section is
details. Unless specifically requested otherwise,
completed proceed to Section 6.
we will pay all redemptions to your nominated
For a Co-operative the full address of the co- bank account. Note: Third party payments will
operative’s registered office or the residential not be issued.
address of the secretary (or president or
treasurer) is required. Also required by law is
9. Transaction statements
Please indicate how you would like to receive
the full name of the chairman, secretary and
your transaction statements.
treasurer (or equivalent) of the co-operative.
Once this section is completed proceed to 10. Consultant or Adviser
Section 6. Please indicate if you do not wish us to send
information relating to your investment to your
For a Partnership only one of the partners
consultant or adviser.
needs to complete this section in full as
an individual. However, the full name and Consultants or advisers are requested
residential address of each partner is required to complete their details, and stamp the
(attach separately). Once this section is application form.
completed proceed to Section 6.
Please note that commission on application
For a Government Body, please complete this monies or an ongoing service fee are not
section and proceed to Section 6. normally paid to consultants or advisers unless
authorised on the application form.
55
Completing the Application Form
Continued
11. Adviser Remuneration Please copy this section for each person for
An Initial fee may be agreed to between you whom identification documents are required.
and your adviser. (Refer to page 41 for further
details of initial adviser service fees.)
Lodgement of Application Form
Forward the completed application form,
Complete this section with your adviser if you together with your cheque to:
agree to authorise the payment of a fee to your
National Australia Bank Limited
adviser.
Attn: Registry Services
Adviser remuneration is an expense borne by GPO Box 4364
you, the investor. Your authorisation means Melbourne VIC 3001
that the initial adviser service fee, inclusive of
If you have any questions, please call
GST, is deducted from your application prior to
Client Services on (02) 9324 3222 or
investment.
freecall 1800 023 043.
For any ongoing adviser fees your authorisation
means that we will redeem Units to cover the
fee. (Refer to page 41 for further details of Checklist
ongoing adviser service fees.)
This fee may be tax deductible, investors should
seek their own professional tax advice for
Use a Black or Blue Pen
eligibility.
12. Declaration of beneficial
Write in BLOCK Letters
ownership for trust applicants Make your Cheque payable to:
Please complete this section if required.
“NNL OCA - UBS Applications Account
(your name)” crossed “Not Negotiable”
13. Declaration and Signature
Joint applications must be signed by all parties,
Send your Form and Cheque to:
who are treated as joint tenants under the
Constitution. National Australia Bank Limited
If signed under power of attorney, the attorney Attn: Registry Services
GPO Box 4364
must certify that he or she has not received
Melbourne VIC 3001
notice of revocation of that power (the power
or a certified copy is required to be forwarded).
If you are a corporation, you may use your
Supply your TFN or ABN if you wish to do so
common seal if you wish, witnessed by two
directors or a director and a secretary (check I have provided my residential / registered
address
your constitution). Otherwise, two directors
or a director and secretary may sign or, if a
proprietary company with a sole director, that
I have attached required identification
documentation
director alone may sign.
14. Certification
The documentation provided has been
certified
Please provide your identity documents to an
Acceptable Certifier and sign this section in
their presence. Identification documents are to
be provided for each signatory to an account
and a signed certification provided on the
form by a person within a specified class of
Acceptable Certifiers. Refer to page 64 for a list
of acceptable certifiers.
56
Supplementary No. 2
UBS Investment Funds
Application Form
Product Disclosure Statement – No. 6 When completed send to:
AFS Licence No. 222605 National Australia Bank Limited
ABN 31 003 146 290 Attn: Registry Services
14 April 2009 GPO Box 4364
Melbourne VIC 3001
1. Investor details
x New Go to section 2 x Existing (see page 53) Give details of your existing account below
Existing Account Name Existing investor number
If any of your details have changed, please complete them in the relevant section below, otherwise go to section 6
2. Which category do you fit into?
x Individual(s) - Go to section 5 x Company - Go to section 3 x Trust - Go to section 4
x Superannuation Fund - Go to section 3 or 4 x Association - Go to section 3 or 4 x Co-operative - Go to section 3
(as applicable) (as applicable)
x Partnership - Go to section 5 x Sole-trader - Go to section 5 x Government Body - Go to section 3
3. Company, superannuation fund, incorporated association or body
Name of company, incorporated association or body
ABN / ACN / ARBN / OTHER (as applicable) Contact person (full name)
Country of registration (if not Australia) Address
TFN Daytime phone number Fax number
4. Trust or other entity Go to section 5
Name of trust, superannuation fund, minor, deceased estate or unincorporated association. Trustees must complete section 12 as applicable and provide
appropriate documentation (eg. extract of trust deed). Refer to page 54 for details.
Trustee / executor name(s)
ABN / ACN / ARBN/OTHER (as applicable) Contact person (full name)
Daytime phone number Fax number
TFN
57
5. Account details Go to section 6
Applicant 1 Applicant 2
x Individual x Trustee x Director x Sole Director x Individual x Trustee x Director x Sole Director
x Executor x Guardian/Appointer x Beneficiary x Settlor x Executor x Guardian/Appointer x Beneficiary x Settlor
Title Title
x Mr x Mrs x Miss x Ms Other x Mr x Mrs x Miss x Ms Other
First name First name
Middle name Middle name
Last name Last name
Date of birth (dd/mm/yyyy) Date of birth (dd/mm/yyyy)
/ / / /
Work phone number Home phone number Work phone number Home phone number
Fax number Mobile Fax number Mobile
Email address Email address
Tax file number (or reason for exemption-refer to pg 54 for details) Tax file number (or reason for exemption-refer to pg 54 for details)
Occupation Occupation
Employer Industry Employer Industry
Passport number Driver’s licence number Passport number Driver’s licence number
Nationality Nationality
If a foreign resident for tax purposes, specify your country of residence If a foreign resident for tax purposes, specify your country of residence
Residential address / registered address (street number & name) Residential address / registered address (street number & name)
Suburb State Suburb State
Postcode Country Postcode Country
Postal address (if different from residential) Postal address (if different from residential)
Suburb State Suburb State
Postcode Country Postcode Country
Please identify the major source/s of your investable assets Please identify the major source/s of your investable assets
x Business activity x Gainful employment x Business activity x Gainful employment
x Financial investments x Real estate investments x Inheritance/gift x Financial investments x Real estate investments x Inheritance/gift
Other (if none of Other (if none of
the above applies, please provide details of source of wealth for the account) the above applies, please provide details of source of wealth for the account)
58
5. Account details (continued) Go to section 6
Applicant 3 Applicant 4
x Individual x Trustee x Director x Sole Director x Individual x Trustee x Director x Sole Director
x Executor x Guardian/Appointer x Beneficiary x Settlor x Executor x Guardian/Appointer x Beneficiary x Settlor
Title Title
x Mr x Mrs x Miss x Ms Other x Mr x Mrs x Miss x Ms Other
First name First name
Middle name Middle name
Last name Last name
Date of birth (dd/mm/yyyy) Date of birth (dd/mm/yyyy)
/ / / /
Work phone number Home phone number Work phone number Home phone number
Fax number Mobile Fax number Mobile
Email address Email address
Tax file number (or reason for exemption-refer to pg 54 for details) Tax file number (or reason for exemption-refer to pg 54 for details)
Occupation Occupation
Employer Industry Employer Industry
Passport number Driver’s licence number Passport number Driver’s licence number
Nationality Nationality
If a foreign resident for tax purposes, specify your country of residence If a foreign resident for tax purposes, specify your country of residence
Residential address / registered address (street number & name) Residential address / registered address (street number & name)
Suburb State Suburb State
Postcode Country Postcode Country
Postal address (if different from residential) Postal address (if different from residential)
Suburb State Suburb State
Postcode Country Postcode Country
Please identify the major source/s of your investable assets Please identify the major source/s of your investable assets
x Business activity x Gainful employment x Business activity x Gainful employment
x Financial investments x Real estate investments x Inheritance/gift x Financial investments x Real estate investments x Inheritance/gift
Other (if none of Other (if none of
the above applies, please provide details of source of wealth for the account) the above applies, please provide details of source of wealth for the account)
Please copy this page if more than 4 account details are required
59
6. Investment details Go to section 7
Minimum initial investment: $20,000, Minimum additional investment: $1,000
Cash Fund $A , , . Australian Small Companies Fund $A , , .
Protected Cash Fund $A , , . Australian Equity Income Fund $A
C L O, S E D, .
Cash-Plus Fund $A , , . International Share Fund $A , , .
Australian Bond Fund $A , , . Global Opportunities Share Fund $A , , .
Diversified Fixed Income Fund $A , , . Emerging Markets Equity Fund (AUD) $A , , .
Diversified Credit Income Fund $A , , . Defensive Investment Fund $A , , .
Property Securities Fund $A , , . Balanced Investment Fund $A , , .
Global Property Securities Fund $A , , . Absolute Return Fund (AUD) $A , , .
Australian Share Fund $A , , .
(Cheques should be made payable to “NNL OCA - UBS Applications Account [your name]” and crossed “Not Negotiable”.)
7. Income distributions Go to section 8
Note: If no election is made, distributions will be reinvested.
x Pay income directly to the Australian bank or financial institution account shown below (complete only if your distributions are not to be reinvested):
x Reinvest income as additional units x Pay by cheque to the mailing address detailed on this application form
Name of Australian bank or Financial institution Branch
Name in which the account is held (i.e. investor’s name)
BSB No Account No
-
I/We acknowledge that direct deposits not accepted by my/our Australian bank or financial institution will be paid to me/us by cheque.
8. Redemption payments Go to section 9
x Pay by cheque to the mailing address detailed on this application form (Note: No third party cheques allowed)
x Pay directly to the Australian bank or financial institution account shown below:
Name of Australian bank or Financial institution Branch
Name in which the account is held (i.e. investor’s name)
BSB No Account No
-
I/We acknowledge that direct deposits not accepted by my/our Australian bank or financial institution will be paid to me/us by cheque.
9. Transaction statements Go to section 10
How would you like to receive your transaction statement(s)? I/We acknowledge that undelivered email or fax statements will be sent out by post.
x Post x Email Email
x Fax Fax No:
60
10. Consultant or adviser If applicable
I/We agree that information relating to my/our investment be supplied to my/our consultant/adviser.
x Indicate here if you do not want information relating to your investment be supplied to your consultant/adviser.
Consultant/adviser name Adviser’s stamp
Consultant’s/adviser’s address
Dealer group
Dealer branch Phone number
ABN Licence number
11. Adviser remuneration If applicable
(Please note the percentages below include any GST that will be charged)
Initial adviser fee – I/We direct the Responsible Entity to pay the following fee out of my initial investment for the Fund in which I invest to the adviser detailed
in Section 10 (above).
x 0.00% x 1.1% x 2.2% x 3.3% Other % (max 3.3%)
Ongoing adviser service fee – I/We request that you redeem a sufficient number of units at the end of each quarter to pay the following fee to the adviser
detailed in Section 10 (refer to page 41). NOTE: only the following options are available.
x 0.00% pa x 0.275% pa x 0.55% pa x 0.825% pa x 1.1% pa Other % (max 1.1%)
12. Declaration of beneficial ownership for trust applicants If applicable
This declaration requires you, as the contracting party with UBS Global Asset Management (Australia) Ltd, to verify the identity of the beneficial owner(s) for
the account to be opened. For the purpose of this declaration a beneficial owner is the person(s) who owns or benefits from this account. In making this
declaration you undertake to inform UBS Global Asset Management (Australia) Ltd immediately if there are any changes to the information disclosed herein.
Nature of trust (eg. Discretionary) Date trust deed settled (dd/mm/yyyy)
x Revocable x Irrevocable / /
A. Settlor details
Please complete the details in Section 5 for the Settlor.
B. Guardian / Appointer details
Please complete the details in Section 5 for the Guardian / Appointer.
C. Trust beneficiaries
DISCRETIONARY TRUSTS - Please specify the beneficiaries of the trust as defined in the Trust Deed. If the trust is a Discretionary Trust please describe the class of
beneficiaries.
FIXED TRUSTS - If the trust is a Fixed Trust (ie. Named beneficiaries) please complete the details in Section 5 for each beneficiary.
D. Authorisation for instructions for the trust
Please specify parties that are authorised to give instructions to the trustees
Glossary of terms
Revocable Trust A trust that may be changed or cancelled by its settlor or another person.
Irrevocable Trust A trust that cannot be changed or cancelled once it is set up, without the consent of the beneficiaries.
Settlor The person that creates the trust, to hold property for the benefit of another.
Guardian/Appointer A person who holds a power to direct the trustee of an irrevocable trust in matters relating to the trust.
61
13. Declaration and signature Go to section 14
I/We agree to be bound by the terms and conditions of the UBS Investment Funds Product Disclosure Statement No. 6 and the Constitution pursuant to which
the relevant Fund was established as amended from time to time.
I/We acknowledge that this application form relates to a Product Disclosure Statement dated 14 April 2009, which I/we have read.
I/We acknowledge that none of the UBS Global Asset Management (Australia) Ltd, any division of UBS AG, or National Australia Bank Limited guarantees the
repayment of capital or the performance of the Fund.
I/We acknowledge and understand that investing in the Funds is subject to investment risk, including possible delays in repayment and loss of income and
principal invested.
I/We acknowledge that a person who gives another person access to this application form must, at the same time and by the same means, give that person
access to the UBS Investment Funds Product Disclosure Statement No. 6.
I/We hereby irrevocably request that my/our investment in the UBS Protected Cash Fund is switched into the UBS Cash Fund as soon as practicable after
the Government Guarantee is lifted. The Responsible Entity will accept this application form as a valid switching application for this purpose and no other
application will be required.
If you have received this application and/or the related Product Disclosure Statement in electronic form, either UBS Global Asset Management (Australia) Ltd
or the person who provided you with the electronic copy will send you paper copies of the Product Disclosure Statement and any relevant supplementary
documents and the application form on request and without charge.
I/We acknowledge that either I/we will be the beneficial owner of the Units to be purchased, or can identify the beneficial owner of the units if required to, by
UBS Global Asset Management (Australia) Ltd for regulatory purposes.
UBS Global Asset Management (Australia) Ltd (AFS Licence No. 222605) is the issuer of this Product Disclosure Statement. No member company in the UBS AG
Group other than UBS Global Asset Management (Australia) Ltd makes any statement or representation in this document. None of UBS AG, UBS Global Asset
Management (Australia) Ltd or other member company in the UBS AG Group, nor National Australia Bank Limited guarantees the capital value, payment of
income or performance of the Fund.
Your investment in the Fund does not represent deposits or other liabilities of UBS AG or other member company of the UBS AG Group.
UBS Global Asset Management (Australia) Ltd is bound by laws about the prevention of money laundering and the financing of terrorism, including the Anti-
Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF laws). By completing the application form, you agree that:
• you do not subscribe to the Fund under an assumed name;
• any money used by you to invest in the Fund is not derived from or related to any criminal activities;
• any proceeds of your investment will not be used in relation to any criminal activities;
• if we ask, you will provide us with additional information we reasonably require for the purposes of AML/CTF laws (including information about an
investor, any beneficial interest in the Fund, or the source of funds used to invest);
• we may obtain information about you or any beneficial owner from third parties if we believe this is necessary to comply with AML/CTF law; and
• in order to comply with AML/CTF laws we may be required to take action, including:
- delaying or refusing the processing of any application or withdrawal, or
- disclosing information that we hold about you or any beneficial owner of the Fund to our related bodies corporate or service providers, or relevant
regulators of AML/CTF laws (whether in or outside of Australia).
Please note: If signed under Power of Attorney, the Attorney verifies that no notice of revocation of that power has been received.
Redemption requests must be signed by:
x Applicant 1 x Applicant 2 x Applicant 3 x Applicant 4
Other combination (eg. Applicant 1 & 3)
Note: If no election is made, it is assumed that any one signatory may sign.
Authorisation of Applicant 1 Authorisation of Applicant 2
Signature Signature
Name Name
Date (dd/mm/yyyy) Date (dd/mm/yyyy)
/ / / /
Authorisation of Applicant 3 Authorisation of Applicant 4
Signature Signature
Name Name
Date (dd/mm/yyyy) Date (dd/mm/yyyy)
/ / / /
62
14. Certification Please copy this form for each person required to be identified
The certifier needs to view sufficient documents to be satisfied as to the identity of the individual and to be able to record his/her residential address.
Part A. Signatory details
Title First name
x Mr x
Mrs x Miss x Ms Other
Middle name Last name
Account name Account number (if known)
Signature (to be signed in the presence of the certifier) Date (dd/mm/yyyy)
/ /
Part B. Documents examined by the certifier
Primary photographic identification document (eg. Passport or Driver’s Licence)
Type of document Document no.
Name on document Issued by
Date of birth (dd/mm/yyyy) Date of issue (dd/mm/yyyy) Date of expiry (dd/mm/yyyy) Office / Country of issue
/ / / / / /
Primary non-photographic identification document (eg. Birth Certificate, Citizenship Certificate, Pension Card)
Type of document Document no.
Name on document Issued by
Date of birth (dd/mm/yyyy) Date of issue (dd/mm/yyyy) Date of expiry (dd/mm/yyyy) Office / Country of issue
/ / / / / /
Secondary identification document (eg. Rates notice, Utility Bill, Tax Assessment)
Type of document Document no.
Name on document Issued by
Address on document State Postcode
Date of birth (dd/mm/yyyy) Date of issue (dd/mm/yyyy) Date of expiry (dd/mm/yyyy) Office / Country of issue
/ / / / / /
Part C. Details of certifier
Title First name
x Mr x
Mrs x Miss x Ms Other
Middle name Last name
Address State Postcode
Work phone number Home phone number Occupation
Category of certifier 1-15 (refer to list on page 64)
Signature of the certifier
Part D. Statement by certifier
a) I have examined the identification documents whose details are shown
in Part B of this form and have certified them to be a true and correct copy.
b) I have attached a copy of those documents to this application.
c) The signatory signed the identification certification in my presence.
Date (dd/mm/yyyy)
/ /
63
Notes of guidance for acceptable certifiers
The certifier needs to view sufficient documents to be satisfied as to the identity of the individual and to be able to record his/her residential address. An
identification certification must be signed in the presence of an acceptable certifier. An identification certification is to be provided for each signatory to an
account.
A primary photographic identification document means any of the following:
1. a licence or permit issued under a law of a State or Territory or equivalent authority of a foreign country for the purpose of driving a vehicle that contains a
photograph of the person;
2. an unexpired Commonwealth or foreign government passport that contains a photograph and signature of the person (providing the certifier understands
the language it is written in, otherwise an English translation is required). An expired Commonwealth government passport will be accepted if the expiry
was in the past 2 years
3. a card issued under a law of a State or Territory for the purpose of proving a person’s age which contains a photograph of the person;
4. a national identity card issued for the purpose of identification that contains a photograph and the signature of the person.
A primary non-photographic identification document means any of the following:
1. a birth certificate or birth extract issued by a State or Territory;
2. a citizenship certificate issued by the Commonwealth;
3. a citizenship certificate issued by a foreign government (providing the certifier understands the language it is written in, otherwise an English translation is
required);
4. a birth certificate issued by a foreign government, the United Nations or an agency of the United Nations (providing the certifier understands the language
it is written in, otherwise an English translation is required);
5. a pension card issued by Centrelink.
A secondary identification document means any of the following:
1. a notice issued to an individual by the Commonwealth, a State or Territory within the preceeding 12 months that contains the name and residential
address of the individual and records the provision of financial benefits under relevant law;
2. a notice issued to an individual by the Australian Tax Office within the preceeding 12 months that contains the name and residential address of the
individual and tax assessed;
3. a notice that was issued to an individual by a local government body or utilities provider within the preceeding 3 months that contains the name of the
individual and residential address and records the provision of services to that address or that person.
Acceptable certifiers
1. a legal practitioner enrolled in a Supreme Court of a State, or Territory or the High Court of Australia;
2. a judge of a court;
3. a magistrate;
4. a chief executive officer of a Commonwealth court;
5. a registrar or deputy registrar of a court;
6. a Justice of the Peace;
7. a notary public;
8. a police officer;
9. an agent of the Australian Postal Corporation who is in charge of an office supplying postal services;
10. a permanent employee of the Australian Postal Corporation who supplies postal services;
11. an Australian consular officer or Australian diplomatic officer;
12. an officer with 2 or more continuous years service with one or more financial institution(s);
13. a finance company officer with 2 or more continuous years service with one or more finance companies;
14. an officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more years continuous service with one or
more licensees;
15. a member of the Institute of Chartered Accountants in Australia, CPA Australia, or the National Institute of Accountants with 2 or more years continuous
membership.
64
Directory
Responsible Entity
UBS Global Asset Management (Australia) Ltd
ABN 31 003 146 290
Registry Services
National Australia Bank Limited
Attn: Registry Services
GPO Box 4364
Melbourne VIC 3001
Facsimile: 1300 365 601
UBS Global Asset Management Client Services
Telephone: (02) 9324 3222
Freecall: 1800 023 043
Email: ClientServices-UBSAM@ubs.com
Website: www.ubs.com/australia
Registered Office
Level 7, Chifley Tower
2 Chifley Square
Sydney NSW 2000
Telephone: (02) 9324 3100
Level 7, Chifley Tower Level 16
2 Chifley Square 8 Exhibition Street
Sydney NSW 2000 Melbourne VIC 3000
Tel. +61-2-9324 3100 +61-3-9242 6500
www.ubs.com/australia
UBS Global Asset Management (Australia) Ltd is a subsidiary of UBS AG
