Docstoc

Statement of Partners Equity

Document Sample
Statement of Partners Equity Powered By Docstoc
					Fairview Equity Partners
Emerging Companies Fund
Product Disclosure Statement
20 August 2010
ARSN 133 197 501




This Product Disclosure Statement is prepared and
issued by nabInvest Managed Investments Limited
(ABN 61 083 784 463) (AFSL 312122)
    Important Information   Responsible Entity
                            This Product Disclosure Statement (PDS) relating
                                                                                      Selling Restrictions
                                                                                      The offer or invitation to subscribe for units in the Fund
                            to the Fairview Equity Partners Emerging Companies        under this PDS is only available to persons receiving
                            Fund (Fund) is issued by nabInvest Managed                this PDS in Australia and is subject to the terms and
                            Investments Limited (ABN 61 083 784 463)                  conditions described in this PDS. As at the date of
                            (AFSL 312122), referred to as NMIL or the                 this PDS, no action has been taken to register or
                            Responsible Entity throughout this PDS. NMIL              qualify the units or the offer or otherwise to permit
                            is the Responsible Entity of the Fund and issuer          a public offering of the units outside Australia. The
                            of the units offered under this PDS (units).              distribution of this PDS (including an electronic copy)
                            The Fund is managed by nabInvest Capital Partners         outside Australia may be restricted by law. If you
                            Pty Limited (ABN 44 106 427 472) (AFSL 308953)            come into possession of this PDS outside Australia,
                            (NCP). National Australia Bank Limited (ABN 12 004        you should seek advice on and observe any such
                            044 937) (NAB) is the ultimate parent company             restrictions imposed by law. Any failure to comply with
                            of NCP and NMIL. Collectively NMIL and NCP are            such restrictions may violate securities laws in that
                            referred to as nabInvest throughout this PDS. NCP         jurisdiction. This PDS does not constitute an offer or
                            has appointed Fairview Equity Partners Pty Limited        invitation in any jurisdiction in which, or to any person
                            (ABN 45 131 426 938) (AFSL 329052) (Fairview) as          to whom, it would not be lawful to make such an offer
                            investment manager of the Fund.                           or invitation.
                                                                                      NMIL reserves the right to make an offer of units to
                            About this PDS                                            any institutional investor outside Australia where to
                            This document provides information to help investors      do so would not be in breach of the securities law
                            and their advisers assess the merits of investing in      requirements of the relevant jurisdiction.
                            the Fund. You should read this document in full before
                            making an investment decision. An initial application     NMIL also reserves the right to change these terms
                            may only be made using the Initial Application Form       and conditions with, in the case of an increase in fees,
                            accompanying this PDS.                                    30 days’ notice, otherwise notice will be provided
                                                                                      before or as soon as practicable after the change
                            This PDS contains general information only.               occurs. NMIL reserve the right to withdraw any offer or
                            In preparing this PDS, NMIL did not take into account     invitation to subscribe for units and withdraw this PDS.
                            your particular investment objectives, financial          All fees quoted in this PDS, unless otherwise stated,
                            situation or needs. As investors’ needs and aspirations   are quoted inclusive of any Goods and Services Tax
                            differ, you should consider whether investing in the      (GST) and Reduced Input Tax Credits (RITCs) of 75% of
                            Fund is appropriate for you in light of your particular   GST paid, which effectively reduces the GST payable
                            needs, objectives and financial circumstances. You        from 10% to 2.5%.
                            may wish to obtain independent advice, particularly
                            about such individual matters as taxation, retirement     Defined Terms
                            planning and investment risk tolerance.                   Certain terms used in this PDS have been defined
                                                                                      and the definitions are noted in bold throughout the
                            Updated Information                                       document. Currency amounts are in Australian Dollars.
                            The information in this PDS is current at the time
                            of preparation. However, some information can             Electronic Copies
                            change from time to time. If a change is considered       This PDS is made available in electronic form at
                            materially adverse NMIL will issue a supplementary        www.nabinvest.com.au/nabinvest/our_partners/
                            or replacement PDS.                                       fairview. Investors who receive a copy of this PDS in
                            For updated or other information about the Fund           electronic form are entitled to obtain a paper copy of
                            which is not materially adverse, please consult your      this PDS free of charge by contacting Investor Services
                            financial adviser or visit, www.nabinvest.com.au/         on 1300 738 355.
                            nabinvest/our_partners/fairview. Alternatively, a         Applying for Units
                            paper copy of the updated information is available        If you wish to apply for units, you may either use the
                            free of charge by contacting Investor Services on         Initial Application Form which accompanies this PDS or
                            1300 738 355.                                             print a copy of the Initial Application Form in the PDS
                            Important Notices                                         or Additional Application Form (where appropriate)
                            An investment in the Fund does not represent              by visiting www.nabinvest.com.au/nabinvest/
                            a deposit with or a liability of NAB or any other         our_partners/fairview. No person is authorised to
                            member companies of the National Australia Bank           give any information or to make any representation in
                            Group (referred to as ‘the NAB Group’) and is subject     connection with an offer of units which is not contained
                            to investment risk, including possible delays in          in this PDS. Any information or representation not
                            repayment and loss of income and capital invested.        contained in this PDS may not be relied upon as having
                            Neither nabInvest nor any investment manager              been authorised by NMIL as the Responsible Entity
                            appointed by nabInvest nor any other member of the        in connection with an offer of units. The Responsible
                            NAB Group guarantees the repayment of your capital,       Entity and its related bodies corporate together with
                            payment of income or the performance of your              their directors and officers may hold units in the Fund.
                            investment. NAB does not provide a guarantee or           Should you have any questions concerning how to
                            assurance in respect of the obligations of nabInvest,     make an investment then please contact Investor
                            Fairview or the Fund.                                     Services on 1300 738 355 or visit the website www.
                                                                                      nabinvest.com.au/nabinvest/our_partners/fairview.
                            By investing in the Fund, you confirm you have
                            received a copy of the current PDS to which this          If you have any questions on the suitability of this
                            investment relates, that you have read it and agree       investment, please speak with your financial adviser.
                            to the terms contained in it, and that you agree to be
                            bound by the terms of the current PDS and current
                            Constitution (each as amended from time to time).




2
Contents
1. About Fairview and nabInvest                                   4
2. Fund Profile                                                   5
3. How the Fund is Invested                                       7
4. Additional Information about the Fund                      10
5. Understanding the Benefits and Risks of Investing
   in the Fund                                                11
6. Fees and Other Costs                                       13
7.   Additional Explanation of Fees and Costs                 16
8. Making, Withdrawing and Monitoring Your Investment         19
9. Valuations and Unit Pricing                                23
10. Investor Returns                                          24
11. Taxation Considerations                                   25
12. Additional Information                                    28
13. Glossary                                                  32

The Initial Application Form is included at the end of this
Product Disclosure Statement.




                                                              3
1. About Fairview and nabInvest

About Fairview Equity Partners                                   About nabInvest
Fairview Equity Partners Pty Limited (Fairview) is a boutique    nabInvest Managed Investments Limited (NMIL) is the
fund manager specialising in the investment in Australian        Responsible Entity of the Fund and issuer of this PDS and any
small company equities.                                          units offered under it. The Responsible Entity has appointed
                                                                 nabInvest Capital Partners Pty Limited (NCP) to provide
Fairview has been appointed as the investment manager
                                                                 services and assistance to the Fund. In many circumstances,
of the Fairview Equity Partners Emerging Companies Fund
                                                                 NCP may act as an agent of NMIL.
(Fund) and has been managing the Fund’s investments since
its inception in October 2008.                                   Both NMIL and NCP are wholly owned subsidiaries of NAB.
                                                                 The NMIL and NCP businesses are collectively referred to as
Fairview was jointly founded in 2008 by its executive
                                                                 nabInvest (nabInvest) throughout this PDS.
directors, Chris Adams, Leigh Cronin and Michael Glenane,
all being former investment managers at Goldman Sachs            nabInvest is the specialist asset management business of
JBWere Asset Management. The executive directors                 the NAB Group. nabInvest partners with ‘best of breed’
have worked together for several years and collectively          investment managers to enhance the manager’s capabilities,
have approximately 50 years of investment experience,            drawing on the strength and support of the NAB Group’s
encompassing funds management and investment research.           resources. nabInvest’s relationships with high quality
                                                                 investment management firms provides investors with
Details of the Fairview investment team’s qualifications and
                                                                 access to a diverse range of asset classes and investment
investment experience are provided on www.nabinvest.com.
                                                                 products.
au/nabinvest/our_partners/fairview.
                                                                 In addition to distributing the Fund, nabInvest provides a
Fairview is majority owned by its executive directors, with a
                                                                 range of marketing, compliance and client service functions
subsidiary of National Australia Bank Limited (NAB) holding
                                                                 associated with the Fund. This enables Fairview to focus on
a strategic minority interest. Remuneration of the executive
                                                                 managing the Fund’s investment portfolio.
directors is linked to the Fund’s performance thereby creating
a culture where Fairview is focused on providing investors
with superior investment returns. Fairview outsources
administrative, marketing and operational support, which
enables the executive directors to concentrate on portfolio
management of the Fund.
For more information on Fairview, refer to pages 7 to 9 of
this PDS and www.nabinvest.com.au/nabinvest/our_partners/
fairview.




4
2. Fund Profile


 Fund Objective                    The Fund aims to provide long term capital growth and some income by investing primarily in a
                                   diverse portfolio of smaller companies listed, or expected to be listed, on the Australian Securities
                                   Exchange (ASX).

 Investor Profile                  The Fund may suit you if:
                                   •	 you recognise the greater long-term wealth creation potential of equities relative to other asset
                                      classes;
                                   •	 you wish to benefit from an actively managed Australian small companies equity portfolio
                                      managed by a specialist boutique investment manager;
                                   •	 you are looking to enhance the performance of your Australian equity portfolio;
                                   •	 you wish to diversify your Australian equity portfolio to include access to a range of small and
                                      emerging companies that show strong growth potential;
                                   •	 you have a longer term investment horizon;
                                   •	 you are not dependent upon an income stream;
                                   •	 you can benefit from franking credits; and
                                   •	 you are able to accept the volatility of investing in growth assets.

 Fund Structure                    The Fund is a registered managed investment scheme.

 Benchmark                         The S&P/ASX Small Ordinaries Accumulation Index.

 Investment Universe               The Fund will predominantly invest in securities of listed Australian small companies, generally
                                   comprising companies which reside outside the S&P/ASX 100 Index. Cash and derivatives (such
                                   as SPI Futures) may also be used.

 Asset Allocation                  The table below shows the Fund’s target investment range for each asset class.

                                    Asset Class                         Investment Range
                                    Australian Equities1                90%–100%
                                    Cash2                               0%–10%
                                   The Fund may temporarily move outside these ranges due to certain factors such as receipt of
                                   significant cashflows. If this occurs, action will be taken to bring the Fund back into these ranges
                                   as soon as possible. Where we believe it is in the best interests of investors as a whole, we may
                                   change the investment range from time to time without prior notice to investors.

 Income Distribution               Generally calculated half yearly, as at 30 June and 31 December. However, there may be periods
                                   in which no distributions are made or the Fund may make additional distributions. See page 24 for
                                   further information.

 Recommended          Five years or more.
 Investment Timeframe

 Investment Amounts                Minimum Investment – $20,000
                                   Minimum Additional Investment – $1,000
                                   Minimum Withdrawal – No Minimum


1 While the majority of the Fund will be invested into securities that comprise the S&P/ASX Small Ordinaries Accumulation Index, the Manager may invest up
  to 20% of the Fund’s value in the S&P/ASX MidCap 50 Index. The Fund may also invest up to 5% of the Fund’s assets in unlisted securities provided that at
  the time of investment, Fairview has reasonable grounds to believe that the relevant securities will be listed on the Australian Securities Exchange within six
  months of investment by the Fund.
2 Includes cash equivalent securities such as investment grade interest bearing securities.
                                                                                                                                                                    5
2. Fund Profile (continued)


Fees and Other Costs    Management Fee: 1.20% p.a. of the Fund’s net asset value (see pages 14 to 16).
                        Performance Fee: 20.5% of any investment returns (after Management Fee and expenses) in
                        excess of the Benchmark, the S&P/ASX Small Ordinaries Accumulation Index, and after recouping
                        any prior periods of underperformance (see pages 14 to 16).
                        Buy/Sell Spread: +0.30% on application and -0.30% on withdrawal. These amounts may change
                        if the estimate of the underlying transaction costs changes. Buy/Sell Spreads are included in the
                        application and withdrawal unit prices (see pages 16 to 17).

Valuations and          The Fund’s assets are usually valued and priced on each NSW Business Day (see page 23).
Unit Pricing

Benefits and Risks of   See pages 11 to 12 for a discussion of the Benefits and Risks of Investing in the Fund.
Investing in the Fund




6
3. How the Fund is Invested

Why Small or Emerging Companies?                               Fairview’s Investment Style and Philosophy
By small or emerging companies, we mean companies              Fairview’s investment philosophy is based on the belief
that generally fall outside the S&P/ASX 100 Index which        that opportunities for identifying mispriced securities are
comprises the top 100 listed companies in Australia by         greatest within the small company segment of the market,
market value.                                                  primarily because many of these companies tend to be
                                                               under researched and accordingly have the potential to offer
Given their size, and in some cases, early stage of business
                                                               investors significant upside.
maturity, smaller companies (also known as ‘small caps’)
often exhibit higher growth prospects than their larger        Fairview is a core active investment manager that employs
company counterparts and consequently have the potential       a disciplined, multi-faceted strategy for stock selection. This
to deliver higher rates of capital growth.                     collaborative approach is research driven, combining high
                                                               levels of company contact, detailed analysis, a robust peer
Small caps tend to be less intensively researched than their
                                                               review process and appropriate risk controls.
larger counterparts. Experienced and well resourced active
small cap investment managers are well placed to find          Fairview’s investment process is illustrated on pages 8 to 9.
attractively priced companies and deliver excess returns
relative to the benchmark over the longer term.
Investing in a small companies fund may therefore provide an
attractive addition to an investor’s portfolio.




                                                                                                                                 7
3. How the Fund is Invested (continued)

Fairview’s Investment Process is as follows:


        Initial Stock           Research                   Investment                    Peer                       Portfolio
        Screens                 and                        Conviction                    Review                     Construction


    1                    2                         3                          4                             5
        and Filters             Modelling                                                                           and Risk
                                                                                                                    Control



1. Initial Stock Screens The investible universe is reduced from around 1,500 to approximately 250 stocks by applying
   and Filters           initial screens and filters to exclude stocks with undesirable characteristics. These excluded stocks
                         include listed investment companies and speculative stocks.
                           The list is then further refined to only include stocks with acceptable management and business
                           qualities as well as a robust earnings and cashflow profile.

2. Research and            Fairview has a disciplined and active core approach to identifying, researching and valuing quality
   Modelling               smaller companies that it expects to perform well over the medium to long term.
                           The investment process revolves around an intensive program of company visits. In conjunction
                           with this, an assessment is made of the strength of a company’s position and the attractiveness
                           of the industry in which it operates. The output from this process forms the basis for detailed
                           financial modelling and expected returns analysis to assist in investment decision making.




                                                                    Company Analysis
                                                                    •	 Company contact
                                                                    •	 Management quality
                                                                    •	 Balance sheet quality
                                                                    •	 Earnings quality
                                                                    •	 Competitive position




                                                                                           Financial Modelling
                                           Industry Analysis
                                                                                           •	 Short term
                                           •	 Industry secular trends
                                                                                              earnings outlook
                                           •	 Industry growth
                                                                                           •	 Long term
                                           •	 Porter style analysis                           value drivers:
                                           •	 Industry and unlisted                           Growth, Margins,
                                              contacts                                        Capital Expenditure




8
3. How the Fund is Invested (continued)


3. Investment         Potential investments are then subjected to a further layer of review through which Fairview
   Conviction         tests the strength of a stock’s investment case. This is based on Fairview’s level of conviction
                      with respect to four key factors: (1) The strength of insight; (2) Valuation upside; (3) Qualitative
                      characteristics; and (4) Risk assessment.




                                                            Insight
                                                            •	Investment thesis
                                                            •	Reasons stock
                                                              mispriced
                                                            •	Consensus error




                                 Risk Assessment                                           Qualitative
                                 •	Earnings outlook                                        •	Company
                                 •	Balance sheet                                           •	Management
                                 •	Stock liquidity                                         •	Industry




                                                            Valuation Upside
                                                            •	Is it priced attractively
                                                            •	Growth options
                                                            •	Range of outcomes




4. Peer Review        At this stage of the investment process, Fairview finalises the investment decisions made by the
                      team members and then determines the respective portfolio weight for each investment.
                      This part of the process is also important for ensuring that the investment case for existing
                      positions remains valid and that any behavioural biases are kept in balance. Sell decisions are
                      made when price targets are met or an investment case is no longer valid.

5. Portfolio          A core approach to Fairview’s active management ensures major sector and style biases are
   Construction and   controlled and that stock selection remains the key driver of the Fund’s performance. This enables
   Risk Control       more consistent performance through various stages of an investment cycle.
                      The Fund holds a balanced mix of its highest conviction stocks from the key sector and style
                      components of the smaller companies universe. Major styles are well represented with a mix
                      of deeper value opportunities and reasonably priced stocks that have under-appreciated growth
                      prospects.
                      Typically, the Fund will hold between 25 and 55 stocks with restrictions on the size of individual
                      stock holdings to ensure a broader stock selection contribution to the Fund’s performance.




                                                                                                                             9
4. Additional Information about the Fund

Who May Invest?                                                   Derivatives
The Fund is offered to all investors within Australia subject     The term ‘derivative’ is used to describe any financial product
to each investor satisfying the conditions set out in this PDS    that has a value that is derived from another security, liability
and Initial Application Form and the Additional Investment        or index.
Form (where applicable). However, different investors will
                                                                  Whilst the Responsible Entity allows the use of derivatives,
have differing investment objectives and appetites for risk.
                                                                  it is the Responsible Entity’s policy that unless indicated
                                                                  otherwise:
Making Investments Directly or Indirectly
                                                                  •	 derivatives will not be used to increase the level of market
The Fund may make investments directly or indirectly by              risk beyond that required to meet the Fund’s investment
investing in other funds that have investment objectives and         objective;
authorised investments that are consistent with the Fund.         •	 derivatives will not be used to create economic leverage.
As at the date of this PDS, it is not intended to make indirect      Economic leverage is where the Fund’s exposure to
investments into other funds. The Management Costs set               the return on a market is greater than that which could
out under ‘Fees and Other Costs’ on pages 13 to 15 also              be achieved by investing in that market without using
include the management costs in any underlying funds in              derivatives or borrowed funds; and
which the Fund invests.
                                                                  •	 derivatives will not be used for leverage or to create short
                                                                     exposures to an asset or market.
Changing the Investment Manager                                   There are guidelines outlined in the Responsible Entity’s
In considering this information, you should bear in mind          Derivative Risk Statement (DRS) regarding the use of
nabInvest has the discretion to replace the manager of the        derivatives. These are set and monitored by the Responsible
Fund with another investment manager. If nabInvest does           Entity. Derivatives will not be used in a way that is contrary to
replace the manager, it will generally inform you in advance.     regulatory requirements.
However, in certain circumstances, nabInvest may replace
                                                                  As at the date of this PDS, it is the intention of Fairview to
the manager of the Fund without notice to you if nabInvest
                                                                  limit the use of derivatives to SPI Futures in order to manage
think it is in the best interests of unitholders in the Fund as
                                                                  the Fund’s liquidity risk.
a whole.
                                                                  A copy of the DRS is available by contacting Investor Services
Labour Standards or Environmental, Social or                      on 1300 738 355.
Ethical Considerations
                                                                  Changes to Investment Policy
Generally, neither Fairview nor nabInvest take explicitly into
account labour standards, environmental, social or ethical        The Constitution permits a wide range of investments and
considerations for the purposes of selecting, retaining or        gives the Responsible Entity broad investment powers.
realising the investments of the Fund. However, to the            nabInvest may vary the investment objectives, strategies and
extent that Fairview or nabInvest believes those matters          processes set out in this PDS. NMIL, as Responsible Entity
may affect the value or performance of an underlying              will issue a supplementary PDS or replacement PDS if there
investment, they may be considered. Neither Fairview nor          is any material adverse change to the information in this PDS.
nabInvest has a predetermined view as to what constitutes         Information about changes that are not materially adverse can
an unacceptable labour standard or environmental, social          be requested free of charge by contacting Investor Services
or ethical consideration and these will be determined on a        on 1300 738 355 or by visiting the website www.nabinvest.
case-by-case basis.                                               com.au/nabinvest/our_partners/fairview.

Borrowings                                                        Fund Performance, Asset Allocation and Size
Under the Fund’s Constitution, the Fund is permitted to           You can obtain up-to-date information for the Fund by
borrow if the Responsible Entity thinks it is in the best         contacting your financial adviser or visiting, www.nabinvest.
interest of investors (for example, so that the Fund can          com.au/nabinvest/our_partners/fairview. A paper copy of
smooth cashflows for unit applications and withdrawals).          updated information will be given to you without charge on
Neither the Responsible Entity or Fairview intends to directly    your request.
undertake borrowings to leverage the Fund or to directly
borrow to acquire and hold assets, although the assets in
which the Fund invests may have borrowings.



10
5. Understanding the Benefits and Risks of
   Investing in the Fund
What are the Benefits of Investing in the Fund?                    Diversifying your investments across different asset classes
                                                                   can help you to smooth your returns. Ensuring you select an
The significant benefits of investing in the Fund are as
                                                                   investment that matches your investment time frame can
follows:
                                                                   also help you manage risk. Your financial adviser can help
•	 The Fund has the potential to generate capital growth           you with these considerations and in understanding and
   over the long term and income from its investment in            managing the risks of investing.
   a diversified portfolio of small and mid sized Australian
                                                                   You should be aware of these risks, which apply to
   companies.
                                                                   investments made by any investor and by any investment
•	 The Fund provides investors with access to investment           manager.
   opportunities, markets and diversity that individual
   investors usually can’t achieve on their own.
                                                                   Types of Risks
•	 The Fund provides investors with access to Fairview’s
   investment expertise.                                           It is not possible to identify every risk factor relevant to
                                                                   investing in the Fund. However, to help you consider the risks
•	 Investors in the Fund have the right to receive any
                                                                   of investing, some of the significant risks associated with
   distributions payable. These are usually paid following
                                                                   investing in this Fund are detailed below.
   the end of June and December and may carry franking
   credits.                                                        Investment Risk
                                                                   Investment risk can be defined as the probability of losing
What are the Risks of Investing?                                   capital or not receiving income over a given time frame. As a
All investments involve a degree of risk that may potentially      general rule, the higher the potential return on an investment,
affect the value of your investment and the distributions          the higher the potential investment risk. For example, in the
paid by the Fund. As investing in the Fund involves exposing       short term, there is generally less risk in investing in cash
your investment to a range of risks, it is important that you      than in growth assets such as shares.
understand:
                                                                   Market Risk
•	 the risks involved in investing in the Fund;
                                                                   Market risk is the risk that events may occur which have
•	 how these risks compare with the risks of other                 a negative effect on the price of all types of investments
   investments;                                                    within a particular market. These factors include changes
•	 how comfortable you are in exposing your investment to          in the economic (e.g. interest rates), legislative, social,
   risk; and                                                       technological, legal, accounting and political environment,
•	 the extent to which the Fund fits into your overall financial   as well as changes in market sentiment.
   plan.
                                                                   Company Risk
Risk can mean different things to different people. It can
mean the risk that your investment may fail to achieve             When an investment in a company is purchased or held,
returns that you expect. This includes situations in which your    an investor is exposed to many of the risks to which the
investment may suffer substantial declines in value. It also       individual company is itself exposed. These risks may impact
includes situations in which the investments you choose do         the value of a security in the company. These include such
not provide the potential for adequate returns.                    factors as unexpected changes to management, company
                                                                   profit and loss announcements, credit risk, actions of
Risk is also often defined to mean investment volatility. That     competitors and regulators in regard to a company, legal
means the extent to which an investment varies in value over       action against the company, changes in technology and
a given period. Often investments offering higher levels of        market trends.
return also exhibit higher levels of short term volatility. When
making your investment decision, you should consider that          Smaller companies’ disclosure may also be less transparent
investments in growth assets, such as shares and property,         and their business models may be less diversified and more
provide the potential for higher returns in the long term,         vulnerable to changes in management or the operating
historically exceeding those investments in income producing       environment.
assets such as fixed interest and cash. However, growth            Inflation Risk
types of investments tend to produce more variability of
returns in the short term.                                         Rises in prices due to inflation can erode the real value
                                                                   of investments. To avoid this risk over the long term, your
                                                                   investments need to earn a return equal to or above the rate
                                                                   of inflation.



                                                                                                                                 11
5. Understanding the Benefits and Risks of
   Investing in the Fund (continued)
Interest Rate Risk                                                   Advisory Risk
The value of different asset classes, and especially interest        As with any investment, management or administration
bearing asset classes, can fluctuate in reaction to changes          arrangement with any provider, there is a risk that the
in interest rates. For example, when interest rates rise, the        Responsible Entity might not meet its obligations to
value of securities with fixed income characteristics (e.g.          investors. To manage this risk, the Responsible Entity
convertible notes) tends to fall.                                    has a number of risk management strategies in place,
                                                                     including corporate governance policies and procedures and
Price Risk                                                           established systems to monitor Fairview’s performance. The
The market price of a company’s securities may be subject            Responsible Entity is confident that it can meet its obligations
to price and volume fluctuations that are unrelated or               to the Fund unitholders.
disproportionate to the operating performance of the                 It is also important to consider the competence of Fairview,
company.                                                             selected by nabInvest as the Fund’s investment manager. An
                                                                     investment in the Fund indicates that you believe nabInvest
Liquidity Risk
                                                                     and Fairview are capable of managing the investments
Some investments such as small capitalisation companies,             acquired by the Fund.
property, structured investments, private, unlisted or small
specialised markets can be illiquid – that is, hard to buy or sell   Other Risks
quickly. These investments face the risk that they cannot be         The following risks are also inherent within the Fund.
sold easily and may have to be realised at a discount to their
market value. Fairview considers liquidity risk in selecting         •	 Investment professionals employed by Fairview may
investments for the Fund, however the Fund may still have               change, or nabInvest may change the investment
an exposure to liquidity risks for these investments if market          manager if it believes this is appropriate, which may affect
conditions subsequently change.                                         the future performance of the Fund. Fairview may also
                                                                        terminate its appointment.
Derivatives Risk                                                     •	 nabInvest and Fairview will receive compensation based
The Fund and any underlying investment vehicles may use                 on the performance of the Fund. Such compensation
financial derivatives, for example, as an alternative to direct         arrangements may create an incentive to make
purchases or sales of underlying assets in order to manage              investments that are riskier and more speculative than
risk and/or enhance returns. Risks associated with derivatives          would be the case if such arrangements were not
can include:                                                            in effect. Additionally, because performance based
                                                                        compensation is calculated on a basis that includes
•	 the value of the derivative declining to zero, or in some            unrealised appreciation of assets, the performance based
   cases, an uncapped loss may be incurred;                             compensation may be greater than if such compensation
•	 the value of the derivative not moving in line with the              was based solely on realised gains.
   underlying asset;                                                 •	 The costs associated with your investment may increase
•	 the counterparties to the derivative (including the Fund)            through a fee increase. However, nabInvest will give you
   may not be able to meet payment obligations; and/or                  30 days’ notice of any increase in fees.
•	 the derivative position becoming difficult or costly to           •	 Investing in the Fund may result in different individual
   reverse.                                                             investor outcomes due to the tax or accounting treatment
nabInvest aims to minimise derivative risk by requiring                 applied to income or capital gains accrued in the Fund and
Fairview to closely monitor the Fund’s derivative investments,          the consequences of investment and withdrawal by other
ensure all obligations are met with respect to derivative               investors.
contracts and only enter into derivative contracts with
reputable counterparties.                                            Managing these Risks
More information on how derivatives are used can be found            While nabInvest cannot completely eliminate investment
on page 10.                                                          risks, the Fund’s professional managers aim to manage the
                                                                     impact of these risks by managing the Fund to a number
Counterparty Risk                                                    of investment constraints and controls as previously
All investments, borrowings and transactions (including              summarised.
buying and selling securities) involve a counterparty. There is      When investing, it is important to consider your investment
a risk that a counterparty fails to meet its financial or other      time frame and your individual risk tolerance.
obligations. This may flow through as a loss to Fund investors.



12
6. Fees and Other Costs

Consumer Advisory Warning

  Did You Know?
  Small differences in both investment performance and fees and costs can have a substantial impact on your long term
  returns.
  For example, total annual fees and costs of 2% of your Fund balance rather than 1% could reduce your final 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 nabInvest or
  your financial adviser.

  To Find Out More
  If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian
  Securities and Investments Commission (ASIC) website (www.fido.asic.gov.au) has a managed investment fee
  calculator to help you check out different fee options.



The Fees and Other Costs outlined on pages 14 to 15 are
for this Fund only.
This table shows fees and other costs that you may be
charged. These fees and costs may be deducted from your
money, from the returns on your investment or from the
Fund’s assets as a whole.
Taxation information is set out on pages 25 to 27.
Information on Goods and Services Tax (GST) is set out on
        .
page 27 Unless otherwise stated, fees and costs disclosed in
this section are inclusive of the net effect of GST, if applicable.
You should read all of the information about fees and other
costs because it is important to understand their impact on
your investment.




                                                                                                                               13
6. Fees and Other Costs (continued)


 Type of Fee or Cost                                                             Amount                           How and When Paid

 Fees when your money moves in or out of the Fund1

 Establishment Fee                                                               NIL                              Not Applicable.
 The fee to open your investment.
 Contribution Fee                                                                NIL                              Not Applicable.
 The fee on each amount contributed to your investment.
 Withdrawal Fee                                                                  NIL                              Not Applicable.
 The fee on each amount you take out of your investment.

 Termination Fee                                                                 NIL                              Not Applicable.
 The fee to close your investment.
 Management Costs
 The fees and costs for managing your investment
 Management Fee                                                                  1.20% p.a. of the                The Management Fee is deducted
 This is the fee for managing the Fund, including normal                         Fund’s net asset value           from the Fund’s assets, with an
 operating expenses. The Management Fee excludes the                             before fees.2                    allowance being accrued in the unit
 Performance Fee, abnormal expenses and transaction                                                               price. It is accrued daily and paid
 fees, such as Buy/Sell Spreads described in detail under                                                         monthly in arrears. It is not required
 ‘Buy/Sell Spread’ on pages 16 to 17 and ‘Additional Costs’                                                       to be paid by you separately.
 on page 17  .
 Performance Fee                                                                 20.5% of any Fund                Performance Fees are paid from the
 This is a fee charged if the Fund’s investment return                           investment return                assets of the Fund to Fairview with
 exceeds the Fund’s Benchmark and certain other                                  (after fees and                  an allowance being accrued in the
 conditions are met. See ‘Performance Fee’ on page 16                            expenses incurred by             unit price. It is accrued daily and paid
 for more information.                                                           the Fund) in excess of           quarterly in arrears (if applicable).
                                                                                 the Fund’s Benchmark             Performance Fees are not required to
                                                                                 and after recouping              be paid by you separately.
                                                                                 any prior periods of
                                                                                 underperformance.

 Service Fees3

 Investment Switching Fee                                                        NIL                              Not Applicable.
 The fee for changing investment options.




1 The Fund also has a ‘Buy/Sell Spread’. While this is not a fee, it is a transaction cost that you will incur when you apply for or withdraw units. For more
  information see ‘Buy/Sell Spread’ on pages 16 to 17  .
2 For certain Wholesale Clients (as defined in the Corporations Act) we may, at our discretion, negotiate, rebate or waive all or part of our Fees.
3 You may have also agreed to pay your financial adviser an Adviser Service Fee. For more information, see ‘Financial Adviser Remuneration’ on page 18.

14
6. Fees and Other Costs (continued)

Example of Annual Fees and Costs for the Fund
This table gives an example of how the fees and costs in the Fund can affect your investment over a one year period. You
should use this table to compare this product with other products.

Please note that this is just an example. In practice, the actual investment balance of an investor will vary daily and the actual
fees and expenses nabInvest charge are based on the value of the Fund, which also fluctuates daily.

 EXAMPLE                                                                      Balance of $50,0004
 Fairview Equity Partners Emerging Companies Fund
 Contribution Fees                       0%                                   NIL
 PLUS                                                                         And, for every $50,000 you have in the Fund you will be
 Management Costs                                                             charged $600 each year.
 Management Fee                          1.20%
                                                                              And, for every $50,000 you have in the Fund you will be
 PLUS                                    PLUS                                 charged a Performance Fee amount of $0 to $1,860 based on
 Estimated Performance Fee5              0%–3.72%                             the assumptions.

 EQUALS                                                                       If you had an investment of $50,000 at the beginning of the
 Cost of Fund                                                                 year, you would be charged fees of from $600 to $2,460.
                                                                              What it costs you to invest will depend on the fees you
                                                                              negotiate with your financial adviser or the Fund (see
                                                                              under ‘Financial Adviser Remuneration’ and ‘Can Fees be
                                                                              Different for Different Investors?’on page 18).




4 The minimum investment is $20,000 and the minimum additional investment is $1,000.
5 The estimated Performance Fee refers to the Performance Fee paid for the year ended 30 June 2010. This example is not an indication or guarantee of
  future Performance Fees. The actual Performance Fee and therefore the aggregate Management Costs will vary depending on the Fund’s return. You should
  note that the actual Performance Fee charged may fall outside this range without advance notice to you. See under ‘Performance Fee’ on page 16 for more
  information on the Performance Fees payable.
                                                                                                                                                            15
7. Additional Explanation of Fees and Costs

Management Costs                                                  Assuming an investment of $50,000, a Fund Return of
                                                                  5% (after fees and expenses have been deducted) and a
Management Costs comprise the fees or costs that an
                                                                  Benchmark return of 3%, the Performance Fee is equal
investor incurs by investing in the Fund rather than investing
                                                                  to 20.5% of this excess performance and is calculated as
directly in the underlying assets. Management Costs are
                                                                  follows:
payable from the Fund’s assets and are not paid by you
separately.                                                       20.5% x (5% – 3%) x $50,000 = Performance Fee of $205.
Management Costs include the:                                     If the above calculation results in a negative Performance Fee
                                                                  then this negative Performance Fee will not be charged. That
•	 Management Fee (which includes normal operating
                                                                  is, no credit will be made to the Fund for underperformance.
   expenses); and
                                                                  Instead, any negative dollar amount arising from the Fund’s
•	 Performance Fee.                                               underperformance will be carried over to the next quarter
A further explanation of each fee is detailed below.              and added to the result of that quarter’s Performance
                                                                  Fee calculation. This applies regardless of whether the
Management Fee                                                    Fund Return is positive or negative and ensures that past
                                                                  underperformance is made up before a Performance Fee is
The Management Fee is charged for managing the Fund.
                                                                  payable.
nabInvest currently pays the normal operating expenses
                                                                  When the Fund Return over a quarter is negative, it is
of the Fund out of the Management Fee and they are not
                                                                  still possible for Fairview to outperform the Benchmark
charged separately to the Fund. Normal operating expenses
                                                                  and generate a positive Performance Fee. However, a
include administration, registry and custody costs, audit fees,
                                                                  Performance Fee will not be paid where the Fund Return over
regulatory fees, reporting and compliance committee costs
                                                                  a quarter is negative. Instead the Performance Fee will be
and other normal costs incurred by nabInvest in connection
                                                                  carried forward as an accrual in the unit price and will not be
with the proper performance of its duties and obligations
                                                                  paid until the Fund Return over a quarter is positive.
in the day-to-day operation of the Fund. Under the Fund’s
Constitution, NMIL is entitled to be reimbursed for expenses      Any Performance Fee payable is in addition to NMIL’s
properly incurred in the operation of the Fund and there is       Management Fee and reimbursable expenses. An estimated
no limit on the amount of expenses that NMIL can recover.         allowance for the Performance Fee will be accrued in the unit
However, nabInvest currently chooses to pay these normal          price on a daily basis.
operating expenses out of the Management Fee.
                                                                  In a quarter in which the Fund commences or is terminated, a
Note: The Management Fee does not include transaction             pro rata calculation will apply.
costs or other costs that an investor would ordinarily incur
when investing directly in the Fund’s underlying assets           Buy/Sell Spread
(e.g. brokerage on shares, derivatives costs). Furthermore,
abnormal operating expenses, should they occur, will be an        The Buy Spread is a cost charged to enter the Fund (buy
additional charge to the Fund. These costs are described under    units) and the Sell Spread is a cost charged to withdraw
‘Additional Costs’ on page 17.                                    from the Fund (sell units). The spreads are charged because
                                                                  entering or withdrawing from the Fund may necessitate the
Performance Fee                                                   buying or selling of Fund investments, which will in turn incur
A Performance Fee of 20.5% is generally payable to Fairview       transaction costs such as brokerage.
on any excess performance (after fees and expenses have           The Buy/Sell Spread aims to maintain equity between
been deducted) above the Benchmark, currently the S&P/            transacting and non-transacting investors. The Buy Spread
ASX Small Ordinaries Accumulation Index. A Performance            is built into the Fund’s application price and the Sell Spread
Fee is only paid where the Fund’s Return over a Performance       is built into the Fund’s withdrawal price. The Buy and Sell
Period is positive. Underperformance in any period is required    Spreads will impact the return on your investment.
to be made up in a subsequent Performance Period before a
Performance Fee is earned.                                        When units are bought or sold:

A Performance Period is a period of one or more consecutive       •	 Application prices reflect a Buy Spread of +0.30% of the
calendar quarters. A Performance Period will commence at             net asset value per unit.
the start of a calendar quarter and continue until the end of a   •	 Withdrawal prices reflect a Sell Spread of -0.30% of the
calendar quarter in which a Performance Fee is paid or payable.      net asset value per unit.
The Performance Fee will be calculated each calendar quarter      It is important to note that spreads are not fees paid to
on the Fund Return.                                               nabInvest or Fairview, but are retained in the Fund to cover
                                                                  transaction costs.


16
7. Additional Explanation of Fees and Costs
   (continued)
nabInvest estimates the Buy/Sell Spread based on the                      Can Fees Change?
average transaction costs expected to be incurred in buying
                                                                          Fees may increase or decrease for many reasons, including
and selling the Fund’s assets. nabInvest can change the
                                                                          changes in the competitive, industry and regulatory
spreads from time to time. In the usual course, brokerage
                                                                          environments or simply from changes in costs. Where
makes up the majority of transaction costs.
                                                                          applicable, the maximum fees payable for each fee item is
Transaction cost example: If you invested or withdrew                     disclosed below and the current fees charged are set out on
$50,000 in the Fund, a Buy/Sell Spread of +0.30% or -0.30%                pages 14 to 15.
(respectively) is included in the unit price, which is equal to a
                                                                          NMIL cannot charge more than the Fund’s Constitution
transaction cost of $150.
                                                                          allows. If nabInvest wished to raise fees above the amounts
                                                                          allowed for in the Fund’s Constitution, NMIL would need
Additional Costs                                                          approval by special resolution of unitholders.
The fees and costs described in this section also affect the              Under the Fund’s Constitution, NMIL is presently entitled
return to investors in the Fund.                                          to charge the maximum fees (excluding GST) noted in the
                                                                          following table. Where there is a reference to ‘Not Applicable’,
Abnormal Operating Expenses
                                                                          this means the Fund’s Constitution does not give the
NMIL may recover abnormal operating expenses from the                     Responsible Entity any power to charge that fee.
Fund incurred in connection with performing its duties and
obligations in administering the Fund. Such expenses might
include, for example, costs associated with unit holder
meetings, changes to the Constitution of the Fund, defending
or pursuing legal proceedings, the engagement of external
professional advisers and other matters not normally or
routinely arising in the normal course of administration of
the Fund.


 Maximum                                   Not Applicable.
 Establishment Fee
 Maximum                                   5%*
 Contribution Fee^
                                           If charged, the Contribution Fee would be calculated as a percentage of the application
                                           monies and would be deducted from your application monies on the day of investment.
                                           It would not apply retrospectively.
 Maximum                                   5%*
 Withdrawal Fee^
                                           If charged, the Withdrawal Fee would be calculated as a percentage of the withdrawal
                                           amount and would be deducted from the monies paid upon withdrawal.
 Maximum Termination Fee                   Not Applicable.
 Maximum Management Fee                    3% p.a.*
 p.a. of net asset value
 Maximum Performance Fee                   30%* of the excess performance (gross of fees, expenses and distributions) in a calendar
                                           quarter above the Benchmark multiplied by the Fund’s Average Net Asset Value over the
                                           quarter. No quarterly Performance Fee is paid if the Fund’s quarterly investment return is
                                           negative. Any Performance Fee accrued in respect of such quarter will be carried forward
                                           and not paid until the Fund Return is positive.
 Maximum Switching Fee                     Not Applicable.




^ This fee is currently not charged by the Fund.
* These fees are not inclusive of GST.

                                                                                                                                        17
7. Additional Explanation of Fees and Costs
   (continued)
The Constitution allows for normal operating expenses (such
as registry, audit, taxation advice, investment management
and offer documents) to be paid directly from the Fund. The
Constitution does not place any limit on the amount of normal
operating expenses that can be paid from the Fund.
nabInvest will not increase the Management Costs or
introduce any new fees without providing at least 30 days’
written notice.

Can Fees be Different for Different Investors?
Wholesale Clients (as defined by the Corporations Act)
may negotiate the level of Management Costs they pay by
contacting Investor Services on 1300 738 355. The payment
and terms of rebates or waivers are entirely at our discretion.
If a rebate of Management Costs applies, the rebate may be
affected by cash payment or by way of allocation of additional
units, as agreed. Fee rebates do not increase the costs to the
other investors in the Fund.
nabInvest does not negotiate fees with retail investors.

Financial Adviser Remuneration
If you wish, you can have amounts deducted from your
account to pay fees to your financial adviser.
This fee will be in addition to the fees described in the Fees
and Other Costs section outlined on pages 14 to 15.
Any arrangements you have should be detailed in the
Statement of Advice provided by your financial adviser.
Should you wish to pay an Adviser Service Fee to your
adviser please refer to the Financial Adviser Remuneration
section of the Initial Application Form. To alter your current
Adviser Service Fee arrangements, please refer to the
Financial Adviser Remuneration section of the Change
of Details Form, which is available by contacting Investor
Services on 1300 738 355 or by visiting www.nabinvest.com.
au/nabinvest/our_partners/fairview.

GST Treatment of Rebates of Management
Costs
Investors’ entitlements to fee rebates in vehicles such as the
Fund may fall within the definition of a supply under current
GST legislation. nabInvest currently understands that rebates
paid in respect of investments in the Fund will not attract GST.
As a consequence, investors who receive a rebate in respect
of their Fund investment will not be required to remit GST to
the Australian Tax Office or enter into a Recipient Created Tax
Invoice Agreement in respect of the rebate.
Investors should consider consulting their legal and/or tax
adviser in respect of the GST treatment for any rebate of
Management Costs.



18
8. Making, Withdrawing and Monitoring
   Your Investment
The following information is primarily for Direct investors       Application Process
in the Fund, who become unitholders; however, Indirect
                                                                  Application requests accepted by the Responsible Entity
investors (acquiring an interest under offer document(s)
                                                                  before 3:00 pm (Sydney time) on any Business Day will
issued by their IDPS operator) should also read this
                                                                  be processed using the application price calculated for
section, as some parts also relate to you.
                                                                  that Business Day, which will generally be available on
Indirect investors should also refer to the offer                 the next Business Day. Application requests accepted
document(s) issued by the IDPS operator.                          by the Responsible Entity after 3:00 pm (Sydney time)
                                                                  will be processed at the application price calculated for
Making an Investment                                              the next Business Day (refer also to ‘When is the Unit
                                                                  Price Calculated?’ on page 23, which outlines unit pricing
Applications for units in the Fund will be accepted and units     principles).
issued on the basis of the terms and conditions contained in
the Constitution, this PDS and the Initial Application Form or    Incomplete or Rejected Application Forms
the Additional Investment Form (as relevant).                     To ensure your applications are processed efficiently, it
Initial Investments                                               is important that you complete all sections of the Initial
                                                                  Application Form or Additional Investment Forms as
The minimum investment amount is $20,000.                         applicable. If all information is not complete, nabInvest may
To make your initial investment either:                           not be able to proceed with your request until the required
                                                                  information is received. In these situations, nabInvest will:
1. Send us your cheque together with a signed completed
   Initial Application Form accompanying this PDS or available    •	 attempt to contact you and/or your adviser (if applicable);
   free of charge from www.nabinvest.com.au/nabinvest/                and
   our_partners/fairview, or by contacting Investor Services      •	 hold your application monies in a non-interest bearing
   on 1300 738 355.                                                   account until nabInvest receives the required information.
   Cheques should be payable to ‘NNLATF Fairview Equity           Monies are held for a maximum period of 30 days in a non-
   Partners Pty Ltd Application Account’ and crossed              interest bearing account commencing on the day nabInvest
   ‘Not Negotiable’.                                              receives the application. After this period, your monies will be
2. Fax your signed completed Initial Application Form and         returned to the original source of payment.
   deposit your monies in the Administrator’s account (see        Once nabInvest receives your properly completed Initial
   page 1 of the Initial Application Form for account details).   Application Form, the monies held will be processed at
All individual or joint investors in the Fund must be at least    the next available application price for that day (subject to
18 years of age.                                                  transaction cut-off times).

A completed Initial Application Form must be received by          Restrictions on Investments
the Responsible Entity prior to, or at the time of, payment of    nabInvest can vary the minimum or additional investment
monies for the initial investment into the Fund.                  amount for the Fund.
nabInvest does not accept payments in cash. Enquiries             Where nabInvest considers it to be in the best interests of
regarding payment via Real Time Gross Settlement (RTGS)           unitholders (such as due to an inability to value the Fund),
and Austraclear should be made by contacting Investor             nabInvest may suspend application requests. Any application
Services on 1300 738 355.                                         requests received during the period of suspension, will be
The Responsible Entity may, at its discretion, accept amounts     deemed to have been received immediately after the end of
less than $20,000.                                                the suspension period. In addition, under the Constitution,
                                                                  the Responsible Entity has the discretion to accept or refuse
Additional Investments                                            any initial or subsequent applications for any reason.
Subsequent investments can be made into the Fund by
                                                                  Responsible Entity’s Discretion
completing an Additional Investment Form and forwarding
the monies by cheque or direct deposit. The minimum               NMIL may pay a special distribution immediately prior to
additional investment amount is $1,000.                           accepting an application for units in the Fund where the
                                                                  amount of units applied for is considered by the Responsible
Additional Investment Forms are available from Investor
                                                                  Entity to be substantial (refer to the section ‘Income
Services on 1300 738 355 or by visiting www.nabinvest.com.
                                                                  Distributions’, on page 24). This discretion will only be
au/nabinvest/our_partners/fairview.
                                                                  exercised when considered to be in the interests of investors.
                                                                  In-specie transfers are possible at the discretion of the
                                                                  Responsible Entity.

                                                                                                                                  19
8. Making, Withdrawing and Monitoring
   Your Investment (continued)
Cooling-off Right                                                  Withdrawals are generally processed and paid within five
                                                                   to ten Business Days of receiving a request from you.
By law, certain investors (being those not defined as
                                                                   Under the Constitution of the Fund, withdrawals must be
Wholesale Clients in the Corporations Act), have a cooling-
                                                                   paid within 90 days of receiving a request (subject to the
off right whereby they can change their mind about their
                                                                   Responsible Entity’s ability to suspend or delay payment). The
investment in the Fund and ask for their money to be repaid.
                                                                   Responsible Entity has the ability to pay withdrawal proceeds
The cooling-off right must be exercised by writing to the          in instalments. The withdrawal prices will be those in effect
Responsible Entity (contact details are provided in the            on each day on which the units are redeemed. NMIL has
Corporate Directory on the back cover) and received by             the discretion to transfer assets of the Fund to you (instead
nabInvest in its offices within 14 days from the earlier of:       of cash) in payment (partly or fully) for the proceeds of your
                                                                   withdrawal request, less any costs involved in the transfer.
•	 when you receive confirmation of your investment; or
•	 the end of the fifth Business Day after the day on which        NMIL may determine that some or all of a withdrawal amount
    your units were issued to you.                                 consists of income (which may include net capital gains),
                                                                   rather than capital of the Fund. NMIL is required to advise
The cooling-off right terminates immediately if you exercise
                                                                   you of any such determination as soon as practicable after the
a right or power under the terms of the Fund, such as selling
                                                                   end of the financial year in which the withdrawal occurred.
part of your investment. For any additional investments made
                                                                   nabInvest can provide you with a full transaction history of
under any distribution reinvestment election, the ‘cooling-off’
                                                                   your account for this purpose.
right does not apply.
Any repayment of your investment under the cooling-off right       Suspension of Withdrawals
is subject to an adjustment for market movements (both             The Responsible Entity may delay or suspend withdrawal
positive and negative), taxes, Buy/Sell Spreads and Fees and       requests for as long as any of the following exceptional
Other Costs referred to on pages 14 to 15 of this PDS.             circumstances apply:
If you have any questions about cooling-off rights, please         •	 where it has taken reasonable steps to realise sufficient
contact your financial adviser or Investor Services on                Fund assets to satisfy a withdrawal request and is unable
1300 738 355.                                                         to do so;
                                                                   •	 where it considers it impracticable to calculate the net
Withdrawing Your Investment                                           asset value (and hence unit prices) due to one or more
Generally you can apply to withdraw some or all of your               circumstances outside its control, such as restricted or
investment at any time. There is currently no minimum                 suspended market trading;
withdrawal amount. nabInvest can effect withdrawal                 •	 where it believes it is not in the best interests of
payments by direct credit to an account with an Australian            unitholders as a whole to realise Fund assets – for
financial institution. You agree that if the type of payment you      example, where it believes the size of the withdrawal
request results in bank fees being charged, or there are any          requests is such that it would require Fairview to realise a
amounts owing to NMIL under the Constitution, nabInvest               significant amount of the Fund rapidly, and that this may
may deduct those fees from your withdrawal proceeds                   either place a disproportionate capital gains tax burden on
before remitting the net amount to you.                               remaining investors or impact negatively on the Fund unit
                                                                      price;
How to Make a Withdrawal                                           •	 where it reasonably considers it is in the interests of
Investors may request part or all of their investment to be           investors to do so; or
redeemed by completing and forwarding a Withdrawal                 •	 where the law otherwise permits.
Request Form to the Responsible Entity on any NSW
Business Day.                                                      NMIL may also suspend withdrawal requests for a period up
                                                                   to 90 days where it estimates that Fairview must sell 5% or
Withdrawal proceeds will be paid by direct deposit into your       more of the Fund’s assets to meet withdrawals.
Australian bank account. nabInvest cannot pay withdrawals in
cash.                                                              Any withdrawal requests received during a period of
                                                                   suspension, or for which a unit price has not been calculated
Enquiries regarding payment via RTGS and Austraclear should        or confirmed prior to the commencement of a period of
be made by contacting Investor Services on 1300 738 355.           suspension, will be deemed to have been received on
Withdrawal Request Forms are available by contacting               the first Business Day immediately after the end of the
Investor Services on 1300 738 355 or by visiting                   suspension period.
www.nabinvest.com.au/nabinvest/our_partners/fairview.
Once lodged, withdrawal requests may not be withdrawn
except with the Responsible Entity’s consent.

20
8. Making, Withdrawing and Monitoring
   Your Investment (continued)
Responsible Entity’s Discretion                                    Confirmation Advice
We may pay a special distribution immediately prior to             Direct investors will be sent a confirmation advice after their
accepting a withdrawal request of an amount considered             applications and redemptions have been processed.
by the Responsible Entity to be substantial (refer to the
section ‘Income Distributions’, on page 24). This discretion
                                                                   Transfers
will only be exercised when considered to be in the interests
of investors.                                                      The Constitution allows investors to transfer part or all of your
                                                                   investment to another person. The Responsible Entity can
In-specie transfers are at the discretion of the Responsible
                                                                   refuse to register a transfer for any reason. The Responsible
Entity.
                                                                   Entity will not register a transfer unless the transferee is
Minimum Balance                                                    eligible to invest in the Fund. In transferring unitholdings,
                                                                   transferors and transferees indemnify NMIL against any
The Constitution allows NMIL to redeem your units on               consequence or breach of this condition. The Responsible
30 days’ notice if your holding is less than the minimum           Entity may cause a withdrawal and redemption of units
balance set by it from time to time. The minimum balance is        where there has been a transfer in breach of this condition.
currently nil. Similarly, if a withdrawal request would cause
your unit holding to fall below the minimum balance, the           Transfer Form
Constitution allows NMIL to treat your withdrawal request as
                                                                   The transferor and transferee are required to jointly
relating to your entire unit holding.
                                                                   complete and sign a transfer form notifying of the units to be
                                                                   transferred and to forward it as directed by the Responsible
Transaction Cut-off Times                                          Entity for registration. All stamp duty must by paid prior to
Generally, if your valid transaction request is received before    the registration of the transfer. The transferor and transferee
3pm Sydney time on a Business Day (the current transaction         will each be forwarded a confirmation advice, generally within
cut-off time), it will usually be processed using the unit price   three Business Days following the processing of the transfer.
determined as at the close of business on that day, which will     If you have any questions, please contact Investor Services
generally be available on the next Business Day.                   on 1300 738 355.
If your payment and application are received after the
transaction cut-off time, or on a non-Business Day, your
transaction will usually be processed using the unit price
calculated as at the close of business on the next Business
Day.
nabInvest may change the cut-off time. We will provide notice
if there is to be a change to the cut-off time.



Monitoring Your Investment
Direct investors will receive:

 Transaction Summary               A Transaction Summary Statement will be issued to unitholders to confirm each application
 Statement                         and withdrawal.
 Periodic Statement                Unitholders will receive a Periodic Statement every quarter.
 Distribution Statement            Unitholders will be sent a Distribution Statement as soon as practicable following each
                                   distribution calculation date.
 Annual Taxation Statement         An Annual Taxation Statement will be sent out each year and will set out the nature and
                                   amount of income and capital gains paid to the unitholder in respect of their unitholding for
                                   the financial year.




                                                                                                                                   21
8. Making, Withdrawing and Monitoring
   Your Investment (continued)
Annual Report
You may notify us on the Initial Application Form or in writing
if you wish to receive the Fund’s annual report, otherwise it
will be available at www.nabinvest.com.au/nabinvest/our_
partners/fairview.
You may also request at any time a transaction statement
that can show either all transactions since your last Periodic
Statement or all transactions for a specific period.
The Fund is a disclosing entity for the purposes of the
Corporations Act and is therefore subject to regular reporting
and disclosure obligations under the Corporations Act. The
Fund is required to prepare and lodge with ASIC financial
reports as required. Copies of documents lodged with ASIC
in relation to the Fund may be obtained from, or inspected at,
an ASIC office.
You have the right to obtain a copy of the most recent annual
report and any continuous disclosure notice of the Fund
lodged with ASIC free of charge. Requests may be made by
contacting Investor Services on 1300 738 355.




22
9. Valuations and Unit Pricing

The unit price is used to determine the number of units              Our Unit Pricing Controls
allocated on an application and the price paid on any
                                                                     NMIL has a Unit Pricing Permitted Discretions Policy. The
withdrawal.
                                                                     policy sets out how nabInvest will exercise any discretions
                                                                     permitted under the law in relation to unit pricing (such as,
How the Fund is Valued                                               how often nabInvest determine unit prices and valuation
The unit price for the Fund is calculated by:                        methodology). You can obtain a copy of this policy free of
                                                                     charge by calling Investor Services on 1300 738 355.
1. Establishing the net asset value (NAV) of the Fund. The
   NAV is the value of all the Fund’s assets less its liabilities,   NMIL believes a tolerance of 0.30% of a unit price for the
   (for example: fees, expenses and applicable taxes).               purposes of triggering a repricing is acceptable. If an error
                                                                     does occur within the 0.30% limit, no adjustments will
2. Dividing the NAV of the Fund by the number of units on            generally be made. However, if a pricing error is greater than
   issue to determine the NAV of each unit.                          0.30%, then the Responsible Entity will generally:
3. For application unit prices, adjusting the NAV of each unit
   by adding the Buy Spread. Application prices are rounded          •	 reprocess (using the corrected unit price) any transactions
   down to four decimal places.                                         that were made based on the erroneous unit price; or
4. For withdrawal unit prices, adjusting the NAV of each unit        •	 if there is no account balance to adjust (because an
   by deducting the Sell Spread. Exit prices are rounded up             investor has left the Fund) then a manual adjustment will
   to four decimal places.                                              be attempted, such as payment by direct credit or cheque;
                                                                        or
When is the Unit Price Calculated?                                   •	 make such other adjustments as the Responsible Entity
Generally, the NAV of the Fund is determined each NSW                   may consider appropriate.
Business Day. Valuations may also be made when monies                The adjustment will only occur if the individual account
are deposited into, or withdrawn from, the Fund. Using               adjustment is material, which is currently defined as resulting
these values the unit price for a given Business Day will be         in payment of an amount of more than $20.
calculated, generally the next Business Day, e.g. the unit price
for August 11 (if a Business Day) will generally be calculated
                                                                     How Investments are Valued
and made available on August 12 (if a Business Day).
                                                                     In determining the NAV of the Fund, nabInvest must use the
nabInvest reserves the right to defer the calculation of unit
                                                                     most recent valuations of the Fund’s assets and the most
prices in circumstances permitted by the Fund’s Constitution
                                                                     recent determinations of the Fund’s liabilities.
and by law. For example, where the Fund does not calculate
or provide a unit price for a day, nabInvest may use the next        Generally listed securities are valued using the last sale price
available unit price. nabInvest’s intention is to calculate and      quoted on the relevant exchange and liabilities are valued at
apply application unit prices each Business Day.                     cost (for example, fees). Other assets are generally valued at
                                                                     their recoverable value. The Responsible Entity may vary the
During a distribution period, the Fund’s NAV includes not only
                                                                     basis of determining the value of an asset where the market
the value of any unrealised gains and realised and unrealised
                                                                     value does not represent the fair value of the asset or there is
losses but also any income and realised gains accrued but
                                                                     no market in respect of the asset.
not yet distributed. At the end of each distribution period
the Fund’s NAV may decline as it is adjusted to reflect the
amount of any distribution payable. Consequently, if you
invest just before a distribution, you may receive back some
of your investment as distributed income or capital gains. The
unit price will drop reflecting amounts being paid out from
the Fund and you may potentially have taxation liabilities. See
page 25 for further information on Taxation Considerations.




                                                                                                                                     23
10. Investor Returns

Investor Returns                                                   Distribution Payment Options
Investor returns comprise the following:                           You can choose to have your distributions:
•	 income distributions; and                                       •	 reinvested in additional units in the Fund; or
•	 unrealised capital gains (or losses).                           •	 paid directly to a nominated account with an Australian
Both have taxation consequences as described under                    financial institution.
‘Taxation Considerations’.                                         You can make your choice by marking the appropriate box on
                                                                   the Initial Application Form. If you do not make a choice, we
Income Distributions                                               will reinvest your distribution in the Fund. Your distribution will
                                                                   also be reinvested in the Fund if we are unable to credit your
An income distribution is the payment of the Fund’s net            nominated Australian financial institution.
income to investors at predetermined intervals. The net
income of the Fund may include dividends, interest,                Please note that we do not pay income distributions by
unit trust distributions, realised gains and other income.         cheque.
However, at 30 June each year, investors will become               If you choose to reinvest your distribution, your distribution
presently entitled to all undistributed net income of the Fund.    will be reinvested as at the first Business Day following the
The amount of the distribution that you may receive from           end of the distribution period. The reinvestment price will
the Fund depends on the net income of the Fund and the             be the application price calculated for the last Business Day
number of units you hold as a proportion of the total number       of the distribution period adjusted for any distribution paid
of units on issue in the Fund. The amount of the distribution      or payable for that period. The Buy Spread does not apply
will vary from year to year, and there may be times when           to the issue of these units. If you choose to reinvest your
there are no amounts distributed.                                  distribution you will still be liable for any tax payable in respect
The income of the Fund to be distributed will generally            of the distribution (see ‘Taxation Considerations’ on page 25
be calculated half yearly as at the last day of June and           for more details).
December each year. Proceeds are generally paid within             If you wish to change your distribution payment instructions,
30 Business Days via direct credit (only) to an account with       please send your completed Change of Details Form available
an Australian financial institution. However, the Constitution     from Investor Services on 1300 738 355 or by visiting the
allows up to two months after each distribution calculation        website at www.nabinvest.com.au/nabinvest/our_partners/
date for payment.                                                  fairview. The Responsible Entity will need to receive these
Please note, notwithstanding the distribution dates                instructions at least five Business Days before the Fund’s
noted above, the Constitution of the Fund allows us to             next distribution date.
make interim distributions at any time. The amount to be
distributed is determined by us in accordance with the
Fund’s Constitution.
Investors must hold units as at 30 June, 31 December or the
date of calculation of an interim distribution to be entitled to
a distribution.
The composition and timing of distributions could affect
your tax position (see ‘Taxation Considerations’ on page
25 for further information). We recommend that you seek
professional advice from your taxation adviser.




24
11.Taxation Considerations

The discussion of Australian taxation information below is of      Tax Position of Australian Resident Investors
general nature only and cannot necessarily be relied upon
by investors as the taxation consequences of investments           Distributions
can only be determined by reference to investors’                  Unless investors are advised otherwise, all distributions paid
particular circumstances. Accordingly, investors should            by the Fund, including amounts reinvested by investors,
seek independent financial and/or taxation advice on their         form part of an investor’s assessable income and should
investment.                                                        be included in the investor’s tax return for the year in which
The Australian tax law and practice of the Australian Taxation     the distribution entitlement arises, i.e. on the distribution
Office in relation to matters discussed below is current as at     calculation dates. This is irrespective of whether the income
the date of preparing this PDS and may change from time            is distributed during the year or after the close of the year.
to time. The discussion of Australian tax law only relates to      A distribution may comprise different components for tax
investors that hold their units on capital account.                purposes. The table on the following page outlines the tax
                                                                   treatment of each of these components together with other
Tax Position of the Fund                                           amounts associated with an investment in the Fund.
Generally, no Australian income tax will be payable by the         Capital Gains Tax (CGT)
Fund as it is our intention that investors will be presently
entitled to the net income (including taxable realised capital     The withdrawal or transfer of units in the Fund may give
gains net of any realised capital losses) of the Fund each year.   rise to a taxable gain or loss. The taxable gain or loss may
Such income will be distributed in the manner set out under        be treated as a capital gain or loss, or as ordinary income,
‘Income Distributions’ on page 24. We intend to ensure that        depending on your particular circumstances. Where the
the Fund’s investments will not cause it to be effectively         taxable gain or loss is treated as a capital gain or loss,
taxed as a company.                                                concessions may be available depending on how long you
                                                                   held the units in the Fund.
If for any reason there is net income of the Fund to which
no investor is entitled, the Fund will be subject to tax at the    Individuals, funds and complying superannuation entities may
highest marginal tax rate.                                         be entitled to a CGT discount in relation to the disposal of
                                                                   units where the units have been held continuously for at least
The net income distributed by the Fund may contain both            12 months. Companies are not entitled to this discount and
taxable and non-taxable components.                                the discount rate applying to complying superannuation funds
The Fund intends to hold its eligible investments on capital       is lower than that for funds and individuals. If there is a loss,
account for tax purposes.                                          you may be able to offset it against other capital gains made
                                                                   by you in that year or subsequent years. The calculation of
The Fund may derive franking credits from the receipt of           your capital gain or loss may also be affected by any tax free
franked dividends. These franking credits, subject to required     or tax deferred distribution received as noted in the table on
conditions being met, may be distributed to investors. Due         page 26.
to the nature of the Fund’s investment strategy it is possible
that the Fund may not always satisfy the required conditions.      The distribution by the Fund of non-taxable amounts (if any)
We will monitor the eligibility of the Fund to fully distribute    may give rise to cost base adjustments to an investor’s units
franking credits to investors, however cannot guarantee that       for CGT purposes. Such cost base adjustments may result in
distribution of franking credits will always occur.                either an increased capital gain or reduced capital loss on the
                                                                   subsequent disposal of units in the Fund.
We may be required to withhold or deduct tax if you are a
non-resident investor or if you do not quote a Tax File Number
(TFN) or an Australian Business Number (ABN) as discussed
on page 27 .




                                                                                                                                  25
11.Taxation Considerations (continued)

Imputation and Franked Dividends                                                  Non-resident Investors
You will need to review your own position in determining your                     Non-resident investors should obtain professional taxation
ability to use the franking credits attached to the distributions                 advice in relation to their particular circumstances prior to
made to you. Any franking credits will form part of your                          investing in the Fund, and at the time of disposal of their
assessable income if those credits can be utilised to offset                      investment.
income tax payable for the year. Surplus credits may be
refundable in some circumstances.                                                 Appropriate deductions of Australian tax will be made from
                                                                                  distributions (excluding franked dividends) of Australian
Foreign Tax Offsets                                                               sourced income to non-resident investors. The amounts
                                                                                  would be withheld at the rates of tax applicable to the non-
Investors may be entitled to claim foreign tax offsets for any                    resident investors and will depend on the type of income.
foreign tax paid by the Fund.                                                     Distributions to non-resident investors from sources wholly
If the amount of the foreign income tax offset is less than                       out of Australia and capital gains arising from Australian
$1,000, the investor may claim the full amount as a foreign                       assets, that are not taxable Australian property, will generally
tax offset.                                                                       be exempt from Australian income tax. Non-resident
                                                                                  investors may also be subject to the tax laws in the country in
Annual Taxation Statement                                                         which they reside, but may be entitled to a credit for some or
Each year after 30 June you will receive an Annual Taxation                       all of the tax deducted in Australia.
Statement.                                                                        Given the anticipated investments of the Fund, no Australian
This information will assist Australian resident investors in                     CGT should be payable by a non-resident investor upon the
preparing their annual income tax return.                                         withdrawal or sale of units.

                                                                                  Tax-exempt Investors
                                                                                  Tax-exempt investors will not be taxed on their distributions
                                                                                  and may benefit from franking credits attached to income
                                                                                  distributed to them.


 Distribution Component                                             Taxable Income          Tax Credits/Offsets       Non Assessable Income
                                                                                                                      (Cost Base Adjustment)
 Australian Assessable (interest, dividends—                                  ✓             Franking credits
 franked and unfranked, other)
 Foreign (interest, dividends, other*)                                        ✓             Foreign tax offsets
 Capital Gains (discount, indexed, other)                                                   Foreign tax offsets
 •	 Domestic                                                                  ✓
 •	 Foreign                                                                   ✓
 CGT Concession (domestic, foreign)                                                                                   No adjustment required
 Tax Deferred                                                                                                                      ✓
 Tax Free                                                                                                             Only adjust if capital loss
 Other Amounts
 Withdrawals                                                        Capital gains
                                                                    and losses
* Other foreign income includes gains/losses on foreign forward currency contracts.




26
11.Taxation Considerations (continued)

Tax File Numbers (TFN) and Australian Business
Numbers (ABN)
You may provide your TFN or ABN or details of a relevant
exemption to the Responsible Entity but you are not required
to. However, if you do not do so, tax at the highest marginal
tax rate (plus Medicare Levy) will be withheld from income
distributions paid to you.

Goods and Services Tax (GST)
You should not be directly subject to GST when you invest
or redeem investments in the Fund. However, the Fund
may incur GST in respect of various expenses such as
Management Fees, Performance Fees and Fund expenses.
The Fund may not be entitled to input tax credits in respect of
all the GST it incurs.
GST will not be applicable to the Buy and Sell Spreads
payable by an investor in relation to the purchase or sale of
units in the Fund.
Any other fees and charges payable in relation to your
investment in the Fund are, unless otherwise stated,
disclosed in this PDS inclusive of the net effect of GST.

Stamp Duty
Investors should not be subject to Australian stamp duty
on their acquisition, holding or disposal of units in the Fund
except for transfers.




                                                                  27
12. Additional Information

Complaints                                                      Privacy and Personal Information
Complaints Resolution for Direct Investors                      In completing the Initial Application Form or Change of
                                                                Details Form, you will provide nabInvest with your personal
Direct Investors who are Retail Investors as defined under      information including contact details (name, address and
the Corporations Act                                            phone numbers). The Responsible Entity collects, holds and
nabInvest can usually resolve complaints over the phone         uses that information in order to process applications, carry
by calling Investor Services on 1300 738 355. If nabInvest      out appropriate administration in relation to the Fund, develop
cannot or you are not satisfied with the outcome, then you      products (by conducting market research and statistical
will need to write to us.                                       analysis), service the needs of investors and provide facilities
                                                                and services that are requested. If the information in the Initial
To help us identify your letter quickly, please mark your       Application Form is not provided, nabInvest will not be able to
envelope ‘Notice of Complaint’ and send to:                     process the application for units or administer the unitholding
The Complaints Manager                                          properly. In addition, the consequences of not providing your
c/- Investor Services                                           Tax File Number are described under ‘Tax File Number (TFN)
PO Box R1480                                                    and Australian Business Number (ABN) on page 27      .
Royal Exchange NSW 1225                                         Where appropriate, access to personal information may be
nabInvest will confirm in writing within two Business Days of   provided to the Responsible Entity’s related entities and
receipt that it has received your complaint.                    agents on the basis that they deal with such information in
                                                                accordance with the Responsible Entity’s privacy policy. From
nabInvest will work to resolve your complaint as soon as        time to time, nabInvest may use such information to forward
possible, even though the law allows us up to 45 days to        to you details of other investment opportunities or promotions
respond.                                                        available from the Responsible Entity or any member of the
If nabInvest is unable to resolve the complaint within this     NAB Group. However, you may request that no information of
time, or you are not satisfied with the outcome, nabInvest      that nature be sent to you.
will encourage you to seek assistance from the Financial        If you indicate your agreement on the Initial Application Form,
Ombudsman Service.                                              nabInvest will supply the nominated adviser with information
This is an independent body that can be contacted by            about your investments. nabInvest may also disclose your
telephoning 1300 780 808 or by emailing info@fos.org.au.        personal information:
More information is available on www.fos.org.au.                •	 if, acting in good faith, nabInvest believe that the law
                                                                   requires or permits it to do so; or
Direct Investors who are Wholesale Investors as defined
under the Corporations Act                                      •	 if you provide your consent; or
                                                                •	 to any person proposing to acquire an interest in a
The Responsible Entity will investigate all complaints made
                                                                   nabInvest business or the NAB Group.
in accordance with the Constitution in a timely manner.
Complaints will generally be responded to within 20 Business    Under Australia’s National Privacy Principles, you may access
Days of notification however, there may be instances where      personal information about you held by nabInvest, except in
it may take longer to respond to a complaint. Complaints        limited circumstances. You should let nabInvest know if you
should be made in writing to the Responsible Entity. Your       think any information is inaccurate, incomplete or out of date.
correspondence should be marked ‘Notice of Complaint’ and       You can also tell nabInvest at any time not to pass on your
addressed to:                                                   personal information by advising in writing. Under various
                                                                superannuation and tax laws, nabInvest may be obliged to
The Complaints Manager
                                                                pass certain information on to other organisations including
c/- Investor Services
                                                                the Australian Tax Office. The Privacy Policy sets out the
PO Box R1480
                                                                Responsible Entity’s policies on management of personal
Royal Exchange NSW 1225
                                                                information. Please contact Investor Services if you would like
Complaints Resolution for Indirect Investors                    information about, or a copy of, the Privacy Policy or visit our
                                                                website www.nab.com.au.
Indirect investors who have a complaint in relation to an
investment in the Fund should contact their IDPS operator       If you have any concerns, please contact Investor Services
directly.                                                       on 1300 738 355. To find out more about your rights and
                                                                remedies for breaches of privacy, you can visit the Privacy
                                                                Commissioner’s website at www.privacy.gov.au or contact
                                                                the Privacy Commissioner’s hotline on 1300 363 992.



28
12. Additional Information (continued)

Fax Terms and Conditions                                            explain the reason for wanting to retire. However, if NMIL has
                                                                    relief from ASIC, it may not have to call a meeting to retire.
You should understand that a person without your authority
could send nabInvest a fax and, by pretending to be you,            If unitholders wish to remove NMIL as the Responsible
withdraw monies from your account for their own benefit.            Entity of the Fund, they must call a meeting and vote on
                                                                    extraordinary resolutions to:
If you use a fax, you agree that nabInvest is not responsible
to you for any fraudulently completed communications and            •	 remove NMIL; and
that nabInvest will not compensate you for any losses.              •	 select a new Responsible Entity.
You agree that should such a fraud take place you release and
indemnify nabInvest against any liabilities whatsoever arising      The Constitution
from acting on any communication received by fax in respect
of your investment.                                                 Main Rights of Unitholders Under the Fund’s
                                                                    Constitution
nabInvest will only act on completed communications. In
the case of a fax, a transmission certificate from your fax         The rights and obligations of the unitholders are governed by
machine is not sufficient evidence that your fax was received.      the Constitution of the Fund and this document, but are also
nabInvest will not be liable for any loss or delay resulting from   affected by the Corporations Act, exceptions and declarations
the non-receipt of any transmission.                                issued by ASIC and the general law relating to funds.

These terms and conditions are in addition to any other             Some of the provisions of the Constitution are discussed
requirements that may form part of your giving instructions         elsewhere in this document.
relating to the completion of a particular authority.               Others relate to investors’ rights under the Constitution such
Should you decide you do not wish to allow faxes to be              as:
used in operating your account, nabInvest must receive an           •	 the nature of the units and how identical rights attach to all
original written request notifying us of this. Cancellation of         units of the same class;
acceptance of faxes will be effected from the end of the
                                                                    •	 how NMIL must calculate unit prices, and what
second Business Day after receipt of this request.
                                                                       unitholders are entitled to receive when unitholders
By sending us a fax withdrawal, you signify your acceptance            withdraw or the Fund is wound up;
of these conditions.                                                •	 the circumstances in which NMIL can delay or suspend
nabInvest may cancel or vary the terms of the fax services by          processing withdrawals; and
giving 14 days’ written notice to you.                              •	 unitholder rights to share in any Fund income and how
                                                                       NMIL is to calculate it.
Legal Relationships                                                 Unitholders’ rights to requisition, attend and vote at meetings
The Fund is a managed investment scheme that is an unlisted         are also included in the Constitution and governed by the
Australian unit trust governed by its Constitution.                 Corporations Act.

Interests in the Fund, called units, represent a share in the       Main Duties and Rights of the Responsible Entity Under
Fund’s collective asset pool. Certain rights are attached to the    the Constitution
units and these rights are exercisable by the investors who         There are also provisions governing the Responsible Entity’s
own those units (called unitholders).                               powers and duties such as:
The Fund’s Constitution, together with the Corporations Act         •	 its powers to invest, borrow and generally manage the
and some other laws, govern the way in which the Fund                  Fund;
operates and the rights and responsibilities and duties of the
                                                                    •	 it has discretion to refuse transfers and applications and
Responsible Entity and the unitholders.
                                                                       delay processing withdrawal requests;
The Responsible Entity                                              •	 its ability to terminate the Fund after giving you notice, and
NMIL is responsible for all aspects of operating the Fund,             if it does, how you share pro rata in the net proceeds from
including administration of the Fund, outsourcing of services          the sale of investments;
and overall investment policy.                                      •	 how it can retire, but in most situations only if a new
                                                                       Responsible Entity is appointed; and
Retirement of the Responsible Entity                                •	 how it can charge fees and recover expenses.
If the Responsible Entity wishes to retire, it must follow          As Responsible Entity, NMIL is also subject to many duties
the procedures set out in the Corporations Act. Part of this        under the Corporations Act – including duties to act honestly,
procedure requires the calling of a meeting of unitholders to       exercise care and diligence and treat investors equally.
                                                                                                                                  29
12. Additional Information (continued)

Liabilities and Indemnities of the Responsible Entity              Compliance Plan and Compliance Committee
                                     ’s
The Constitution also deals with NMIL liabilities in relation      The Fund has a compliance plan that sets out how the
to the Fund and when NMIL can be reimbursed out of the             Responsible Entity will ensure compliance with both the
Fund’s assets, including:                                          Corporations Act and the Constitution when operating the
•	 not being liable for acting in reliance or in good faith on     Fund and the Responsible Entity reviews its adequacy from
   professional advice; and                                        time to time. NMIL, as Responsible Entity has appointed
                                                                   a compliance committee to carry out oversight of its
•	 being able to be reimbursed for liabilities it incurs in        compliance monitoring and review process.
   connection with the proper performance of its duties in
   relation to the Fund.
                                                                   Other Parties
Amendments to the Constitution
                                                                   Auditors
The Corporations Act requires consent by a special resolution
of unitholders to amend the Constitution of the Fund               The Responsible Entity employs the services of Ernst
unless the Responsible Entity reasonably considers the             & Young as auditor in relation to the Fund, the Fund’s
amendments will not adversely affect unitholders’ rights.          compliance plan and itself. All are required to be audited
Amendments to the law governing managed investments                annually.
and relevant ASIC relief can also affect the provisions of the     The auditors make no representations or warranties as to the
Constitution.                                                      completeness or accuracy of the information contained in this
A copy of the Constitution of the Fund is available by             PDS.
contacting Investor Services on 1300 738 355.
                                                                   Advice and Assistance to the Responsible Entity
Liability of Unitholders                                           NCP has been appointed to advise, assist and provide
The Constitution of the Fund limits the liability of each          services to the Responsible Entity, in many instances acting
unitholder to their investment in the Fund. Based on the           in the capacity of agent. This support includes:
Constitution and current law, a unitholder should not, solely      •	 recommendations about the investment guidelines to be
by reason of being a unitholder, be personally liable to              employed for the Fund;
indemnify the Responsible Entity or any creditors of the Fund
                                                                   •	 monitoring compliance with those guidelines;
should the Fund be unable to meet its debts. However, the
Responsible Entity cannot give an absolute assurance that          •	 marketing of the Fund;
a unitholder’s liability is limited in all circumstances (as the   •	 selection of the underlying investment manager and
issue has not been finally determined by the Courts).                 ongoing monitoring of these investment managers; and
                                                                   •	 investment management (but with power to sub delegate
Rights of Unitholders
                                                                      this function, currently in favour of Fairview).
Each unit in the Fund confers an equal beneficial interest in
                                                                   NCP’s liability is limited to losses arising from its gross
the Fund, however unitholders do not have any entitlement to
                                                                   negligence, fraud or dishonesty.
any particular part of the Fund or the assets of the Fund.
                                                                   The Responsible Entity may terminate NCP’s appointment as
Investors’ rights may be varied by changes to the
                                                                   investment manager on five Business Days’ notice.
Constitution, the decisions of the Courts, the Corporations
Act and Regulations and other legislation.                         NCP has appointed Fairview as the portfolio investment
                                                                   manager to the Fund. Fairview is indemnified by nabInvest
Termination of the Fund                                            for losses and expenses, except where resulting from its
                                                                   negligence, fraud or dishonesty. Fairview’s liability to NCP is
The Fund will terminate in the circumstances set out in its        similarly limited.
Constitution, which includes the Responsible Entity giving
unitholders notice of termination. The Corporations Act also       NCP may terminate Fairview’s appointment on five Business
permits termination of a Fund:                                     Days’ notice. Fairview may terminate its appointment on
                                                                   three months notice.
•	 at the direction of unitholders;
•	 if a Fund’s purpose is accomplished or cannot be
   accomplished; or
•	 if ordered by the Courts.
Following a termination notice, units in the Fund will not be
issued or redeemed.

30
12. Additional Information (continued)

Custodian, Registry and Administrative Services
A Custodian is appointed by NMIL under written contract
and owes duties to NMIL. The Custodian’s role is to perform
custodial services such as to hold the assets of the Fund,
provide reporting on behalf of the Fund and NMIL and act in
accordance with the directions of the Responsible Entity. The
Custodian does not issue interests in the Fund nor guarantee
the performance of the Fund.
The Responsible Entity has appointed National Australia Bank
Limited to provide Custodian, registry and administration
services in relation to the Fund.
NMIL may change the Custodian, registry and/or
administration provider without prior notice to unitholders.

Related Parties
The Fund may enter into transactions with, and use
the services of, any member of the NAB Group. Such
arrangements will be based on arm’s length commercial
terms, or terms more favourable to the Fund. nabInvest or
any member of the NAB Group, or any director or officer
of them may invest in the Fund. nabInvest has a conflict
resolution procedure in place in the unlikely event that a
conflict of interest arises.

Consents
The following parties have given their consent to the
statements about them in the form and context in which they
are included in this PDS:
•	 nabInvest Capital Partners Pty Limited
   (ABN 44 106 427 472) (AFSL 308953)
•	 Fairview Equity Partners Pty Limited
   (ABN 45 131 426 938) (AFSL 329052)
•	 National Australia Bank Limited
   (ABN 12 004 044 937) (AFSL 230686)
•	 Ernst & Young (ABN 75 288 172 749)
Apart from NCP who provides services to NMIL as referred
to in this PDS, none of the above mentioned persons were
involved in the preparation and distribution of this PDS and
none of them has authorised or caused the issue of this PDS.

Directors
The directors of the Responsible Entity have authorised the
issue of this PDS.




                                                                31
13. Glossary

Assessable income                                                Dividend
Income, including capital gains, on which you pay tax (i.e.      Distribution of part of a company’s profits to shareholders
your total income before deducting allowable deductions).        expressed as a number of cents per share. A dividend yield is
                                                                 the dividend expressed as a percentage of the market price
Asset class                                                      for the share. Companies typically pay dividends twice yearly
Types of investments, such as shares, fixed interest             – an ‘interim’ dividend and a ‘final’ dividend.
securities, listed or direct property, cash and international
investments.                                                     Franked Dividends
                                                                 Dividends on stocks with Australian imputation credits
ASX                                                              attached. A company can declare that a percentage (up to
The Australian Securities Exchange.                              100%) of a dividend is franked, depending on the amount
                                                                 of tax the company has already paid. If a company pays the
Benchmark                                                        full corporate tax rate (currently 30%), the dividends may be
A market measurement, such as an index, which is used by         ‘fully franked’.
investment managers and investors as a guide to assess the
                                                                 Fund Return
risk and performance of a given investment or portfolio. The
benchmark for the Fund is the S&P/ASX Small Ordinaries           The Fund Return is calculated as the difference between the
Accumulation Index or such other benchmark as determined         unit price as at the end of a quarter and the unit price as at
by the Responsible Entity from time to time having regard to     the end of the previous quarter with the result divided by the
the nature of the investments made by the Fund.                  unit price as at the end of the previous quarter. The calculation
                                                                 will be adjusted for distributions paid or payable and is after
Capital Gains Tax (CGT)                                          fees and expenses.
A tax on the growth in the value of assets or investments
                                                                 Gearing (or Leveraging)
acquired for capital growth, payable when the gain is
realised. If the assets have been held for more than one         Increasing the exposure of the amount of capital invested by
year, the capital gain may receive concessional treatment.       borrowing to invest.

Constitution                                                     Index
The Fund’s Constitution, together with the Corporations Act      An index represents a group of companies and/or securities
and some other laws, govern the way in which the Fund            which serves as a barometer of their underlying value. Indices
operates and the rights and responsibilities and duties of the   are often used as a benchmark against which investment
Responsible Entity and unitholders.                              manager performance is measured.

Derivative                                                       Inflation
A financial contract whose value is based on, or derived         The increase in the price of goods and services. The effect of
from, an asset class (such as shares and bonds), an asset        inflation is that something you buy today will cost more in the
(such as a commodity), or a market index. Common                 future.
derivatives include options, futures and forward exchange
contracts.                                                       Liquidity
                                                                 The ease with which an investment can be converted into
Distribution                                                     cash with little or no loss of value and minimum delay.
The payment of income earned on investments – normally           Common asset classes–shares, property securities, bonds
dividends, interest, Fund distributions and realised capital     and cash–are said to be liquid because they can easily be
gains to a unitholder in an investment fund.                     bought and sold. Private and unlisted investments usually
                                                                 take longer to sell and are said to be more illiquid.
Diversification
                                                                 Managed Investment
A concept aimed at reducing investment risks (i.e. ‘not
putting all your eggs in the one basket’). You can diversify     The collective term given to investments that pool your
by spreading your money across asset classes, sectors,           money with the money of other investors to form a fund
markets etc.                                                     which is then invested into assets based on set investment
                                                                 objectives.




32
13. Glossary (continued)

Net Asset Value or NAV
The total assets less the liabilities and includes the value of
income accumulated since the previous distribution date.

Porter Style Analysis
Porter’s five forces determine the competitive intensity and
therefore the attractiveness of an industry.

Reinvestment
The process by which investors use the dividends from
shares or distributions from managed investments to
purchase additional shares or units.

Responsible Entity
The financial services company that is responsible for the
operation of the Fund.

Shares (or Equities)
Shares represent a part ownership in a company. The
investment return depends on the market value of the share
and any dividends it pays. Because share prices can fall and
rise suddenly, in response to many factors including company
profits, market sentiment, industry issues, and economic
trends, shares are typically more volatile than cash and short
term securities, bonds and property.

S&P/ASX Small Ordinaries Accumulation Index
Means the index comprised of those companies included in
the S&P/ASX 300 Index, but not in the S&P/ASX 100 Index.
This index provides a benchmark for small-cap investments.

S&P/ASX MidCap 50 Index
Means the index comprised of those companies within the
S&P/ASX 100 Index, but not those included in the S&P/ASX
50 Index.

Share Price Index Futures (SPI Futures)
SPI futures are a derivative product which enable investors
to trade movements in the S&P/ASX 200 Index in a single
transaction, thereby allowing exposure to Australia’s top
200 companies without having to buy or sell shares in every
company in the index.




                                                                  33
     This page has been left blank intentionally.




34
                                            Fairview Equity Partners
                                            Emerging Companies Fund
                                            Initial Application Form


To ensure that we are able to process your application quickly and efficiently, please cross (x) each box below to confirm that you
have completed each section of the Initial Application Form that is relevant to your investment:

    Used Black Ink                                                      If Lodging by Direct Deposit – fax your forms to:
    Written in BLOCK Letters                                            National Australia Bank
                                                                        Attn: Registry Services
    Signed the Initial Application Form:
                                                                        Fax: 1300 365 601
    • Individual Investor – provide your signature and date
                                                                        AND
      the form.
                                                                        Deposit your funds into the administrator’s bank account:
    • Joint Applicants – provide both applicants’ signatures
      and date the form.                                                • Bank: National Australia Bank Limited
                                                                        • BSB No: 083 043
    • Company – to be signed by two directors or a director
      and secretary of the company or, if the company has               • Account No: 832 243 507
      only a sole director, that director.                              • Account Name: NNLATF Fairview Equity Partners Pty Ltd
                                                                          Application Account
    • Power of Attorney – provide your signature and date
      the form. Attach a certified copy of the Power of                 • Description (name that will appear on the administrator’s
      Attorney. Each page of the Power of Attorney                        statement): [your name(s)]
      document must be certified by a Justice of the Peace,
                                                                   Anti-Money Laundering Regulations
      Solicitor or Notary Public. In the case that the Power of
      Attorney document does not contain a sample of the           To address money laundering and terrorism risks, verification of
      Attorney’s signature, please provide a certified copy of     each customer’s identity is required for all new customers
      identification documents for the Attorney, containing a      starting an investment.
      sample of their signature (e.g. Driver’s Licence,            The following instructions for completing the Initial Application
      Passport etc).                                               Form will assist you to provide this information. The provision of
    Supplied Your – TFN, ABN, TFN exemption or country of          complete and accurate information will enable us to process your
    residence for non-residents if you wish to do so.              application efficiently and meet our obligations under the Act.
    Provided Certified Proof of Identity – either to your          If you are investing via a financial adviser, they will be required to
    financial adviser (adviser to complete declaration on the      obtain acceptable identity verification documents from you
    Initial Application Form and attach copies of documents)       prior to lodging your application. To do this, your financial adviser
    or attached to the Initial Application Form if you are         will need to sight the original or certified copies of your identity
    investing directly with us.                                    verification documents and retain copies. Your financial adviser
                                                                   will then send us copies of your identity verification documents
    If Lodging by Cheque – make your cheque payable to:
                                                                   together with your Initial Application Form. If the Initial
    ‘NNLATF Fairview Equity Partners Pty Ltd Application
                                                                   Application Form is signed under Power of Attorney, we will also
    Account’ and crossed ‘Not Negotiable’ and send your
                                                                   require a certified copy of the Power of Attorney document and a
    Initial Application Form and cheque to:
                                                                   specimen signature of the Attorney. Please refer to ‘Who can
    National Australia Bank                                        certify’ for a list of who can certify the Power of Attorney
    Attn: Registry Services                                        document. If you have not provided identity verification
    GPO Box 1406                                                   documents to your financial adviser, you will be required to
    Melbourne VIC 3001                                             provide certified copies of your identity verification documents
                                                                   directly to us. Please refer to ‘Who can certify’ on page 2 for a list
                                                                   of who can certify these documents. Under relevant laws, we
                                                                   may be required to ask you for additional identity verification
                                                                   documents and/or information about you or anyone acting on
                                                                   your behalf, either when we are processing your application or at
                                                                   some stage after we issue the units. We may pass any
                                                                   information we collect and hold about you or your investment to
                                                                   the relevant government authority.
                                                                                                                                      1
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




Identity Verification Documents                                  Who Can Certify
Whether you are investing via a financial adviser or directly    Identity verification documents may be certified as a true and
with nabInvest Managed Investments Limited (NMIL), you           correct copy of an original document by one of the following
will be required to provide valid identity verification          persons in Australia. Please ensure that each page of the relevant
documentation. The actual documentation required will            document/s is certified. The person certifying must state their
depend on whether you are an individual investor or a            capacity (from the list below) and state on each page that the
non-individual investor such as a superannuation fund, a         document is a ‘true and correct copy of the original’.
trust or a company. We have outlined the specific                1. A person who is enrolled on the roll of the Supreme Court of a
documentation required in the Initial Application Form.              State or Territory, or the High Court of Australia as a legal
If any documentation you provide is not in English, it must          practitioner (however described).
be accompanied by an original copy of an English translation
                                                                 2. A judge of a court.
prepared by an accredited translator. If we do not receive all
the required valid customer identity verification documents      3. A magistrate.
with your Initial Application Form or we are unable to verify    4. A chief executive officer of a Commonwealth court.
your identity at any time, we may not be able to commence        5. A registrar or deputy registrar of a court.
your investment or may not process any future withdrawal
                                                                 6. A Justice of the Peace.
requests until we receive the required documents.
We will contact you as soon as possible if we require            7. A notary public (for the purposes of the Statutory Declaration
more information.                                                    Regulations 1993).
                                                                 8. A police officer.
Certified Copy Requirements                                      9. An agent of the Australian Postal Corporation who is in charge
A certified copy is a document that has been approved as a           of supplying postal services to the public.
true copy of an original document. The following                 10. A permanent employee of the Australian Postal Corporation
certification requirements must appear on each page of               with two or more years of continuous service who is employed
the copy:                                                            in an office supplying postal services to the public.
• Full printed name of the Approved Certifier                    11. An Australian consular officer or an Australian diplomatic officer
  (e.g. Michelle Helena Citizen).                                    (within the meaning of the Consular Fees Act 1955).
• Full address of the Approved Certifier.                        12. An officer with two or more continuous years of service with
• Registration number (if applicable).                               one or more financial institutions (for the purposes of the
                                                                     Statutory Declaration Regulations 1993).
• Date that the document was certified.
                                                                 13. A finance company officer with two or more continuous years
• The text: ‘This is to certify that this is a true and
                                                                     of service with one or more finance companies (for the
  correct copy of the original which I have sighted’.
                                                                     purposes of the Statutory Declarations Regulations 1993).
• Signature of the Approved Certifier.
                                                                 14. An officer with, or authorised representative of, a holder of an
• The capacity in which they have certified the document             Australian Financial Services Licence (AFSL), having two or
  (e.g. A police officer etc).                                       more continuous years of 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 two or more years of continuous membership.




2
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




You must complete this Initial Application Form if you are a new investor wishing to invest in the Fairview Equity Partners
Emerging Companies Fund (Fund). The Responsible Entity of the Fund is nabInvest Managed Investments Limited (NMIL)
(ABN 61 083 784 463) (AFSL 312122). NMIL has issued a Product Disclosure Statement (PDS) for the Fund dated 20 August
2010 which provides important information about the Fund to assist you in deciding whether to invest in the Fund. You should
read the PDS in full before completing this Initial Application Form. If you do not have a copy of the PDS, you may obtain a copy
free of charge from Investor Services by calling 1300 738 355 or visiting the website www.nabinvest.com.au/nabinvest/
our_partners/fairview. Alternatively, if you are using a financial adviser, you may obtain a copy of the PDS free of charge from
your financial adviser.
Any person who gives another person a copy of this Initial Application Form must at the same time give the person a
copy of the PDS (and any supplementary PDS).
PLEASE USE BLOCK LETTERS AND BLACK INK TO COMPLETE THIS INITIAL APPLICATION FORM.

1. Investment Details
Are you an existing direct investor and wish your investment to be made in the same name?

     Yes     Existing investor name                                       Existing investor number

Please proceed to section 6 and sign in section 14, or use the Additional Investment Form available from Investor Services
by calling 1300 738 355.
If you provide any information in any other section, this will override any previous information provided.
    No      Please proceed to section 2.

2. Investor Type
Cross (x)      Investor type                                     Sections to be completed
               Individuals                                       3A, 3B, 4A, 4B, 5, 6, 7, 8, 9, 10, 11A, 12, 13, 14
               Partnerships                                      3C, 4A, 5, 6, 7, 8, 9, 10, 11B, 12, 13, 14
               Trusts and Trustees                               3A, 3B, 3C, 4A, 4B, 5, 6, 7, 8, 9, 10, 11A, 11C, 12, 13, 14
               Companies                                         3C, 4A, 5, 6, 7, 8, 9, 10, 11D, 12, 13, 14
               Associations                                      3C, 4A, 5, 6, 7, 8, 9, 10, 11E, 12, 13, 14
               Government Bodies                                 3C, 4A, 5, 6, 7, 8, 9, 10, 11F, 12, 13, 14
               Registered Co-operatives                          3C, 4A, 5, 6, 7, 8, 9, 10, 11G, 12, 13, 14




                                                                                                                                    3
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




3. Investor Details
3A. Investor 1 – Individuals / Joint Investors / Sole Traders / Trustees
    Title                First Name                                               Surname

    Date of Birth

    Telephone: Private                         Business                                     Mobile

    Email Address                                                                           Facsimile

    ABN/ACN                                                                     TFN

    TFN Exemption Reason

It is not against the law if you choose not to give your TFN or exemption reason, but if you decide not to, tax may be taken out of
your distributions at the highest marginal rate (plus medicare levy).
Please indicate how you would like to receive all correspondence.
       Email        OR                Post

3B. Investor 2 – Joint Investors / Trustees
    Title                First Name                                               Surname

    Date of Birth

    Telephone: Private                         Business                                     Mobile

    Email Address                                                                           Facsimile

    ABN/ACN                                                                     TFN

    TFN Exemption Reason

It is not against the law if you choose not to give your TFN or exemption reason, but if you decide not to, tax may be taken out of
your distributions at the highest marginal rate (plus medicare levy).
Please indicate how you would like to receive all correspondence.
            Email    OR                 Post

3C. Companies / Associations / Trusts / Superannuation Funds / Partnerships /Government Bodies /
    Registered Co-operatives
    Name

    Account Designation

    Trustee/Executor name/s                                         Contact Person

    Telephone: Business                                             Facsimile

    Email Address

    ABN/ACN                                                         TFN

    Exemption Code or Exemption Reason

It is not against the law if you choose not to give your TFN, exemption code or exemption reason, but if you decide not to, tax may
be taken out of your distributions at the highest marginal rate (plus medicare levy).
Please indicate how you would like to receive all correspondence.
            Email    OR                 Post

4
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




4. Contact Details
4A. Investor 1
Address for Investor 1 (must not be a PO Box).
Sole Trader (please also complete 4B for principal place of business).
 Number                       Street Name

 Suburb/Town                                                                             State                   Postcode

 Country


4B. Investor 2 – Joint Investors or Trustees
Address for Investor 2 (must not be a PO Box); or Principal place of business for sole trader.
      Cross this box if the residential address for Investor 2 or, if a sole trader, the principal place of business is the
      same as the address in 4A.
 Number                       Street Name

 Suburb/Town                                                                             State                   Postcode

 Country


5. Postal Address
      If your postal address is the same as in section 4 above please cross (X) this box.
If you have different postal address, please complete this section.
 C/- (if applicable)

 Number                       Street Name

 Suburb/Town                                                                             State                   Postcode

 Country


6. Investment Amount and Method of Payment
Investment Amount                                              Minimum initial investment: $20,000
Fairview Equity Partners Emerging Companies Fund                $
Method of Payment
      Cheque           OR          Direct deposit
Refer to ‘If Lodging by Direct Deposit’ for details of the administrator’s account or make cheques payable to
‘NNLATF Fairview Equity Partners Pty Ltd Application Account’ and crossed ‘Not Negotiable’.




                                                                                                                              5
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




7. Income Distributions
Please indicate how you would like your income distributions to be paid by crossing (X) one box only.
Note: if no election is made, distributions will be reinvested.
        Reinvest income as additional units.
        Pay income directly to the Australian bank or financial institution account shown below:
        (complete only if your distributions are not to be reinvested).
    Name of Australian bank or                                                                Branch
    financial institution
    Name in which the account is held
    (i.e. investor’s name)

    BSB Number                                                               Account Number

By providing your bank account details in this section you authorise NMIL to use these details for all distribution and withdrawal
requests that you nominate.

8. Annual Report
        We will provide a copy of the Fund’s Annual Report on our website www.nabinvest.com.au/nabinvest/our_partners/
        fairview. If you wish to receive a paper copy of the report by post, please cross (X) this box.
If you choose to have the annual report mailed to you, we will mail it to the postal address provided in section 5 or to the current
address we have on file for existing investors.

9. Financial Adviser Remuneration
Do you wish to pay your financial adviser an Adviser Service Fee?
        No – Go to section 10.                      Yes – Complete the details below.
I request, until further notice from me, that NMIL deduct an Adviser Service Fee of the following amount/s from my account to
pay my financial adviser.

     One-off Fixed Dollar Fee
     This structure can be used to facilitate a one-off payment to your financial adviser. This payment will be deducted from your
     investment. Please nominate the dollar amount you wish to pay your financial adviser.
       $

     OR/AND

     Initial Adviser Service Fee (Contribution Fee)
     This fee is deducted from every contribution to your investment. Please nominate the percentage amount of each
     contribution you wish to pay your financial adviser.
                         %       per contribution
     OR/AND

     Ongoing Adviser Service Fee
     This fee is calculated on your investment balance on a monthly basis and deducted monthly from your investment.
     Please nominate the percentage or dollar amount you wish to pay your financial adviser.
                         %       per annum OR         $                  per annum

     Note: The amount that will be paid to your financial adviser is inclusive of GST.




6
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




10. Financial Adviser Details
Complete this section to amend your financial adviser details.
I/We agree that information relating to my/our investment            Yes, please provide          No, please do not
may be supplied to my/our financial adviser.                         information.                 provide information.

Please provide copies of all transactions to my/our financial        Yes                          No
adviser. If no election is made no copies will be sent.
 Financial Adviser Name

 Dealer Group

 Dealer Branch

 ABN                                                                 AFSL No.

 Contact Phone No.

 Financial Adviser’s Address




 Email Address

 Name of Australian bank or                                                              Branch
 financial institution
 Name in which the account is held

 BSB Number                                                          Account Number

Financial adviser remuneration will be paid into the above bank account.

Customer Identification Program (Financial Adviser Use Only)
By signing this section, I declare that the attached document(s) are true copies of the document(s) used to satisfy the identity
verification requirements and that I have sighted either the original or a certified copy of the original document. I declare that I
have complied with my obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.


Financial Adviser Signature
                                                                                                       Financial Adviser Stamp

Surname

Given name(s)                                               Date




                                                                                                                                       7
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




11. Customer Identity Verification
If you marked ‘No’ in section 1 (i.e. you do not have an existing direct investment in the Fairview Equity Partners Emerging
Companies Fund) you are not an existing investor. You must complete the identity verification section relevant to your investor type.
If you are not lodging this application through a financial adviser you are required to provide us with certified copies of the identity
verification documents listed (ensuring each page is certified). Please refer to pages 1 and 2.
Cross (x)     Investor type                                                                              Go to section
              Individuals                                                                                11A
              Partnerships                                                                               11B
              Trusts and Trustees                                                                        11A and 11C
              Companies                                                                                  11D
              Associations                                                                               11E
              Government Bodies                                                                          11F
              Registered Co-operatives                                                                   11G

11A. Individual’s Verification Procedure
Verify the individual’s full name; and EITHER their date of birth or residential address.
• Complete Part I (or if the individual does not own a document from Part I, then complete either Part II or III); or
• Contact your licensee if the individual is unable to provide the required documents.

Part I – Acceptable Primary ID Documents

Cross (x)     Select ONE valid option from this section only
              Australian State/Territory driver’s licence containing a photograph of the person.
              Australian passport (a passport that has expired within the preceding two years is acceptable).
              Card issued under a State or Territory for the purpose of proving a person’s age containing a photograph of
              the person.
              Foreign passport or similar travel document containing a photograph and the signature of the person*.

Part II – Acceptable Secondary ID Documents – should only be completed if the individual does not own a document from Part I

Cross (x)     Select ONE valid option from this section
              Australian birth certificate.
              Australian citizenship certificate.
              Pension card issued by Centrelink.
              Health card issued by Centrelink.
Cross (x)     AND ONE valid option from this section
              A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the
              provision of financial benefits to the individual and which contains the individual’s name and residential address.
              A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable
              by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the
              individual’s name and residential address. Block out the TFN before scanning, copying or storing this
              document.
              A document issued by a local government body or utilities provider within the preceding three months which
              records the provision of services to that address or to that person (the document must contain the individual’s
              name and residential address).


8
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




PART III – Acceptable Foreign ID Documents – should only be completed if the individual does not own a document from Part I

Cross (x)     BOTH documents from this section must be presented
              Foreign driver’s licence that contains a photograph of the person in whose name it was issued and the individual’s
              date of birth*.
              National ID card issued by a foreign government containing a photograph and a signature of the person in whose
              name the card was issued*.
* Documents that are written in a language that is not English must be accompanied by an English translation prepared by an
  accredited translator.
Please also complete Section 11A for Joint Investor and second Trustee, if required.

11B. Partnership Verification Procedure
Verify the following:
• Complete Part I (for all Partnerships); and
• Complete Part II (if the Partnership is regulated by a Professional Association).

Part I – Acceptable Primary ID Documents – to verify Partnership name

Cross (x)     Verification options (select one of the following options used to verify the Partnership)
              An original, certified copy or certified extract of the Partnership agreement.
              A certified copy or certified extract of minutes of a Partnership meeting.
              An original current membership certificate (or equivalent) of a Professional Association.
              Membership details independently sourced from the relevant Professional Association.
              A search of the relevant ASIC or other regulator’s database.
              A notice issued by the Australian Taxation Office within the last 12 months (i.e. Notice of Assessment).
              Block out the TFN before scanning, copying or storing this document.
              An original or certified copy of a certificate of registration of business name issued by a Government or
              Government Agency in Australia.

PART II – Acceptable ID Documents – to verify membership of a Professional Association

Cross (x)     Verification options (select one of the following options used to verify the Partnership)
              An original current membership certificate (or equivalent).
              Membership details independently sourced from the relevant Association.
Documents that are written in a language that is not English must be accompanied by an English translation prepared by an
accredited translator.

11C. Trust Verification Procedure
For a registered managed investment scheme, regulated trust or government superannuation fund, verify:
• The full name of the Trust; and
• That the Trust is a registered managed investment scheme, regulated trust or government superannuation fund,
   as applicable.

Cross (x)     Verification options (select one of the following options used to verify the Trust)
              Perform a search of the ASIC, ATO or relevant regulator’s website (i.e. ‘Super Fund Lookup’ at
              www.abn.business.gov.au).
              A copy or relevant extract of the legislation establishing the government superannuation fund sourced from a
              government website.
Please also complete Section 11A for Trustee 1 and 2 if private individuals (as named in Section 3A and 3B).


                                                                                                                                   9
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




If ‘Other trust type’ including Self Managed Super Fund (SMSF), verify:
• The full name of the Trust.

Cross (x)     Verification options (select one of the following options used to verify the Trust)
              A notice issued by the Australian Taxation Office within the last 12 months (i.e. a Notice of Assessment).
              Block out the TFN before scanning, copying or storing this document.
              A letter from a solicitor or qualified accountant that confirms the name of the Trust.
              An original or certified copy or certified extract of the Trust deed.
Documents that are written in a language that is not English must be accompanied by an English translation prepared by an
accredited translator.
Please also complete Section 11A for each individual Trustee if ‘Other trust type’ selected.

11D. Australian Company Verification Procedure
Standard verification procedure
Verify:
• The full name of the Company as registered by ASIC;
• Whether the Company is registered as a proprietary or a public company; and
• The ACN issued to the Company.

Cross (x)     Verification options (select one of the following options used to verify the Company)
              Perform a search of the relevant ASIC database.
              If the ASIC database is not reasonably available, an original or certified copy of the certification of registration
              issued by ASIC.

Alternative verification procedure
For a Company which is an Australian listed Company, a majority owned subsidiary of an Australian listed Company or is a regulated
Company (i.e. licensed by an Australian Commonwealth, State or Territory statutory regulator).
Verify:
• That the Company is an Australian listed Company (if applicable);
• That the Company is a majority owned subsidiary of an Australian listed Company (if applicable); or
• That the Company is a regulated Company (if applicable).

Cross (x)     Verification options (select one or more of the following options used to verify the Company)
              Perform a search of the relevant market/exchange.
              Perform a search of the relevant ASIC database.
              Perform a search of the licence or other records of the relevant Commonwealth, State or Territory statutory regulator.
              A public document issued by the relevant Company.




10
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




11E. Association Verification Procedure
If ‘Incorporated Association’, verify:
• Full name of the Association; and
• ID number issued on Incorporation (if any).

Cross (x)     Verification options (select one or more of the following options used to verify the Incorporated
              Association)
              Information provided by ASIC or the government responsible for the incorporation of the Association.
              An original, certified copy or certified extract of the Constitution or Rules of the Association.
If ‘Unincorporated Association’, verify:
• The full name of the Association.

Cross (x)     Verification options (use the following to verify the Unincorporated Association)
              An original, certified copy or certified extract of the Constitution or Rules of the Association.
Documents that are written in a language that is not English must be accompanied by an English translation prepared by an
accredited translator.

11F. Government Body Identification Procedure
Verify the following:
• Full name of the Government Body;
• Full address of the Government Body’s principal place of operations; and
• Whether the Government Body is:
   – A body of the Commonwealth of Australia; or
   – A body of a State or Territory of Australia (and, if so which one); or
   – A body of a foreign country (and, if so which country).

Cross (x)     Verification options (select one of the following options used to verify the Government Body)
              Search of the relevant Commonwealth, State, Territory or Foreign Government website for confirmation of the
              body’s existence.
              Search of the relevant Commonwealth, State, Territory or Foreign Country register of Government Bodies.
              A copy or extract of the legislation establishing the body obtained from a reliable and independent source, such as
              a Government website.
Documents that are written in a language that is not English must be accompanied by an English translation prepared by an
accredited translator.

11G. Registered Co-operative Identification Procedure
Verify the following:
• Full name of the Registered Co-operative; and
• ID number issued by relevant registration body (if any).

Cross (x)     Verification options (select one or more of the following options used to verify the Registered
              Co-operative)
              Information provided by ASIC or the relevant registration body responsible for the registration of the Co-operative.
              An original or certified copy or certified extract of the register maintained by the Co-operative.
Documents that are written in a language that is not English must be accompanied by an English translation prepared by an
accredited translator.




                                                                                                                                    11
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




12. Interested Parties
     The following parties may receive information relating to this investment.
 Name                                                               Company

 Email                                                              Phone

     Please provide copies of all transactions and investor statements to the Interested Parties.

13. Delegation of Authority
(For Initial Applications Only).
Do you wish to nominate a delegation of authority?
     No – Go to section 14.              Yes – Complete the details below.
The people whose names and signatures appear below are authorised to act on our behalf in dealing with the Responsible Entity
in connection with matters relating to the administration of our investment in the Fairview Equity Partners Emerging Companies
Fund.
The Trustee may therefore, until receipt of further written notice, accept and act on notices, instructions, requests, data,
information and evidence given, made or furnished under this Delegation of Authority. We indemnify the Trustee and its agents
in respect of any claim or liability incurred by any of them arising directly or indirectly from action taken or omissions made in
reliance on or pursuant to such notices, instructions, requests, data, information or evidence.
 Full name

 Address

 Email                                                                        Phone

 Signature                                                                                        Date

 Specified Matters*

* If the delegated authority is not limited to specific matters (e.g. benefit payments) the word ‘General’ should be entered.
  Please attach a schedule if more space is required.
Signature instructions (e.g. number of signatures required, company seal required).




12
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




14. Declaration
I/We declare that:
• All details in this Initial Application Form and all documents provided are true and correct and I/we agree to indemnify
  nabInvest Managed Investments Limited (NMIL) (ABN 61 083 784 463) (AFSL 312122) against any liabilities whatsoever
  arising out of it acting on any of these details or any future details provided by me/us in connection with this application.
• I/We have received a copy of the current PDS to which this application relates and have read it and agree to the terms
  contained in it and to be bound by the provisions of the Constitution for the Fund (as amended from time to time).
• I/We have legal power to invest in the Fund in accordance with this application and have complied with all applicable laws in
  making this application.
• I/We have received and accepted this offer in Australia.
• I/We are over the age of 18 years.
• The details of my/our investment can be provided to the adviser group or financial adviser indicated in this Initial Application
  Form by the means and in the format that they direct.
• In the case of joint applications, the joint applicants agree that unless otherwise expressly indicated on this Initial Application
  Form, the units will be held as joint tenants and either investor is able to operate the account and bind the other investor for
  future transactions, including additional deposits and withdrawals, and withdrawals by telephone and fax.
• If this application is signed under Power of Attorney, the Attorney declares that he/she has not received notice of revocation
  of that power (a certified copy of Attorney should be submitted with this application unless NMIL has already sighted it).
• I/We have read and understood the terms and conditions of the use of fax to give instructions on my/our account and agree to
  release and indemnify NMIL against any liabilities whatsoever arising out of it acting on any communication received by fax.
• I/We acknowledge that I/we have read the pages of the PDS containing the information under the heading ‘Privacy’. I/We
  am/are aware that until I/we inform NMIL otherwise, I/we will be taken to have consented to all the uses of my/our personal
  information (including marketing) contained under that heading and I/we have consented to the provision of and authorised
  (if applicable) my/our financial adviser to provide such further personal information to NMIL as is required or reasonably
  deemed necessary by NMIL under applicable law.
• I/We understand that if I/we fail to provide any information requested in this Initial Application Form or do not agree to any of
  the possible exchanges or uses detailed above, my/our application may not be accepted by NMIL and I/we agree to release
  and indemnify NMIL in respect of any loss or liability arising from its inability to accept my/our application due to inadequate
  details having been provided.
• I/We acknowledge that an investment in the Fund does not represent a deposit with or liability of National Australia Bank
  (NAB) or the NAB Group and is subject to investment risk, including possible delays in repayment and loss of income and
  capital invested, and agree that those risks are appropriate for a person in my/our circumstances and with my/our investment
  objectives.
• I/We acknowledge that none of NMIL, Fairview Equity Partners Pty Limited or any other member of the NAB Group,
  guarantees the performance of the Fund or the repayment of the capital or any particular rate of return or distribution from the
  Fund.
• I/We agree to pay my/our financial adviser an initial or ongoing adviser service fee as nominated in the Initial Application Form.
  I/We authorise NMIL to withdraw units I/we hold in the Fund to pay this fee to my/our financial adviser.
• Sole signatories signing on behalf of a company confirm that they are signing as sole director and sole secretary of the
  company.
• If investing as trustee on behalf of a superannuation fund or trust, I/we confirm that I/we am/are acting in accordance with
  my/our designated powers and authority under the trust deed. In the case of superannuation funds, I/we also confirm that it is
  a complying fund under the Superannuation Industry (Supervision) Act.
• Unless an alternative authority for signature is notified to and accepted by NMIL, the person/persons that signs/sign this form
  is/are able to operate the account on behalf of themselves/the relevant entity (as applicable) and bind themselves/the entity
  for future transactions, including additional deposits and withdrawals, including withdrawals by fax.




                                                                                                                                   13
Fairview Equity Partners Emerging Companies Fund
Initial Application Form




Investor/Trustee/Partner/Director 1*

Signature
                                                                                                                Company Seal
Surname

Given name(s)                                                         Date


Investor/Trustee/Partner/Director/Secretary 2*

Signature

Surname

Given name(s)                                                         Date


Capacity                  Director            Director/Secretary (Company Investments only)

For Joint Investors withdrawal requests, additional investment, and change of details forms, must be signed by:

     Investor 1 Only              Investor 2 Only             Either 1 or 2            Both 1 and 2
* Joint applicants must both sign. Company applications must be signed by two Directors, a Director and Secretary or the Sole Director of
  the Company.




IMPORTANT NOTES
This Initial Application Form must not be handed to any person unless accompanied by the PDS for the Fund. NMIL may in its absolute discretion refuse any
application for units. Persons external to NMIL who market NMIL products act as independent financial advisers and are not agents of NMIL. NMIL will not
be bound by representations or statements which are not contained in information disseminated by NMIL. Application monies paid by cheque from financial
advisers will only be accepted if drawn from a trust account maintained in accordance with the Corporations Act.
The offer of units in the Fund is made by nabInvest Managed Investments Limited (NMIL) (ABN 61 083 784 463) (AFSL 312122).
14
This page has been left blank intentionally.
76181M0810
Corporate Directory
Responsible Entity
nabInvest Managed Investments Limited
ABN 61 083 784 463
Level 8
37 Pitt Street
Sydney NSW 2000
Website: www.nabinvest.com.au
Registered Office
105–153 Miller St
North Sydney NSW 2060
Registry Services
National Australia Bank Limited
Attn: Registry Services
GPO Box 1406
Melbourne VIC 3001
Fax: 1300 365 601
Investor Services
c/- nabInvest Capital Partners Pty Limited
Level 8
37 Pitt Street
Sydney NSW 2000
Phone: 1300 738 355
Fax: 1300 305 940
Auditor
Ernst & Young
Ernst & Young Centre
680 George Street
Sydney NSW 2000
                                             67730M0810

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:59
posted:8/18/2011
language:English
pages:52
Description: Statement of Partners Equity document sample