baker steel gold fund - eqt.com.au · the firm was established in 2001 by managing partners david...

Baker Steel Gold FundProduct Disclosure StatementARSN 106 634 717APIR SLT0006AUIssue Date 1 March 2018

About this PDSThis Product Disclosure Statement (“PDS”) has been prepared and issued by EquityTrustees Limited (“Equity Trustees”, “we” or “Responsible Entity”) and is a summary of thesignificant information relating to an investment in the Baker Steel Gold Fund (the “Fund”).It contains a number of references to important information (including a glossary of terms)contained in the Baker Steel Gold Fund Reference Guide (“Reference Guide”), which formspart of this PDS. You should consider both the information in this PDS, and the informationin the Reference Guide, before making a decision about investing in the Fund.

The offer to which this PDS relates is only available to persons receiving this PDS(electronically or otherwise) in Australia.

This PDS does not constitute a direct or indirect offer of securities in the US or to any USPerson as defined in Regulation S under the US Securities Act of 1933 as amended (“USSecurities Act”). Equity Trustees may vary this position and offers may be accepted onmerit at Equity Trustees’ discretion. The units in the Fund have not been, and will not be,registered under the US Securities Act unless otherwise approved by Equity Trustees andmay not be offered or sold in the US to, or for, the account of any US Person except in atransaction that is exempt from the registration requirements of the US Securities Act andapplicable US state securities laws.

The information provided in this PDS is general information only and does not take accountof your personal objectives, financial situation or needs. You should obtain financial advicetailored to your personal circumstances and consider whether the information in this PDSis appropriate for you in light of those circumstances.

Contents1. About Equity Trustees Limited

2. How the Baker Steel Gold Fundworks

3. Benefits of investing in theBaker Steel Gold Fund

4. Risks of managed investmentschemes

5. How we invest your money

6. Fees and costs

7. How managed investmentschemes are taxed

8. How to apply

9. Other information

The Reference GuideThroughout the PDS, there are references to additional information contained in the Reference Guide. You can obtain a copy by visitingwww.eqt.com.au/insto or request a copy by calling the Investment Manager Sanlam Private Wealth (Pty) Ltd (“Investment Manager”) on+612 8245 0501 or emailing them at [email protected]. Alternatively you can obtain a copy by calling the PortfolioManager, Baker Steel Capital Managers on +61 2 8226 8776 or emailing [email protected].

The information contained in the Reference Guide may change between the day you receive this PDS and the day you acquire the product.You must therefore ensure that you have read the Reference Guide current at the date of your application.

Updated informationInformation in this PDS is subject to change. We will notify you of any changes that have a materially adverse impact on you or othersignificant events that affect the information contained in this PDS. Any information that is not materially adverse is subject tochange from time to time and may be updated and obtained by visiting www.eqt.com.au.insto or request a copy by calling theInvestment Manager on +612 8245 0501 or emailing them at [email protected]. Alternatively you can obtain acopy by calling the Portfolio Manager on +612 8226 8776 or emailing [email protected]. An electronic copy of theupdated information will be provided free of charge on request. No paper copy will be provided.

Investment ManagerSanlam Private Wealth (Pty) LtdABN 18 136 960 775Level 15, 37 York StreetSydney NSW 2000Phone: +612 8245 0501E: [email protected]

Custodian & AdministratorMainstream Fund Services Pty LtdACN 118 902 891Lvl1, 51-57 Pitt StreetSydney NSW 2000Ph: 1300 133 451Web: www.mainstreamgroup.com

Responsible EntityEquity Trustees LimitedABN 46 004 031 298, AFSL 240975GPO Box 2307Melbourne VIC 3001Ph: +613 8623 5000Web: www.eqt.com.au/insto

Portfolio ManagerBaker Steel Capital Managers LLPARBN 107 539 711Level 26/Unit 80, 1 Bligh StreetSydney NSW 2000, Australia+61 2 8226 8776

Baker Steel Gold Fund PDS 1

1. About Equity Trustees LimitedThe Responsible Entity

Equity Trustees LimitedEquity Trustees Limited ABN 46 004 031 298 AFSL 240975 (“EquityTrustees”), a subsidiary of EQT Holdings Limited ABN 22 607 797615, which is a public company listed on the Australian SecuritiesExchange (ASX: EQT), is the Fund’s Responsible Entity and issuer ofthis PDS. Established as a trustee and executorial service providerby a special Act of the Victorian Parliament in 1888, today EquityTrustees is a dynamic financial services institution which continuesto grow the breadth and quality of products and services on offer.

Equity Trustees’ responsibilities and obligations as the Fund’sResponsible Entity are governed by the Fund’s constitution(“Constitution”), the Corporations Act and general trust law. EquityTrustees has appointed Sanlam Private Wealth (Pty) Ltd as theinvestment manager of the Fund. Equity Trustees has appointed acustodian to hold the assets of the Fund. The custodian has nosupervisory role in relation to the operation of the Fund and is notresponsible for protecting your interests.

The Investment ManagerSanlam Private Wealth (Pty) LtdAustralian boutique fund manager Sanlam Private Wealth (Pty) Ltd(“Investment Manager”) is the Investment Manager appointed byEquity Trustees for the Fund. The Investment Manager is anindependent dedicated provider of financial services to theAustralian investment markets, and is part of the Sanlam group, aleading South African financial services business, with the parententity listed on the Johannesburg and Namibian stock exchanges.

The Investment Manager has appointed Baker Steel CapitalManagers LLP (“Portfolio Manager”) as the sub investmentmanager, or portfolio manager, for the Fund.

The Portfolio ManagerBaker Steel Capital Managers LLP (“Baker Steel”)Baker Steel Capital Managers has extensive experience in themanagement of funds, investing in the natural resources, gold andprecious metals (for example, platinum and silver) sectors.

The firm was established in 2001 by Managing Partners David Bakerand Trevor Steel. Its investment management team is underpinnedby strong technical backgrounds in the geo-sciences, mining,geology and engineering fields. This in-depth understanding of itssectors, combined with the investment expertise of the team, hasproduced an impressive investment track record.

Baker Steel is also the investment manager of the BAKERSTEELGlobal Funds SICAV – Precious Metals Fund (the “Precious MetalsFund”), in which the Fund principally invests. The Precious MetalsFund is a UCITS sub-fund of the Luxembourg SICAV, and isregulated by the Commission de Surveillance du Secteur Financier(CSSF).

As at 29 September 2017, Baker Steel had assets undermanagement of approximately US$232m across a number oftraditional fund and managed account mandates.

The current Managing Partners of Baker Steel are David Baker,Trevor Steel and Mark Burridge.

2. How the Baker Steel Gold Fundworks

The Fund is a registered managed investment scheme. The Fund isgoverned by the Constitution. The Fund comprises assets which areacquired in accordance with the Fund’s investment strategy. Directinvestors receive units in the Fund when they invest. In general, eachunit represents an equal interest in the assets of the Fund subject toliabilities; however, it does not give investors an interest in anyparticular asset of the Fund.

If you invest in the Fund through an IDPS (as defined in theReference Guide) you will not become a unitholder in the Fund. Theoperator or custodian of the IDPS will be the unitholder noted in theFund’s register and will be the only person who is able to exercisethe rights and receive benefits of a unitholder. Please direct anyissues and queries relating to your investment to your IDPSOperator. Unless otherwise stated, the following explanation appliesto direct investors.

Applying for unitsYou can acquire units by completing the Application Form thataccompanies this PDS. The minimum initial investment amount forthe Fund is $25,000.

Completed Application Forms should be mailed along with youridentification documents (if applicable) to:

Mainstream Fund Services PTY LtdClient Services Registry TeamGPO Box 4968Sydney, NSW, 2001

Please note that cash cannot be accepted.

Initial applications need to be originals.

The price at which units are acquired is determined in accordancewith the Constitution (“Application Price”). The Application Price ona Business Day (as defined in the Reference Guide) is, in generalterms, equal to the Net Asset Value (“NAV”) of the Fund plus thetransaction costs (“Buy Spread”), divided by the number of units onissue. At the date of this PDS, the Buy Spread is 0.25%.

The Application Price will vary as the market value of assets in theFund rises or falls.

Making additional investmentsYou can make additional investments into the Fund at any time bysending us your additional investment amount together with acompleted additional investment form available free from the UnitRegistry. Post, fax or email your form to the Unit Registry. Theminimum additional investment into the Fund is $1,000.

DistributionsAn investor’s share of any distributable income is calculated inaccordance with the Constitution and is generally based on thenumber of units held by the investor at the end of the distributionperiod.

The Fund usually distributes income annually as at 30 June.Distributions are calculated on the last day of the period and arenormally paid to investors as soon as practicable after thedistribution calculation date.

Investors in the Fund can indicate a preference to have theirdistribution:

• reinvested back into the Fund; or• directly credited to their nominated bank account.

Investors who do not indicate a preference will have theirdistributions automatically reinvested. Applications for reinvestmentwill be taken to be received prior to the next valuation time after therelevant distribution period. There is no Buy Spread on distributionsthat are reinvested.

In some circumstances, where an investor makes a large withdrawalrequest (i.e. the withdrawal request is in respect of 20% or more ofthe units on issue in the relevant class), their withdrawal proceedsmay be taken to include a component of distributable income.

Indirect Investors should review their IDPS guide for information onhow and when they receive any income distribution.

2 Baker Steel Gold Fund PDS

Access to your moneyInvestors in the Fund can generally withdraw their investment bycompleting a written request to withdraw from the Fund and mailing,emailing or faxing it to:


Or by fax to +61 2 9251 3525

The minimum withdrawal amount is $1,000. Once we receive yourwithdrawal request, we may act on your instruction without furtherenquiry if the instruction bears your account number or investordetails and your (apparent) signature(s), or your authorisedsignatory’s (apparent) signature(s).

Equity Trustees will generally allow an investor to access theirinvestment within 10 Business Days of receipt of a withdrawalrequest by transferring the withdrawal proceeds to such investors’nominated bank account. However, the Constitution allows EquityTrustees to reject withdrawal requests and also to make payment upto 21 days after acceptance of a request (which may be extended incertain circumstances).

The price at which units are withdrawn is determined in accordancewith the Constitution (“Withdrawal Price”). The Withdrawal Price ona Business Day is, in general terms, equal to the NAV of the Fundless the transaction costs (“Sell Spread”), divided by the number ofunits on issue. At the date of this PDS, the Sell Spread is 0.25%. TheWithdrawal Price will vary as the market value of assets in the Fundrises or falls.

Equity Trustees reserves the right to fully redeem your investment ifyour investment balance in the Fund falls below $25,000 as a resultof processing your withdrawal request. Equity Trustees can deny awithdrawal request or suspend consideration of a withdrawalrequest in certain circumstances, including where accepting therequest is not in the best interests of investors in the Fund or wherethe Fund is not liquid (as defined in the Corporations Act). When theFund is not liquid, an investor can only withdraw when EquityTrustees makes a withdrawal offer to investors in accordance withthe Corporations Act. Equity Trustees is not obliged to make suchoffers.

If you are an Indirect Investor, you need to provide your withdrawalrequest directly to your IDPS Operator. The time to process awithdrawal request will depend on the particular IDPS Operator.

Unit pricing discretions policyEquity Trustees has developed a formal written policy in relation tothe guidelines and relevant factors taken into account whenexercising any discretion in calculating unit prices (includingdetermining the value of the assets and liabilities). A copy of thepolicy and, where applicable and to the extent required, any otherrelevant documents in relation to the policy will be made availablefree of charge on request.

Additional informationIf and when the Fund has 100 or more direct investors, it will beclassified by the Corporations Act as a ‘disclosing entity’. As adisclosing entity the Fund will be subject to regular reporting anddisclosure obligations. Investors would have a right to obtain a copy,free of charge, of any of the following documents:

• the most recent annual financial report lodged with ASIC(“Annual Report”);

• any subsequent half yearly financial report lodged with ASICafter the lodgement of the Annual Report; and

• any continuous disclosure notices lodged with ASIC after theAnnual Report but before the date of this PDS.

Equity Trustees will comply with any continuous disclosureobligation by lodging documents with ASIC as and when required.

Copies of these documents lodged with ASIC in relation to the Fundmay be obtained from ASIC through ASIC’s website.

Further reading�

You should read the important information in the ReferenceGuide under “Investing in the Baker Steel Gold Fund”,“Managing your investment” and “Withdrawing yourinvestment” about:

• how to invest;

• application cut-off times;

• authorised signatories;

• reports;

• withdrawal cut-off times;

• payment of withdrawals; and

• withdrawal restrictions,

before making an investment decision. Go to the ReferenceGuide at www.eqt.com.au/insto. The material relating to thesematters may change between the time when you read this PDSand the day when you acquire the product.

3. Benefits of investing in the BakerSteel Gold Fund

Significant benefitsThe Fund is a professionally managed specialist investment fundintended to be suitable for investors looking to diversify theirportfolio with exposure to a geographically diversified portfolio ofglobally listed gold and precious metals equities, with a mid tolarge-capitalisation focus and some currency protection, who havea minimum investment timeframe of 5 years and a high risktolerance.

The Fund will give investors exposure, principally through thePrecious Metals Fund, to a broad range of potential investments andmarkets which individual investors may not be able to accessdirectly themselves. The Precious Metals Fund can also oftenaccess investments for less cost than individual investors couldachieve, and it can also use efficient portfolio construction and riskmanagement techniques to help reduce volatility.


Other features

Style Exposure to a geographically diversifiedportfolio of globally listed gold andprecious metals equities, with a mid tolarge capitalisation focus, with somecurrency protection.

Investment exposure A gold and precious metals equities focus.

Investment objective Over rolling 5 year periods to:• provide capital growth by being

exposed to a portfolio consistingprincipally of globally listed gold andprecious metal equities and theirrelated instruments, and

• outperform the FTSE1 Gold MinesIndex

2expressed 50% in USD and 50%

in AUD and after Management Feesand Usual Expenses.

Investment timeframe Suggested minimum 5 years

Minimum investmentand balance

$25,000 for direct investors

Management fee 1.54% p.a. of Fund NAV.

Usual Expenses 0.28% p.a. of Fund NAV.

Performance RelatedFee

10.25% on any outperformance over theFTSE Gold Mines Index return2 over therelevant 6 month period, with theprotection of a ‘high water mark’, andwhen calculating any entitlement, theimpact of distributions, applications andwithdrawals through the period is takeninto account.

Distributions Annual (June), automatically reinvestedunless you choose otherwise.

Applications &withdrawals

Generally weekly and monthly.

1 FTSE is a trademark of London Stock Exchange and The FinancialTimes Limited and is used by FTSE International Limited.2 The FTSE Gold Mines Index return used is expressed 50% in USdollars and 50% in Australian dollars for comparative purposessince the Fund is approximately 50% hedged back to the Australiandollar

The investment objective is expressed to be after the ManagementFee and Usual Expenses, but before Performance Related Fees, andis not a forecast or promise. The Fund may not meet its investmentobjective. Neither returns nor the money you invest in the Fund isguaranteed.

4. Risks of managed investmentschemes

All investments carry risks. Different investment strategies may carrydifferent levels of risk, depending on the assets acquired under thestrategy. Assets with the highest long-term returns may also carrythe highest level of short-term risk. The significant risks belowshould be considered in light of your risk profile when decidingwhether to invest in the Fund. Your risk profile will vary dependingon a range of factors, including your age, the investment time frame(how long you wish to invest for), your other investments or assetsand your risk tolerance.

The Responsible Entity does not guarantee the liquidity of theFund’s investments, repayment of capital or any rate of return or theFund’s investment performance. The value of the Fund’sinvestments will vary. Returns are not guaranteed and you may losemoney by investing in the Fund. The level of returns will vary andfuture returns may differ from past returns. Laws affecting managedinvestment schemes may change in the future. The structure andadministration of the Fund is also subject to change.

In addition, we do not offer advice that takes into account yourpersonal financial situation, including advice about whether theFund is suitable for your circumstances. If you require personalfinancial advice, you should contact a licensed financial adviser.

Investment riskThe risk that the value of an individual investment in the Fund maychange in value or become more volatile. Reasons include changesin an investment’s operations, management or businessenvironment, or market sentiment. Natural resource companies aresubject to additional risks including mine disasters, faulting of theore body, misinterpretation of geotechnical data, fraud or that amine does not produce what was expected. Baker Steel’sexperienced investment team monitors chosen underlyinginvestments carefully, and changes them when it thinks appropriate.Baker Steel diversifies the Precious Metals Fund, including bysetting limits such as at the individual investment level.

Market riskThe risk that a market or economy changes in value or becomesmore volatile. Reasons can include changes in economic, financial,technological, political or legal conditions, natural and manmadedisasters, conflicts and changes in market sentiment. Commoditymarkets are generally more volatile. Precious metal and miningshares are countercyclical – generally their performance has a lowcorrelation with equity market performance. Commodity pricesgenerally are correlated to the overall level of economic activity andindustrial production. During periods of instability, commodities andthe securities of producers often suffer extreme price fluctuations. Inturn, the earnings and general financial conditions of producers arehighly dependent on the market price of the underlying resourceswhich, historically, have been extremely volatile. Baker Steel usesresearch and analysis to form a view on these matters as best it canand then rebalances the investment mix of the Precious Metals Fundin an effort to reduce the impact.

Financial instruments including derivatives riskThe risk associated with using sophisticated financial instrumentssuch as derivatives. Risks include the value of the financialinstrument failing to move in line with the underlying asset, potentialilliquidity, the Baker Steel Gold Fund, the Precious Metals Fund (orany of their underlying investments) not being able to meet paymentobligations, potential leverage (or gearing) resulting from theposition, and counterparty risk where the other party cannot meet itsobligations. Both the Fund and the Precious Metals Fund may usefinancial instruments to manage risk and/or gain exposure to assetclasses. Baker Steel employs leading professionals who deal withissuers and counterparties it believes are reputable and monitorexposures. However, using derivatives to reduce portfolio risk is notalways successful, is not always used to offset all relevant portfoliorisk, and is sometimes not cost effective or practical to use.

Currency riskThe Fund invests predominantly in the Precious Metals Fund inLuxembourg which in turn invests globally.

Investors should be prepared to accept that currency movementswill impact on the value of their investment.

Some currency risk management is employed at the Fund level, inthat approximately 50% of the Fund’s exposure is hedged back tothe Australian dollar, normally against the US dollar exposure.However, levels may vary. Unfortunately hedging is not perfect. It isnot always successful, is not always used to offset all currency risk,and is sometimes not cost effective or practical to use.

Further Reading�

You should read the important information in the ReferenceGuide “Additional risks” section, with more information on risksthat may apply. Go to the Reference Guide atwww.eqt.com.au/insto. The material relating to risks maychange between the time when you read this PDS and the daywhen you acquire the product.


5. How we invest your money

Warning: Before choosing to invest in the Fund you shouldconsider the likely investment returns, the risks of investing andyour investment time frame.

Investment strategyThis is a professionally managed specialist investment fund whichprincipally invests into the Precious Metals Fund. Actively managedby Baker Steel, the Precious Metals Fund is a gold and preciousmetals fund with a portfolio of globally listed gold and preciousmetals equities, with a mid to large cap focus. The core of thestrategy is to invest in and hold good value precious metal equities.The Precious Metals Fund is diversified by country.

BenchmarkFTSE Gold Mines Index return expressed 50% in USD and 50% inAUD and after Management Fees and Usual Expenses.

Investment styleUsing a well-established, fundamentals based research process,the Precious Metals Fund focuses on emerging gold and preciousmetal producers that have strong management teams in place andwhere Baker Steel considers that the investment offers good valueand above average growth potential, according to its research andinvestment models.

Baker Steel’s investment process has the following key features:

• a well-established value-oriented and metals-based researchprocess, enhanced by research visits to companies andprojects throughout the world,

• an in-house valuation database with in excess of 500 golddeposits and 200 gold mining companies for evaluating miningopportunities worldwide, and

• a team-based stock selection and investment decision-makingprocess with controlled investment and position limits.

Performance objectiveThe Fund’s objectives, over rolling 5 year periods, are to:

• provide capital growth by being exposed to a portfolioconsisting principally of globally listed gold and precious metalequities and their related instruments, and

• outperform the FTSE Gold Mines Index expressed 50% in USDand 50% in AUD and after Management Fees and UsualExpenses,

but remember that neither of these objectives is intended to be aforecast or promise. The Fund may not meet its investmentobjective. Neither returns nor the money you invest in the Fund isguaranteed.

Minimum suggested timeframeThe indicative investment time frame for an investment in the Fund isat least 5 years.

Asset allocationThe Fund invests predominantly in the Precious Metals Fund, a goldand precious metals equities fund. Investments held directly by theFund are usually limited and would be of the same nature as for thePrecious Metals Fund. The Precious Metals Fund targets a minimumexposure of two thirds of its assets to equities of gold mining andother precious metals companies globally, with a mid to large capfocus. It can, at times, reduce its exposure to equities markets andincrease exposure to instruments that track the values of preciousmetals such as gold or silver. The Precious Metals Fund is generallyfully invested.

The Precious Metals Fund may also hold investments of companiesand commodities within the wider mining sector from time to time.The Precious Metals Fund may also hold investments in othertransferable securities such as fixed or variable rate short-term debtinstruments if Baker Steel considers this appropriate for riskreduction.

It can also gain exposure to other listed equities globally, as well asto unlisted equities (up to 10% of the net asset value of the PreciousMetals Fund, measured at the time the investment is made), whichwill be related primarily to the gold and precious metal sectors.

The Precious Metals Fund is diversified by country but there are nospecific allocation limits to location.

Risk level of fundHigh.

Investor suitabilityThis Fund may be suitable for investors who have a long-term viewand a high-risk tolerance.

Changing the investment strategyThe investment strategy and asset allocation parameters may bechanged. If a change is to be made, investors in the Fund will benotified in accordance with the Corporations Act.

Labour, environmental, social and ethicalconsiderationsInvestment decisions do not take into account labour standards orenvironmental, social or ethical considerations in the selection,retention or realisation of investments.

Fund performanceUp to date information on the performance of the Fund can beobtained from www.eqt.com.au/insto. A free of charge paper copyof the information will also be available on request.

6. Fees and costs

DID YOU KNOW?Small differences in both investment performance and feesand costs can have a substantial impact on your long termreturns.

For example, total annual fees and costs of 2% of yourinvestment balance rather than 1% could reduce your finalreturn 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 superiorinvestment performance or the provision of better memberservices justify higher fees and costs.

You may be able to negotiate to pay lower contribution feesand management costs where applicable. Ask the fund oryour financial adviser.

TO FIND OUT MOREIf you would like to find out more, or see the impact of the feesbased on your own circumstances, the Australian Securitiesand Investments Commission (ASIC) website(www.moneysmart.gov.au) has a managed funds fee calculatorto help you check out different fee options.

The information in the following table can be used to compare costsbetween this and other simple managed investment schemes. Feesand costs are deducted from the assets of the Fund and reduce theinvestment return to investors. For information on tax please seeSection 7 of this PDS.


Type of fee or cost Amount

Fees when your money moves in or out of the Fund

Establishment Fee Nil

Contribution Fee Nil

Withdrawal Fee Nil

Exit Fee Nil

Management costs

The fees and costsfor managing yourinvestment1

1.82% p.a. of the NAV of the Fund(consisting of Management Fee of 1.54%p.a. and Usual Expenses2 of 0.28% p.a. ofNAV of the Fund

Performance RelatedFee

10.25% on any outperformance over theFTSE Gold Mines Index return over therelevant 6 month period, and priorunderperformance must be recoupedbefore a fee can be taken: we call this thehigh-water mark3

1 All fees and costs quoted above are inclusive of Goods andServices Tax (GST) and net of any Reduced Input Tax Credits (RITC)at the prescribed rate. See below for more details as to howmanagement costs are calculated.2 “Usual Expenses” are all day to day ordinary expenses inmanaging the Fund including but not limited to the ResponsibleEntity fee, the Custodian’s fee, ASIC, ATO, APIR, printing, legal andthe accounting/tax/compliance auditor’s fees. Calculated andaccruing daily, payable monthly in arrears from the Fund’s assets.Management costs are non-negotiable. See below for details.3 This represents the performance related fees which are payable asan expense of the Fund to the Investment Manager. See“Performance Related Fees” below for more information.

Additional Explanation of fees and costs

What do the Management Costs pay for?The management costs include the Management Fees, custodianfees, administration fees, and Usual Expenses. The ManagementFee is 1.54% p.a. of the NAV of the Fund for administering andmanaging the Fund. Fees are calculated and accrued daily and arepayable monthly generally based on NAV. The accrued fees are paidin arrears from the Fund at the end of each month.

The Investment Manager also does not intend to recover from theFund Usual Expense Recoveries that would exceed 0.28% p.a. ofthe NAV of the Fund. In the event that expenses exceed the UsualExpense Recoveries the shortfall will be paid from the ManagementFee.

If incurred, Unusual Expenses can also be paid from the Fund.Examples include costs associated with seeking and dealing withinvestor approvals and directions, fees and costs associated withplatforms, exchanges and ratings, any tax liability the Fund mayhave, and a change of Responsible Entity, Investment Manager orany service provider. Occasionally, costs which might otherwise beconsidered usual are of such a nature that we may deem them to beunusual.

Performance Related FeesA Performance Related Fee is payable to the Investment Managerwhere the investment performance of the Fund exceeds theperformance of the FTSE Gold Mines Index return hurdle. The highwater mark is exceeded where the value of the Fund (afterManagement Fees and Usual Expenses but before PerformanceRelated Fees) is higher than its previous highest value at the end ofany prior half year period from 30 June 2008 after accounting for allapplications, withdrawals and distributions paid since that prior halfyear period.

The Performance Related Fees are 10.25% of this excess,calculated daily and paid semi-annually in arrears and is calculatedbased on the beginning NAV of the Fund over the relevant 6 monthlyperiod ending 31 December and 30 June.

No Performance Related Fee is payable until any accruedunderperformance from prior periods has been made up (thisfeature is sometimes referred to as a high watermark).

Based on the current calculation methodology for the PerformanceRelated Fee, the Responsible Entity has estimated that the typicalongoing Performance Related Fee payable per annum may be $0assuming an average account balance of $50,000 during the year.However, this is not a forecast as the actual Performance RelatedFee for the current and future financial years may differ. TheResponsible Entity cannot guarantee that Performance RelatedFees will remain at their previous level or that the performance of theFund will outperform the benchmark.

It is not possible to estimate the actual Performance Related Feepayable in any given period, as we cannot forecast what theperformance of the Fund will be, but it will be reflected in themanagement costs for the Fund for the relevant year. Information oncurrent Performance Related Fees will be updated from time to timeand available at www.eqt.com.au/insto.

There is a worked example of the Performance Related Fee in theReference Guide.

Transactional and operational costsIn managing the assets of the Fund, the Fund may incur transactioncosts such as brokerage, settlement costs, clearing costs andapplicable stamp duty when assets are bought and sold. Thisgenerally happens when the assets of a fund are changed inconnection with day-to-day trading or when there are applicationsor withdrawals which cause net cash flows into or out of a fund.

The Buy/Sell Spread reflects the estimated transaction costsincurred in buying or selling assets of the Fund when investorsinvest in or withdraw from the Fund. The Buy/Sell Spread is anadditional cost to the investor but is incorporated into the unit priceand incurred when an investor invests in or withdraws from the Fundand is not separately charged to the investor. The Buy/Sell Spread ispaid into the Fund and not paid to Equity Trustees or the InvestmentManager. The estimated Buy/Sell Spread is 0.25% upon entry and0.25% upon exit. The dollar value of these costs based on anapplication or a withdrawal of $50,000 is estimated to be $125 foreach individual transaction. The Buy/Sell Spread can be altered bythe Responsible Entity at any time. The Responsible Entity may alsowaive the Buy/Sell Spread in part or in full at its discretion.

Transactional costs which are incurred other than in connection withapplications and redemptions arise through the day-to-day tradingof the Fund’s assets and are reflected in the Fund’s unit price. Asthese costs are factored into the asset value of the Fund’s assetsand reflected in the unit price, they are an additional implicit cost tothe investor and are not a fee paid to the Responsible Entity. Thesecosts can arise as a result of bid-offer spreads (the differencebetween an asset’s bid/buy price and offer/ask price) being appliedto securities traded by the Fund. Liquid securities generally have alower bid-offer spread while less liquid assets have a higherbid-offer spread reflecting the compensation taken by marketmakers in providing liquidity for that asset.

We estimate that the total transaction costs for the Fund during thecurrent financial year will be 1.83% of the NAV of the Fund, of whichapproximately 2.50% of these transaction costs is reasonablyestimated to be recouped via the Buy-Sell spread when applicationsor redemptions take place, resulting in a net transaction cost ofapproximately 1.79%. However, such costs for future years maydiffer.


Can the fees change?Yes, all fees can change without investor consent, subject to themaximum fee amounts specified in the Constitution. Equity Trusteeshas the right to recover all proper and reasonable expenses incurredin managing the Fund and as such these expenses may increase ordecrease accordingly. We will generally provide investors with atleast 30 days’ notice of any proposed change to the managementcosts. Expense recoveries may change without notice, for example,when it is necessary to protect the interests of existing membersand if permitted by law. In most circumstances, the Constitutiondefines the maximum fees that can be charged for fees described inthis PDS.

Example of annual fees and costs for the FundThis table gives an example of how the fees and costs for thismanaged investment product can affect your investment over a 1year period. You should use this table to compare this product withother managed investment products.

Example – Baker Steel Gold Fund

BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000DURING THE YEAR

Contribution Fees Nil For every $5,000 you put in,you will be charged $0.

Plus

Managementcosts comprising:

1.82% p.a. ofthe NAV of theFund

And, for every $50,000 youhave in the Fund you will becharged $910 each year,comprising

Management fees: 1.54% p.a. ofthe NAV ofthe Fund

$770

Usual Expenses0.28% p.a. ofthe NAV of theFund

$140

PerformanceRelated Fees:

Estimated tobe 0% p.a. ofthe NAV ofthe Fund*

$0**

EqualsCost of Fund

If you had an investment of$50,000 at the beginning ofthe year and you put in anadditional $5,000 during thatyear, then you would becharged fees of:$910***What it costs you willdepend on the fees younegotiate.

* Please see the “Performance Related Fees” section above forfurther details.”

** The Performance Related Fees shown in the table are an exampleonly. The performance of the Fund, and the Performance RelatedFees payable, may differ in the future, as this example assumes thatthe Fund has not outperformed the benchmark for the relevantperiod. As a result, the actual costs may differ from the figuresshown in the table.

*** This example assumes the $5,000 contribution occurs at the endof the first year, therefore management costs are calculated usingthe $50,000 balance only.

Warning: Additional fees may be paid to a financial advisor if youhave consulted a financial advisor. You should refer to theStatement of Advice provided by your financial advisor in whichdetails of the fees are set out.

Additional fees may apply. Please note that this example does notcapture all the fees and costs that may apply to you such as theBuy/Sell Spread.

ASIC provides a fee calculator on www.moneysmart.gov.au, whichyou may use to calculate the effects of fees and costs on yourinvestment in the Fund.

Further Reading

You should read the important information in the ReferenceGuide under “Additional Information on fees and costs” aboutthe fees and costs associated with investing in the Fund beforemaking an investment decision. Go to the Reference Guidewhich is available at www.eqt.com.au/insto. The materialrelating to these matters may change between the time whenyou read this PDS and the day when you acquire the product.

7. How managed investmentschemes are taxed

Warning: Investing in a registered managed investmentscheme (such as the Fund) is likely to have taxconsequences. You are strongly advised to seek your ownprofessional tax advice about the applicable Australian tax(including income tax, GST and duty) consequences and, ifappropriate, foreign tax consequences which may apply toyou based on your particular circumstances beforeinvesting in the Fund.

The Fund is an Australian resident for tax purposes and does notpay tax on behalf of its investors. Australian resident investors areassessed for tax on any income and capital gains generated by theFund to which they become presently entitled or, where the Fundhas made a choice to be an Attribution Managed Investment Trust(“AMIT”), are attributed to them.

Further readingIf applicable, you should read the important information in theReference Guide under “Other important information” aboutAMIT before making an investment decision. Go to theReference Guide which is available at www.eqt.com.au/insto.The material relating to these matters may change between thetime when you read this PDS and the day when you acquire theproduct.

8. How to applyTo invest please complete the Application Form accompanying thisPDS and make payment via electronic bank transfer (see details inthe Application Form). You can mail your completed ApplicationForm to:


Please note that cash cannot be accepted and all applications mustbe made in Australian dollars.

Who can invest?Eligible persons (as defined in the ’About this PDS’ section) caninvest directly, however individual investors must be 18 years of ageor over.

Investors investing through an IDPS should use the ApplicationForm provided by the operator of the IDPS.


Cooling-off periodIf you are a retail client (as defined in the Corporations Act) who hasinvested directly in the Fund, you may have a right to a ‘cooling off’period in relation to an investment in the Fund within 14 days fromthe earlier of:

• confirmation of the investment being received or available; and• the end of the fifth business day after the units are issued or sold

A Retail Client may exercise this right by notifying Equity Trustees inwriting. A Retail Client is entitled to a refund of their investmentadjusted for any increase or decrease in the relevant ApplicationPrice between the time we process your application and the time wereceive the notification from you, as well as any other tax and otherreasonable administrative expenses and transaction costsassociated with the acquisition and termination of the investment.

The right of a Retail Client to cool off does not apply in certain limitedsituations, such as if the issue is made under a distributionreinvestment plan, switching facility or represents additionalcontributions required under an existing agreement. Also, the rightto cool off does not apply to you if you choose to exercise yourrights or powers as a unit holder in the Fund during the 14 dayperiod, which could include selling part of your investment orswitching it to another product.

No cooling off applies if you are a Wholesale Client.

Indirect investors should seek advice from their IDPS Operator as towhether cooling off rights apply to an investment in a fund by theIDPS. The right to cool off in relation to a fund are not directlyavailable to an indirect investor. This is because an indirect investordoes not acquire the rights of a unit holder in a fund. Rather, anindirect investor directs the IDPS Operator to arrange for theirmonies to be invested in a fund on their behalf. The terms andconditions of the IDPS Guide or similar type document will governan indirect investor’s investment in relation to a fund and any rightsan indirect investor may have in this regard.

Enquiries and complaintsIf you have any questions regarding the management of the Fund,you can contact the Investment Manager on +612 8245 0501 oremail them at [email protected]. If you are notcompletely satisfied with any aspect of our services regarding themanagement of the Fund, please contact Equity Trustees. EquityTrustees seeks to resolve potential and actual complaints over themanagement of the Fund to the satisfaction of investors. If you wishto lodge a formal complaint please write to:

Compliance TeamEquity Trustees LimitedGPO Box 2307Melbourne VIC 3001Email: [email protected]

Equity Trustees will acknowledge the complaint as soon aspracticable after receipt but in any event no later than 7 days afterreceipt. We will seek to resolve your complaint as soon aspracticable, and in the case of Retail Clients, not longer than 45 daysafter receiving the complaint. If we are unable to resolve yourcomplaint, you may be able to seek assistance from the FinancialOmbudsman Service (“FOS”). To find out whether you are eligible(and if so, to make a complaint) contact FOS on 1800 367 287(Australia) or +61 3 9613 7366, [email protected] or GPO Box 3,Melbourne VIC 3001.

Please include the Equity Trustees FOS membership number withyour enquiry. It is 10395.

FOS can assist you if Equity Trustees cannot. FOS may not considera dispute where the value of a person’s claim exceeds $500,000.FOS is only able to make a determination of up to $309,000 permanaged investment claim (excluding compensation for costs andinterest payments). These monetary limits and the FOS terms ofreference do change from time to time. Current details can beobtained from the FOS website (www.fos.org.au).

9. Other informationConsentThe Investment Manager has given and, as at the date of this PDS,has not withdrawn:

• its written consent to be named in this PDS as the investmentmanager of the Fund; and

• its written consent to the inclusion of the statements madeabout it, the Portfolio Manager, the Fund and the PreciousMetals Fund in the form and context in which they appear.

The Investment Manager has not otherwise been involved in thepreparation of this PDS or caused or otherwise authorised the issueof this PDS. Neither the Investment Manager nor its employees orofficers accept any responsibility arising in any way for errors oromissions, other than those statements for which it has provided itswritten consent to Equity Trustees for inclusion in this PDS.

Further readingYou should read the important information in the ReferenceGuide “Other important information” section about:

• your privacy;

• the Constitution for the Fund;

• the Anti-Money Laundering and Counter-TerrorismFinancing laws (“AML/CTF laws”);

• Indirect Investors;

• Information on underlying investments;

• Foreign Account Tax Compliance Act (“FATCA”); and

• Common Reporting Standards (“CRS”),

before making a decision to invest. Go to the Reference Guidewhich is available at www.eqt.com.au/insto. The materialrelating to these matters may change between the time whenyou read this PDS and the day when you acquire the product.


Equity Trustees Application Form – 2018

Section 3 – Investor details – Individuals/Joint Please complete if you are investing individually, jointly or you are an individual or joint trustee.

See Group A AML/CTF Identity Verification Requirements in Section 9

Investor 1 Title First name(s) Surname

Residential address (not a PO Box/RMB/Locked Bag)

Suburb State Postcode Country

Email address Contact no.

Date of birth (DD/MM/YYYY) Tax File Number* – or exemption code

/ /

Country of birth Occupation

Investor 2 Title First name(s) Surname




Date of birth (DD/MM/YYYY) Tax File Number* – or exemption code

/ /

Country of birth Occupation

If there are more than 2 beneficial owners, please provide details as an attachment.

Do any of the investors named hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or are you an immediate family member or a business associate of such a person?

No Yes, please give details:


Section 4 – Investor details – Companies/Corporate Trustee Please complete if you are investing for a company or where the company is acting as trustee.

See Group B AML/CTF Identity Verification Requirements in Section 9 Full company name (as registered with ASIC or relevant foreign registered body)

Registered office address (not a PO Box/RMB/Locked Bag)


Australian Company Number Tax File Number* – or exemption code

Australian Business Number* (if registered in Australia) or equivalent foreign company identifier

Contact Person Title First name(s) Surname


Principal place of business: For non-Australian companies please provide a local agent name and address if you do not have a principal place of business in Australia. Registered Office Address (not a PO Box/RMB/Locked Bag)


Registration details Name of regulatory body Identification number (e.g. ARBN)

Beneficial owners

All beneficial owners will need to provide Group A AML/CTF Identity Verification Requirements in Section 9

Senior Managing Official and controlling person (e.g. managing directors, senior executive etc. who are authorised to sign on the company’s behalf, make policy, operational and financial decisions)

Shareholders and other beneficial owners (shareholders and those who own directly, indirectly, jointly or beneficially 25% or more of the company’s issued capital).

Beneficial owner 1 Title First name(s) Surname



Date of birth (DD/MM/YYYY)

/ /






/ /


Do any of the beneficial owners named hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or are you an immediate family member or a business associate of such a person?



All beneficial owners will need to provide Group A AML/CTF Identity Verification Requirements in Section 9





/ /





/ /


Do any of the beneficial owners named hold a prominent public position or function in a government body (local, state, territory, national or foreign) or in an international organisation or are you an immediate family member or a business associate of such a person?



Section 6 – Authorised representative, agent and/or financial adviser Please complete if you are appointing an authorised representative, agent and/or financial adviser.

I am an authorised representative or agent as nominated by the investor(s)

See Group D AML/CTF Identity Verification Requirements in Section 9 You must attach a valid authority such as Power of Attorney, guardianship order, grant of probate, appointment of bankruptcy etc. that is a certified copy. The document must be current and complete, signed by the investor or a court official and permits the authorised representative or agent to transact on behalf of the investor.

Full name of authorised representative or agent

Role held with investor(s)

Signature Date

I am a financial adviser as nominated by the investor

Name of adviser AFSL number

Dealer group Name of advisory firm

Postal address

Suburb State Postcode


Financial Adviser Declaration I/We hereby declare that I/we are not a US Person as defined in the PDS/IM. I/We hereby declare that the investor is not a US Person as defined in the PDS/IM. I/We have completed an appropriate Customer Identification Procedure (CIP) on this investor

which meets the requirements (per type of investor) set out above, AND EITHER

I/We have attached the relevant CIP documents; OR I/We have not attached the CIP documents however I/We confirm that I have completed the

AML/KYC checks on the investor(s) in accordance to the AUSTRAC’s requirements. I/We also agree to provide Equity Trustees the relevant CIP documents on request.

Signature Date

Access to information Unless you elect otherwise, your authorised representative, agent and/or financial adviser will be provided access to your investment information and/or receive copies of statements and transaction confirmations. By appointing an authorised representative, agent and/or financial adviser you acknowledge that you have read and agreed to the terms and conditions in the PDS/IM relating to such appointment.

Please tick this box if you DO NOT want your authorised representative, agent and/or financial adviser to have access to information about your investment.

Please tick this box if you DO NOT want copies of statements and transaction confirmations sent to your authorised representative, agent and/or financial adviser.

Please tick this box if you want statements and transaction confirmations sent ONLY to your authorised representative, agent and/or financial adviser.


Section 7 – Declarations – ALL investors MUST complete In most cases the information that you provide in this form will satisfy the AML/CTF Act, the US Foreign Account Tax Compliance Act (‘FATCA’) and the Common Reporting Standards (‘CRS’). However, in some instances the Responsible Entity may contact you to request further information. It may also be necessary for the Responsible Entity to collect information (including sensitive information) about you from third parties in order to meet its obligations under the AML/CTF Act, FATCA and CRS.

When you complete this Application Form you make the following declarations:

• I/We have received the PDS/IM and made this application in Australia (and/or New Zealand for those offers made in New Zealand).

• I/We have read the PDS/IM to which this Application Form applies and agree to be bound by the terms and conditions of the PDS/IM and the Constitution of the relevant Fund/Trust in which I/we have chosen to invest.

• I/We have considered our personal circumstances and, where appropriate, obtained investment and/or taxation advice.

• I/We hereby declare that I/we are not a US Person as defined in the PDS/IM.

• I/We acknowledge that (if a natural person) I am/we are 18 years of age or over and I am/we are eligible to hold units in the Fund/Trust in which I/We have chosen to invest.

• I/We acknowledge and agree that Equity Trustees has outlined in the PDS/IM provided to me/us how and where I/we can obtain a copy of the Equity Trustees Group Privacy Statement.

• I/We consent to the transfer of any of my/our personal information to external third parties including but not limited to fund administrators, fund investment manager(s) and related bodies corporate who are located outside Australia for the purpose of administering the products and services for which I/we have engaged the services of Equity Trustees or its related bodies corporate and to foreign government agencies for reporting purposes (if necessary).

• I/we hereby confirm that the personal information that I/we have provided to Equity Trustees is correct and current in every detail, and should these details change, I/we shall promptly advise Equity Trustees in writing of the change(s).

• I/We agree to provide further information or personal details to the Responsible Entity if required to meet its obligations under anti-money laundering and counter-terrorism legislation, US tax legislation or reporting legislation and acknowledge that processing of my/our application may be delayed and will be processed at the unit price applicable for the Business Day as at which all required information has been received and verified.

• If I/we have provided an email address, I/we consent to receive ongoing investor information including PDS/IM information, confirmations of transactions and additional information as applicable via email.

• I/We acknowledge that Equity Trustees does not guarantee the repayment of capital or the performance of the Fund/Trust or any particular rate of return from the Fund/Trust.

• I/We acknowledge that an investment in the Fund/Trust is not a deposit with or liability of Equity Trustees and is subject to investment risk

including possible delays in repayment and loss of income or capital invested.

• I/We acknowledge that Equity Trustees is not responsible for the delays in receipt of monies caused by the postal service or the investor’s bank.

• If I/we lodge a fax application request, I/we acknowledge and agree to release, discharge and agree to indemnify Equity Trustees from and against any and all losses, liabilities, actions, proceedings, account claims and demands arising from any fax application.

• If I/we have completed and lodged the relevant sections on authorised representatives, agents and/or financial advisers on the Application Form then I/we agree to release, discharge and indemnify Equity Trustees from and against any and all losses, liabilities, actions, proceedings, account claims and demands arising from Equity Trustees acting on the instructions of my/our authorised representatives, agents and/or financial advisers.

• If this is a joint application each of us agrees that our investment is held as joint tenants.

• I/We acknowledge and agree that where the Responsible Entity, in its sole discretion, determines that: o I/we are ineligible to hold units in a

Fund/Trust or have provided misleading information in my/our Application Form; or

o I/we owe any amounts to Equity Trustees, then I/we appoint the Responsible Entity as my/our agent to submit a withdrawal request on my/our behalf in respect of all or part of my/our units, as the case requires, in the Fund/Trust.

• For Wholesale Clients - I/We acknowledge that I am/we are a Wholesale Client (as defined in Section 761G of the Corporations Act 2001 (Cth)) and are therefore eligible to hold units in the Fund/Trust.

• For New Zealand applicants - I/we have read the terms of the offer relating to New Zealand investors, including the New Zealand warning statement.

• For New Zealand Wholesale Investors - I/We acknowledge and agree that:

• I/We have read the “New Zealand Wholesale Investor Fact Sheet” and PDS/IM or “New Zealand Investors: Selling Restriction” for the Fund/Trust;

• I am/We are a Wholesale Investor and am/are therefore eligible to hold units in the Fund/Trust; and

• I/We have not: o Offered, sold, or transferred, and will not

offer, sell, or transfer, directly or indirectly, any units in the Fund/Trust;


o Granted, issued, or transferred, and will not grant, issue, or transfer, any interests in or options over, directly or indirectly, any units in the Fund/Trust; and

o Distributed and will not distribute, directly or indirectly, the PDS/IM or any other offering materials or advertisement in relation to any offer of units in the Fund/Trust,

in each case in New Zealand, other than to a person who is a Wholesale Investor; and

• I/We will notify Equity Trustees if I/we cease to be a Wholesale Investor; and

• I/We have separately provided a signed Wholesale Investor Certification located at the end of this Application Form.

• All references to Wholesale Investor in this Declaration are a reference to Wholesale Investor in terms of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013 (New Zealand).

*Terms and conditions for collection of Tax File Numbers (TFN) and Australian Business Numbers (ABN) Collection of TFN and ABN information is authorised and its use and disclosure strictly regulated by tax laws and the Privacy Act. Investors must only provide an ABN instead of a TFN when the investment is made in the course of their enterprise. You are not obliged to provide either your TFN or ABN, but if you do not provide either or claim an exemption, we are required to deduct tax from your distribution at the highest marginal tax rate plus Medicare levy to meet Australian taxation law requirements.

For more information about the use of TFNs for investments, contact the enquiries section of your local branch of the ATO. Once provided, your TFN will be applied automatically to any future investments in the Fund/Trust where formal application procedures are not required (e.g. distribution reinvestments), unless you indicate, at any time, that you do not wish to quote a TFN for a particular investment. Exempt investors should attach a copy of the certificate of exemption. For super funds or trusts list only the applicable ABN or TFN for the super fund or trust.

When you sign this Application Form you declare that you have read, agree to and make the declarations above

Investor 1 Investor 2 Name of individual /entity Name of individual/entity

Capacity (e.g. Director, Secretary, Authorised signatory)

Capacity (e.g. Director, Secretary, Authorised signatory)

Signature Signature

Date Date

Company Seal (if applicable)


Section 8 – Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS) Self-Certification Form – ALL investors MUST complete

Sub-Section I - Individuals Please fill this Sub-Section I only if you are an individual. If you are an entity, please fill Sub-Section II.

1. Are you a US citizen or resident of the US for tax purposes?

Yes: provide your Taxpayer Identification Number (TIN) or equivalent (or Reason Code if no TIN is provided) below and continue to question 2

Investor 1 Investor 2

No: continue to question 2

2. Are you a tax resident of any other country outside of Australia?

Yes: state each country and provide your TIN or equivalent (or Reason Code if no TIN is provided) for each jurisdiction below and skip to question 12

Investor 1 Investor 2 If more space is needed please provide details as an attachment.

No: skip to question 12

Reason Code: If TIN or equivalent is not provided, please provide reason from the following options:

• Reason A: The country/jurisdiction where the entity is resident does not issue TINs to its residents. • Reason B: The entity is otherwise unable to obtain a TIN or equivalent number (Please explain why the

entity is unable to obtain a TIN in the below table if you have selected this reason). • Reason C: No TIN is required. (Note. Only select this reason if the domestic law of the relevant

jurisdiction does not require the collection of the TIN issued by such jurisdiction).

If Reason B has been selected above, explain why you are not required to obtain a TIN:


Sub-Section II - Entities Please fill this Sub-Section II only if you are an entity. If you are an individual, please fill Sub-Section I.

3. Are you an Australian complying superannuation fund?

Yes: skip to question 12


FATCA 4. Are you a US Person?

Yes: continue to question 5


5. Are you a Specified US Person?

Yes: provide your TIN below and skip to question 7

No: indicate exemption type and skip to question 7

6. Are you a Financial Institution for the purposes of FATCA?

Yes: provide your Global Intermediary Identification Number (GIIN)

If you do not have a GIIN, please provide your FATCA status below and continue to question 7

Exempt Beneficial Owner, provide type below:


Deemed-Compliant FFI (other than a Sponsored FI or a Trustee Documented Trust),

provide type below:

Non-Participating FFI, provide type below:

Sponsored Financial Institution. Please provide the Sponsoring Entity’s name and GIIN:

Trustee Documented Trust. Please provide your Trustee’s name and GIIN:

Other, provide details:


CRS 7. Are you a tax resident of any country outside of Australia and the US?

Yes: state each country and provide your TIN or equivalent (or Reason Code if no TIN is provided) for each jurisdiction below and continue to question 8

Investor 1 Investor 2 If more space is needed please provide details as an attachment.







8. Are you a Financial Institution for the purpose of CRS?

Yes: specify the type of Financial Institution below and continue to question 9

Reporting Financial Institution Non-Reporting Financial Institution:

Trustee Documented Trust Other: please specify:

9. Are you an investment entity resident in a non-participating jurisdiction for CRS purposes and managed by another financial Institution?

Yes: skip to question 11


Non-Financial Entities 10. Are you an Active Non-Financial Entity (Active NFE)?

Yes: specify the type of Active NFE below and skip to question 12: Less than 50% of the Active NFE’s gross income from the preceding calendar year is

passive income (e.g. dividends, distribution, interests, royalties and rental income) and less than 50% of its assets during the preceding calendar year are assets held for the production of passive income

Corporation that is regularly traded or a related entity of a regularly traded corporation




Governmental Entity, International Organisation or Central Bank Other: please specify:

No: you are a Passive Non-Financial Entity (Passive NFE). Continue to question 11

Controlling Persons 11. Does one or more of the following apply to you: • Is any natural person that exercises control over you (for corporations, this would include directors or

beneficial owners who ultimately own 25% or more of the share capital) a tax resident of any country outside of Australia?

• If you are a trust, is any natural person including trustee, protector, beneficiary, settlor or any other natural person exercising ultimate effective control over the trust a tax resident of any country outside of Australia?

Controlling person 1 Title First name(s) Surname




/ /

Country of tax residence

TIN or equivalent Reason Code if no TIN provided

Controlling person 2 Title First name(s) Surname




/ /

Country of tax residence

TIN or equivalent Reason Code if no TIN provided

If there are more than 2 controlling persons, please provide details as an attachment.









12. Signature and Declaration – ALL investors must sign I undertake to provide a suitably updated self-certification within 30 days of any change in

circumstances which causes the information contained herein to become incorrect. I declare the information above to be true and correct.

Investor 1 Investor 2 Name of individual/entity Name of individual/entity

Name of authorised representative Name of authorised representative Signature Signature

Date Date


Section 9 – AML/CTF Identity Verification Requirements

The AML/CTF Act requires the Responsible Entity to adopt and maintain an anti-money laundering and counter-terrorism financing ('AML/CTF') program. The AML/CTF program includes ongoing customer due diligence, which may require the Responsible Entity to collect further information.

• Identification documentation provided must be in the name of the investor. • Non-English language documents must be translated by an accredited translator. • Applications made without providing this information cannot be processed until all the necessary

information has been provided. • If you are unable to provide the identification documents described please contact Equity Trustees.

These documents should be provided as an original or a CERTIFIED COPY of the original.

Who can certify? Below is an example of who can certify proof of ID documents under the AML/CTF requirements:

• Bailiff • Bank officer with 5 or more years of

continuous service • Building society officer with 5 or more years

of continuous service • Chiropractor (licensed or registered) • Clerk of court • Commissioner for Affidavits • Commissioner for Declarations • Credit union officer with 5 or more years of

continuous service • Dentist (licensed or registered) • Fellow of the National Tax Accountant's

Association • Finance company officer with 5 or more years

of continuous service • Judge of a court • Justice of the peace • Legal practitioner (licensed or registered) • Magistrate • Marriage celebrant licensed or registered

under Subdivision C of Division 1 of Part IV of the Marriage Act 1961

• Master of a court • Medical practitioner (licensed or registered) • Member of Chartered Secretaries Australia • Member of Engineers Australia, other than at

the grade of student • Member of the Association of Taxation and

Management Accountants

• Member of the Australian Defence Force with 5 or more years of continuous service

• Member of the Institute of Chartered Accountants in Australia, the Australian Society of Certified Practicing Accountants or the Institute of Public Accountants

• Member of the Parliament of the Commonwealth, a State, a Territory Legislature, or a local government authority of a State or Territory

• Minister of religion licensed or registered under Subdivision A of Division 1 of Part IV of the Marriage Act 1961

• Nurse (licensed or registered) • Optometrist (licensed or registered) • Permanent employee of Commonwealth,

State or local government authority with at least 5 or more years of continuous service.

• Permanent employee of the Australian Postal Corporation with 5 or more years of continuous service

• Pharmacist (licensed or registered) • Physiotherapist (licensed or registered) • Police officer • Psychologist (licensed or registered) • Registrar, or Deputy Registrar, of a court • Sheriff • Teacher employed on a full-time basis at a

school or tertiary education institution • Veterinary surgeon (licensed or registered)

When certifying documents, the following process must be followed: • All copied pages of original proof of ID documents must be certified. • The authorised individual must ensure that the original and the copy are identical; then write or stamp

on the copied document “certified true copy”. This must be followed by the date and signature, printed name and qualification of the authorised individual.

• In cases where an extract of a document is photocopied to verify customer ID, the authorised individual should write or stamp “certified true extract”


GROUP A – Individuals/Joint

Each individual investor, individual trustee, beneficial owner, or individual agent or authorised representative must provide one of the following primary photographic ID:

A current Australian driver’s licence (or foreign equivalent) that includes a photo and signature. An Australian passport (or foreign equivalent) (not expired more than 2 years previously). An identity card issued by a State or Territory Government that includes a photo.

If you do NOT own one of the above ID documents, please provide one valid option from Column A and one valid option from Column B.

Column A Column B

Australian birth certificate.

Australian citizenship certificate.

Pension card issued by Department of Human Services.

A document issued by the Commonwealth or a State or Territory within the preceding 12 months that records the provision of financial benefits to the individual and which contains the individual’s name and residential address.

A document issued by the Australian Taxation Office within the preceding 12 months that records a debt payable by the individual to the Commonwealth (or by the Commonwealth to the individual), which contains the individual’s name and residential address. Block out the TFN before scanning, copying or storing this document.

A document issued by a local government body or utilities provider within the preceding 3 months which records the provision of services to that address or to that person (the document must contain the individual’s name and residential address).

If under the age of 18, a notice that: was issued to the individual by a school principal within the preceding 3 months; and contains the name and residential address; and records the period of time that the individual attended that school.

GROUP B – Companies

For Australian Registered Companies, provide one of the following (must clearly show the Company’s full name, type (private or public) and ACN):

A certified copy of the company’s Certificate of Registration or incorporation issued by ASIC A copy of information regarding the company’s licence or other information held by the relevant

Commonwealth, State or Territory regulatory body e.g. AFSL, RSE, ACL etc. A full company search issued in the previous 3 months. If the company is listed on an Australian securities exchange, provide details of the exchange and the

ticker (issuer) code. If the company is a majority owned subsidiary of a company listed on an Australian securities exchange,

provide details of the exchange and the ticker (issuer) code for the holding company.

For Foreign Companies, provide one of the following:

A certified copy of the company’s Certificate of Registration or incorporation issued by the foreign jurisdictions in which the company was incorporated, established or formed.

A certified copy of the company’s articles of association or constitution. A copy of a company search on the ASIC database or relevant foreign registration body.

All of the above must clearly show the company’s full name, its type (i.e. public or private) and the ARBN issued by ASIC, or the identification number issued to the company by the foreign regulator.

In addition, please provide verification documents for each beneficial owner (senior managing official and shareholder) as listed under Group A.

A beneficial owner of a company is any customer entitled (either directly or indirectly) to exercise 25% or more of the voting rights, including a power of veto, or who holds the position of senior managing official (or equivalent).


GROUP C – Trusts

For a Registered Managed Investment Scheme, Government Superannuation Fund or a trust registered with the Australian Charities, Regulated Superannuation Fund (including a self-managed super fund) and Not-for-profit Commission (ACNC), provide one of the following:

A copy of the company search of the relevant regulator’s website e.g. APRA, ASIC, or ATO. A copy or relevant extract of the legislation establishing the government superannuation fund sourced

from a government website. A copy from the ACNC of information registered about the trust as a charity Annual report or audited financial statements. A certified copy of a notice issued by the ATO within the previous 12 months. A certified copy of the Trust Deed

For all other Unregulated trust (including Foreign trust), provide the following:

A certified copy of the Trust Deed. If the trustee is an individual, please also provide verification documents for one trustee as listed under Group A.

If the trustee is a company, please also provide verification documents for a company as listed under Group B.

GROUP D – Authorised Representatives and Agents

In addition to the above entity groups:

If you are an Individual Authorised Representative or Agent – please also provide the identification documents listed under Group A.

If you are a Corporate Authorised Representative or Agent – please also provide the identification documents listed under Group B.

All Authorised Representatives and Agents must also provide a certified copy of their authority to act for the investor e.g. the POA, guardianship order, Executor or Administrator of a deceased estate, authority granted to a bankruptcy trustee, authority granted to the State or Public Trustee etc.

Baker Steel Gold Fund

Application for Additional Investment to Existing Holding

This form relates to investments that are already held in the Baker Steel Gold Fund (“Fund”) issued by Equity

Trustees Limited (ABN 46 004 031 298/ AFSL 240975) and can only be used for adding funds to those existing

investments. Please refer to the Product Disclosure Statement (PDS) for details regarding the Fund.

The minimum additional investment in the Fund is $25,000. Any application for amounts below the minimum

requirement will not be accepted and a return of monies may incur a cost for the investor. Please send the

completed the Application Form and provide all the necessary identification documentation to:

Mainstream Fund Services Pty Ltd, GPO Box 4968, SYDNEY, NSW 2001

Fund manager:

Fund name: Unit Class:

Client/portfolio name: Client/portfolio Number:

Daytime Contact number:

Amount of this additional investment: $

How will this investment be made? Cheque or

EFT to : Equity Trustee Limited as RE Baker Steel Gold Fund Application Account

BSB: 082 401 Account No: 274 418 359 Ref: < Investor Name >

Please sign this form below. This form must be signed as per the current signing instructions that we have on record.

If signed under power of attorney, the attorney certifies that he/she has not received notice of revocation of the power of attorney. Please mail a certified copy, if it has not been previously provided, to Mainstream Fund Services Pty Ltd.

Signature of Investor or Company Officer:

Name:

Title: Date: / /

A certified copy of the Power of Attorney is being mailed to Mainstream Fund Services Pty Ltd to accompany this form: Yes No

Power Of Attorney: a third party with authority to make investment decisions on behalf of the investors.

1. Investment Details

2. Payment Details

3. Declaration and Signature

Sanlam Private Wealth (Pty) Ltd

N/A

baker steel gold fund - eqt.com.au · the firm was established in 2001 by managing partners david...

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