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DWS Strategic Value Fund - Colonial First State

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<strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong>ARSN 089 896 837Product Disclosure <strong>State</strong>ment26 November 2009Issued by:Deutsche Asset Management (Australia) LimitedABN 63 116 232 154 AFSL 298626www.dwsinvestments.com.auA Member of the Deutsche Bank GroupTRADITIONAL THINKING IS NOT ENOUGH.


How to contact usPlease contact your financial adviser if you have any questions about your investment, or if you want to obtainup‐to‐date information on the <strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> or any other products within our product range.Deutsche Asset Management (Australia) Limited, the issuer of this <strong>Fund</strong>, has appointed Ironbark Asset ManagementPty Ltd ABN 53 136 679 420 AFSL 341020 (‘Ironbark’) to provide distribution services in relation to the current<strong>DWS</strong> Investments retail funds offered in Australia. Ironbark can be contacted at the numbers noted below.Retail clients can contact Client Services on:Phone: 1800 034 402 between 9.00am and 5.00pm (Sydney time), Monday to FridayEmail: client.services@ironbarkam.comFax: (02) 9256 6330Or visit Ironbark’s website at www.ironbarkam.comAdvisers can contact Adviser Services on:Phone: 1800 678 519 between 9.00am and 5.00pm (Sydney time), Monday to FridayEmail: adviser.services@ironbarkam.comFax: (02) 9256 6330Wholesale (institutional) clients can contact Deutsche Asset Management on:Phone: (02) 8258 2400Fax: (02) 8258 1600Or contact us in writing at:<strong>DWS</strong> InvestmentsPO Box R1828Royal Exchange NSW 1225Important informationUnits in the <strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> (‘the <strong>Fund</strong>’) do not represent deposits or other liabilities of Deutsche Bank AG(ABN 13 064 165 162), Deutsche Asset Management (Australia) Limited or any other member of the DeutscheBank AG Group. Investing in the <strong>Fund</strong> is subject to investment risk, including possible delays in repayment andloss of income and principal invested.Neither Deutsche Bank AG, Deutsche Asset Management (Australia) Limited nor any other entity guarantee theperformance of the <strong>Fund</strong> or the repayment of capital invested in the <strong>Fund</strong> or any particular rate of return.


ContentsWe encourage you to read this document in its entirety before you make any investment decision.Before you start 2About <strong>DWS</strong> Investments andDeutsche Asset Management 3About K2 Advisors 3<strong>Fund</strong> features at a glance 4About the <strong>Fund</strong> 5What is the investment objectiveof the <strong>Fund</strong>?What does the <strong>Fund</strong> invest in?What are the strategy allocation ranges?Who is the <strong>Fund</strong> best suited to?What are the benefits of investingin the <strong>Fund</strong>?How do K2 Advisors managethe investments?What about the <strong>Fund</strong>’s size andperformance?Risks of investing 7Understanding investment riskManaging riskGeneral risksRisks specific to this <strong>Fund</strong>Investing in the <strong>Fund</strong> 9Minimum investmentAdditional investmentsCooling offInvestor identificationAccessing your money 11Minimum withdrawalTransferring unitsUnit pricing and incomedistributions 12Unit pricingIncome distributions and reinvestmentTiming changesFees and other costs 13Consumer Advisory WarningFees and other costsExample of annual fees and costsAdditional explanationof fees and costs 15Management CostsPerformance FeeTransaction costs (buy/sell differential)Maximum fees we are allowed to chargeDifferent fees for different investorsProduct access paymentBank and government chargesTaxFinancial adviser remunerationAlternative brokerage arrangementsRegister of alternative formsof remunerationKeeping you informed 17How do you obtain updated informationon the <strong>Fund</strong>?Additional disclosure informationTax 18Tax status of the <strong>Fund</strong>Will you be liable to pay tax on incomeyou receive from the <strong>Fund</strong>?Tax reform – taxation of financialarrangementsWill you be liable for tax when youwithdraw money from the <strong>Fund</strong>?Goods and Services Tax (‘GST’)Do you need to give your Tax File Numberor Australian Business Number?Investing through a mastertrust or wrap account 20Additional informationfor investors 21The <strong>Fund</strong>’s ConstitutionConditions for use of thefax transaction facilityBorrowingsEnvironmental, social or ethicalconsiderationsComplaintsPrivacyConflicts of InterestRelated party transactionsAnti-money launderingUnit pricing discretionary policyCompliance Plan and ComplianceCommitteeAuditorsK2 AdvisorsDirectorsGuide to completing theapplication form 26Application formi


Before you startYou should read this ProductDisclosure <strong>State</strong>ment (‘PDS’)carefully before investing in the<strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> (‘the<strong>Fund</strong>’). It will help you to decide ifthis <strong>Fund</strong> will meet your needs andwill also assist you to compare this<strong>Fund</strong> to others you may beconsidering.Choosing the right managed fund aspart of your investment strategy canbe a very effective way to achieveyour financial goals. It is importantto understand that no two funds arethe same, and that investing in amanaged fund should be viewedover the longer term. If you dodecide to invest in the <strong>Fund</strong> youmust accept that the value of yourinvestment will go up and down.Deutsche Asset Management(Australia) Limited (‘Deutsche AssetManagement’) is the issuer of thisPDS and of units in the <strong>Fund</strong>. Wealso act as the Responsible Entityfor the <strong>Fund</strong> under the CorporationsAct. In this PDS, the terms ‘we’, ‘us’and ‘our’ refer to Deutsche AssetManagement. References toIronbark throughout this PDS relateto their role as the current retaildistributor of the <strong>Fund</strong>. In their roleas retail distributor of the <strong>Fund</strong>,Ironbark is responsible for marketingactivities relating to the <strong>Fund</strong> in theretail market. Ironbark will alsohouse information relating to the<strong>Fund</strong> on their website as specifiedin this PDS.We are a member of the DeutscheBank group of companies. Neitherwe, nor any company in theDeutsche Bank Group, promisesthat you will earn any return on yourinvestment or that your investmentwill gain or retain its value. NoDeutsche Bank Group companyother than Deutsche AssetManagement makes any statementor representation in this PDS.The <strong>Fund</strong> is an open-ended unlistedunit trust and a registered managedinvestment scheme for the purposesof the Corporations Act. It is availableonly to Australian investors. ThisPDS is not an offer or invitation inrelation to units in the <strong>Fund</strong> in anyplace which, or to any person towhom, it would not be lawful tomake that offer or invitation. Further,the distribution of this PDS outsideAustralia may be restricted by thelaws of the place where it isdistributed, and therefore personswho receive this PDS should seekadvice on and observe thoserestrictions. Failure to comply withrelevant restrictions may violatethose laws.Units in the <strong>Fund</strong> cannot be issuedto you unless you have received thePDS (electronically or otherwise) inAustralia and you use the applicationform accompanying the current PDSfor the <strong>Fund</strong>.Information in this PDS is generalinformation only. It does not takeinto account your individualobjectives, tax and financial situationor particular needs or circumstances.To help you assess whether this<strong>Fund</strong> is appropriate for your specificcircumstances, we recommend thatyou get professional advice fromyour financial adviser and/or yourtax adviser before investing.The information in this PDS issubject to change, and may beupdated at any time. Where achange may be materially adverse toinvestors, or as otherwise requiredby law, we will replace this PDS orissue a supplementary PDS, andgive investors notice as required orpermitted by law. Where a changeis not materially adverse, we mayupdate this information on ourwebsite.If you have received this PDSelectronically, we will provide apaper copy free on request by callingClient Services on 1800 034 402.You can also request a paper copy ofany update material concerning the<strong>Fund</strong>, such as performance, thatappears on Ironbark’s website.All references to monetary amountsin this PDS are to Australian dollars(unless otherwise specified).Deutsche Asset Management isa member of the Investment andFinancial Services AssociationLimited (‘IFSA’).If you need help about investinggenerally, we recommend that youspeak to a licensed financial adviser.The Australian Securities andInvestments Commission (‘ASIC’)can help you check if an adviser islicensed. ASIC has a website atwww.asic.gov.au as well as ahelpline you can call on1300 300 630.2


About <strong>DWS</strong> Investments andDeutsche Asset Management<strong>DWS</strong> Investments is the global retail asset management business of Deutsche Bank. Founded in Germany in 1956,<strong>DWS</strong> Investments is the largest mutual fund company in Germany 1 and among the top ten players globally 2 in termsof assets under management. <strong>DWS</strong> Investments is also the name under which Deutsche Asset Management(Australia) Limited, the Responsible Entity for the <strong>Fund</strong>, markets a range of its retail funds in Australia.Deutsche Bank’s Asset Management business is one of the world’s largest investment management organisations.We have offices in more than 60 countries, allowing us to draw on a breadth of investment skills, resources andinsights to enhance the service that we deliver to Australian investors.Sources:1 BVI, 31 July 2009; include Deutsche Bank products.2 Simfund (US, Asia, Australia), 30 June 2009.About K2 AdvisorsK2 Advisors L.L.C. and its affiliate K2/D&S Management Co., L.L.C. (collectively ‘K2 Advisors’) is a leading fund ofhedge funds manager based in Stamford, CT with offices in New York, Chicago, London, Hong Kong, Sydney andTokyo. Established in 1994, the firm is committed to preserving and growing capital by producing asymmetricreturns with reduced volatility and low correlation to the traditional equity and bond markets. K2 Advisors utilises a suite ofholdings-based analytics as part of its portfolio construction process. K2 Advisors is registered with the SEC as anInvestment Adviser and has US$7.6 billion in assets under management as of 1 October 2009.K2 Advisors have been delegated the management of the underlying assets of the <strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong>.3


<strong>Fund</strong> features at a glanceThe table below is a summary of the key features of the <strong>Fund</strong> and a guide to where more detailed information can befound in this PDS.Product features<strong>Fund</strong> inception date 30 November 1999Investment objectiveSeek to deliver consistent returns with low volatility and lowcorrelation to the broader equity and fixed income markets byinvesting in a diversified range of relative value, event driven,specialist credit, long/short equity and other hedge fundstrategies globally.BenchmarkNoneSuggested investment period3 – 5 yearsWe recommend that you consider, with your financial adviser, thesuggested investment period for the <strong>Fund</strong> in relation to your owninvestment timeframe. You should review this regularly to ensurethat the <strong>Fund</strong> continues to meet your investment needs.Minimum investment requirementsSee page 9 for further detailsInitial investment $25,000Additional investment $1,000Withdrawal $1,000Withdrawal dates are on the last business day of each month.One (1) month’s notice of intention to withdraw is required prior tothe withdrawal date. Withdrawal requests are normally paid within20 business days from the withdrawal date.Main costs of investing in the <strong>Fund</strong>See page 13 for further detailsEntry/Establishment FeeNilInvestment Management Fee1.10% pa of the net asset value of the <strong>Fund</strong>.A Performance Fee may also apply (see page 15).Transaction costs (unit price buy/sell differential)NilExit/Withdrawal FeeNilDistributionsSee page 12 for further detailsIncome distributionsAny income available for distribution is usually distributed annuallyafter 30 June.Distribution payment optionsYou can choose to have your distributions:−−paid to your nominated bank account; or−−reinvested as additional units in the <strong>Fund</strong>.Keeping you informedSee page 17 for further detailsTransaction confirmationYou will receive a transaction confirmation each time a transactionis made.Regular reportingYou will receive:Annual reportingInvestment reportsOther informationValuation and unit pricingAPIR code−−a quarterly investor statement; and−−an income distribution statement (only if the <strong>Fund</strong> makes adistribution for the period).You will receive:−−an annual tax statement (only if the <strong>Fund</strong> makes a distribution forthe period); and−−an annual financial statement (optional).Monthly investment reports providing updates on the <strong>Fund</strong> can beviewed on Ironbark’s website at www.ironbarkam.com, as soonas practicable after the end of each month. Alternatively wholesaleinvestors can contact us on 02 8258 2400 for information.We generally calculate unit prices on the last business day of eachmonth. The unit price is generally finalised and released within20 business days of the following month. In unusual circumstanceswe may calculate unit prices more or less frequently than oncea month.DEU0109AU4


Risks of investingUnderstanding investment riskAll investments are subject tovarying levels of investment risk,and can generally go down, as wellas up in value. This means that youcan experience investment losses orinvestment gains.‘Volatility’ can be used as a measureof investment risk. In general, thehigher the volatility of returns froman investment, the higher the riskand potential return.Different types of investmentsperform differently at different timesand have varying risk characteristicsand volatility.The value of a managed fundinvestment will rise or fall dependingon the value of its underlying assets.Changes in the value of aninvestment can be significant andcan happen quickly.Managing riskBy diversifying your investmentacross a range of asset classes, youmay reduce the overall volatility ofyour portfolio. This is because, ifone asset class moves up, generallyanother asset class moves down,resulting in a less volatile investmentportfolio and smoothing out ofreturns.It is important that you plan yourinvestment strategy beforeinvesting. You should discuss thiswith your financial adviser and takeinto consideration aspects such as:■■■■■■■■your investment timeframe (howlong you intend to invest);the level of volatility you arewilling to tolerate;the level of diversification of yourinvestment portfolio across theasset classes; andthe level of return you expectfrom the <strong>Fund</strong> (growth andincome return).The risks associated with investingin a managed fund may be generalor specific to a particular asset classor fund.We aim to manage the impact ofthe investment risks of this <strong>Fund</strong>by using prudent investmentguidelines. We cannot eliminate allrisks and cannot promise that theway we manage them will alwaysbe successful. It is possible thatinvestment returns from the <strong>Fund</strong>may be lower than expected, orthere may be none at all, and thevalue of your investment could fall.General risks■ ■ Investment objective risk:This is the risk that the investor’sobjectives will not be met by theirchoice of investments.■ ■ Inflation risk: This is the risk thatthe prices of goods and serviceswill rise faster than the value ofthe investments.■ ■ Regulatory risk: This is the riskthat a fund may be adverselyaffected by future changes inapplicable laws, including tax laws.Risks specific to this <strong>Fund</strong>■ ■ Liquidity risk: The <strong>Fund</strong> haslimited liquidity due to the highlyilliquid nature of its underlyingassets. This means that theunderlying assets of the <strong>Fund</strong>maybe difficult to purchase or sell.We manage this risk by placingrestrictions on how and whenwithdrawals can be made fromthe <strong>Fund</strong>. There is no secondarymarket for units in the <strong>Fund</strong>, andnone is expected to develop.■ ■<strong>Fund</strong> of hedge fund risk:The <strong>Fund</strong> is a fund of hedge fundsand is subject to certain risksassociated with an investmentin hedge funds. These risks mayinclude (but are not limited to)the use of derivative instrumentsand leverage, reliance on keypersonnel, the unregulated natureof hedge funds, broad investmentstrategies, investments inemerging markets and lack ofliquidity and volatility in theunderlying investments of thehedge funds.■ ■ Currency risks: The <strong>Fund</strong>is denominated in Australiandollars, although the <strong>Fund</strong>’sassets are held in US dollars andother currencies. The assets aregenerally fully hedged betweenthe US dollar and Australiandollar on a passive basis with theintention to minimise fluctuationsin the <strong>Fund</strong>’s returns causedby currency movements. Shortterm movements in cash flowsor fluctuations in market valuesmay draw the <strong>Fund</strong> away from afully hedged position. A significantportion of the trades executedin the underlying funds maytake place on foreign markets,securities and currencies.■ ■ Single manager risk: This isthe risk that the investmentstrategy of any single underlyinginvestment manager may notbe successful. K2 Advisorsaddresses this risk by diversifyingthe DB <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> LLC’sinvestment across approximately15–35 underlying funds globally,which K2 Advisors monitor on aregular basis through their duediligence process.■ ■ Market risk: Economic,technological, political, tax,regulatory or legal conditions,and even market sentiment, can(and do) change, and changesin the value of investmentmarkets can affect the value ofthe investments in the <strong>Fund</strong>.K2 Advisors uses research andanalysis to form a view on thesematters, as best they can, andthen rebalance the indirectinvestment mix of the <strong>Fund</strong> toreduce the impact.7


Risks of investing (continued)■ ■Underlying strategy risk:The underlying funds in whichthe <strong>Fund</strong> indirectly investsemploy a range of investmentstrategies and practices,each of which involve specialinvestment risk, different to therisks commonly associated withmore conventional investmentinto the various asset classes.For example, a short sellinginvestment strategy may magnifythe potential for investmentloss. The underlying funds mayalso use leverage which has thepotential to magnify potentialgains and losses. The successof these various investmentstrategies relies heavily onthe skills of the underlyingmanagers. K2 Advisors aim tomanage this risk by diversifyingthe DB <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong>LLC’s investment across a seriesof investable strategies andapproximately 15–35 underlyingfunds.■ ■ <strong>Fund</strong> risk: <strong>Fund</strong> risks includepotential termination of the <strong>Fund</strong>,change of the fees and expenses,or change in our investmentprofessionals. The <strong>Fund</strong> invests inthe DB <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> LLCwhich is managed by K2 Advisors.This underlying entity is notsubject to the same regulatoryrequirements as the <strong>Fund</strong>.There is also a risk that investingin the <strong>Fund</strong> may give differentresults than investing individuallybecause of income or capitalgains accrued in the <strong>Fund</strong> and theconsequences of investment andwithdrawal by other investors.We aim to keep fund risk to aminimum by monitoring the <strong>Fund</strong>and acting in your best interests.■■■■Manager remuneration: The<strong>Fund</strong>’s investment performanceis net of its fees and expenses.The <strong>Fund</strong>’s Performance Feeand any Performance Fees inthe underlying funds may createincentives to make investmentdecisions that involve a higherlevel of risk than may otherwisebe the case.Conflicts of interest: DeutscheAsset Management and theunderlying fund managersmay act in a similar capacityto, or be involved in otherfunds which may have similarinvestment objectives, leading toconflicting demands in allocatingmanagement time, services andother functions.■ ■ Use of derivatives: Derivativesare used by the underlying fundmanagers to gain exposure todifferent types of investments andto reduce risk. When derivativesare used, the <strong>Fund</strong> must be in aposition to pay all of the associatedobligations from the investmentsof the <strong>Fund</strong>. Risks associated withusing these tools might includethe value of the derivative failingto move in line with the underlyingasset, potential illiquidity of thederivative and counterparty risk(this is where the counterpartyto the derivative contract cannotmeet its obligation under thecontract). The aim is to keepderivative risk to a minimum bymonitoring the <strong>Fund</strong>’s use ofderivatives, by ensuring that itsobligations are met with respectto the derivative contracts and byentering into derivative contractswith reputable counterparties.We have a Derivative Risk<strong>State</strong>ment (‘DRS’), which explainshow we use derivatives. The DRSis reviewed annually. You canobtain a copy of our DRS by callingClient Services on 1800 034 402or from our websitewww.dwsinvestments.com.au.8


Investing in the <strong>Fund</strong>To invest, you need to completethe application form 1 accompanyingthis PDS.Send the completed applicationform and application money to:<strong>DWS</strong> InvestmentsPO Box R1828Royal Exchange NSW 1225Cheques drawn on an Australianbank account should be madepayable to Apps 1 A/C ‘nameof investor’.You can also pay application monieselectronically at any Westpac Bankor by bank transfer from anAustralian bank account to thefollowing account:Account Name: Apps 1 A/CName of Institution:Westpac Banking CorporationBranch Number (BSB): 032 000Account Number: 193 646If you choose to pay your applicationmoney into the bank account,you must also send a completedapplication form to the addressabove.The effective date for validapplications will be the date wereceive both your fully completedvalid application form and theapplication money into our bankaccount. If we receive your validapplication before 2.00pm on thethird last business day of the monthunits will be issued at the pricecalculated as at the last businessday of that month. Applicationsreceived after this time will beprocessed effective the followingmonth.If you choose to pay your applicationmoney electronically, a completedapplication form must be sent to theabove address. In order for yourapplication to be processed in anymonth, we must receive both yourapplication form and the applicationmoney into the <strong>Fund</strong>’s accountbefore 2.00pm (Sydney time) onthe third last business day ofthat month.Money received prior to theprescribed application day will earninterest upon deposit with us untilapplied to the issue of units. Interestwill be calculated daily, at a ratedetermined by us, and added toyour application money prior to theissuance of units in the <strong>Fund</strong>.Allotments of interest occur on thelast business day of each month. Allinterest earned is taxable. However,if you prefer not to have the interestadded to your application money,simply complete the relevantsection on the application form.Interest that is not added to yourapplication money will form part ofthe <strong>Fund</strong> assets.You will receive a transactionstatement to confirm the details ofyour investment.We retain absolute discretion toaccept or reject any application inwhole or in part.For the purpose of this PDS‘business day’ means any day onwhich banks are open for businessin Sydney excluding a Saturday,Sunday or public holiday.Minimum investmentThe minimum initial investment is$25,000. We may waive thisminimum requirement from time totime for certain investors, at ourdiscretion.Additional investmentsYou can make additional investmentsof $1,000 or more at any time,without having to complete a currentapplication form each time. You mayalso make additional investments byforwarding payment, together witheither a current application form orwritten notice to us. A written noticemust include details of the investor’sname, address, contact telephonenumber, account number, paymentmethod and application details. Wewill treat such written notice asbeing duly authorised by you.You can fax 2 additional investmentrequests to us at (02) 9323 6411 ormail to:<strong>DWS</strong> InvestmentsPO Box R1828Royal Exchange NSW 1225Additional investments will purchaseunits issued according to the initialapplication process describedabove. Please note that anyadditional investments are madeunder the terms of the PDS currentat the time of your additionalinvestment.1 A valid application includes the application form and any investor identification information required – see ‘Investor identification’ section on page 10.2 Conditions apply to the use of the fax transaction facility. Please see page 21 for further information.9


Investing in the <strong>Fund</strong> (continued)Cooling offA 14 day cooling off period appliesto initial investments in the <strong>Fund</strong>made by retail investors. This periodbegins from the earlier of:■■■■the date you receive confirmationof your investment from us; orthe end of the 5th business dayafter the day on which we issuethe units to you.You may cancel your initialinvestment during this period byinforming Client Services in writing.The cooling off period will lapse ifyou transact on your account withinthis period.If you cancel your investment, theamount repaid will generally beadjusted for any changes in the<strong>Fund</strong>’s unit price, reasonabletransaction and administrationcosts, and any tax payable. Thiswill be in accordance with thewithdrawal provisions on page 11.Investor identificationAustralia’s Anti-Money Launderingand Counter-Terrorism Financinglegislation requires the verificationof the identity of our investors.We request that you provide theinformation set out in the ‘Guide tocompleting the application form’ onpage 26.We may also ask for additionalinformation to verify the identityof an investor, or any underlyingbeneficial owner, if we consider itnecessary.We will process your application onthe date we receive the requesteddocuments, completed to oursatisfaction, in accordance withthe application procedures detailedabove.This may result in you receivingback either more or less than youoriginally invested, which may havetax implications.Cooling off rights are not available to‘wholesale’ investors, as defined bythe Corporations Act.10


Accessing your moneyYou may request to withdraw all orpart of your investment in the <strong>Fund</strong>at any time. Withdrawals can bepaid by cheque or by direct credit toan Australian bank account.To request a withdrawal:■■■■complete a withdrawal form,which you can obtain fromIronbark’s website atwww.ironbarkam.com; orwrite to us providing details of thenumber of units to be redeemedor the dollar value required, theaccount number, fund name andthe name in which the investmentis held.Please ensure that the withdrawalrequest is signed by all relevantparties to the investment. Note thatwe cannot pay withdrawal proceedsto third parties.You can fax 1 your withdrawalrequest to us at (02) 9323 6411,or mail it to:<strong>DWS</strong> InvestmentsPO Box R1828Royal Exchange NSW 1225We manage the <strong>Fund</strong>’s liquidityby placing restrictions on how andwhen withdrawals can be made.Withdrawals are restricted to the<strong>Fund</strong>’s withdrawal dates, which areon the last business day of eachmonth. You must also provide noticeof your intention to withdraw atleast one month before the nextwithdrawal date.We must receive your withdrawalrequest before 2.00pm (Sydneytime) on the last business day beforethe month in which you wish towithdraw. For example, if we receiveyour withdrawal form before 2.00pm(Sydney time) on 30 November, wewill process your withdrawal usingthe <strong>Fund</strong>’s unit price for thewithdrawal date of 31 December.You will receive a transactionstatement to confirm the details ofyour withdrawal. We normally paywithdrawals within 20 businessdays after the relevant withdrawaldate, although the <strong>Fund</strong>’sConstitution allows for a longerperiod. For more information, a copyof the Constitution is available bydownloading the document titled‘<strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong>Constitution’ on our website atdwsinvestments.com.au or bycontacting Client Services on1800 034 402.We are not obliged to satisfy anywithdrawal request. If we decide notto satisfy a withdrawal request, wewill notify you as soon as practical.In certain circumstances theConstitution permits us to suspendprocessing withdrawals from the<strong>Fund</strong>. For example where there aresignificant changes to the liquidity ofthe <strong>Fund</strong>’s underlying assets. Pleaserefer to the ‘Risks of investing’ onpage 7.If the <strong>Fund</strong> is illiquid, you may onlywithdraw from the <strong>Fund</strong> inaccordance with the terms of thecurrent withdrawal offer made by usunder the Corporations Act and the<strong>Fund</strong>’s Constitution. Once your unitsare redeemed you become a creditorin respect of those units. You canfind the current redemption priceon Ironbark’s website atwww.ironbarkam.com.Minimum withdrawalUnless you are withdrawing the totalinvestment, a minimum withdrawalof $1,000 applies for the <strong>Fund</strong>.In certain limited instances, we canalso withdraw some or all of yourunits without you asking, includingif your account falls below $25,000.The <strong>Fund</strong> is not listed on any stockexchange like the Australian StockExchange, so you cannot sell yourunits through a stockbroker.Transferring unitsYou may transfer units in the <strong>Fund</strong>to another person. To do this, youneed to send us:■■■■a signed and completed, andwhere relevant, stamped standardtransfer form; anda completed application formfrom the PDS for the <strong>Fund</strong> currentat the time, completed by theperson to whom the units arebeing transferred.We reserve the right to declinecertain transfer requests at ourdiscretion.A transfer involves a disposalof units, which may have taximplications. We recommend thatyou obtain tax and legal advice(as necessary) before requestinga transfer.1 Conditions apply to the use of the faxtransaction facility. Please see page 21for further information.11


Unit pricing and income distributionsUnit pricingUnit prices are generally calculatedmonthly based upon the net assetvalue of the <strong>Fund</strong> divided by thenumber of units on issue in the<strong>Fund</strong>. However, in unusualcircumstances, we may calculateunit prices more than once in amonth, or less frequently, aspermitted by the <strong>Fund</strong>’sConstitution.The <strong>Fund</strong>’s Constitution allows unitprices to be adjusted for transactioncosts (also described as ‘buy/selldifferential’). In the case of anapplication price, the price may beincreased by an allowance for theestimated costs of the purchase ofassets in the <strong>Fund</strong>. In the case of awithdrawal price, the price may bereduced by the allowance for theestimated costs of the sale ofassets in the <strong>Fund</strong>. The <strong>Fund</strong> doesnot currently charge any transactioncosts. For more information, pleasesee ‘Transaction costs (buy/selldifferential)’ section on page 15.We will exercise any discretion thatwe have under the <strong>Fund</strong>’sConstitution for the <strong>Fund</strong> in relationto unit pricing in accordance withour unit pricing policy.You can obtain a copy of our unitpricing policy at any time on request,at no charge by visiting our websiteat www.dwsinvestments.com.auor by contacting Client Services on1800 034 402. You can find updatedunit prices for the <strong>Fund</strong> on Ironbark’swebsite at www.ironbarkam.com.Income distributions andreinvestmentThe <strong>Fund</strong> intends to distributeincome, if any, to you annuallycalculated as at 30 June, inproportion to your unitholdings onthese dates by no later than twomonths from the end of the relevantdistribution period. Specialdistributions of capital or income tobe made at any time during the year.By completing the relevant sectionof the application form, you maychoose to have your distributions:■■■■paid directly into a nominatedAustralian bank account; orreinvested into the <strong>Fund</strong> bypurchasing additional units.If you do not nominate how youwish to receive your incomedistributions, we will automaticallyreinvest your distributions asadditional units in the <strong>Fund</strong>.Reinvested units will be issued at aprice determined immediately afterthe end of the relevant distributionperiod, and will not be subject totransaction costs. We may terminateand/or restart this distributionreinvestment facility at any time.We will notify you if this occurs.Unit prices fall after the end of thedistribution period to reflect thedistribution entitlements. Thismeans that, if you invest just beforethe end of a distribution period, youmay find that you quickly receivesome of your capital as income.Similarly, if you withdraw yourinvestment before the last day ofthe distribution period, you willreceive your share of any accruedincome as capital.Timing changesWe will notify you if we changethe frequency of distributions or thefrequency or timing of calculatingunit prices.12


Fees and other costsConsumer Advisory WarningDID YOU KNOW?Small differences in both investment performance and fees and costs can have a substantial impact on your long-termreturns.For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your final return by up to20% 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 memberservices justify higher fees and costs.You may be able to negotiate to pay lower contribution fees and 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 fees based on your own circumstances, the Australian Securities andInvestments Commission (‘ASIC’) website (www.fido.asic.gov.au) has a managed investment fee calculator to help you checkout different fee options.Fees and other costsThis document shows fees and other costs you may be charged. These fees and costs may be deducted from yourmoney, the returns on your investment or from the <strong>Fund</strong> assets as a whole.This section of the PDS does not cover taxes. The tax implications of investing in the <strong>Fund</strong> are generally described in thetax section of this PDS on page 18.You should read all the information about fees and costs because it is important to understand their impact on yourinvestment.Type of fee or cost Amount How and when paidFees when your money moves in or out of the <strong>Fund</strong> 1Establishment Fee:The fee to open your investment.Contribution Fee:The fee on each amount contributedto your investment.Withdrawal Fee:The fee on each amount you take outof your investment.NoneNoneNoneTermination Fee:NoneThe fee to close your investment.Management CostsThe fees and costs for managing your investment.Investment Management Fee:1.10% pa of the Net Asset <strong>Value</strong>of the <strong>Fund</strong>.Performance Fee:Service feesInvestment Switching Fee:The fee for changing investment options.15% of the percentage increasein Net Asset <strong>Value</strong> after ongoingfees are deducted (adjusted forthe issuance and withdrawalsof units, and distributions) inexcess of the UBS AustralianBank Bill Index.Not applicable.Not applicable.Not applicable.Not applicable.Not applicable.The Investment Management Fee is calculatedand accrued daily and payable monthly in arrearson the last business day of each month out of theassets of the <strong>Fund</strong>. The amount of the InvestmentManagement Fee can be negotiated by wholesaleinvestors. For more details, refer to the Additionalexplanation of fees and costs section on page 15.The Performance Fee (if payable) is accruedmonthly and payable half yearly as at 30 June and31 December. For more information on when thePerformance Fee is payable please refer to Additionalexplanation of fees and costs on page 15.Not applicable.1 Adviser service fee may also apply. For more detail refer to the ‘Additional explanation of fees and costs’ section on page 15.13


Fees and other costs (continued)Example of annual fees and costsThese tables give an example of how the fees and costs for this product can affect your investment over a one yearperiod. You should use these tables to compare this product with other managed investment products.Example – where no Performance Fee is payableEXAMPLEBALANCE OF $50,000 WITH A CONTRIBUTIONOF $5,000 DURING YEARContribution fees Nil For every additional $5,000 you put in, you will be charged $0.PLUS Management Costs 1EQUALS Cost of <strong>Fund</strong>1.10% pa of the NetAsset <strong>Value</strong> plus15% outperformanceover hurdle rate 2 .And, for every $50,000 you have in the <strong>Fund</strong> you will becharged $550.00 each year.If the requirements of a Performance Fee to be paid are notmet, no Performance Fee will be charged.If you had an investment of $50,000 at the beginning of theyear and you put in an additional $5,000 during that year, youwould be charged fees of:$550.00 3What it costs you will depend on the fees you negotiatewith your fund or financial adviser.1 The Management Costs and Performance Fee include all the direct and indirect costs for managing the <strong>Fund</strong>, however it does not include theexpenses incurred in operating DB <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> LLC. Refer to ‘Additional explanation of fees and costs’ on page 15 for more detail.2 See ‘Performance Fee’ on page 15 for a more detailed description of how the Performance Fee is calculated.3 The example assumes that the $5,000 was invested at the end of the year and that your balance remains constant at $50,000 throughout the year(i.e. no further contributions are made and the <strong>Fund</strong>’s unit price does not change) and fees are not individually negotiated with us. The exampledoes not include any ongoing financial planner commission charged or bank or government charges, which may reduce the value of your investmentfurther. The example does not include the effect of any transaction costs (including the buy/sell spread) or abnormal expenses which may beincurred by the <strong>Fund</strong>.Example – where a Performance Fee is payableEXAMPLEBALANCE OF $50,000 WITH A CONTRIBUTIONOF $5,000 DURING YEARContribution Fees Nil For every additional $5,000 you put in, you will be charged $0.PLUS Management Costs 1EQUALS Cost of <strong>Fund</strong>1.10% pa of the NetAsset <strong>Value</strong> plus15% outperformanceover hurdle rate 2 .And, for every $50,000 you have in the <strong>Fund</strong> you will becharged $550.00 each year.And, if the requirements for a Performance Fee to be paidare met, you will be charged $225.00 3 (outperformance of3% x 15% x $50,000) based on the value of your investment.Refer to Additional explanation of fees and costs on page 15for more detail.If you had an investment of $50,000 at the beginning of theyear and you put in an additional $5,000 during that year, youwould be charged fees of:$775.00 4What it costs you will depend on the fees you negotiatewith your fund or financial adviser.1 The Management Costs and Performance Fee include all the direct and indirect costs for managing the <strong>Fund</strong>, however it does not include theexpenses incurred in operating DB <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> LLC. Refer to ‘Additional explanation of fees and costs’ on page 15 for more detail.2 See ‘Performance Fee’ on page 15 for a more detailed description of how the Performance Fee is calculated.3 The Performance Fee is based on an absolute outperformance of the <strong>Fund</strong> to the hurdle rate by 3.00% over the year and the <strong>Fund</strong> is at or above theprevious level at which the fee was paid. This is for illustrative purposes only and there is no guarantee that the <strong>Fund</strong> will outperform the hurdle rateby this amount in any one period. Refer to ‘Additional explanation of fees and costs’ on page 15 for more detail.4 The example assumes that the $5,000 was invested at the end of the year and that your balance remains constant at $50,000 throughout the year(i.e. no further contributions are made and the <strong>Fund</strong>’s unit price does not change) and fees are not individually negotiated with us. The exampledoes not include any ongoing financial planner commission charged or bank or government charges, which may reduce the value of your investmentfurther. The example does not include the effect of any transaction costs (including the buy/sell spread) or abnormal expenses which may beincurred by the <strong>Fund</strong>.Please note that this is an example only. The actual cost of investing in the <strong>Fund</strong> over one year will depend on howmuch is invested, the investment balance of your account (which varies over time), the number and type oftransactions over the year, and the net asset value of the <strong>Fund</strong>.14


Additional explanation of fees and costsManagement CostsThe Management Costs comprisethe Investment Management Fee of1.10% pa of the net asset value ofthe <strong>Fund</strong> and, where appropriate, aPerformance Fee (see below). TheManagement Costs do not includecosts or expenses incurred at theunderlying DB <strong>Strategic</strong> <strong>Value</strong><strong>Fund</strong> LLC level as these costs andexpenses are reflected in the NetAsset <strong>Value</strong> of that underlying fund.These costs are indirect costs to theinvestor and will reduce the returnto the investor. For the currentfinancial year, the estimate of costsrelating to DB <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong>LLC are approximately 0.19% perannum of the Net Asset <strong>Value</strong> ofthat fund. This may change overtime and actual expenses may bemore or less than this estimate.These expenses include custody,fund administration, accounts, auditand legal in respect of DB <strong>Strategic</strong><strong>Value</strong> <strong>Fund</strong> LLC.Performance FeeWe are entitled to receive aPerformance Fee if the <strong>Fund</strong>outperforms the ‘hurdle rate’.This fee is accrued monthly andpayable half yearly as at 30 Juneand 31 December.The Performance Fee is 15% of the<strong>Fund</strong>’s percentage increase in netasset value after ongoing fees arededucted (adjusted for issuance andwithdrawals of units, anddistributions (‘adjusted NAV’) inexcess of the UBS Australian BankBill Index (‘hurdle rate’).The Performance Fee will only bepaid on increases in adjusted NAVin excess of the previous level atwhich the fee was paid (also knownas the high-water mark). ThePerformance Fee is charged at a<strong>Fund</strong> level and may not reflect theperformance achieved by eachindividual investor.Transaction costs (buy/selldifferential)The <strong>Fund</strong>’s Constitution allows unitprices to be adjusted for transactioncosts (buy/sell differential). Anybuy/sell differential is an additionalcost to you.There is currently no buy differentialfor units in the <strong>Fund</strong> as at the dateof this PDS.Maximum fees we are allowedto chargeWe may increase all the fees for thefund, or introduce new fees due toreasons such as changing economicconditions and changes inregulations.The Constitution for the <strong>Fund</strong> setsthe maximum amount of fees wecan charge. The maximum fees weare allowed to charge are set out inclauses 19.1 to 19.3 of theConstitution which is incorporatedby reference in this PDS, pleaserefer to page 21.We cannot charge more than theConstitution allows, and unitholderapproval is required to change theConstitution in this regard.Different fees for differentinvestorsIndividual negotiation ofManagement Costs may be availableto sophisticated and wholesaleinvestors, as defined in theCorporation Act, such as InvestorDirected Portfolio Services (‘IDPS’)operators and superannuation mastertrusts. Differential fees may becharged but only in accordance withthe Corporations Act requirementsand any ASIC Class Orders ondifferential fees.Sophisticated or wholesale investorswishing to negotiate their feesshould contact Client Services on1800 034 402.We will not enter into individual feearrangements with retail investors.Product access paymentSome IDPS operators charge anannual access payment for offeringthe <strong>Fund</strong> on their menu. Theproduct access payment is not anadditional cost to you and will notreduce any returns you may receive.Bank and government chargesIn addition to the fees set out in thissection, standard government fees,duties and bank charges may alsoapply to investments andwithdrawals (including dishonourfees and bank charges) and maybe payable by the investor.TaxAll fees in this PDS are showninclusive of the net effect of Goodsand Services Tax (GST) unlessotherwise stated. For furtherinformation regarding the taximplications of an investment in the<strong>Fund</strong>, please refer to page 18.Financial adviser remunerationFinancial advisers may charge youfor advice about your investment.The amount of adviser service feeis agreed between you and yourfinancial adviser. You can chooseto authorise us to pay your financialadviser for services rendered bycompleting the relevant section onthe Application Form. For example,the agreed percentage amountof your investment may becalculated as at 20 March, 20 June,20 September and 20 December ofeach year, and paid to your financialadviser soon thereafter.Alternatively, you may choose to payyour financial adviser an upfront fee.The fee is treated as a withdrawalfrom your account and may have taximplications. If you wish to cancel orchange the payment of this fee to15


Additional explanation of fees and costs(continued)your financial adviser, you mustadvise us in writing. Details of allamounts paid to your financialadviser out of your Unit holdings inthe <strong>Fund</strong> will be detailed on yourquarterly investor statement.Financial advisers, dealer groupsand platform providers may receivecertain payments and othernonmonetary benefits from us, suchas business and technical support,professional development andentertainment. The provision ofsuch benefits is governed by ourAlternative Remuneration Policy.These payments and benefits arenot an additional cost to unitholders.Register of alternative forms ofremunerationWe maintain a register of materialforms of remuneration paid todistributors of our products, orwhich may be received fromproviders of products availablethrough us. The register is publiclyavailable and can be accessed bycontacting Client Services on1800 034 402.Alternative brokeragearrangementsIn managing the <strong>Fund</strong>, we or ourdelegates may deal through abroker, dealer or market-makerpursuant to an alternative brokeragearrangement or agreement. We orour delegates may receive certainbenefits under these arrangements.Our policy is to only enter intoarrangements if the specific benefitsthat may be provided are for goodsand/or services that can reasonablybe expected to assist in theprovision of investment services tothe <strong>Fund</strong> and/or providedemonstrable assistance to us inthe performance of our investmentdecision making.16


Keeping you informedAs an investor in the <strong>Fund</strong> you will receive the following information:Report typeTransaction confirmationQuarterly investor statementAnnual incomedistribution statementTax statementAnnual financial statementsMonthly investment reportsFrequency of reportA transaction confirmation will be issued to you for each of the following transactionsyou make:−−initial application;−−additional investments; and−−withdrawals.A quarterly investor statement which summarises all your transactions for the previousquarter and provides an account balance on your investment in the <strong>Fund</strong> for the end ofthe quarter.The <strong>Fund</strong> usually intends to distribute on an annual basis in respect of the year ending30 June. A distribution statement will only be issued to you if a distribution was madeduring the distribution period.A tax statement (showing the tax components of distributions made during the year, onlyif the <strong>Fund</strong> makes a distribution for the period) will be issued to you on an annual basisfollowing the end of each financial year. This statement will provide you with informationthat will assist you in completing your annual tax return.You will receive a paper copy of the <strong>Fund</strong>’s audited annual financial statements each year.Alternatively, by completing the relevant section of the application form, you can elect not toreceive a paper copy and instead view a copy of the latest annual financial statements thathave been lodged with ASIC on Ironbark’s website at www.ironbarkam.com or contact ClientServices on 1800 034 402 if you wish to receive a free paper copy of the report.Monthly investment reports providing updates on the <strong>Fund</strong> can be viewed on Ironbark’swebsite at www.ironbarkam.com as soon as practicable after the end of the relevant month.How do you obtain updatedinformation on the <strong>Fund</strong>?You can obtain updatedinformation about the <strong>Fund</strong> atwww.ironbarkam.com, includinginvestment performance history,a copy of the current PDSand any update material orwww.dwsinvestments.com.aufor information regarding fundgovernance. Retail investors canalso contact their financial adviseror Client Services on 1800 034 402for information about the <strong>Fund</strong>.You can access information aboutyour account, including your accountbalance and transaction history, atany time by contacting ClientServices on 1800 034 402.Additional disclosure informationAs a disclosing entity we haveregular reporting and disclosureobligations. Copies of documentswe lodge in relation to the <strong>Fund</strong> maybe obtained from or inspected at anASIC office.We can also provide you with acopy of:■■■■■■the annual financial statementmost recently lodged with ASICfor the <strong>Fund</strong>;any half-year financial statementlodged with ASIC for the <strong>Fund</strong>after the lodgement of that annualfinancial statement; andany continuous disclosure noticesgiven for the <strong>Fund</strong> after thelodgement of the annual financialstatement.Any other continuous disclosurenotices required under theCorporations Act will be madeavailable at www.ironbarkam.com.or www.dwsinvestments.com.au, inaccordance with the requirementsof ASIC policy.17


TaxInvesting in the <strong>Fund</strong> has tax andpotential social security implications,depending upon your particularsituation.This PDS provides generalinformation only and is limited toinvestors that are Australianresidents for tax purposes that holdtheir units on capital account.Furthermore, tax laws may havechanged since the date of this PDS.Accordingly, we recommend that youobtain independent professionaladvice on the tax implications ofinvesting in the <strong>Fund</strong> that takesaccount of your own particularcircumstances.You must receive this PDS withinAustralia. However, if you are not anAustralian resident for tax purposes,please state in the Application Formyour country of residence for taxpurposes. If you are not an Australianresident for tax purposes or if youprovide us with an address outsideAustralia, tax may be withheld fromsome components of distributions atprescribed rates. You may be subjectto the tax laws in your country ofresidence and should consult a taxadviser before investing.Tax status of the <strong>Fund</strong>The <strong>Fund</strong> should be characterised asa trust for Australian tax purposes.As the net income of the <strong>Fund</strong> is fullydistributed to investors each year,the <strong>Fund</strong> should not generally beliable for Australian income tax.Accordingly, the <strong>Fund</strong> will be treatedas a ‘flow through’ entity for taxpurposes.Will you be liable to pay taxon income you receive fromthe <strong>Fund</strong>?Your share of the net income of the<strong>Fund</strong> for each year ended 30 Juneshould generally be included asassessable income in your tax returnfor each such year, even if yourdistribution is reinvested in additionalunits in the <strong>Fund</strong> or paid in the nextyear. If your distribution is reinvestedyou may have to pay tax from yourown sources.The character of each component ofthe <strong>Fund</strong>’s net income will be passedthrough to investors. In respect ofeach year for which you receive adistribution from the <strong>Fund</strong>, we willsend you a tax statement that willindicate the composition of thedistributions you have received fromthe <strong>Fund</strong> including Australian sourcedinterest and other Australian orforeign sourced income. Thedistributions of the <strong>Fund</strong> are notexpected to include discount capitalgains or other capital gains.As the <strong>Fund</strong> invests predominantly inforeign securities (being itsshareholding in DB <strong>Strategic</strong> <strong>Value</strong><strong>Fund</strong>), distributions may includeforeign sourced income that mayhave been subject to foreignwithholding taxes. The benefits ofany tax offsets arising from foreigntaxes withheld relating to a share ofnet income should generally passthrough to investors. The benefits ofany tax offsets the <strong>Fund</strong> receives in aparticular year may be lost if the<strong>Fund</strong> is in a net loss position for thatincome year.Where the <strong>Fund</strong> is able to passthrough tax offsets to investors, yourability to utilise these tax offsets willdepend upon your own particularcircumstances including your totallevel of taxable income and yourincome tax rate.The <strong>Fund</strong>’s shareholding inDB <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong>, should giverise to an interest in a controlledforeign company (‘CFC’) or a foreigninvestment fund (‘FIF’) depending onthe shareholder profile of DB <strong>Strategic</strong><strong>Value</strong> <strong>Fund</strong> at the end of eachincome year. In either case, it is theResponsible Entity’s intention tomanage the <strong>Fund</strong>’s investments inDB <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> such thataccrued gains and loses willgenerally be realised annually.Accordingly, no accruals based taxliability should arise under the CFCor FIF measures in respect of yourinvestment in the <strong>Fund</strong>. However, ifthe Responsible Entity is unable toachieve this, your tax statement willshow the amount to be included inyour tax return.On 12 May 2009 the Governmentannounced a proposal to repeal theFIF regime and to modernise theexisting CFC provisions. As at date ofthis PDS, the Government has notreleased any further details withrespect to these proposedamendments. The ResponsibleEntity will continue to monitor theimpact on the determination of netincome of the <strong>Fund</strong>, if any, ofamendments to the CFC andFIF provisions.Tax reform – taxation of financialarrangementsThe Taxation Laws Amendments(Taxation of Financial Arrangements)Act 2009 (‘TOFA’), which appliesfrom 1 July 2010, contains new rulesfor the taxation of financialarrangements. A limited exemptionfrom the new rules applies to certainmanaged investment schemes(broadly where such schemes haveassets of less than $100 million).18


The <strong>Fund</strong> is unlikely to qualify for themanaged investment schemeexemption on 1 July 2010. However,as most of the <strong>Fund</strong>’s investmentsshould qualify for an exemption fromTOFA, the application of TOFA is notexpected to have a material impacton the determination of net incomeof the <strong>Fund</strong>.Unitholders that are individualsshould not be subject to TOFA inrespect of units held in the <strong>Fund</strong>.Other investor types should seektheir own tax advice in relation to thepotential application of TOFA inrespect of units held in the <strong>Fund</strong>.Will you be liable for taxwhen you withdraw moneyfrom the <strong>Fund</strong>?Your units are CGT assets for taxpurposes. If you dispose of orredeem your units in the <strong>Fund</strong> (byway of withdrawal or otherwise) youmay be subject to tax on any capitalgain arising.If you are an individual, trust orcomplying superannuation fund andyou have held your units for morethan 12 months at the time ofdisposal or redemption, you mayqualify for a discount capital gain.Individual and trust investors thatqualify for a discount capital gain areentitled to reduce the capital gainincluded in their assessable incomeby 50%. Complying superannuationfund investors that qualify for adiscount capital gain are entitled toreduce the capital gain included intheir assessable income by 33 1/3%.Company investors do not qualify fordiscount capital gains.Goods and Services Tax (‘GST’)No GST should be payable in respectof the subscription, acquisition,disposal or redemption of units, norin respect of any distributions paid inrespect of the units.Where GST applies to fees chargedto the <strong>Fund</strong> that are recoverable fromthe <strong>Fund</strong>’s assets, those fees plusany applicable GST may berecovered from the assets of the<strong>Fund</strong>. However, the <strong>Fund</strong> may beentitled to claim input tax credits orreduced input tax credits for thatGST, depending on the precisenature of the fee.Do you need to give your Tax FileNumber or Australian BusinessNumber?On your application form you mayprovide us with your Tax File Number(‘TFN’), or advise us of your TFNexemption. Alternatively, if you areinvesting in the <strong>Fund</strong> in the course orfurtherance of an enterprise, youmay quote an Australian BusinessNumber (‘ABN’).It is not compulsory for you to quotea TFN, exemption or ABN, but if youdo not we are required to deduct taxfrom any income distribution payableto you at the maximum personal taxrate plus Medicare Levy and anyother applicable Governmentcharges. We are authorised to collectTFNs under tax law. For moreinformation about TFNs, pleasecontact your nearest AustralianTaxation Office.19


Investing through a master trustor wrap accountInvestors investing in the <strong>Fund</strong>indirectly via an Investor DirectedPortfolio Service (‘IDPS’), IDPS-likescheme (such as a master trust orwrap account) or a nominee orcustody service (‘Indirect Investors’)do not themselves becomeinvestors in the <strong>Fund</strong>, andaccordingly have no rights as aunitholder. The offer document foryour IDPS or IDPS-like schemeshould have further details. If youare an Indirect Investor, generallythe relevant scheme operatoracquires the rights of a unitholder.Unitholder rights include the right toattend unitholder meetings, to makewithdrawal requests, receive andreinvest distributions, participate intermination proceeds and lodgecomplaints. Your rights and liabilitieswill be governed by the terms andconditions of the relevant IDPS orIDPS-like scheme, which you shouldread carefully prior to directing therelevant operator to invest in the<strong>Fund</strong>. Cooling off rights for the <strong>Fund</strong>(see page 10) do not apply toinvestors who invest indirectlythrough an IDPS or IDPS-likescheme.Indirect Investors completeapplication forms for the IDPS orIDPS-like scheme, not the <strong>Fund</strong>,and receive reports from theiroperator, not us. Inquiries should bedirected to that operator.Minimum investment andwithdrawal requirements may notalways be relevant to IndirectInvestors because the IDPS orIDPS-like operator may invest onbehalf of a number of IndirectInvestors. Indirect Investors will alsoincur the fees and expensesapplicable to the IDPS or IDPS-likescheme, as well as the <strong>Fund</strong> feesand expenses. The tax informationin this PDS does not specificallycater for Indirect Investors.We authorise the use of this PDS asdisclosure to Indirect Investors andprospective Indirect Investors.20


Additional information for investorsThe <strong>Fund</strong>’s ConstitutionThe <strong>Fund</strong> is established by aConstitution dated 29 September1999 which may be amended fromtime to time. The operation of the<strong>Fund</strong>, the duties and obligations ofDeutsche Asset Management andthe rights of investors are governedby the Constitution, together withthe Corporations Act and thegeneral law. Overall, our obligationsare to act in your best interests andto give priority to your interests ifthey conflict with our own.This PDS summarises some keyfeatures of the Constitution such asissue and redemption of units,calculation of unit prices and fees.However, the Constitution covers anumber of additional matters,including:■■■■■■the nature of units (subject to anyspecial terms of issue, identicalrights attach to all units);how we calculate unit prices;how and when withdrawals arepaid (they are paid out of the<strong>Fund</strong> assets and, notwithstandingthat payment usually takes placewithin twenty (20) businessdays, we have a greater periodto make payments under theConstitution). We can alsosuspend the redemption of anyunits in particular circumstances,for example if there is a closureof securities exchange whichmakes it impracticable for theResponsible Entity to calculatethe net asset value of the <strong>Fund</strong>,if there is insufficient cash inthe <strong>Fund</strong>, if a large number ofwithdrawal requests are receivedat any one time or if it is in theunitholders’ best interest to delaythe redemption period;■■■■■■■■■■■■■■■■your rights to share any <strong>Fund</strong>income, and how we calculate it;our powers which are verybroad, for example, we canborrow money (whether or noton security) and incur all types ofobligations and liabilities, make alltypes of investments and appointdelegates and agents;unitholder meetings (a resolutionbinds you, regardless of how orwhether you voted);the circumstances in which weare and are not liable to you, andlimitations on our liability;our indemnification out ofassets of the <strong>Fund</strong> for all costsincurred in the course of ouroffice or in relation to theadministration or management ofthe <strong>Fund</strong> (subject to the properperformance of our duties);transferring units and our ability torefuse transfers (you can generallytransfer your units by lodging anapproved, stamped transfer formwith us);when we can retire as ResponsibleEntity of the <strong>Fund</strong>; andwhen we can terminate the <strong>Fund</strong>.Under the Constitution we may holdunits in the <strong>Fund</strong> and can actdespite certain conflicts of interest.The Constitution contains provisionsdesigned to limit your liability to theissue price of your units. TheAustralian courts are yet to finallydetermine the effectiveness ofthese types of provisions.You should consult a copy of theConstitution if you require a moredetailed understanding of thedocument. A copy of the Constitutionis available free of charge bydownloading the document titled‘<strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong>Constitution’ on our website atwww.dwsinvestments.com.auor by contacting Client Services on1800 034 402. The Constitutionof the <strong>Fund</strong> is binding onall unitholders.Unless specifically stated otherwisein this PDS, the provisions of theConstitution will prevail overstatements in this PDS, to theextent of any inconsistency.Conditions for use of the faxtransaction facilityIn accordance with the Constitution,a notice may be given to us by fax.A notice given to us by fax iseffective only at the time of receiptby us in legible form. You shouldretain a copy of the fax confirmationsheet as proof that a transmissionwas successfully completed on thedate and time shown. This will assistif an issue arises as to the timing ofreceipt of a facsimile by us.By completing the application form,you agree to be bound by thefollowing additional conditions ifyou give us a notice by fax:■■you acknowledge that there is arisk that fraudulent fax requestsmay be made by a third party;21


Additional information for investors (continued)■■■■you agree that neither ofDeutsche Asset Management, itsofficers, employees or agents, isresponsible for any fraudulentlycompleted communications andthat none of Deutsche AssetManagement, its officers,employees or agents willcompensate you for any lossesarising from suchcommunications; andyou release and indemnifyDeutsche Asset Management,its officers, employees and agentsagainst any liabilities whatsoeverarising from Deutsche AssetManagement, its officers,employees or agents acting onfaxed communications from, orpurporting to be from you.BorrowingsWe do not intend to undertake anylong-term borrowings for the <strong>Fund</strong>,although the Constitution permitsborrowing. Short-term borrowingsmay be undertaken for operationalpurposes from time to time cappedat a maximum of 20% of the NetAsset <strong>Value</strong> of the <strong>Fund</strong>.Environmental, social or ethicalconsiderationsOur investment decisions areprimarily based on economic factorsand we do not specifically take intoaccount labour standards orenvironmental, social or ethicalconsiderations.ComplaintsAn internal complaints handlingprocedure has been established byDeutsche Asset Management.Complaints can be made in writingand forwarded to Deutsche AssetManagement at the address detailedin our contact information on theinside front cover of this PDS.Alternatively, you can lodge yourcomplaint by contacting ClientServices on 1800 034 402. We willalways acknowledge any complaintin writing and use reasonableendeavours to deal with or resolveyour complaint within 45 days.Deutsche Asset Managementis a member of the FinancialOmbudsman Service Limited(‘FOS’). This is an independentdispute resolution service. If youare not satisfied with our handlingof your complaint, you can contactFOS on 1300 780 808 or atwww.fos.org.au.In order for a complaint to beconsidered by FOS, the claiminvolved must be for an amountunder $150,000 (unless we agreeotherwise in writing).If you are investing through a mastertrust or wrap account then inquiriesand complaints should be directedto the operator of that service.PrivacyWe respect your privacy. Anypersonal information provided toDeutsche Asset Management whenyou invest, or at any other time inrelation to your investment, will beused to administer and report onyour investment with us and toprovide you with services related toyour investment. For example, wemay use your personal informationto establish your initial investment,process ongoing transactions,respond to any queries you mayhave, provide you with transaction,distribution, tax and annualstatements, and to provide you withinformation on the performance ofyour investment, changes in productfeatures, market and fundcommentary and other relevantinformation relating to yourinvestment and any otherinvestments and services providedby Deutsche Asset Management.As well as using your personalinformation within Deutsche AssetManagement, we may disclose it toother persons to enable us toprovide services to you.Such people include:■■■■■■third parties we appoint asadvisers, agents or serviceproviders such as distributors ofthe <strong>Fund</strong>, auditors, custodians,administrators, mailing housesand legal advisers;third parties in relation to verifyingyour identity in accordance withour obligations under anti-moneylaundering legislation; andthird parties you authorise toact on your behalf in relation toyour investment such as yourinvestment consultant, financialadviser, broker or solicitor.We may also disclose your personalinformation to other persons andentities as permitted under thePrivacy Act 1988 (Cwlth) or otherlegislation to fulfil our legalobligations. We may also discloseyour personal information to aregulatory agency in compliance orpurported compliance withregulatory obligations. We may passyour personal information on toother member companies of theDeutsche Bank Group, and fromtime to time we, and they, may sendyou information about otherDeutsche products, services andspecial offers which we think maybe of interest to you. If you do notwish to receive this information,please let us know by contactingClient Services on 1800 034 402.If you do not provide the informationrequested from you in theapplication form, the Client Servicesteam on our behalf may not be ableto process your application oradminister your holding of unitsappropriately.22


Some of the personal informationwe collect is required undersuperannuation, taxation, antimonylaundering or social security law.Other personal information werequest is necessary to administerand keep you informed about yourinvestment. We aim to keep yourpersonal details as up-to-date andaccurate as possible. If any of yourpersonal information is incorrect orhas changed please write to us at:<strong>DWS</strong> InvestmentsPO Box R1828Royal Exchange NSW 1225Subject to a number of exceptions,you can gain access to the personalinformation we hold about you. Ifyou wish to do so or would likefurther information on our privacypolicy, please contact ClientServices on 1800 034 402.Conflicts of interestWe, and our various serviceproviders may from time to time actas issuer, investment manager,custodian, registrar, broker,administrator, investment adviser,distributor or dealer in relation to,or be otherwise involved in otherways, or have other fundsestablished by, parties other thanthe <strong>Fund</strong>, which have similarobjectives to those of the <strong>Fund</strong>. It ispossible that any of them may havepotential conflicts of interest withthe <strong>Fund</strong> in the course of business.We will, at all times, have regard insuch event to our obligations toinvestors and will endeavour toresolve such conflicts fairly.In addition, subject to applicablelaw, any of the foregoing may deal(as principal or agent) with the <strong>Fund</strong>,provided that such dealings arecarried out as if effected on normalcommercial terms negotiated on anarm’s length basis.We or any of our affiliates or anyperson connected with us mayinvest in or manage or advise otherfunds which invest in assets whichmay also be purchased or sold bythe <strong>Fund</strong>. Subject to law, neither wenor any of our affiliates nor anyperson connected with them isunder any obligation to offerinvestment opportunities of whichany of them becomes aware to the<strong>Fund</strong> or to account to the <strong>Fund</strong> inrespect of (or share with, or inform,the <strong>Fund</strong> of) any such transaction orany benefit received by any of themfrom any such transaction.Related party transactionsThe <strong>Fund</strong> may be involved in relatedparty transactions, such as using arelated party broker, investing inanother fund or assets of whichDeutsche Asset Management or itsassociates is the responsible entity,manager, trustee or promoter,or transferring assets from sucha fund.Any such arrangements are subjectto legal and compliance guidelinesto protect the interests ofunitholders, including that they beallowable under the terms of the<strong>Fund</strong> documentation and are on anarm’s length basis.Anti-money launderingThe <strong>Fund</strong> and Deutsche AssetManagement are bound by lawsabout prevention of moneylaundering and the financing ofterrorism, including the Anti MoneyLaundering and CounterterrorismAct 2006 (‘AML Legislation’). Bycompleting the application form, youagree to be bound by the additionalconditions set out below:■■■■■■■■■■■■you do not subscribe to the <strong>Fund</strong>under an assumed name;any money used by you to investin the units is not derived from orrelated to any criminal activities;any proceeds of your investmentwill not be used in relation to anycriminal activities;if we ask, you will provide uswith additional informationwe reasonably require for thepurposes of AML Legislation(including information about a unitholder, any beneficial interest inthe units, or the source of fundsused to invest);we may obtain information aboutyou or any beneficial owner ofa unit from third parties if webelieve this is necessary tocomply with AML Legislation; andin order to comply with AMLLegislation we may be required totake action, including:−−delaying or refusing theprocessing of any application orwithdrawal; or−−disclosing information that wehold about you or any beneficialowner of the units to our relatedbodies corporate or serviceproviders, or relevant regulatorsof AML Legislation (whether inor outside of Australia).23


Additional information for investors (continued)Unit pricing discretionary policyIf Deutsche Asset Management isrequired to prepare policiesdocumenting how it may exercisediscretions under the Constitutionthat affect unit price calculations andsome other matters, copies of thepolicies will be available free ofcharge on request by contactingClient Services on 1800 034 402or from our websitewww.dwsinvestments.com.au.Compliance Plan and ComplianceCommitteeDeutsche Asset Management haslodged a Compliance Plan for the<strong>Fund</strong> with ASIC. The CompliancePlan sets out arrangements we havein place to ensure compliance withthe Constitution and theCorporations Act.Deutsche Asset Managementhas established an independentCompliance Committee thatmonitors the extent to which wecomply with the <strong>Fund</strong>’s CompliancePlan and the adequacy of the Plan.The Committee must report certainmatters to us and, in somecases, ASIC.AuditorsThe <strong>Fund</strong> and the compliance planfor the <strong>Fund</strong> are required to beaudited annually. KPMG, the auditorsof the <strong>Fund</strong>, have consented to benamed as auditors of the <strong>Fund</strong> andthe <strong>Fund</strong>’s compliance plan. KPMGdoes not make representations orwarranties as to the completenessor appropriateness of anyinformation contained in this PDS.KPMG have not authorised ormotivated the issue of this PDS.K2 AdvisorsK2 Advisors have consented to theirname appearing in this PDS anddo not make representations orwarranties as to the completenessor appropriateness of anyinformation contained in thisPDS other than the informationabout K2 Advisors on page 3.DirectorsThe Directors of Deutsche AssetManagement (Australia) Limitedhave authorised the issue ofthis PDS.Our compliance with the CompliancePlan is subject to an annual externalaudit.24


<strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong>Application form25


Guide to completing the application formTo ensure that we are able to process your applications quickly andefficiently, please check that you have completed the followingsteps. Please note that all sections marked with an * requiremandatory completion. Incomplete information may delay theprocessing of your application.Completed application forms should be sent to:<strong>DWS</strong> InvestmentsPO Box R1828Royal Exchange NSW 1225Please use block letters and black or blue pen.Step 1: Investor’s DetailsProvide all investor(s) details including full name, residential address, date of birth, occupation and contact details, including at least one telephonecontact number. Full details should also be provided if the investor is a corporate entity or trust. If there is insufficient room on the application formto complete the details, please attach a separate page with additional investor information. If you wish to provide a different postal address, pleasecomplete Part 6 of Section A on page iv of the application form.You may provide us with your TFN/ABN, or advise us of your exemption to quote your TFN. Refer to the ‘Tax’ section in the PDS for more detail.If you are not required to quote or choose not to quote your TFN/ABN, please use one of the following TFN exemption codes and provide theappropriate details.TFN exemption codes:EOXInvestments held by pension and benefit recipients– please write the full name of the benefit you receive(e.g., Age Pension).Entities not required to lodge an income tax return– please provide the reason as to why the entity doesnot have to lodge an income tax return.Other exemption – please provide us with any other reasonfor your exemption.NDNon-residents – please provide your country of residence fortax purposes.Do not wish to quote TFN.Step 2: Anti-Money Laundering and Counter-Terrorism Financing InformationWe are required to comply with Australia’s Anti-Money Laundering and Counter-Terrorism Act 2006 (‘the AML Legislation’). The AML Legislationrequires that, amongst other things, we verify the identity of investors making application into the funds we offer. We cannot accept an applicationto invest in the <strong>Fund</strong> until satisfied that the identity of the investor is able to be verified in accordance with the AML Legislation and the processingof applications may be delayed until the requested information is received in a satisfactory form. We may from time to time request additionalidentification or verification documentation from an investor to enable us to meet our obligations under the AML Legislation. If documentationprovided is not in English, an English translation must be provided by an accredited translator.In providing information under the AML Legislation, please follow the guidance below in choosing your investor typeSection ASub-sectionsPlease complete the nominated sections as applicableInvestor Type (Please see over for a description) 1 2 3 4 5 6Individual(s) 3 3Joint Investors 3 3Individual(s) acting as a Trustee(s) of a Trust or Superannuation <strong>Fund</strong> 3 3 3Domestic (Australian) Company 3 3Domestic (Australian) Company acting as a Corporate Trustee of a Trust orSuperannuation <strong>Fund</strong>3 3 3Foreign Company 3 3Foreign Company acting as a Corporate Trustee(s) of a Trust or Superannuation <strong>Fund</strong> 3 3 3Partnership 3 3Association 3 3Registered Co-operative 3 3Government Body 3 3Sole Trader 3 326


Type of Investor Description Information to be providedIndividual(s)Investing in your personal capacity – that is, not as a company, trust, Certified copy of:partnership, etc. This can include individuals investing on behalf of a Photo identification (e.g. current passport or driver’sperson under the age of 18.licence); orIndividual(s) acting asa trustee(s) of a trustor superannuationfundAustralian CompanyAustralian Companyacting as trusteeof a trust orsuperannuation fundPlease note that where individuals are investing as joint applicants,they must all sign the application form. However unless they expresslyindicated on the application form (Section A) any units will be held asjoint tenants and any of the investors are able to operate the accountand bind the other investor(s) for future transactions, including additionalapplications and withdrawals, and withdrawals by fax.An individual may also apply for units in their capacity as a power ofattorney for another person/entity. Note by signing the application formthe attorney warrants that the power of attorney has not been revokedat that time.Investing in your personal capacity as a trustee on behalf of another, i.e.where the trustee is not a company. A trust will in most circumstancesbe established pursuant to a trust deed with the intention of holdingincome or property on behalf of and for the benefit of another (who mayor may not include the trustee).Company incorporated in Australia including:Proprietary company (i.e. ending with Pty Ltd);Public company (i.e. ending with Ltd);Companies limited by guarantee (not for profit companies); andListed companies (e.g. listed on the ASX).An Australian domiciled company acting in the capacity of corporatetrustee on behalf of others (e.g. XYZ Pty Ltd as trustee of the XYZself-managed superannuation fund).A Birth certificate; orA Citizenship certificate; orA Pension/other Government issued card;and one of the following:A notice issued by a government or semi-governmentbody showing a current address (e.g. rate notice)that is less than 3 months old; orA utility bill that is less than 3 months old; orA certified copy of any Power of Attorney.As per Individual(s) above for each trustee.The registration number of the company(e.g. ABN, ARBN or ACN of the company);The registered office details of the company;The principal place of business of the company;The full name and date of birth of each director ofthe company; andCertified copy of photo identification for at least2 directors.As above for Australian Companies, together with:The full name of the Trust and the ABN or ACNof the Trust; andThe Superannuation <strong>Fund</strong> Number (if relevant).Foreign Company Company incorporated in a foreign jurisdiction. As per Australian Companies, together with any foreignregistration identification and beneficial ownership details.Foreign companyacting as a trusteeof a trust orsuperannuation fundTrustsPartnershipAssociationRegisteredCo-operativeGovernment BodySole TraderPower of AttorneyA foreign domiciled company acting in the capacity of corporate trusteeon behalf of others (e.g. PQR Pte as trustee of the PQR trust).Trusts are represented on a register either by individual trustees orcorporate trustees and can include:Superannuation funds (including self managed superannuation funds);Family trusts;Deceased estates;Managed Investment Schemes (registered or unregistered);Charitable trusts; andTestamentary trusts.Formally established pursuant to a partnership agreement/deed. If youare investing ‘jointly’ (and not pursuant to a partnership agreement/deed) then see Individual(s) section above.Incorporated Association is registered by the <strong>State</strong> or Territory in whichthe association is based. Features include:Not for profit;Appointment of a public officer and committee; andProfits, if any, can only be used to promote non-profit objectives.Unincorporated Association does not have a legal identity and cannothold assets in its own name. It must appoint individuals as trustees,who own the assets but hold them for the benefit of the association.A Registered Co-operative is a democratic structure owned andcontrolled by the people it serves, who join together for a commonbenefit. It is a separate legal entity (registered under the relevant <strong>State</strong>or Territory legislation) with the general aim of providing services for itsmembers rather than making profits.A Government Body is a legal entity that is owned or controlled by aFederal, <strong>State</strong> or Local Government (e.g. universities, local councils andstatutory agencies).Sole Trader describes a business that is owned and controlled by oneperson, although the business may employ people.Someone authorised under a formal document named a Power ofAttorney who is authorised to act on behalf of the a/c beneficiary(e.g. a person travelling may appoint an Attorney to conduct theirbusiness in their absence)As per Foreign Company above.Registration number (if any).Extract of Trust Deed (showing nature of Trust,purpose, identification of the Trustee, see above).Beneficiaries – these may be named individuals orclasses of beneficiaries (e.g. present and futuredescendents of John Smith).As per Individual(s) above.The registration number (if any) of the association;The registered office details of the association;The principal place of business of the association;The full name of the public officer and committeemembers of the association; andCertified copy of photo identification for at least2 of the public officers.As per Association above.Evidence of establishment (e.g. specific piece oflegislation).As per Individual(s) above or if investment is in thebusiness name, as per Australian Company above.A certified copy of the Power of Attorney; andIdentification of the named Attorneys per individualsabove.Copies of documents can be certified by a range of people including your financial adviser, a solicitor, a Justice of the Peace, AustraliaPost or a chartered accountant. If you have any questions about this, please contact client services on 1800 034 402.27


<strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> application formThis application form is for the <strong>DWS</strong> <strong>Strategic</strong> <strong>Value</strong> <strong>Fund</strong> (‘<strong>Fund</strong>’) ARSN 089 896 837 Product Disclosure <strong>State</strong>ment (‘PDS’) dated26 November 2009 issued by Deutsche Asset Management (Australia) Limited ABN 63 116 232 154 AFSL 298 626. You must read the current PDSbefore applying. Persons who receive a copy of the PDS in electronic form are entitled to request a paper copy of the PDS, this application formand any supplementary document free of charge by calling client services on 1800 034 402. Please note that all sections marked with an *require mandatory completion.Completed application forms should be sent to:<strong>DWS</strong> InvestmentsPO Box R1828Royal Exchange NSW 1225Office use only: SS036Section A: Applicant DetailsPlace an X in the appropriate box and complete the required sections:This is for a new investorThis is for an existing investorExisting Account Name:Existing Account Number:If you are an existing investor and any details of the investor havechanged, please complete the relevant sections of the form below.Type of Investor:This is a switch from another <strong>DWS</strong> investmentIndividual Investor Please complete Part 1 Individual Joint Investors Please complete Part 1Australian Company Please complete Part 2 Foreign Company Please complete Part 3Trust with Individual Trustee(s) Please complete Parts 1 and 4 Association or Registered Co-operative Please complete Part 5Trust with Corporate Trustee Please complete Parts 4 and 2 or 3.Please see the ‘Guide to completing the application form’ on page A for details of the documentation to be provided for the various types ofinvestors. We reserve the right to request additional information or documentation from applicants in order to process this application and toreject any application which does not meet our requirements. We will process your application on the date we receive the requested additionaldocuments, completed to our satisfaction, in accordance with the application procedures.Part 1: Individual or Joint Individual Investors or Individual TrusteesInvestor 1Title Mr Mrs Miss Ms OtherSurname*Full Given Name(s)*Date of Birth*Nationality*Country of residence, if not Australia*Current Occupation*(If you are unemployed or retired, please describe the origin of the funds utilised for the investment (e.g. inheritance/former occupation)).Residential Address*You must confirm and provide evidence of your residential address (see the guide for acceptable forms of evidence).Unit NoStreet NoBuilding NameStreet NameSuburb <strong>State</strong> Post CodePhone (Home)Phone (Mobile)EmailTFN/ABN 1 or Reason for Exemption 2If a foreign resident for tax purposes, please specify country of residenceIf you wish to use a postal address for mailing purposes only please complete Section A, Part 6.1 Refer to the ‘Do you need to give your Tax File Number or Australian Business Number?’ section in the PDS for further details.2 Refer to the ‘Guide to completing the application form’ on page A for TFN exemption codes.i29


Part 1: Individual or Joint Individual Investors or Individual Trustees (continued)Investor 2Title Mr Mrs Miss Ms OtherSurname*Full Given Name(s)*Date of Birth*Nationality*Country of residence, if not Australia*Current Occupation*(If you are unemployed or retired, please describe the origin of the funds utilised for the investment (e.g. inheritance/former occupation).Residential Address*You must confirm and provide evidence of your residential address (see the guide for acceptable forms of evidence).Unit NoStreet NoBuilding NameStreet NameSuburb <strong>State</strong> Post CodePhone (Home)Phone (Mobile)EmailTFN/ABN 1 or Reason for Exemption 2If a foreign resident for tax purposes, please specify country of residenceIf there are additional joint investors, please provide this information on an additional page.If you wish to use a postal address for mailing purposes only please complete Section A, Part 6.1 Refer to the ‘Do you need to give your Tax File Number or Australian Business Number?’ section in the PDS for further details.2 Refer to the ‘Guide to completing the application form’ on page A for TFN exemption codes.Part 2: Australian Company Details or Corporate TrusteesName of Company*Registration Details* (ABN/ARSN/ACN)Registered Address*Unit NoStreet NoBuilding NameStreet NameSuburb <strong>State</strong> Post CodeCountryPhoneEmailTFN/ABN 1 or Reason for Exemption 2If you wish to use a postal address for mailing purposes only please complete Section A, Part 6.1 Refer to the ‘Do you need to give your Tax File Number or Australian Business Number?’ section in the PDS for further details.2 Refer to the ‘Guide to completing the application form’ on page A for TFN exemption codes.For private companies please provide details of major shareholders (i.e. holders of more than 25% of the issued capital).Please indicate the names and dates of birth of Directors*:NameNameNameNameNameDOBDOBDOBDOBDOBIf there are additional Directors, please provide this information on an additional page.30ii


Part 3: Foreign Company DetailsName of Company*Registration Details* (If applicable)Registered Address*Unit NoStreet NoBuilding NameStreet NameSuburb <strong>State</strong> Post CodeCountryPhoneEmailTFN/ABN 1 or Reason for Exemption 2Please indicate the names and dates of birth of Directors*:NameNameNameDOBDOBDOBIf there are additional joint investors, please provide this information on an additional page.If you wish to use a postal address for mailing purposes only please complete Section A, Part 6.1 Refer to the ‘Do you need to give your Tax File Number or Australian Business Number?’ section in the PDS for further details.2 Refer to the ‘Guide to completing the application form’ on page A for TFN exemption codes.Part 4: TrustsFull Trust/Name of <strong>Fund</strong>*Registration Details* (e.g. ABN or ACN)Superannuation <strong>Fund</strong> Number (if applicable)Registered Address*Unit NoStreet NoBuilding NameStreet NameSuburb <strong>State</strong> Post CodeCountryPhoneEmailTFN/ABN 1 or Reason for Exemption 2Please indicate the names and dates of birth of any members, beneficiaries, or any class of beneficiaries (as applicable) of the Trust:NameNameDOBDOBNameDOBIf there are additional beneficiaries, please provide this information on an additional page.1 Refer to the ‘Do you need to give your Tax File Number or Australian Business Number?’ section in the PDS for further details.2 Refer to the ‘Guide to completing the application form’ on page A for TFN exemption codes.Part 5: Other EntitiesName of EntityType of Entity (Partnership, Association, Registered Co-operative, Government Body, Sole Trader)iii31


Part 5: Other Entities (continued)Registered Address*Unit NoStreet NoBuilding NameStreet NameSuburb <strong>State</strong> Post CodeCountryPhoneEmailTFN/ABN 1 or Reason for Exemption 2Please complete the details of the officers of the entity in Part 1.1 Refer to the ‘Do you need to give your Tax File Number or Australian Business Number?’ section in the PDS for further details.2 Refer to the ‘Guide to completing the application form’ on page A for TFN exemption codes.Part 6: Postal AddressI wish to have all correspondence directed to my postal addressPO Box Unit No Building NameStreet NoStreet NameSuburb <strong>State</strong> Post CodeCountrySection B: Investment and Payment Details*Please insert the dollar amount you wish to invest in the <strong>Fund</strong>. $(Minimum investment is $25,000)Payment can be made by:Cheque. Cheques drawn on an Australian bank accountshould be made payable to ‘Apps 1 A/C (name of investor)’.Electronic transferAccount Name: Apps 1 A/CName of Institution: Westpac Banking CorporationBranch Number (BSB): 032 000Account Number: 193 646Section C: Income Distribution Details*I/we elect to receive distributions by:Additional units in the <strong>Fund</strong>Direct credit to my bank account (Please make sure you complete section D if this is your preferred method to receive income distributions.)Note that if you do not make a selection for your preference, the default is to reinvest any income distributions into additional units in the <strong>Fund</strong>.Section D: Australian Bank Account DetailsPlease provide your account details if you have requested us to credit your bank account with income distributions.These details will also be used for any future withdrawals you request (note this nomination will override any previous bank account details alreadyprovided).Name of Financial InstitutionBranch NameBranch BSB*Account Number*Account Name*iv


Section E: Reporting and Marketing MaterialAnnual financial statementWe are required by law to provide you with a copy of the <strong>Fund</strong>’s annual financial statement unless you indicate otherwise. If you do not wish for usto mail you a paper copy of this report (free of charge), you can view an electronic copy of the latest annual financial statement on our website atwww.dwsinvestments.com.au.Please cross the box if you do not require us to mail you a paper copy of the <strong>Fund</strong>’s annual financial statement each year.Marketing MaterialPlease cross the box if you would like to receive marketing material in respect of other funds where we act as Responsible Entity.Section F: Adviser Services FeeIf you have agreed with your adviser to have an Adviser Services Fee deducted from your investment, please complete this section.. % pa of the value of your investment in the <strong>Fund</strong> is to be deducted quarterly on or around 20 March, 20 June, 20 September and20 December.By completing this section, you acknowledge that we will continue to pay the Adviser Service Fee until you notify us to the contrary in writing.You must notify us in writing if you wish to vary the fee payment.We can terminate this arrangement by notifying you and your adviser in writing:on 30 days’ notice at any time; orimmediately if in our opinion, it is necessary to do so to comply with the Corporations Act.Signature Investor 1XSignature Investor 2XSignature Investor 3XSignature Investor 4XSection G: Margin LendingMargin Lenders please complete Margin Lending Provider details and provide your mortgage reference number.Margin Lending ProviderUnit NoStreet NoBuilding NameStreet NameSuburb <strong>State</strong> Post CodeCountryPhoneEmailPlease cross one box only Notice of Mortgage attached or Custodial applicationMortgage Reference Number (if applicable)Section H: Applicant Declaration and Signature*I/we, the above-named applicant(s) for investment in the <strong>Fund</strong>, declare that the details given in this application form are true and correct. Bycompleting this application I/we acknowledge that I/we were given access to a complete paper or electronic copy of the PDS at the same time(and by the same means) as accessing this application. I/we declare that by lodging this application form, I/we represent and acknowledge thatI/we have read and understood the PDS to which the application form relates. I/we have read and understood the conditions for use of thefacsimile transaction facility. I/we understand and acknowledge that collection of TFN information is authorised and its use and disclosure arestrictly regulated by the tax laws and privacy legislation. It is not against the law if you choose not to give your TFN, ABN or claim for exemptionbut, if you do not, tax may be taken out of the income payable to you (including income reinvested) at the highest marginal rate plus MedicareLevy. Any TFN supplied at any time may be applied to this investment and previous or future investments in my/our name(s).Further, by signing the application, I/we:a. agree to become bound by the provisions of the Constitution of the <strong>Fund</strong> and the terms and conditions set out inthe PDS (in particular, sections relating to risks of the <strong>Fund</strong>, the fees and other costs of the <strong>Fund</strong> and the disclosurerelating to conflicts of interest and related party transactions);v33


Section H: Applicant Declaration and Signature (continued)b. direct Deutsche Asset Management not to provide completed certificates in relation to any holdings in the <strong>Fund</strong>;c. acknowledge the income distribution election in section 8 and payment of distribution, including where any distribution paid into my nominatedbank account is returned to Deutsche Asset Management, I/we will receive a cheque in payment of such distribution;d. am/are at least 18 years of age if I/we am/are an individual(s);e. warrant that the information provided on this application form is correct and complete;f. acknowledge that the information contained in the PDS is not investment advice or a recommendation that units are suitable to me/us, givenmy/our investment objectives, financial situation or particular needs;g. represent and warrant that I/we have received the PDS in Australia;h. represent and warrant that I am/we are not in the United <strong>State</strong>s and I am/we are not a United <strong>State</strong>s person (and not acting for the account or benefitof a United <strong>State</strong>s person), and I/we will not offer, sell or resell units in the United <strong>State</strong>s to, or for the account or benefit of, any United <strong>State</strong>s person;i. acknowledge that once we receive this application form, I/we may not withdraw it;j. acknowledge that acceptance of my/our application and allocation of units in the <strong>Fund</strong> will be at the sole discretion of Deutsche AssetManagement and that Deutsche Asset Management has the right to reject any application;k. if investing as a trustee, on behalf of a superannuation fund or a trust I/we confirm that I/we am/are acting in accordance with my/ourdesignated powers and authority under the applicable trust deed;l. acknowledge that where individuals are investing as joint applicants, they must all sign the application form. However unless they expresslyindicate on the application form any units will be held as joint tenants and unless elected, any of the investors are able to operate the accountand bind the other investor(s) for future transactions, including additional applications and withdrawals, and withdrawals by fax;m. consent to the use or disclosure of my/our personal information as set out in the PDS; andn. declare that I/we have no knowledge of the revocation of that power of attorney, if signed under power of attorney.I/we acknowledge and understand that:a. units in the <strong>Fund</strong> do not represent deposits or other liabilities of Deutsche Bank AG, Deutsche Asset Management or any other member of theDeutsche Bank Group;b. investing in the <strong>Fund</strong> is subject to investment risk, including possible delays in repayment and loss of income and principal invested; andc. neither Deutsche Bank AG, Deutsche Asset Management nor any other entity guarantee the performance of the <strong>Fund</strong> or the repayment ofcapital invested in the <strong>Fund</strong>.By completing the application form, you agree to be bound by the following additional conditions if you give us a notice by fax:a. you acknowledge that there is a risk that fraudulent fax requests may be made by a third party;b. you agree that neither of Deutsche Asset Management, its officers, employees or agents, is responsible for any fraudulently completedcommunications and that none of Deutsche Asset Management, its officers, employees or agents will compensate you for any losses arisingfrom such communications; andc. you release and indemnify Deutsche Asset Management, its officers, employees and agents against any liabilities whatsoever arising fromDeutsche Asset Management, its officers, employees or agents acting on faxed communications from, or purporting to be from you.I/we confirm that I/we have provided the evidential information relevant to me/us, either with this application form or to my/our financial adviserwhose details are contained in the adviser section of this application form. By signing this application form I/we authorise the adviser to providecopies of this information to Deutsche Asset Management if required. In the case of joint applications, the joint applicants agree that unlessotherwise expressly indicated on this application form below, the units will be held as joint tenants and each investor is able to operate the accountand bind the other investors for future transactions, including additional applications and withdrawals, and withdrawals by fax. Please indicate thatyou wish all investors to sign the account.All investors must sign the application below.Signature Investor 1Please Print NameXPlease indicate the capacity in which you are signingIndividual Trustee Director AttorneySignature Investor 2Please Print NameXIndividual Trustee Director AttorneySignature Investor 3Please Print NameXIndividual Trustee Director AttorneySignature Investor 4Please Print NameXIndividual Trustee Director AttorneyIf additional signatures are required please provide an additional sheet with signatures. Corporate entities are requested to provide a copy of theirauthorised signatory list.Date signedIf this box is not ticked, any investor may sign and bind all investors for jointly held accounts when transacting.34vi


Adviser use onlyAdviser NameDealer Group/Licensee NameCompany NameAdviser ABNAdviser AddressAdviser AddressSuburb<strong>DWS</strong> Adviser CodeDealer Group Stamp<strong>State</strong>Post CodeBusiness Telephone NumberFax NumberLicensee DetailsAdviser EmailDateAuthorised Representative NumberI declare that I am authorised to sign on behalf of the dealer.Adviser StampI acknowledge that Deutsche Asset Management is not responsiblefor the advice that I provide to the applicant(s).I agree to indemnify Deutsche Asset Management against any claims madeagainst or loss incurred in connection with advice provided to the applicant(s).I acknowledge that Deutsche Asset Management may cease or vary theadviser service fee if so notified by the applicant(s) or otherwise terminatethe arrangement as stated in section F of this application form. The dealerand I are neither the agents nor partners of Deutsche Asset Management.vii35


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Responsible Entity and registered addressDeutsche Asset Management (Australia) LimitedABN 63 116 232 154Deutsche Bank PlaceLevel 16, Cnr of Hunter and Phillip StreetsSydney NSW 2000www.dwsinvestments.com.auTRADITIONAL THINKING IS NOT ENOUGH.

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