Astarra PDS

Product
ProductDisclosure
Disclosure
Statement
Statement
31st
1st August 2009
June 2009
Astarra Conservative Fund ARSN 092 298 130

Astarra Conservative Fund ARSN 092 298 130
Astarra Balanced Fund ARSN 092 301 132
Astarra Balanced Fund ARSN 092 301 132
Astarra Growth Fund ARSN 092 298 005
Astarra Growth Fund ARSN 092 298 005
Astarra Strategic Fund (Retail and Wholesale) ARSN 115 962 368
Astarra Strategic Fund (Retail and Wholesale) ARSN 115 962 368
Astarra Australian Covered Call Fund ARSN 135 473 353
Astarra Australian Covered Call Fund ARSN 135 473 353
Astarra International Covered Call Fund ARSN 135 473 522
Astarra International Covered Call Fund ARSN 135 473 522
Issuer and Responsible Entity: Astarra Capital Limited ABN 33 001 277 256
Issuer and Responsible Entity: Astarra Capital Limited ABN 33 001 277 256, AFSL 238000, RSE L0002721
Investment Manager: Astarra Asset Management Pty Limited ABN 24 113 940 953, Representative No. 336655
Investment Manager: Astarra Asset Management Pty Limited ABN 24 113 940 953, Representative No. 289387
Contact Details
For further information, or to obtain a copy of the Product Disclosure Statement (PDS),
please contact Astarra Capital Limited.
Level 1, 540 Swift Street
Albury NSW 2640
By Telephone:
Client Service Line: 1300 785 742
Call from any fixed telephone within Australia at the cost of a local call.
Monday to Friday: 8.45am to 5.00pm (NSW/Vic local time)
By Post:
Astarra Managed Funds
C/- Astarra Capital Limited
PO Box 1282
Albury NSW 2640
By Facsimile:
Investors and advisers: 02 6041 9355
By Email:
service@astarra.com.au
Offices of Astarra Asset Management Pty Limited

SYDNEY
Level 53, MLC Centre
19-29 Martin Place
Sydney NSW 2000
MELBOURNE
Level 12,
459 Collins Street
Melbourne VIC 3000
Phone: 1300 857 621
www.astarra.com.au
Important Information
In this Product Disclosure Statement (PDS), ‘Funds’ or ‘Managed Funds’ collectively mean Astarra Managed Funds, while ‘Fund’
or ‘Managed Fund’ means one of the Funds or a particular Fund within the Astarra Managed Funds. Each Fund is a managed
investment scheme that is registered with the Australian Securities and Investments Commission (ASIC). This PDS has not been
lodged with ASIC and ASIC takes no responsibility for the contents of this PDS.
As stated in the Fund’s Constitution, we can change the name of the Fund from time to time and advise that the Astarra Strategic
Fund was formerly known as the Alpha Strategic Fund.
We reserve the right to change any of the terms of the Funds in this PDS where permitted to do so by its constitution and by law.
The offer of units in the Funds in this PDS is only available to persons receiving this PDS (electronically or otherwise) in Australia or in
places where it is lawful to make such an offer or invitation.
Investments in the Funds are subject to investment risks, including possible delays in repayment and loss of capital invested. There
is no guarantee of the repayment of capital, the payment of income, the performance of the Funds or the achievement of investment
objectives.
All amounts in this PDS are in Australian dollars and reference to time is Sydney time (unless stated otherwise).
Contents
About this PDS 02
The Managed Funds At a Glance 04
Benefits and Risks of Investing 06

Benefits of Investing 06
Risks of Investing 06
Fund Profiles – Astarra Managed Funds 08

Astarra Conservative Fund 08
Astarra Balanced Fund 09
Astarra Growth Fund 10
Astarra Strategic Fund 11
Astarra Australian Covered Call Fund 12
Astarra International Covered Call Fund 13
Fees and Other Costs 14
How the Managed Funds Work 19
Taxation and Your Investment 22
Additional Information 25
How to Invest 28
About this PDS
About this PDS Investing through an investor The Responsible Entity – Astarra
directed portfolio service (IDPS) Capital Limited
This PDS is an important document that
describes the important features of the An IDPS or like service is an investment Astarra Capital Limited, ABN 33 001 277
Funds and aims to help you compare and reporting service, and is often called 256; RSE L0002721; Australian Financial
the Funds with others in which you may a master trust, wrap account, nominee Services Licence (AFSL) No 238000
be considering investing. You should or custody service. Investors who access (referred to in this PDS as ‘Astarra’, RE,
read it in full before deciding to invest or wish to access the Funds via an ‘us’, ‘our’ or ‘we’) is the responsible
and consider whether the Funds are IDPS may rely on this PDS to support entity and issuer of units in the Funds.
appropriate for you. This PDS contains the documentation provided to you by Under its AFSL, the RE is authorised by
general information only. It has been your IDPS operator. People who invest the ASIC to operate registered managed
prepared without taking into account in a Fund through an IDPS are indirect investment schemes. ASIC takes no
your personal investment objectives, investors. This means that investors responsibility for the contents of this
financial situation or particular needs. gaining exposure to a Fund through PDS.
Past performance information provided an IDPS are not classified as investors
Astarra is an alternative financial
in this PDS is given for illustration in that Fund. Instead, it is the operator
services provider specialising in trustee,
purposes only and should not be relied of the IDPS who invests for you and
administration and funds management
upon as (and is not) an indication of therefore has the rights of an investor. For
services, creating wealth for members
future performance. We recommend you example, you cannot attend unitholders’
and clients. Established in 1992, Astarra
seek professional financial advice before meetings or transfer units. The operator
services a number of corporations,
making an investment decision. You may or may not exercise these rights, in
professional groups and private clients as
should also consider the tax implications accordance with their arrangements with
well as public offer superannuation funds.
of investing in the Funds. you.
As the RE, we have overall responsibility
You can access further information that You will receive reports from your IDPS
for the Funds. Our main responsibility is
has been made publicly available that operator and should direct your enquiries
to manage each Fund according to its
might influence your decision, by visiting to them. The Funds do not keep
Constitution, investment policy and the
our website, www.astarra.com.au. You individual account records.
law. We may change a Fund’s investment
should keep a copy of the current PDS This PDS should be read in conjunction policy, without notice, where we believe
and any supplementary PDS for future with offer documents issued to you by that it is in the best interest of investors
reference. an operator of an IDPS. The availability in that Fund. We may also appoint other
of the Funds through the IDPS may be parties from time to time to assist us in
Up to date Information withdrawn at any time. If you invest via performing our responsibilities for the
an IDPS do not complete the application Funds.
The Responsible Entity (RE) uses
form located at the end of the PDS.
website disclosure (in accordance Neither Astarra nor any of its directors,
with ASIC Regulatory Guide RG 198) Please note that IDPS operators officers, employees, representatives and
to meet its continuing disclosure generally charge fees over and above related bodies corporate or associated
obligations and to update investors those disclosed in this PDS. Please refer parties, guarantee the performance of
on any change to information in this to the documentation issued to you by the Funds offered through this PDS,
PDS that is not materially adverse. the IDPS operator for details of such the rate of return on any investment
This includes information about fees. in the Funds, the meeting of the
investment performance and investment investment objectives for the Funds or
benchmarks. A paper copy of the the repayment of capital invested. These
updated information will be available free Funds are subject to investment risks
of charge upon request by calling us on including loss of income and loss of
1300 785 742. capital invested.
Investors are encouraged to visit our
website regularly for updated information:
www.astarra.com.au. Investors can also
elect to receive an Email alert every time
there is a new disclosure by applying
online or by including your Email address
in the application form.
ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

2
About this PDS
The Investment Manager The Compliance Plan Auditor Other Consents
– Astarra Asset Management Pty – KPMG AAM and the fund managers: FIL Limited
Limited The Compliance Plan Auditor of each of (Fidelity), Ausbil Dexia Limited, Integrity
The RE has appointed Astarra Asset the Funds is KPMG. KPMG has given Investment Management, Herschel Asset
Management Pty Limited (‘AAM’) (ABN its written consent to references to it in Management, DWS Investments, T.
24 113 940 953) as the investment this PDS (including the electronic version Rowe Price Global Investment Services,
manager. References to ‘Astarra Asset of this PDS) in the form and context BT Investment Management Limited,
Management’, ‘AAM’ and ‘Investment in which they appear, and has not Vanguard Investments Australia Ltd
Manager’ in this PDS mean Astarra Asset withdrawn that consent as at the date (Vanguard), Invesco Australia, Winton
Management Pty Limited. AAM is an of this PDS. It has had no involvement in Capital Management, AMP Capital
Authorised Representative of the RE and the preparation of this PDS and makes Investors Limited, PIMCO Australia
Wright Global Investments Pty Limited no representations or warranties as to its and Schroder Investment Management
(ABN 82 097 478 487; AFSL 225058). completeness or the appropriateness of Australia Limited have given their written
the information contained in this PDS. consents to references to them in this
AAM is an investment manager PDS (including the electronic version
supported by a team of investment of this PDS) in the form and context
specialists with expertise and experience
The Custodian – NATL
in which they appear, and have not
in managing investments through proven Astarra has appointed National Australia withdrawn their consents as at the date
strategies in global markets concerning Trustees Limited (‘NATL’) (ABN 80 of this PDS.
different asset classes, on behalf of retail, 007 350 405; AFSL 230703) as the
institutional and professional investors. Custodian to hold the assets of the No Guarantee
AAM has an investment committee Funds.
to ensure that it makes informed and Neither we nor AAM guarantee that you
transparent investment decisions in The Custodian will be paid by the RE will earn any return on your investment
the best interest of its clients. AAM’s as part of the expense recovery. The or that your investment will gain value or
investment philosophy is based on Custodian has given its written consent retain its value. Investment in the Funds
understanding the needs of its clients to references to it in this PDS (including is subject to investment risks, including
and tailoring solutions to meet their the electronic version of this PDS) in the possible delays in repayment and loss of
risk and return objectives through a form and context in which they appear, income and capital invested.
disciplined investment process aimed at and has not withdrawn that consent as
quality and value. at the date of this PDS. It has had no
involvement in the preparation of this
PDS and makes no representations
The Fund Auditor – WHK Audit & or warranties as to the completeness
Risk Assessment or appropriateness of the information
The Auditor of the Fund is WHK Audit contained in this PDS.
& Risk Assessment (‘WHK’). WHK has The RE may change the Custodian from
given its written consent to references time to time.
to it in this PDS (including the electronic
version of this PDS) in the form and
context in which they appear, and
has not withdrawn that consent as
at the date of this PDS. It has had no
involvement in the preparation of this
PDS and makes no representations or
warranties as to its completeness or
the appropriateness of the information
included in this PDS.

3
Managed Funds
The Managed Funds At a Glance

The Astarra Managed Funds give you access to a suite of investment options.
Astarra Astarra Balanced Astarra Growth

Conservative Fund Fund Fund
Features Minimum Minimum Minimum
Initial Investment $1,000 $1,000 $1,000
Additional Investment $1,000 $1,000 $1,000
Switching between Funds $1,000 $1,000 $1,000
Withdrawal of Investment $1,000 $1,000 $1,000
Account Balance $1,000 $1,000 $1,000
Regular Investment Plan
Ongoing Investment
(Regular investment is available either $100 $100 $100
Monthly, Quarterly, Half-yearly or Annually)
Regular Withdrawal Plan =

Regular Withdrawal
(Regular payment is available either $100 $100 $100
Monthly, Quarterly, Half-yearly or Annually)
Fund Details
APIR Code TOL0049AU TOL0050AU TOL0051AU

ARSN 092 298 130 092 301 132 092 298 005
Management Costs
(see ‘Fees and Other Management Costs (% pa) 1.05% 1.05% 1.05%
Costs’ on page 14) Buy / Sell Spread 0.20% Buy / Nil Sell 0.30% Buy / Nil Sell 0.40% Buy / Nil Sell
Astarra Strategic Fund Astarra Strategic Fund

(Class A - Retail) (Class B - Wholesale)
Features Minimum Minimum
Initial Investment $1,000 $50,000
Additional Investment $1,000 $10,000
Switching between Funds $1,000 $10,000
Withdrawal of Investment $1,000 $10,000
Account Balance $1,000 $10,000
Ongoing Investment
(Regular investment is available on a $100 N/A
Monthly basis only)
Regular Withdrawal Plan

Regular Withdrawal N/A N/A
Fund Details
APIR Code TOL0056AU TOL0055AU

ARSN 115 962 368 115 962 368
Management Costs
(see ‘Fees and Other Management Costs (% pa) 1.4% 1.1%
Costs’ on page 14) Buy / Sell Spread Nil Nil

4
Managed Funds
Astarra Australian Astarra International

Covered Call Fund Covered Call Fund
Features Minimum Minimum
Initial Investment $5,000 $5,000
Additional Investment $1,000 $1,000
Switching between Funds $1,000 $1,000
Withdrawal of Investment $1,000 $1,000
Account Balance $1,000 $1,000
Initial Investment $100 $100
Ongoing Investment $100 $100
Regular Withdrawal Plan
Regular Withdrawal $100 $100

Fund Details
ARSN 135 473 353 135 473 522

Management Costs
(see ‘Fees and Other Management Costs (% pa) 1.5% 1.5%
Costs’ on page 14) Buy / Sell Spread 0.3% Buy / 0.3% Sell 0.2% Buy / 0.2% Sell
Eligible Investors • Individuals over age 18

• Companies
• Trustees
• Partnerships
• Incorporated associations
Distributions Payment frequency – Quarterly, Half-yearly or Yearly depending on the Fund
(see ‘Distributions’ on (see ‘Fund Profiles’ on pages 8 to 13)
page 21) Payment options – Reinvested back into the Fund unless you request payment into your nominated
bank or other financial institution account.
Investment Risks All investing involves risk. Generally, the more risk you bear the higher your potential return, which may
(see ‘Risks of Investing’ be over the longer term, and the less risk you bear the lower your potential return.
on page 6)
Taxation We intend that the Funds will distribute at least the amount of their taxable income. This means that
(see ‘Taxation’ on page your Funds should not pay income tax, but instead you may be liable to income tax on your share of
22) the Funds’ taxable income (which may include realised capital gains). The components of your taxable
distribution may form part of your assessable income for tax purposes in the relevant income tax year.
Reporting We will provide you with the following reports on your Investment, as required.
(see ‘Investor Services’ • Investment confirmation
on page 21) • Income distribution statements (quarterly, half-yearly or yearly depending on the Fund)
• Annual tax statement
• Annual report
Performance of All the latest performance information can be found on the Astarra website, www.astarra.com.au or by
Funds calling the Astarra Client Services Line on 1300 785 742. A paper copy of the most recent information
will be sent to you free of charge, on request.
Past performance is not a reliable indication of future performance.
Other important We have a complaints handling procedure, refer to page 26 for more details.
Information A 14 day cooling off period may apply to your initial investment if you are a direct retail investor. Refer to
page 21 for further information.
Investors should visit our website at www.astarra.com.au for any updated information relating to these products.

5
Benefits & Risks
Benefits and Risks of Risks of Investing How we manage these risks

Investors should be aware that all It is important to understand that there
Investing investments are subject to risk that may will always be the risk in fluctuations
cause the value of your investment to in the value of investment and the
Benefits of Investing fall. In general, the more risk you bear, chance that you may lose money on
the higher your potential return may be your investment. Investment risk can
Investing in the Funds has a number of
over the longer term of your investment. be managed and minimised but it
benefits including:
It is important to consider these risks cannot be completely eliminated. We
• Access to investment prior to investing. Please talk to your aim to manage investment risks by
professionals. Managed funds financial adviser about the risks setting carefully considered investment
use the expertise of a team of involved in investing in a Fund and guidelines.
professionals to analyse investment how it might impact on your individual
opportunities. These professionals circumstances.
have access to investment
To help you consider the risks of
techniques, opportunities and
investing in the Funds, we have indicated
diversity which ordinary investors
the risk profile for each of the Funds,
may not be able to access or
which you will find in the ‘Fund Profiles’
manage.
part of this PDS. We have attempted,
• Diversification. The Funds allow in the table below, to provide a brief
you to pool your money with many description of an investor’s profile that
other investors to invest in a range of corresponds to the Fund’s risk profile.
assets, thereby helping reduce the Your financial adviser can assist you in
risk of investing. determining which Funds are suited to
your financial needs.
• Invest for less.Managed funds
can often invest for less cost than While it is not possible to identify every
ordinary investors because of buying risk relevant to investing in the Funds,
power and lower transaction costs. we have provided in the table (on page
7), significant risks that may affect your
investment. An investment within an
asset class may not necessarily be
exposed to each of the risks.
Fund’s Risk Profile Investor Profile

High For investors who aim to invest over a longer period and are prepared to take more risk in search of
potentially higher returns and are comfortable with volatility and the possibility of negative returns.
Medium to High For investors who aim to invest over a longer period and are prepared to take more risk in search of
potentially high returns and are comfortable with volatility and the possibility of negative returns.
Medium For investors who are looking for good long-term returns without high volatility in the long term.
Low to Medium For investors who are looking for some growth but are mostly concerned about protecting their capital in
the short term.
Low For investors who do not like risk, are concerned about protecting their capital and need access to their
money in the shorter term.

6
Benefits & Risks
Type of Risk Brief Description

Asset Class Risk: The asset class that a Fund invests in may fall in value, which can result in a reduction of your
investment. Below are the specific risks for each asset class.
• Australian Shares There are a number of factors that can cause the value of underlying shares held by the Fund,
including among others, changes to the Australian economy (as affected by social and political
factors), changes to an issuing company’s financial conditions, changes to the overall level of the
share market.
• International Shares In addition to the above, international shares can be affected by among others, international
social and political factors, exposure to movements in currency exchange rates.
• Property Investments in the property market provide exposure to risk, whereby returns are dependent on
capital growth and/or rental income from the underlying property investments. Factors that may
impact those returns include changes to the property market, changing investor demand for property
investments and interest rate fluctuations.
• Fixed Interest The level and movement of interest rates is the primary risk factor for this asset class. Falling interest
rates may lead to an increase in the value of the underlying security and rising interest
rates may lead to the decrease in value of the underlying security.
• Cash Changes in the level of interest rates will affect the amount of interest paid on cash investments.
Alternative Investment Although alternative investments have a different risk/return profile to traditional investments, they may
Risk have exposure to any of the risks included this table. Alternative investments may have less liquidity.
The underlying investment manager may use gearing that magnifies both gains and losses.
Investment Risk The value of your investment may rise or fall and you may receive back less than your original
investment.
Credit Risk This refers to a risk of loss caused by the failure of a party to a transaction not meeting its obligations,
including not repaying the principal in full and/or on time. A negative effect on an investment’s credit
rating could also cause the investment’s value to fall.
Cash Flow and This is the risk of a Fund not having sufficient funds available to meet investor withdrawal requests or
Liquidity Risk other liabilities in a timely manner or that an investment may not be easily converted into cash with
little or no loss of capital and minimum delay. This may be caused by among others, disruptions in the
market place; some investments may not easily be sold in sufficient time to pay for withdrawals. If this
occurs, withdrawals may be suspended for the protection of all investors, even if other assets can be
readily sold.
Counterparty Risk The Fund may be exposed to losses where counterparties to investments default on their obligations.
The risk may result in possible loss of income for the Fund, the original capital invested or delays in
withdrawals.
Derivative Risk The value of derivatives linked to the value of underlying assets can be highly volatile, and therefore,
potential gains or losses from derivative transactions can be substantial.
Foreign Exchange Risk Investments in international markets carry the risk that foreign currencies may rise or fall in value
relative to the Australian dollar, such that if the Australian dollar rises, the value of international
investments expressed in Australian dollars can fall.
Fund Risk This is inherent risk associated with the Fund and includes the risk that the Fund could be terminated,
the fees and charges could change and the RE and/or Investment Manager could be replaced. There
is also a risk that investing in the Fund may give different results than investing directly in equities
(because of the consequences of investment and withdrawal by other investors which may be at
different times to you) and because of income or capital gains and losses accrued in the Fund.
Interest Rate Risk Changes in interest rates may have a direct or indirect impact on investment values and/or returns.
Market Risk Markets are affected by a number of factors, including changes in market sentiment, economic,
social, political, environmental and technological issues.
Portfolio Construction It arises when the Investment Manager uses a limited number of underlying managers at certain
and Diversification Risk times. This could give rise to the Fund’s asset being concentrated and the Fund’s investment portfolio
may become more susceptible to fluctuations in value.
Valuation Risk The RE generally relies on external parties to determine the value of Fund assets. This risk arises
because Fund assets may be difficult to value due to a number of factors including, among others,
the lack of an independently verifiable price or securities being traded infrequently.

7
Fund Profiles
Fund Profiles - Astarra Managed Funds

Astarra Conservative Fund
APIR TOL0049AU ARSN 092 298 130

1
Investment Objective To achieve a gross return (i.e. before taxes, fees and charges are deducted) of 3% greater than the CPI
Growth per annum. In addition, to achieve a low probability of a negative return in any five year period.
Investment Strategy This option invests in a diversified portfolio which may include Fixed Interest, Listed and Unlisted
Property Trusts, Infrastructure Funds, Hedge Funds, Cash, Australian Shares and International Shares.
Suggested Minimum 3 years
Investment Timeframe We recommend you regularly review the appropriateness of the investment timeframe with your
financial adviser to ensure that it continues to reflect your needs.
Risk Profile Low to medium
Income Distributions Half-yearly
Fund Inception Date 26 April 2000
Asset Allocation The table below shows the range and asset allocation benchmark for each asset class.
Asset Class Range % Benchmark %
Australian Shares 0 - 25 15
International Shares 0 - 25 10
Property 0 - 10 5
Total Growth Assets 30
Fixed Interest 0 - 70 35
Cash 0 - 70 25
Total Income Assets 60
Total Alternatives 0 - 20 10
Investment fund3 Asset Class Underlying fund2

Australian Shares • Fidelity Australian Equities Fund
• Ausbil Investment Trusts - Australian Active Equity Fund
• Integrity Australian Shares Fund
• Herschel Absolute Return Fund
International Shares • T. Rowe Price Global Equity Fund
• DWS Global Equity Thematic Fund
Property • BT Wholesale Property Investment Fund
• Vanguard® International Property Securities Index Fund (hedged)
• Invesco Wholesale Global Property Securities Fund
Alternatives • Astarra Strategic Fund
Fixed Interest • AMP Capital Investors
• PIMCO Target Return Fund
• Schroder Fixed Income Fund
Cash • Astarra Asset Management via National Australia Bank
Investment Period to 30 June 2009 Net Annual Return

Performance
1 year (0.27)%
3 years 4.68%
5 years 7.19%
Past performance is not indicative of future performance.

1
The investment objectives are not intended to be a forecast. They are merely an indication of what the Fund aims to achieve over the medium to long term on
the assumption that equity and bond markets remain relatively stable throughout that time. The Fund may not be successful in meeting this objective. Returns
are not guaranteed.
2
The underlying funds may change from time to time at the discretion of the Investment Manager. The changes are updated and published on our website at
www.astarra.com.au
3
This represents the intended mix of investments, however, the RE may adjust the asset mix or vary the investment strategy to suit investment conditions at the
time. This means that the asset allocation may vary or investments may be outside this range for short-term tactical reasons and to reflect changing market
conditions without notice to investors.
Additional information about the Fund, which forms part of this PDS, is available at the RE’s and the Investment Manager’s website (see ‘incorporation
by reference’ on page 27 for details).

8
Fund Profiles
Astarra Balanced Fund

1
Investment Objective To achieve a gross return (ie before taxes, fees and charges are deducted) of 4.5% greater than the
CPI Growth per annum. In addition, to achieve a low probability of a negative return in any five year
period.
Suggested Minimum 3 to 5 years
Risk Profile Medium
Asset Allocation2 The table below shows the range and asset allocation benchmark for each asset class.
Property 0 - 20 10
Cash 0 - 50 15

• Winton Global Alpha Fund
Fixed Interest • PIMCO Target Return Fund

Performance
1 year 0.71%
3 years 6.21%
5 years 8.92%

1
are not guaranteed.
2
www.astarra.com.au
3

9
Fund Profiles
Astarra Growth Fund

1
Investment Objective To achieve a gross return (ie before taxes, fees and charges are deducted) of 5% greater than the CPI
Growth per annum. In addition, to achieve a low probability of a negative return in any five year period.
Risk Profile Medium to High
Asset Allocation2 The table below shows the range and asset allocation benchmark for each asset class.
Property 0 - 25 10
Cash 0 - 25 5

• Winton Global Alpha Fund
Fixed Interest • PIMCO Target Return Fund

Performance
1 year (3.73)%
3 years 5.48%
5 years 9.19%

1
are not guaranteed.
2
www.astarra.com.au
3

10
Fund Profiles
Astarra Strategic Fund
Retail APIR TOL0056AU ARSN 115 962 368

Wholesale APIR TOL0055AU ARSN 115 962 368
Investment Objective1 To provide investors with consistent long term capital appreciation in both rising and falling
market conditions. Over the long term, the Fund is aiming to produce returns (i.e. before taxes,
fees and charges are deducted) of 3% greater than CPI Growth per annum.
Investment Strategy The investment strategy is based on identifying and executing alternative approaches to
traditional asset classes such as fixed income and equities. The Investment Manager‘s multi
strategy / multi asset style aims to achieve the most efficient exposure to its desires strategies
either directly or indirectly through underlying managers. The Fund may utilise Deferred Purchase
Agreements in investing in underlying managers.

Risk Profile2 Medium

Income Distributions The RE does not intend to make distributions from the Fund. If it does, distributions will be half-
yearly.
Fund Inception Date 9 September 2005
Asset Allocation The table below shows the range and asset allocation benchmark for each asset class.
Equities 0 - 40 20
Fixed Income 60 - 100 80
Total 100
Performance Benchmark UBS Warburg Bank Bill Index
Investment Performance
Period to 30 June 2009 Net Annual Return Net Annual Return
Retail Wholesale
1 year 5.38 6.14
3 years 9.56 10.27
5 years N/A N/A

1
The investment objectives are not intended to be a forecast. The Fund may not be successful in meeting this objective. Returns are not guaranteed.
2
The risk profile of the Fund is based on the conservative nature of the fund strategies. The Fund may in fact not have a medium risk profile at certain static points
in the investment chain. Investments in the Fund are not guaranteed and you may lose money as a result of investing in the fund.

11
Fund Profiles
Astarra Australian Covered Call Fund
ARSN 135 473 353

1
Investment Objective The Fund’s primary investment objective is to provide regular income with a secondary objective
of long term capital appreciation from the Australian sharemarket.
Investment Strategy The investment strategy is based on investing primarily in a portfolio of securities listed on the
Australian Stock Exchange and will seek to identify and select companies with above average
growth and financial strength. The Fund will maintain a portfolio of bought and sold options over
Australian shares in order to deliver additional income and reduce investment risks.
The Fund will employ an option strategy, specifically, writing ‘covered call’ options on common
stocks comprising at least 80% of the total assets of the Fund. This strategy is designed to
produce income from option premiums and offset a portion of a market decline, if any, in the
underlying common stock, thereby managing and controlling investment risk.

Income Distributions Quarterly
Fund Inception Date 4 February 2009
Asset Allocation2
Cash / Fixed Interest 0 - 20 10
Total 100
Performance Benchmark S&P / ASX 300 Index
Investment Performance This is a newly established fund. As such, no performance figures are available.
1
are not guaranteed.

12
Fund Profiles
Astarra International Covered Call Fund
ARSN 135 473 522

1
Investment Objective The Fund’s primary investment objective is to provide regular income with a secondary objective
of long term capital appreciation from the International sharemarket.
Investment Strategy The investment strategy is based on investing primarily in a portfolio of securities listed on
International Stock Exchanges and will seek to identify and select companies with above
average growth and financial strength. The Fund will maintain a portfolio of bought and sold
options over International shares in order to deliver additional income and reduce investment
risks. The Fund may utilise Deferred Purchase Agreements in investing in underlying managers.
The Fund will employ an option strategy, specifically, writing ‘covered call’ options on common
stocks comprising at least 80% of the total assets of the Fund. This strategy is designed to
produce income from option premiums and offset a portion of a market decline, if any, in the
underlying common stock, thereby managing and controlling investment risk.

Income Distributions Annually
Fund Inception Date 4 February 2009
Asset Allocation2
Cash / Fixed Interest 0 - 20 10
Total 100
Performance Benchmark MSCI World ex Australia (Net Div) (AUD)
Investment Performance This is a newly established fund. As such, no performance figures are available.
1
are not guaranteed.

13
Fees & Other Costs
Did you know?

Small differences in both investment performance and fees and costs can have a substantial impact on your long
term returns. For example, total annual fees and costs of 2% of your fund balance rather than 1% could reduce your
final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000). You should consider
whether features such as superior investment performance or the provision of better member services justify
higher fees and costs. You may be able to negotiate to pay lower contribution fees and management costs where
applicable. Ask Astarra or your financial adviser.
To find out more

If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities
and Investments Commission (ASIC) website (www.fido.asic.gov.au) has a managed investment fee calculator to help you
check out different fee options.
This table shows fees and other costs that you may be charged. These fees and costs may be deducted from your money, from
the returns on your investment (if any) or from the Fund’s assets as a whole. Taxes are set out on page 22. You should read all the
information about fees and costs because it is important to understand their impact on your investment. Fees and costs for the Fund
are set out on page 14 to 18. Amounts shown are inclusive of GST and net of any applicable reduced input tax credits available.
Type of Fee or Cost Amount How and when paid

Fees when your money
moves in or out of the Fund
Establishment Fee
Nil Not applicable
The fee to open your investment.
Contribution Fee 0 - 4.00% (not applicable to If applicable, the contribution fee is deducted monthly
The fee on each amount Astarra Australian Covered Call from the investors balance.
contributed to your investment. Fund and Astarra International Please refer to ‘Additional explanation of fees and
Covered Call Fund) costs’ for more information.
Withdrawal Fee
The fee on each amount you take Nil Not applicable
out of your investment.
Termination Fee
Nil Not applicable
The fee to close your investment.
Management Costs 1
The fees and costs for managing 1.05 - 1.50% of your total monies The management costs for the Fund consist of the
your investment. The amount you invested depending on the RE fee, an expense recoveries fee and an investment
pay for specific investment options Investment Option. management fee. For a breakdown of the management
is shown on page 16. For a worked dollar example of the costs for the Fund, please refer to “Additional
management costs, please refer Explanation of Fees and Costs” on page 16.
to “Example of annual fees and These amounts are not deducted from your account
costs”. but reduce the returns you would otherwise receive.
The management costs represented by the range
are calculated from the Fund monthly in arrears1. The
management costs are not negotiable.
Performance Fees The performance fee is 10.50% When payable, the performance fee is paid to the
The fee charged if the Fund’s per annum for the Astarra Manager on a six monthly basis, deducted directly
return results in an increase in the Strategic Fund ONLY. from the Fund and is reflected in the unit price.
net asset value (NAV) of each class For more information on when the performance fee is
of units, measured from month to payable and how it is calculated see ‘Performance fee’
month’. on page 17.
Service Fees
Investment Switching Fee
The fee for changing investment Nil Not applicable
options.
Adviser Service Fees Up to 1.10% pa Negotiated with your adviser and deducted from your
investment monthly in arrears.
1
The management costs may include an amount payable to advisers. Please refer to “Commission Payable to Advisers and/or Agents” on page 18

14
Fees & Other Costs
Example of Annual Fees and Costs
This table gives an example of how the fees and costs in the Astarra Conservative Fund, Astarra Balanced Fund or the Astarra
Growth Fund can affect your investment over a 1 year period. You should use this table to compare this product with other
managed investment products.
Example - Astarra Conservative Fund,

Astarra Balanced Fund or Balance of $50,000 with a Contribution of $5,000 during year
Astarra Growth Fund
Contribution Fees For every additional $5,000 you put in, you will be charged
0.0% - 4.0%
between $0 and $200.
PLUS Management Costs 1.05%1 pa And, for every $50,000 you have in the Funds you will be charged
$525 each year.
PLUS Advisor Service Fees And, for every $50,000 you have in the Funds you will be charged
0.0% - 1.1% pa
between $0 and $550 each year.
EQUALS Cost of fund If you had an investment of $50,000 at the beginning of the year
and you put in an additional $5,000 during that year, you would be
charged fees of from:
$525 to $1,275.2
What it costs you will depend on the fees
you negotiate with your financial adviser.
1
The management costs may include an amount payable to advisers. Please refer to “Commission payable to Advisers and/or Agents” in this PDS.
2
Additional fees, such as transaction costs and bank and government charges may apply.

The following tables give examples of how the fees and costs in the Astarra Strategic Fund can affect your investment over a 1
year period. You should use these tables to compare this product with other managed investment products.
Example - Astarra Strategic Fund

Balance of $50,000 with a Contribution of $5,000 during year
(Retail Investors)
0.0% - 4.0%
$700 each year.
$700 to $900.2
1
2
Example - Astarra Strategic Fund

Balance of $50,000 with a Contribution of $10,000 during year
(Wholesale Investors)
0.0% - 4.0%
$550 each year.
$550 to $950.2
1
2

15
Fees & Other Costs
This table gives an example of how the fees and costs in the Astarra Australian Covered Call Fund or the Astarra International
Covered Call Fund can affect your investment over a 1 year period. You should use this table to compare this product with other
managed investment products.
Example - Astarra Australian Covered

Call Fund or Astarra International Balance of $50,000 with a Contribution of $5,000 during year
Covered Call Fund
Contribution Fees Nil For every additional $5,000 you put in, you will be charged $0.
1
PLUS Management Costs 1.5% pa And, for every $50,000 you have in the Astarra Covered Call Funds
you will be charged $750 each year.
PLUS Advisor Service Fees And, for every $50,000 you have in the Astarra Covered Call Funds
0.0% - 1.1% pa
you will be charged between $0 and $550 each year.
$750 to $1,300.2
1
2
Additional Explanation of Fees and Costs

Management costs breakdown1
Expenses Investment Total

Fee for
Fund RE Fee (pa) Recoveries Management Management
$50,000 (pa)3
Fee (pa) Fee (pa) Costs (pa)2
Astarra Conservation Fund 0.45% 0.10% 0.50% 1.05% $525.00
Astarra Balanced Fund 0.45% 0.10% 0.50% 1.05% $525.00
Astarra Growth Fund 0.45% 0.10% 0.50% 1.05% $525.00
Astarra Strategic Fund - Retail 0.45% 0.10% 0.85% 1.40% $700.00
Astarra Strategic Fund - Wholesale 0.45% 0.10% 0.55% 1.1% $550.00
Astarra Australian Covered Call Fund 0.45% 0.10% 0.95% 1.50% $750.00
Astarra International Covered Call Fund 0.45% 0.10% 0.95% 1.50% $750.00
1
No Performance fees are payable from the Fund to the Investment Manager (except for the Astarra Strategic Fund). Further, where the Fund gains access to
investments through other investment managers of other Registered Managed Investment Schemes those Schemes may charge other fees and expenses,
including performance fees, which are not paid directly by you but will reduce the value of your investments. For a worked dollar example of the management
costs, please refer to “Example of Annual Fees and Costs” on pages 15 to 16.
2
The total management costs shown are a before tax estimate only and could vary due to any change in Management Expense Ratio (MER) of the underlying
fund.
3
Assuming no income is earned on investments, no additional monies are contributed and no income is reinvested.

16
Fees & Other Costs
RE Fee and Expense Recoveries Transaction Costs and Buy / Sell Performance Fees (For Astarra
Fee Spreads Strategic Fund Only)
The RE Fee is part of the management Transaction costs are the costs for A performance fee is payable to the
costs and is charged by Astarra for the buying and selling investments, such as Investment Manager.
provision of administration and other buy/sell spreads (which is explained in
The performance fee is 10.50% per
services to the Fund. This fee is 0.45% the subsequent paragraphs), brokerage
annum of the increase in the net asset
pa for the Astarra Managed Fund’s net and government charges including
value (NAV) of each class of units,
assets, calculated daily and charged stamp duty. Transaction costs depends
measured from month to month. Once
monthly in arrears from the Funds. on the number and value of assets
a performance fee has been earned
bought and sold and are difficult to
The RE will be reimbursed with Expense for a particular class of units, no further
predict with certainty in any given time.
Recoveries Fees for all expenses performance fee can be earned from
These costs are incurred on a day to day
and liabilities properly incurred by the that class until the NAV for that class
management of the Funds.
Funds. Some of the most common increases above its previous high. If the
reimbursements include cost of The buy/sell spread is a transaction NAV of a class falls below a previous
correspondence, accounting, audit cost charged to enter (buy units) or exit high, no further performance fee can
and legal services, bank charges, (sell units) the Funds. This is charged be earned until the loss has been made
taxes, unit issue, registration and because entering or exiting a Fund will up. This is called the “high water mark”
redemption, compliance plan and incur brokerage and other costs to buy restriction. The NAV for each class is
committee costs, cost to prepare and and/or sell the Funds units. The buy/sell adjusted to reflect any increases or
print this PDS. A more complete list of spread is built into the entry and exit decreases in the NAV resulting from
reimbursable expenses may be found in unit prices of each Fund and therefore new subscriptions, distributions or
the constitutions of each Fund, copies impacts the return on your investment. redemptions. The performance fee is
of which can be made available upon The RE’s estimate of the buy/sell spread calculated and paid every 6 months.
request from RE, at no cost to you. The charged for the Funds are set out below
Note: Many funds use a high water
expense recovery fee will not exceed and is based on the weighted average
mark approach to remunerate their
0.10% per annum of the net asset value buy/sell spread charged by the current
investment managers in a way that
of each Fund. fund managers.
reflects their performance. The high
The buy/sell spreads apply to some of water mark ensures that the investment
Investment Managers Fee the Funds and are subject to variation at manager is not paid large sums for poor
The RE’s estimate of the investment any time, and without notice to you. performance. If they lose money over a
management fees charged for the Fund period, they must get the fund above the
are referred to in the table on page 16. high water mark before they receive any
performance fee.
These investment management fees are
subject to variation as the Investment
Fund Name Buy / Sell Spread
Manager may make investments other
than in accordance with its benchmark Astarra Conservative Fund 0.20% Buy / Nil Sell
asset allocation. The variation of this Astarra Balanced Fund 0.30% Buy / Nil Sell
fee may occur at any time, and without
notice to you, if an investment manager Astarra Growth Fund 0.40% Buy / Nil Sell
varies its fees or if the RE adds, removes Astarra Strategic Fund Nil Buy / Nil Sell
or replaces the Investment Manager.
Astarra Australian Covered Call Fund 0.3% Buy / 0.3% Sell
Astarra International Covered Call Fund 0.2% Buy / 0.2% Sell
In practice, as any Performance Fee is

Performance Fee - Worked Example accrued in the unit price each month,
The fund reaches $500,000 in the first year. In the second year the fund loses the actual dollar impact will vary with the
$100,000 and in the third year the fund makes $250,000. In year 3, the Manager amount of your account balance at the
has exceeded the high watermark of $500,000. time the fee is deducted.
Year 3 – Manager exceeds high watermark This example is provided for illustrative purposes
$250,000 - $100,000 = $150,000 only and does not represent any actual or
prospective performance of the Astarra Strategic
Manager has exceeded high watermark by $150,000 Fund (fund). We do not provide any assurance
that the fund will achieve the performance used
Therefore the performance fee payable to the Manager will be calculated as in the example and it is not possible to estimate
follows: the actual performance fee payable in any future
10.50% x $150,000 = $15,750 per annum period, as we cannot accurately forecast what the
performance of the fund will be.

17
Fees & Other Costs
Bank and Government Charges Adviser Service Fees Can the Fees Change?
In addition to the fees, standard Adviser Service Fees are the fees that Yes, all fees, charges and expenses
government fees, duties and bank you negotiate with your adviser and will may change due to various reasons
charges may also apply to investments be paid by the RE from your investment including changing economic conditions
and withdrawals (including dishonour account to your licensed adviser or to the and changes in regulation. However, we
fees and conversion costs and bank licensed advisory service in which your expect that management costs will be
cheques) and are paid by the investor. If adviser works for. This fee may be up to maintained.
your application cheque or direct debit 1.10% p.a. of your account balance.
We will provide you with 30 days notice
is dishonoured we will charge you a
of any proposed fee change, to allow
dishonour fee, currently $20, together Contribution Fees enough time for you to withdraw from the
with any bank dishonour fee we incur.
A contribution fee may be charged Funds, if you wish. You should carefully
when you make an initial or additional consider the taxation implications of
Taxation withdrawing and consult your tax adviser
contribution to the Funds. This fee is
The RE intends to distribute all of the deducted directly from your contribution. with regards to specific implications
net taxable income of the Funds (after If you acquire investments in the Funds to your situation. Please refer to the
deducting Fund expenses) to investors. where no third party is involved (i.e. Taxation Information section on page 23.
If this occurs, under the present taxation without a financial adviser) you will pay The ASIC website, www.asic.gov.au, also
legislation, no Australian income tax no fees. offers a fee calculator to help investors
will be paid by the Funds. Please refer understand the impact of changes to
Contribution fees are payable for the
to page 22 of this PDS for further investments and relevant charges over
Astarra Conservative Fund, Astarra
information on taxation benefits passed time. The impact of small increases or
Balanced Fund, Astarra Growth Fund
onto the investor. decreases to your investments can be
and Astarra Strategic Fund. If you
acquire the investments in the Funds significant. The fee calculator may also
Commission Payable to Agents through a financial adviser, there may be help investors compare the charges on
and/or Advisers a contribution charge of up to 4.00%. changes to the investments from one
You may be able to negotiate a lower fund to another.
The RE may pay to its agents,
entry fee with your financial adviser. If so,
distributors, custodians or operators
of IDPS or IDPS-like service such as a
your financial adviser will nominate an Can the Fees be Negotiated?
adjusted amount on the application form
master trust or wrap providers, or to We do not negotiate fees with any
for which you must agree to and sign.
licensed/authorised financial advisers, a investor or potential investor. Contribution
fee or ongoing commission from its RE and Adviser Service Fees are negotiable
fee (or from RE’s other resources). Such between you and your Adviser.
fees are not an extra cost to you.

18
Managed Funds
Should your circumstances change You may withdraw some or all of your
How the Managed you may stop and restart your Regular units in the Funds at any time. This is
Funds Work Investment Plan at any time simply by
writing to us. If you wish to cease regular
however subject to the provisions of the
Corporations Act and the Constitution of
Processing your Application payments, you may do so, however you the Fund, which may restrict withdrawals
Form should retain your minimum investment in if the Fund is no longer liquid. Please
the Funds of $1,000 per Fund ($10,000 refer to page 20 for details on liquidity
You will need to complete the Application for Wholesale Investors in the Astarra risk. Make sure to check the minimum
Form for the Astarra Managed Funds Strategic Fund). amount that can be redeemed as
to invest in any of the Funds. If we are outlined in the Managed Funds at a
unable to process your application If your balance falls below the minimum
glance on page 4. If your total investment
because it is invalid, your application will investment required, we may redeem
in any of the Funds has a value of less
not be processed and the application your units and pay you the redemption
than $1,000 ($10,000 for Wholesale
monies will be placed in a trust account. proceeds, without notice to you.
Investors in the Astarra Strategic Fund),
Money may normally be retained in the Astarra may redeem all of your units
trust account for a maximum of one
Adding to your Investment and pay you the redemption proceeds
month before it is returned. However, You may also make additional without notice to you.
if it is not reasonably practicable for us investments into the Funds once you Your withdrawal request will need to be
to return the money within one month, have made your initial investment. in writing and must include:
we will return it by the end of such Additional investments will require you
longer period as is reasonable in the to complete the Application Form for • Your name and current address;
circumstances. the Funds and either arrange electronic • Your investment account number;
transfer of the application monies to
Any interest earned in the trust account • The number of units to be withdrawn
our bank account or forward a cheque.
is not payable to an investor, but will (in dollars or units);
The minimum amount for additional
be credited to the benefit of the Funds.
investments into the Funds is $1,000 or • Details of the bank, credit union or
Application money will remain in the trust
$10,000 for Wholesale Investors in the building society account where you
account until a valid application with
Astarra Strategic Fund. wish to have the proceeds deposited
the relevant documentation is received,
otherwise the money will be returned to Investments into a new Fund (taking into including account name, account
you. consideration the minimum investment number and BSB number;
requirements) will also require you to • Your signature including the signature
We have a right to reject any application
complete the Application Form for the (s) of relevant unit holder(s) if the units
or accept it in part only.
Fund. are not held in your name; and
Making Regular Investments • Certified copy of proof of identity.
Withdrawing or Switching
You may build up your investments by Please note that investments held in
A withdrawal is a request to redeem
regularly investing $100 or more once joint unit holders must be signed by
or realise some or all of your units.
you have made your initial investment all joint unit holders, if not indicated on
Switching some or all of your
of $1,000 in the Funds ($5,000 for the Application Form for either to sign.
investments from one Fund to another
investors in the Covered Calls Funds). In the case of a company unit holder,
is also considered a withdrawal as the
You may make investments to suit your authorised officers of the company
subsequent reinvestment is considered
preference on a monthly basis. The should sign.
a new investment. For a switch to a new
regular investment plan is not available
Fund (minimum of $1,000 or $10,000 Send your request by mail to:
to Wholesale Investors in the Astarra
for Wholesale Investors in the Astarra Astarra Managed Funds
Strategic Fund.
Strategic Fund) you will also need to PO Box 1282
The regular investments are generally complete the Application Form for the Albury NSW 2640
made on the fifteenth of each month, Fund.
or, where this is not a business day, the
following business day by direct debit
transfers from your nominated Australian
bank, building society or credit union
account. You should complete a direct
debit request form, if you wish to make
regular investments to the Funds.

19
Managed Funds
The redemption proceeds will be directly In circumstances where investments for Calculation of Unit Price
credited into your nominated bank the Astarra Strategic Fund are not readily
account. A cheque can be sent to you available for withdrawal from underlying On a monthly basis, a ‘withdrawal
(the investor) upon request, although funds, the RE may suspend or delay unit price’ is calculated for each Fund
this process may take longer than direct the processing of withdrawals from the based on the net (i.e. after fees, charges
crediting. Fund, where it considers such action to and other liabilities) asset value of the
be in the best interest of unitholders to Fund divided by the number of units
Subject to redemption rules applicable in the Fund. The Fund may apply a
do so. The RE may suspend or delay the
to the Astarra Managed Funds where buy/sell spread to the withdrawal price,
processing of withdrawals for up to 24
redemption may not occur within 30 which would reduce the amount of the
months.
days, Astarra has generally up to 30 days withdrawal unit price. For details on the
to effect a redemption request following buy/sell spread, see page 17 of this PDS.
receipt of the request. The Regular Payment
An ‘entry unit price’ is calculated by
Astarra may delay or refuse a withdrawal Under the Regular Payment Plan adding the buy/sell spread to the
request from the Funds for such other you may withdraw on a monthly, withdrawal unit price. For details on
period as considered reasonable in its quarterly, half-yearly or yearly basis, a the buy/sell spread, see page 17 under
view of all the circumstances if: predetermined amount (minimum of the heading, “Transaction Costs and
$100 per period) subject to the minimum Buy/Sell Spreads”. The unit prices are
• it is in the best interests of the balance required to be held in your recalculated on at least a weekly basis
members of the Fund; or account being maintained. Note that the and will change in accordance with the
• there is a circumstance outside its regular payment plan is not available for value of the Fund and number of units
control which impacts on its ability to investors in the Astarra Strategic Fund. issued. The prices are rounded to the
fairly calculate unit prices; or This amount will be automatically paid nearest four decimal places.
• it receives a redemption request(s) in into your Australian bank, building society When investing you will be allocated
respect of 10% or more of the value or credit union account nominated on the a certain number of units by dividing
of the net assets of the Fund; or Application Form. This payment will be your invested amount by the next entry
made generally on the 1st day of each unit price calculated at the end of the
• the Fund is not liquid. month (or where this is not a business day that we receive your investment.
day the following business day). When withdrawing, the amount you will
Units will be redeemed at the withdrawal
price. The withdrawal price will be In calculating the number of units to receive is the number of units withdrawn
calculated as an amount equal to the be redeemed to make your regular multiplied by the next withdrawal unit
unit value based on the market close payment amount, the withdrawal unit price.
prices on the business day the request price is used. If you require this option,
is received by RE less any relevant please complete sections 8 and 9 on the
transaction charges (the buy/sell spread). Application Form.
Should your circumstances change
Fund Liquidity you may stop and restart your Regular
The Law allows the RE to suspend Payment Plan at any time simply by
all withdrawals or impose alternative writing to us.
arrangements for withdrawal when the You should be aware that withdrawing
Fund is not liquid (within the meaning units will reduce your investment capital
given to that term in the Corporations and may result in capital loss when you
Act 2001). A Fund is considered liquid if cash your units in at times of depressed
at least 80% of its assets can be realised markets and low unit prices. Withdrawing
at market value to meet withdrawal units can also have a capital gains tax
requests. If the Fund ceases to be liquid, effect and an adjustment for the buy/sell
units may only be withdrawn pursuant spread. Please refer to page 17 of this
to a withdrawal offer to all unit holders in PDS for further information about the
the Fund in accordance with the Fund’s buy/sell spread.
Constitution and the Corporations Act.

20
Managed Funds
Distributions The cooling-off period will not apply Investor Services
when an investor exercises a right in
On a quarterly, half-yearly or yearly respect of the relevant units, such as The RE recognises the importance
basis the Funds will have a distribution voting on the units held. The cooling- of keeping you informed about your
pro-rated to the number of units held by off period does not apply in certain investment. We will provide you with
each unit holder at the end of the period. circumstances, such as where the Fund a statement confirming the following
The distribution will be automatically is not liquid for the purposes of the transactions as soon as is reasonably
reinvested at the prevailing withdrawal Corporations Act (a Fund will be liquid if practicable after the transaction occurs:
unit price of that distribution period 80% of its assets can be readily turned • Initial contributions;
unless you choose to have it credited into cash).
to your Australian bank, building society • Additional investments; and
or credit union account. Importantly, as Cooling-off rights are not available to
the next entry price is used, there are no investors who are Wholesale Investors • Withdrawals.
transaction costs incurred by you when (as defined in the Corporations Act).
this distribution is reinvested. We will also send you:
Investors investing via an IDPS or IDPS-
like scheme should seek advice from • an income distribution statement
Cooling-Off their service operator as to whether (quarterly, half-yearly or yearly
cooling-off rights can be exercised depending upon the Fund);
Unless the Fund is not liquid, a 14-day
cooling-off period applies to investments through that scheme.
• an annual tax statement to assist
made by retail investors in the Fund. with your tax return; and
During this 14-day period, retail investors • an annual report (if you request it).
have the right to cancel their initial
investment, by writing to the RE. An
investor’s initial investment will then be
repaid after the RE makes adjustments
up or down for changes in the value
of the investment, and reasonable
administrative and transaction costs
Fund Name Distribution Frequency
incurred.
Astarra Conservative Fund Half-yearly
As a retail investor, your cooling-off
period will begin on the earlier of the Astarra Balanced Fund Half-yearly
receipt of your confirmation statement or Astarra Growth Fund Half-yearly
the 5th day after units are issued and will
end on the 14th day after that date. The Astarra Strategic Fund Half-yearly
confirmation statement you receive will Astarra Australian Covered Call Fund Quarterly
state the date on which the units were
Astarra International Covered Call Fund Yearly
issued.

21
Taxation & Your Investment
Distributions Please note that the Australian tax laws
Taxation and Your may deny franking credits attached to
Distributions of income made by the
Investment Funds will retain their character in the
distributions on units where the investor
has not owned and held the units at
As the Australian taxation system is hands of investors. risk for a continuous period of 45 days
complex and individual investors have All distributions of taxable income will (the “45 day rule”). Individuals will not be
different circumstances, we advise all form part of the investor’s assessable denied franking credits upon failure of the
investors to seek professional taxation income and should be included in 45-day rule where the total imputation
advice before investing in the Funds. their annual income tax return. An credits does not exceed $5,000 in the
The information in this statement is of a annual tax statement outlining the relevant income tax year.
general nature and does not take into various components of taxable income
account the specific circumstances of comprising the distribution will be sent Capital Gains Tax
each individual investor. The comments to investors to assist in the completion
contained in this section are not, and are of their income tax returns. Distributions Any redemption or transfer of units in
not intended to be, taxation advice to which are reinvested in additional units the Funds will constitute a disposal
any potential investors. Reliance should in the Funds will also be included in the of those units which can result in the
not be placed on the general information assessable income of an investor. realisation of a taxable capital gain
provided below. or loss to the investor. Capital gains
Where a distribution includes a tax realised by an individual, a trust or a
This statement is based on Australian deferred amount, this will not be included complying superannuation fund from the
income tax and Goods and Services Tax in the investor’s assessable income but redemption or transfer of their units may
(“GST”) laws at the date of publishing will reduce the investor’s cost base in the be subject to a CGT discount where the
this PDS. Potential investors should be units held in the Funds (refer below for investor has held the units for more than
aware that taxation laws are frequently further details under the heading “Capital 12 months. The discount percentage
changing, both prospectively and Gains Tax”). We recommend you seek for an individual or trust (other than
retrospectively. Our taxation comments independent professional tax advice in a complying superannuation fund) is
will not be updated to take account of this regard. 50%, and the discount percentage for
subsequent changes to the tax laws.
a complying superannuation fund is
Imputation Credits 33.33% (to two decimal places).
General
If the Funds receive dividend income, Distributions of tax-deferred amounts
Astarra intends to distribute all of the net the Funds will pass on the benefits of made by the Funds will result in the
income of the Funds to investors (after any imputation credits attached to these reduction of the investor’s cost base of
deducting Fund expenses which includes dividends to Australian resident investors the units held in the Funds. Where the
management fees). As the investors through the payment of a distribution investor’s cost base is reduced to nil,
should be presently entitled to all of with attached franking credits. receipt of future distributions of tax-
the net income of the Funds, Astarra deferred amounts will result in a capital
(as the RE of the Funds) should not be Investors will be required to include their gain realised in the hands of the investor
subject to income tax on the net income. share of dividend income and imputation in the income tax year the tax-deferred
Instead, investors will be liable for any credits in their assessable income. A tax- distribution was received. The cost base
income tax on the taxable income to offset equal to the imputation credits may of investor’s interest in the Funds should
which they are presently entitled. generally be offset against tax payable by be monitored and reduced by tax-
the investor. If imputation credits exceed deferred amounts. This will ensure that
Tax Position of Australian the tax payable on the grossed up any capital gains tax liability arising from
franked dividend, the excess imputation tax-deferred amounts received after the
Resident Investors credits may reduce the investor’s tax investor’s cost base has been reduced to
The following general information is liability by offsetting other tax payable. nil can be recognised appropriately.
provided on the assumption that: Where the Funds distribute franking
credits that exceed the investor’s tax
• The investor is an Australian resident payable, certain investors (e.g. individuals
and is not under any legal disability or complying superannuation funds) may
for income tax purposes; be entitled to a refund of the excess or
• The investor holds units on capital in the case of companies, may convert
account for Australian income tax the excess franking credits to income tax
purposes; and losses.
• The investor does not acquire units

in the Funds in the course of carrying
on a business of investing in financial
instruments and therefore does not
hold the units as trading stock or
on revenue account for income tax
purposes.

22
GST Distributions of Other Australian Foreign Investment Fund (“FIF”)
GST will not be payable on your Income The FIF rules, contained in Part XI of
investment in the Funds or on Under the new withholding tax provisions the Income Tax Assessment Act 1936,
distributions you receive from the (applicable from 1 July 2008), the apply to Australian resident investors that
Funds. Expenses charged to the Funds managed investment trust (“MIT”) have an interest in a foreign company
(including Astarra Capital Limited’s withholding tax regime will remain a or foreign trust at the end of the year of
responsible entity fees) may include GST. non-final withholding regime only for the income. Where the operative provisions
The Funds may not be entitled to claim year ending 30 June 2009 for recipients of this Part apply, the Australian resident
an input tax credit for the full amount of in countries with which Australia has investor may be required to include
that GST. The GST included in expenses an exchange of information (“EOI”) income and gains from such investment
that cannot be claimed as an input tax agreement. in a foreign company or trust on an
credit will be a net cost to the Fund. attribution or accruals basis for the
From 1 July 2009, the MIT withholding relevant year of income.
The amount of fees and charges stated tax regime becomes a final withholding
in this PDS are inclusive of any GST (net regime. The tax rate applicable to MIT It is noted that the legislative provisions
of input tax credits), unless otherwise fund payments to recipients in EOI contain various exemptions from the
stated. countries for the 2009 income year is FIF rules. For example, the balanced
22.5%. The rates for MIT fund payments portfolio exemption applies where the
Tax File Numbers / Withholding to recipients in EOI countries in the 2010 fund’s interest, being greater of cost or
and 2011 income years will be 15% and market value, in non-exempt FIFs is not
Tax
7.5% respectively. In all other cases (i.e. more than 10% of the total value of its
Collection of Tax File Numbers (“TFN”) is recipients in non-EOI countries) the rate FIF investments.
authorised, and their use or disclosure will be 30% and the tax will be a final tax. We note that an announcement by
is strictly regulated by the Australian Tax
As the Funds should fall within the MIT the Australian Government in the May
laws and Privacy Act 1988 (Cth). It is
withholding tax regime, Australian non- 2009 Federal Budget outlined a general
not compulsory to quote your TFN, but
resident withholding tax may be withheld proposal to repeal the existing FIF rules
TFN withholding tax may be taken out of
at the applicable rate from distributions and revise the current Controlled Foreign
your distributions at the highest marginal
of taxable income derived by the Funds Company (“CFC”) rules. It was proposed
rate, plus Medicare levy, if you do not
from sources in Australia (other than that the CFC rules be rewritten into the
quote your TFN or claim an exemption.
dividends, interest and royalties), and Income Tax Assessment Act 1997 as
Investors should be entitled to a credit or
capital gains arising from direct or the primary set of rules aimed at offshore
refund for TFN withholding tax amounts
indirect interests in taxable Australian tax deferral arrangements. Please
withheld upon lodgement of their income
property (“TAP”). We recommend you note, however, that in the absence of
tax return for the year in which the TFN
seek independent professional tax advice enacted legislation to bring into effect the
withholding occurred. By quoting your
in relation to your Australian compliance proposed changes, the current legislative
TFN, you authorise us to apply it to
obligations and whether you can claim a provisions in relation to FIFs remains
your investment and disclose it to the
tax credit in your home country for this unchanged.
Australian Taxation Office.
withholding tax.
A business may quote its Australian
Business Number (“ABN”) in lieu of
Capital Gains - Disposal of Units
its TFN to avoid any withholding tax
deductions. Broadly, non-resident investors in the
Funds will only be subject to capital gains
Tax Information for Non- tax on capital gains arising from direct or
indirect interests in TAP.
Australian Tax Resident
Investors Where a non-resident investor disposes
of units in a Fund, the units will constitute
Distributions of interest, unfranked an indirect interest in TAP if the non-
dividends and royalties (if any) to non- resident’s interest in the Fund is 10%
resident investors will be subject to or more at the time of disposal (or
Australian withholding tax at the rates of throughout a 12 month period within 2
10%, 30% and 30% respectively, unless years prior to disposal) and where the
modified by an applicable international market value of the Fund’s TAP assets
tax treaty. We recommend you seek exceeds the market value of the assets
independent professional tax advice in that are not TAP.
relation to whether you can claim a tax
credit in your home country for this tax.
Non-residents will not be subject to
Australian tax on income derived from
sources outside Australia.

23
Foreign Income Tax Offsets If the total foreign income tax paid is It is noted that existing carry forward
(“FITO”) $1,000 or less, the ‘foreign tax offset excess foreign tax credits in the last
cap’ does not apply and the investor will 5 years are converted into a single
Under the new FITO rules which apply be entitled to claim the FITO for the full classless bundle under the transitional
from 1 July 2008, an Australian resident amount of foreign income tax paid (i.e. FITO provisions. There are various rules
investor will, prima facie, be entitled to a the $1,000 de minimus rule). If the total concerning the eligibility for conversion
non-refundable FITO for foreign income foreign income tax paid is greater than of existing carry forward excess foreign
tax paid in respect of an amount included $1,000, an investor may elect to use the tax credits and utilisation of such from
in the investor’s Australian assessable above $1,000 de minimus rule. 1 July 2008. We recommend you seek
income. independent professional tax advice in
Capital losses (foreign and domestic)
The amount of FITO is limited to the this regard.
should be applied against foreign capital
lesser of foreign income tax paid and gains (with foreign income tax paid) prior
the ‘foreign income tax offset cap’. to the determination of the amount of the
The ‘foreign income tax offset cap’ is FITOs available. If the investor has a net
essentially equal to the Australian tax capital loss for the income year, FITOs
payable on the foreign income included will not be available to the investor in
in the Australian assessable income. respect of the foreign income tax paid on
Foreign income tax paid in excess of the gross capital gains.
‘foreign tax offset cap’ is disregarded and
no offset or deduction will be allowed for
this amount.

24
Additional Information
Borrowings Continuing Disclosure Compliance
Although the Constitution of the Fund The RE will provide regular reporting and Under the Corporations Act, the Funds
allows the RE to borrow up to 20% of the details of any changes to the Funds on are required to have a Compliance Plan.
gross asset value of a Fund for limited its website at www.astarra.com.au. The RE has prepared Compliance Plans
purposes, the Fund is free of borrowings for each Fund which have been lodged
In addition to any relevant changes to
as at the date of this PDS. Within the with ASIC. The Compliance Plan sets
information in this PDS, the website will
Fund, the RE may allocate monies to out measures and procedures that the
include:
managers who utilise borrowings within RE, as the responsible entity of the
the wholesale funds they manage. • A copy of the most recent Annual Funds, will implement to ensure that the
Financial Report of each Fund operation of the Funds complies with the
Social Security Corporations Act and the Constitution.
• Historical investment performance
An investment in the Fund may affect and distributions The Compliance Plan will be audited at
your entitlement to a pension or other least once a year by an external auditor
• If the fund is a disclosing entity (i.e. who will report on their findings to us and
social security benefit. As the calculations it has, at that time, 100 or more
involved are complex you should seek ASIC. A Compliance Committee, with a
investors) majority of external members, has been
advice from your financial adviser or seek
information from the financial information - that Fund’s half yearly report established for the purpose of monitoring
service provided by Centrelink. - continuous disclosure information the RE’s adherence to the Funds’
Compliance Plans.
Investors are encouraged to visit our
Authorised Investments website regularly for updated information: Our Duties as Responsible
For the Fund all monies received are www.astarra.com.au. Investors can also Entity
invested in authorised investments which elect to receive an Email alert every time
there is a new disclosure by applying As responsible entity of each Fund we
include, but are not limited to, Australian must comply with all obligations set out
and International investments, including online or by including your Email address
in the application form. in each Constitution. You can request
other unit trusts, shares, fixed interest a copy of a Fund’s Constitution by
securities, property unit trusts, options Paper copies of this information will also contacting Astarra (a fee may apply). We
and currencies contracts subject to be available on request by contacting the are also subject to many duties under
AFSL conditions. The RE achieves this RE on 1300 785 742. the law including duties to act honestly,
either through investments in specialist exercise care and diligence, and treat
unit trusts or through direct investments. investors equally. We receive fees for
Your Liability as a Unitholder
A cash holding may be held from time acting as RE.
to time. The Constitution of the Fund The Constitution provides that, in the
contains no restrictions on the type event of any deficiency in the assets of
of investments, assets, rights or other the Fund, the liability of unitholders will
property which may form part of the be limited to their investment in the Fund.
Fund. If the investment strategy changes
significantly from that disclosed in the The Constitution
PDS we shall give you 30 days notice in
writing before implementing the change. The Funds are registered managed
investment schemes under Chapter 5C
of the Corporations Act 2001 (Cth) and
are regulated by ASIC.
Each Fund has its own Constitution.
Unit holders in the Funds are bound by
the provisions in the Constitution and
the RE has a duty to comply with the
Constitution.
A Constitution may be altered if the RE
reasonably considers that the change
will not adversely affect the unit holders’
rights. Otherwise, a Constitution may
only be amended by special resolution
of the investors in accordance with the
Corporations Act.

25
Conflicts and Related Party Making a Complaint Protecting Your Privacy
Transactions Any complaints regarding your Astarra must comply with the Privacy Act
The RE, Investment Manager and their investment should be directed to Astarra 1988 (Cth). This Act generally regulates
associates may from time to time: (refer to inside front cover for contact the collection, storage, quality, use and
details). disclosure of personal information. If you
(a) act for or be involved in other are an individual, it will be necessary
financial services business; We will endeavour to resolve your
for Astarra to collect your personal
complaint by:
(b) act in various capacities in relation to, information to provide you with the
or be in direct competition with the • acknowledging the complaint as financial products you have requested.
interest of unitholders; soon as practicable;
We will not disclose any information that
(c) invest in or deal in any capacity with • ensuring the complaint receives we have about you unless:
the same investments as that of a proper consideration by the
• the law requires;
Fund; appropriate person or body;
• we consider that your adviser needs
(d) appoint related parties for purposes • acting in good faith by attempting to
the information; or
of meeting its obligations and correct any error capable of being
responsibilities in respect of a Fund; corrected; • we or someone from our group
or needs it to send promotional material
• taking appropriate action (if action is
to you. If you don’t want this, please
(e) receive financial benefits of any required) to remedy the complaint;
advise us in the Application Form.
nature in connection with a Fund, and
If you think our records are wrong or out
and may do so without being liable to • communicating to you the outcome
of date, particularly your address, email
account to the Funds or unitholders. of our investigations, the remedies (if
address or adviser, it is important that
The RE will endeavour to ensure that any) available to you and information
you contact us and we will correct them.
any such conflict is resolved fairly regarding avenues available for
and in accordance with each relevant further complaint, remedy or action You can always access the personal
Constitution, the law, and its internal to you as soon as practicable (but information we hold about you by written
policies. Similarly, the RE will endeavour not more than 45 days after receiving request to us.
to ensure that all investments and your complaint).
We do not disclose any non-public
transactions with related parties are If you are still dissatisfied with our personal information about our current
managed in accordance with the law response, you may lodge your complaint or former unit holders to non-affiliated
and internal policies, and in particular, with the Financial Ombudsman Service third parties, except as permitted by law.
conducted on arms-length terms. (FOS), an external industry complaints For example, we are permitted by law to
resolution service approved by ASIC and disclose all of the information we collect,
Your Rights of which the RE is a member. as described above, to our administrator
or service providers to process your
When you invest you will receive units in Financial Ombudsman Service (FOS)
transactions.
a Fund. Each unit represents an equal GPO Box 3
proportionate beneficial interest in the MELBOURNE VIC 3001 Furthermore, we restrict access to your
assets of the Fund as a whole and does Phone 1300 780 808 non-public personal information to those
not give you an interest in any particular E-mail: info@fos.org.au persons who require such information
asset of the Fund. Web: www.fos.org.au to provide products or services to you.
We maintain physical, electronic, and
In order for a complaint to be considered
procedural safeguards that comply with
by FOS, the claim must be under
federal standards to guard your non-
$150,000 (unless Astarra and you agree
public personal information.
otherwise in writing).
In the event that you hold units of the
Fund through a financial intermediary,
including, but not limited to, a broker-
dealer, bank, or trust company,
the privacy policy of your financial
intermediary would govern how your
non-public personal information would
be shared with non-affiliated third parties.

26
Eligible Investors Investing through a Master Trust Labour Standards or
You must be 18 years or over to invest or Wrap Account Environmental, Social and
in the Fund. An adult can make an It is generally the operator of that Ethical Considerations
investment on behalf of a minor by service which becomes the investor in Neither the RE nor the Investment
completing the Application Form in the the Fund (not you). It follows that they Manager takes labour standards,
adult’s name on account for the minor. have the rights of an investor and can or environmental, social or ethical
The offer of units in the Fund is available exercise them in accordance with their considerations into account when
to persons receiving a copy (electronic arrangements with you. The responsible making investment decisions in respect
or otherwise) of this PDS within Australia. entity, trustee or operator of any Master of a Fund. However, such issues may
This PDS is not an offer or invitation in Trust or Wrap accounts service through financially affect an investment.
relation to the Fund in any place where, which you invest, is responsible for that
or to any person to whom, it will not be service. Any such financial effect would influence
lawful to make that offer or invitation. our investment decisions. The investment
Applications from outside Australia will If you are investing through a Master manager for an underlying fund may
not be accepted. Trust or Wrap Account, then enquiries have various policies regarding the extent
and complaints should be directed to to which they take into account such
the operator of that service, not to the matters when investing.
Nominated Representatives RE (unless the RE is the responsible
You may wish to appoint a person, entity of the service). Where an investor
Incorporation by Reference
partnership or company as your is a Master Trust, Wrap Service or other
nominated representative. To do so, Investor Directed Portfolio Services The law allows us to provide certain
the nominated person or party must (IDPS) type investment service, the statements or information to you
complete the relevant section of minimum investment applicable to that separately to this PDS, which is taken to
the Application Form. A nominated service provider shall be the minimum be incorporated into this PDS. Additional
representative is able to act on behalf of initial and ongoing investment amount information about the Funds’ investment
a unit holder in all matters relating to the as agreed with the IDPS-like service process forms part of this PDS.
Fund. provider.
This incorporated information is publicly
In addition to reading this document, available at www.astarra.com.au and can
Financial Advisers you should read the document, which be obtained free of charge by contacting
If a Fund was recommended to you explains the Master Trust, Wrap Account us on 1300 785 742.
by a financial adviser (as evidenced on or IDPS like scheme.
your Application Form) then details of
your investment will be provided to that
adviser.

27
How to Invest
Any Questions? Please arrange an electronic When filling out Application
Call the Client Service Line on: transfer to: Forms:
1300 785 742 Bank: National Australia Bank • write legibly in block letters
Branch: ALBURY NSW 2640 • tick boxes
Cheques should be made BSB: 082-406 • use a black or dark blue pen
payable to: Account No: 540-041-532
Account Name: Astarra Investment Essential: Application Form
Astarra Investment Service Service
Reference: Name of Investor / Investor This form must be completed to invest in
Number the Fund.
Please forward cheques and
forms to: Optional: Direct Debit Request Form
Please advise the RE of all
PO Box 1282 attached to the Application Form
ALBURY NSW 2640 electronic transfers immediately:
This form should be completed if you
By Mail: PO Box 1282 wish to establish a regular Investment
ALBURY NSW 2640 plan paid directly from a nominated
Or Fax: (02) 6041 9355 account.

28
This page has been left blank intentionally.

29
Application Form
Issuer and Responsible Entity: Additional Identification In some circumstances, the Responsible
Astarra Capital Limited Requirements Entity may need to re-verify this
ABN 33 001 277 256 information.
AFSL 238000, RSE L0002721 The Responsible Entity is required to
comply with the Anti-Money Laundering By applying to invest in the Funds,
Before you sign this application form, and Counter-Terrorism Financing Act the investor acknowledges that the
the Responsible Entity or your financial 2006 and underlying regulations and Responsible Entity may delay or refuse
adviser is obliged to give you the guidelines (AML/CTF Laws). This means any request or transaction, including by
Product Disclosure Statement dated 31 that the Responsible Entity will need suspending the issue or redemption of
August 2009 (PDS) which is a summary additional identification information units in the Funds, if the Responsible
of important information relating to when an investor purchases units in Entity is concerned that the request or
investing in the Astarra Managed Funds a Fund and when undertaking certain transaction may breach any obligation of,
(collectively “Funds” and each ‘the other transactions in relation to their or cause it to commit or participate in an
Fund”). The details in the PDS will help investments. offence under any AML/CTF Laws, and
you to understand the product and we will incur no liability for any loss you
decide if it is appropriate to your needs. If The Responsible Entity will need to may suffer (including consequential loss)
you receive this PDS electronically, paper identify an investor and investor types to you if we do so.
copies are available free of charge on under the following circumstances:
request from the Responsible Entity. • Prior to investing in the Funds
- identify an investor including
all investor types noted on the
Application form. The Responsible
Entity will not issue units until all
relevant information has been
received and identity has been
satisfactorily verified.
• On death of the investor - if the
investor dies while they are an
owner of units in the Funds, the
Responsible Entity will identify their
legal personal representative prior
to redeeming units or transferring
ownership to their estate.
• Investor nominates a representative
- if an investor nominates a
representative while they are an
owner of units in the Funds, the
Responsible Entity will not allow
the representative to be added as
a signatory to the Funds until the
nominated representative has been
properly identified.

30
Application Form
Dated 31 August 2009
Before you sign this application form the Responsible Entity or your financial adviser is obligated to give you a Product Disclosure
Statement (PDS) dated 31 August 2009 (which is a summary of important information relating to the Astarra Managed Funds).
The details in the PDS will help you to understand the Fund’s and decide if they are appropriate to your needs. If you receive this PDS
electronically, paper copies are available free of charge on request from Astarra.
1. INVESTOR OFFICE USE ONLY
New Go to Section 2
Entered By:
Existing Give details of your existing account below
Existing Account Name Checked By:
Existing Account Number

If any of your details have changed, please complete them in the relevant section below,
otherwise go to Section 6.
2. WHICH CATEGORY DO YOU FIT INTO?
Individual(s) - Go to Section 5 Sole Trader - Go to Section 5

Superannuation Fund - Go to Section 3 & 4 Trust - Go to Section 4 & Section 5 for
individuals trustees or Section 3
Partnership - Go to Section 5 for company trustees
Company - Go to Section 3 Co-operative - Go to Section 3
Association - Go to Section 3 Government Body - Go to Section 3
3. COMPANY, INCORPORATED ASSOCIATION OR BODY DETAILS
Name of Company, Incorporated Association or Body
ABN / ARBN / Other (as applicable) Tax File Number

Contact Person
Country of Registration (if not Aust.)
Phone Number Fax Number
4. TRUST DETAILS
Name of Trust, Superannuation Fund, Minor, Deceased Estate or Unincorporated Association
Trustees must complete section 12 as applicable and provide appropriate documentation (e.g. extract of trust deed).
Trustee / Executor Name(s)

ABN / ARBN / Other (as applicable) Tax File Number
Contact Person
Country of Registration (if not Aust.)
Phone Number Fax Number
ASTARRA MANAGED FUNDS APPLICATION FORM

i
Application Form
5. INDIVIDUAL DETAILS
INDIVIDUAL 1 Male Female Date of Birth D D M M Y Y Y Y

Title Mr Mrs Miss Ms Other
Surname
Given Name/s
Residential / Registered Address
Suburb State Postcode
Phone Number (Work) Phone Number (Home)
Email Address
Postal Address (if different from above)
Tax File Number OR exemption / reason (please tick one):
Age service veteran or invalid person Not required to lodge tax return
Non resident (please specify country of residence)
INDIVIDUAL 2 Male Female Date of Birth D D M M Y Y Y Y

Surname
Given Name/s
Residential / Registered Address
Email Address
Tax File Number OR exemption / reason (please tick one):
Age service veteran or invalid person Not required to lodge tax return
Non resident (please specify country of residence)
6. NOMINATED REPRESENTATIVE
I/We wish to nominate the following person as my/our nominated representative

Name
Residential Address
Mobile Number Facsimile
Signature of the Nominated Representative

ii
Application Form
7. NOMINATED FINANCIAL ADVISER
I/We wish to nominate the following person as my/our financial adviser

Adviser Name InvestSMART Financial
Services Pty Ltd
Dealership Name ABN 700 890 385 31
AFSL #: 226435
Phone Number (Work)
Ph: 1300 880 160 To be filled out by Financial Adviser:
Facsimile www.investsmart.com.au Authorised Representative No.:
AFS Licensee Holder Name:
Adviser Service Fee 0.4 4 % (maximum 1.10%)
AFS Licence No.:
Contribution Fee % (maximum of 4.0% for Astarra Strategic Fund only)
Adviser Signature
8. INITIAL AND REGULAR INVESTMENT DETAILS
INITIAL INVESTMENT
Astarra Conservative Fund Amount:
Astarra Balanced Fund Amount:
Astarra Growth Fund Amount:
Astarra Strategic Fund (Retail) Amount:
Astarra Strategic Fund (Wholesale) Amount:
Astarra Australian Covered Call Fund Amount:
Astarra International Covered Call Fund Amount:
REGULAR INVESTMENT PLAN VIA DIRECT DEBIT

I/We would like to establish a regular monthly payment paid directly from a bank account?
No Yes (Please select Investment Plan below and fill in the Direct Debit Form on page ix)
Amount per frequency
FREQUENCY Monthly Quarterly Half Yearly Annually
INITIAL INVESTMENT
Astarra Conservative Fund Amount:
Astarra Balanced Fund Amount:
Astarra Growth Fund Amount:
Astarra Strategic Fund (Retail) Amount:
Astarra Strategic Fund (Wholesale) Amount:
Astarra Australian Covered Call Fund Amount:
Astarra International Covered Call Fund Amount:

iii
Application Form
8a. DISTRIBUTION AND REGULAR PAYMENT DETAILS
DISTRIBUTIONS
I/We elect to receive my/our distributions by way of:
Re-Investment as additional units OR Direct Credit to my bank account nominated in section 9.
REGULAR INVESTMENT PLAN VIA DIRECT CREDIT

I/We would like to establish a regular monthly payment paid directly to a bank account?
No Yes (Please fill in the Direct Credit details below)
Amount per frequency
FREQUENCY Monthly Quarterly Half Yearly Annually
9. INSERT DETAILS OF ACCOUNT TO BE CREDITED
Financial Institution Name

Address
Account Name
BSB Number -
Account Number

iv
Application Form
10. DECLARATION
A. In signing this Application Form:

• I/We acknowledge that I/we have received a complete copy of the Product Disclosure Statement dated 31 August 2009
(PDS) for the Astarra Managed Funds or a printout of it.
• I/We have read and understood the PDS and agree to the conditions specified in the PDS in respect of any benefit I am/we
are entitled to as a unit holder of the Astarra Managed Funds.
• I/We hereby apply for units in one or more of the Astarra Managed Funds as set out in this application and agree to be
bound by the provision of the PDS and the relevant Funds’ Constitutions as amended from time to time.
• I/We acknowledge that I have read and understood the implications of supplying or not supplying my/our TFN (See Tax File
Numbers/Withholding Tax section of the PDS) and, if a TFN has been provided, authorise Astarra Capital Limited (ACL) to
quote my/our TFN or exemption to the Australian Taxation Office.
• I/We agree to provide any information relating to my/our application for units in the Astarra Managed Funds as and when
requested, or upon any change of information previously advised.
• I/We consent to ACL disclosing information that I/we have provided to it in this application or otherwise to its related
entities, their respective directors, officers, employees and also to its agents, representatives and other service providers
for the purpose of operating my/our investor account(s).
• I/We acknowledge that I/we can access the personal information that I/we have provided to ACL.
• I/We have read all questions contained in this application and all other forms submitted to ACL in relation to this application
and confirm that to the best of my/our knowledge and belief, the answers and information provided are true, correct and
complete.
• I/We acknowledge that neither ACL nor any related company nor the investment manager for Astarra Managed Funds
guarantees the payment of capital or the performance of the Astarra Managed Funds.
• I/We understand that ACL is bound by laws on the prevention of money laundering and the financing of terrorism, including
the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF laws) and therefore by completing this
application form, I/we agree that:
(i) I/we do not subscribe to Astarra Managed Funds under an assumed name;
(ii) any money used by me/us to invest in the Astarra Managed Funds is not derived from or related to any criminal
activities;
(iii) any proceeds of my/our investment will not be used in relation to any criminal or unlawful activities;
(iv) if I/we are requested, I/we will provide ACL with additional information that ACL reasonably require for the purposes of
AML/CTF laws (including information about an investor, any beneficial interest in the units, or the source of funds used
to invest);
(v) I/we have provided certified copies of my/our genuine identification and will if requested by ACL provide further
identification and other required documents to establish my/our identification and any beneficial owner of the units or
any other third party who act for me/us including my/our duly authorised representative(s) to comply with AML/CTF
laws;
(vi) ACL may delay, suspend or refuse to process my/our application form or any transaction on my/our investor
account(s) in the absence of the required documents and information under AML/CTF laws: and
(vii) ACL may disclose information it has obtained from me/us to the relevant regulators or other parties [which may be
used by ACL to verify further identification of my/our or of other persons’ named in (iv) above] to comply with the AML/
CTF laws (whether in or outside of Australia).
B. Where I/we have elected to use the Regular Investment Plan, I/we release, discharge and indemnify ACL from all losses,
liabilities, actions, proceedings, claims and demands arising out of any improper, incomplete or unclear instructions
provided by me/us or of any failure by me/us (or by another party on my/our behalf) of any action required on my/our part,
under the Plan.
C. Please tick ’’

I do not wish to receive any marketing material.
I do not wish to receive a hard copy of an annual report as we have the access to that report on ACL’s website
(details on the inside front cover). (If you do not tick this box, a copy of the annual report will be sent to you).

v
Application Form
11. SIGNATURES
INDIVIDUAL AND JOINT

1. Applicant - Print name (First, Middle, Surname) 2. Applicant - Print name (First, Middle, Surname)
1. Applicant Signature 2. Applicant Signature

Date D D M M Y Y Y Y Date D D M M Y Y Y Y
WITNESS - (Witness must NOT be a joint applicant) WITNESS - (Witness must NOT be a joint applicant)
1. Witness - Print name (First, Middle, Surname) 2. Witness - Print name (First, Middle, Surname)
1. Witness Signature 2. Witness Signature

COMPANY / INCORPORATED ASSOCIATION OR BODY

Company Seal here, if used
Company / Association Name
ABN / ACN
Is this a Sole Director Company? Yes No
Director / Sole Director and Sole Secretary Name Director / Secretary Name
(First, Middle, Surname) (First, Middle, Surname)
Director / Sole Director & Sole Secretary Signature Director / Secretary Signature

Date D D M M Y Y Y Y Date D D M M Y Y Y Y
Please make your cheque payable to “ASTARRA INVESTMENT SERVICE”

vi
Application Form
12. CERTIFICATION
PART A. SIGNATORY DETAILS

Surname
Given Name/s
Date of Birth D D MM Y Y Y Y
Account Name
Account Number (if known)
Signature (to be signed in the presence of the certifier)
PART B. DOCUMENTS EXAMINED BY THE CERTIFIER

Primary Photographic Identification Document (e.g. Passport or Driver’s Licence)
Type of Document Document No.
Name of Document
Office / Country of Issue Issued By
Date of Birth D D M M Y Y Y Y Date of Issue D D M M Y Y Y Y Date of Expiry D D M M Y Y Y Y
Primary Non-photographic Identification Document (e.g. Birth Certificate, Citizenship Certificate, Pension Card)
Address of Document
Secondary Non-photographic Identification Document (e.g. Birth Certificate, Citizenship Certificate, Pension Card)
Address of Document
PART C. DETAILS OF CERTIFIER

Surname
Given Name/s
Residential Address
Occupation
PART D. STATEMENT BY CERTIFIER

(a) I have examined the identification documents whose details are shown in Part A of this certification and have certified them
to be a true and correct copy.
(b) I have attached a copy of those documents to this application.
(c) The signatory signed the identification certification in my presence. The certifier needs to view sufficient documents to be
satisfied as to the identity of the individual and to be able to record his/her residential address.
Category of Certifier 1 - 15 (refer to list on page viii)
Date of Birth D D M M Y Y Y Y Signature

vii
Application Form
NOTES OF GUIDANCE FOR ACCEPTABLE CERTIFIERS
The certifier needs to view sufficient documents to be satisfied as to the identity of the individual and to be able to record his/
her residential address. An identification certification must be signed in the presence of an acceptable certifier. An identification
certification is to be provided for each signatory to an account.
A primary photographic identification document means any of the following:
1. a licence or permit issued under a law of a State or Territory or equivalent authority of a foreign country for the purpose of
driving a vehicle that contains a photograph of the person.
2. a passport issued by the Commonwealth or a foreign government that contains a photograph and signature of the person
and that has not expired in the preceding 2 years.
3. a card issued under a law of a State or Territory for the purpose of proving a person’s age which contains a photograph of
the person.
4. a national identity card issued for the purpose of identification that contains a photograph and the signature of the person.
A primary non-photographic identification document means any of the following:
1. a birth certificate or birth extract issued by a State of Territory.
2. a citizenship certificate issued by the Commonwealth.
3. a citizenship certificate issued by a foreign government (providing the certifier understands the language it is written in,
otherwise an English translation is required).
4. a birth certificate issued by a foreign government, the United Nations or an agency of the United Nations (providing the
certifier understands the language it is written in, otherwise an English translation is required).
5. a pension card issued by Centrelink.
A secondary identification document means any of the following:
1. a notice issued to an individual by the Commonwealth, a State or Territory within the preceding 12 months that contains
the name and residential address of the individual and records the provision of financial benefits under relevant law.
2. a notice issued to an individual by the Australian Tax Office within the preceding 12 months that contains the name and
residential address of the individual and tax assessed.
3. a notice that was issued to an individual by a local government body or utilities provider within the preceding 3 months that
contains the name of the individual and residential address and records the provision of services to that address or that
person.
ACCEPTABLE CERTIFIERS
1. a legal practitioner enrolled in a Supreme Court of a State, or Territory or the High Court of Australia.
2. a judge of a court.
3. a magistrate.
4. a chief executive officer of a Commonwealth court.
5. a registrar or deputy registrar of a court.
6. a Justice of the Peace.
7. a notary public.
8. a police officer.
9. an agent of the Australian Postal Corporation who is in charge of an office supplying postal services.
10. a permanent employee of the Australian Postal Corporation who supplies postal services.
11. an Australian consular officer or Australian diplomatic officer.
12. an officer with 2 or more continuous years service with one or more financial institution(s).
13. a finance company officer with 2 or more continuous years service with one or more finance companies.
14. an officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more years
continuous service with one or more licensees.
15. a member of the Institute of Chartered Accountants in Australia, CPA Australia, or the National Institute of Accountants
with 2 or more years continuous membership.

viii
Direct Debit Request Form
Dated 31 August 2009
1. REQUEST AND AUTHORITY TO DEBIT
Surname or Company Name

Given Names or ACN/ABN/ARBN
(“you”) request and authorise Astarra Capital Limited [User ID Number 18798] to arrange through its own financial institution, for
any amount Astarra Capital Limited may debit or charge you to be debited through the Bulk Electronic Clearing System from an
account held at the financial institution identified below and paid to the Debit User, subject to the terms and conditions of the
Direct Debit Request Service Agreement (and further instructions provided below).
2. INSERT THE NAME AND ADDRESS OF FINANCIAL INSTITUTION AT WHICH ACCOUNT IS HELD
Financial Institution Name

Address
3. INSERT THE NAME AND ACCOUNT TO BE DEBITED
Account Name
BSB Number -
Account Number
4. ACKNOWLEDGEMENT
By signing this Direct Debit Request I/We acknowledge that we have read and understood the terms and conditions governing
the debit arrangements between me/us and Astarra Capital Limited as set out in this Request and in the Direct Debit Request
Service Agreement.
5. PAYMENT DETAILS
Amount in Words
The first and subsequent debits will be made on the fifteenth day of the month.
6. INSERT YOUR SIGNATURE AND ADDRESS
Signature Date D D M M Y Y Y Y
(If signing for a company, sign and print full name and capacity for signing e.g. director)
Address
ASTARRA CAPITAL LIMITED

ABN 33 001 277 256
Level 1, 540 Swift Street ALBURY NSW 2640
PO Box 1282 ALBURY NSW 2640
Client Service Line 1300 785 742 • Facsimile (02) 6041 9355

ix
Direct Debit Request
Service Agreement
Definitions 3.3 You may also cancel your authority for should be directed to us in the first
us to debit your account at any time instance so that we can attempt to
Account means the account held at your by giving us seven (7) days notice in resolve the matter between us and
financial institution from which we are writing before the next debit day. This you. If we cannot resolve the matter
authorised to arrange for funds to be notice should be given to us in the first you can still refer it to your financial
debited. instance. institution which will obtain details from
Agreement means this Direct Debit Request you of the disputed transaction and
Service Agreement between you and us. 4. Your obligations may lodge a claim on your behalf.
Banking day means a day other than a 4.1 It is your responsibility to ensure that
there are sufficient clear funds available
6. Accounts
Saturday or a Sunday or a public holiday
listed throughout Australia. in your account to allow a debit You should check:
payment to be made in accordance
Debit day means the day that payment by (a) with your financial institution
with the direct debit request.
you to us is due. whether direct debiting is available
4.2 If there are insufficient clear funds in from your account as direct
Debit payment means a particular your account to meet a debit payment: debiting is not available on all
transaction where a debit is made. accounts offered by financial
(a you may be charged a fee and/or
Direct debit request means the Direct Debit institutions.
interest by your financial institution;
Request between us and you. (b) your account details which you
(b) you may also incur fees or charges
Us or we means Astarra Capital Limited you have provided to us are correct by
imposed or incurred by us; and
have authorised by signing a direct debit checking them against a recent
request. (c) you must arrange for the debit account statement; and
payment to be made by another
You means the customer who signed the (c) with your financial institution before
method or arrange for sufficient
direct debit request. completing the direct debit request
clear funds to be in your account
if you have any queries about
Your financial institution is the financial by an agreed time so that we can
how to complete the direct debit
institution where you hold the account that process the debit payment.
request.
you have authorised us to arrange to debit. 4.3 You should check your account
statement to verify that the amounts 7. Confidentiality
1. Debiting your account debited from your account are correct.
1.1 By signing a direct debit request, 7.1 We will keep any information (including
4.4 If Astarra Capital Limited is liable to your account details) in your direct
you have authorised us to arrange pay goods and services tax (GST) on
for funds to be debited from your debit request confidential. We will
a supply made in connection with this make reasonable efforts to keep any
account. You should refer to the direct agreement, then you agree to pay
debit request and this agreement for such information that we have about
Astarra Capital Limited on demand you secure and to ensure that any
the terms of the arrangement between an amount equal to the consideration
us and you. of our employees or agents who
payable for the supply multiplied by the have access to information about
1.2 We will only arrange for funds to prevailing GST rate. you do not make any unauthorised
be debited from your account as use, modification, reproduction or
authorised in the direct debit request. 5. Dispute disclosure of that information.
1.3 If the debit day falls on a day that 5.1 If you believe that there has been an 7.2 We will only disclose information that
is not a banking day, we may direct error in debiting your account, you we have about you:
your financial institution to debit your should notify us directly on the Client
account on the following banking day. Service Line on 1300 785 742 and (a) to the extent specifically required
If you are unsure about which day your confirm that notice in writing with us by law; or
account has or will be debited you as soon as possible so that we can (b) the purposes of this agreement
should ask your financial institution. resolve your query more quickly. (including disclosing information
5.2 If we conclude as a result of our in connection with any query or
2. Changes by us investigations that your account claim).
2.1 We may cancel or vary any details has been incorrectly debited we will
of this agreement or a direct debit respond to your query by arranging 8. Notice
request at any time by giving you at for your financial institution to adjust
8.1 If you wish to notify us in writing about
least fourteen (14) days written notice. your account (including interest and
anything relating to this agreement,
charges) accordingly. We will also
you should write to:
3. Changes by you notify you in writing of the amount
by which your account has been Astarra Capital Limited
3.1 Subject to 3.2 and 3.3, you may
adjusted. PO Box 1282
change the arrangements under a
ALBURY NSW 2640
direct debit request by contacting us 5.3 If we conclude as a result of our
on the Client Service Line on 1300 785 investigations that your account has 8.2 We will notify you by sending a notice
742. not been incorrectly debited we will in the ordinary post to the address
respond to your query by providing you have given us in the direct debit
3.2 If you wish to stop or defer a debit
you with reasons and any evidence for request.
payment you must notify us in writing
this finding.
at least seven (7) days before the next 8.3 Any notice will be deemed to have
debit day. This notice should be given 5.4 Any queries you may have about an been received on the third banking day
to us in the first instance. error made in debiting your account after posting.

x
Issuer and Responsible Entity:
ASTARRA CAPITAL LIMITED
ALBURY - HEAD OFFICE SYDNEY T 1300 785 742
Level 1 Suite 403, Level 4 F 02 9041 9355
540 Swift Street 70 Castlereagh Street E service@astarra.com.au
Albury NSW 2640 Sydney NSW 2000 W www.astarra.com.au
ASTARRA ASSET MANAGEMENT

SYDNEY - HEAD OFFICE MELBOURNE T 1300 857 621
Level 53, MLC Centre Level 12 F 61 2 9233 9810
19-29 Martin Place 459 Collins St E enquiries@astarra.com.au
Sydney NSW 2000 Melbourne Vic 3000 W www.astarra.com.au
Investor Enquiries 1300 785 742

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Product

Astarra Conservative Fund ARSN 092 298 130

Ofﬁces of Astarra Asset Management Pty Limited

About this PDS 02

The Managed Funds At a Glance 04

Beneﬁts and Risks of Investing 06

Fund Proﬁles – Astarra Managed Funds 08

Fees and Other Costs 14

How the Managed Funds Work 19

Taxation and Your Investment 22

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

The Managed Funds At a Glance

Astarra Astarra Balanced Astarra Growth

Regular Withdrawal Plan =

APIR Code TOL0049AU TOL0050AU TOL0051AU

Astarra Strategic Fund Astarra Strategic Fund

Regular Withdrawal Plan

APIR Code TOL0056AU TOL0055AU

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

Astarra Australian Astarra International

Regular Withdrawal $100 $100

ARSN 135 473 353 135 473 522

Eligible Investors • Individuals over age 18

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

Beneﬁts and Risks of Risks of Investing How we manage these risks

Fund’s Risk Proﬁle Investor Proﬁle

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

Type of Risk Brief Description

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

Fund Proﬁles - Astarra Managed Funds

APIR TOL0049AU ARSN 092 298 130

Investment fund3 Asset Class Underlying fund2

Investment Period to 30 June 2009 Net Annual Return

Past performance is not indicative of future performance.

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

APIR TOL0050AU ARSN 092 301 132

Investment fund3 Asset Class Underlying fund2

Investment Period to 30 June 2009 Net Annual Return

Past performance is not indicative of future performance.

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

APIR TOL0051AU ARSN 092 298 005

Investment fund3 Asset Class Underlying fund2

Investment Period to 30 June 2009 Net Annual Return

Past performance is not indicative of future performance.

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

Retail APIR TOL0056AU ARSN 115 962 368

Suggested Minimum 3 to 5 years

Risk Proﬁle2 Medium

Fund Inception Date 9 September 2005

Performance Benchmark UBS Warburg Bank Bill Index

Past performance is not indicative of future performance.

ASTARRA MANAGED FUNDS PRODUCT DISCLOSURE STATEMENT

ARSN 135 473 353

Suggested Minimum 3 to 5 years

Risk Proﬁle Medium to High

Income Distributions Quarterly

Fund Inception Date 4 February 2009

Performance Benchmark S&P / ASX 300 Index

C. Please tick ’’