Fund news

Distribution & unit pricing correction

We are pleased to advise that the recalculation of the distribution amounts for 30 September 2024 and 31 December 2024 and the unit price from 30 September 2024 to 20 February 2025 is now complete. We will write to all impacted investors.

For more information, please see the Fund News item dated 21 February 2025 or contact us on 1800 634 969.

Distribution & unit pricing correction

An error has been identified in the calculation of the 30 September 2024 distribution amounts for the Strategic Income Fund (Fund) – Classes A & B. This resulted in us not distributing the full amount available at the time and impacts the unit price of the Fund each day from 30 September 2024.

We are recalculating the distribution amounts for 30 September 2024 and accordingly the unit prices of the Fund each day from 30 September 2024 to 20 February 2025 (encompassing the distribution amounts for 31 December 2024).

From today you will be able to view the correct unit prices effective 19 February 2025 at bendigobank.com.au/managedfundsprices.

For Bendigo Bank e-banking customers, during this process we will be updating the information investors can access about their investment to reflect the corrections being made to unit prices and distribution amounts.

If you are considering applying for units in or withdrawing units from the Fund, on accepting the application the unit price at which units will be issued or redeemed will be in line with the Product Disclosure Statement. 

We will provide a further update once the process to correct the error is complete. You can contact us for further information on 1800 634 969.

Sandhurst has undertaken an annual review of the fees and costs in relation to Sandhurst funds for financial year ended 30 September 2024.

As a result of the review, Sandhurst has updated the information about fees and costs disclosed in the Product Disclosure Statements (PDS) for the funds in the following table.

To view the updated fees and costs, please refer to the “Product Disclosure Statement updates” available for each fund on the PDS/forms page.

So that you can better understand how fees and costs work please read the support guide for understanding fees and costs disclosure.

On 28 November 2024, unit holders voted in favour of the extraordinary resolution to replace Sandhurst Trustees Limited as Responsible Entity (RE) of the below eight Funds, with Betashares Capital Limited (Betashares):

• Bendigo Growth Index Fund
• Bendigo Balanced Index Fund
• Bendigo Conservative Index Fund
• Bendigo Defensive Index Fund
• Bendigo High Growth Index Fund
• Bendigo Balanced Wholesale Fund
• Bendigo Conservative Wholesale Fund
• Bendigo Defensive Wholesale Fund

The change of RE is effective from 1 December 2024.

To find out more about Betashares or to access any fund information please visit betashares.com.au/bendigo-funds.

For further information please view the letter issued to investors and the frequently asked questions.

For any additional questions you may have please contact Betashares on 1800 634 969.

Sandhurst has undertaken a review of the Buy/Sell Spreads in relation to the Sandhurst Strategic Income Fund (Fund). As a result, the Buy/Sell Spreads disclosed in the Product Disclosure Statement (PDS) of the Fund and the Reference Guide have been updated.

For more information, please refer to the Fund’s latest PDS update.

The Fund’s PDS, PDS updates and Reference Guide are available on the Managed Funds forms page.

The following funds are now closed:

• Sandhurst Growth Fund
• Sandhurst Balanced Fund
• Sandhurst Conservative Fund
• Bendigo Growth Wholesale Fund
• Bendigo Socially Responsible Growth Fund
• Bendigo High Growth Wholesale Fund

All investors have previously been informed about this closure via a letter issued on 13 August 2024.

The letter issued to investors is available here.

After careful consideration Sandhurst is proposing to change Responsible Entity for the Managed Funds listed below to Betashares Capital Limited subject to certain conditions.
In scope Managed Funds:

• Bendigo Defensive Index Fund;
• Bendigo Conservative Index Fund;
• Bendigo Balanced Index Fund;
• Bendigo Growth Index Fund;
• Bendigo High Growth Index Fund;
• Bendigo Defensive Wholesale Fund;
• Bendigo Conservative Wholesale Fund; and
• Bendigo Balanced Wholesale Fund.

For further information please view the letter issued to investors and the frequently asked questions.

For any additional questions you may have please contact us on 1800 634 969.

Sandhurst has undertaken an annual review of our Managed Funds’ fees and costs in relation to the financial year ended 30 June 2024. As a result, we have updated the required Product Disclosure Statements (PDS).

For up-to-date fees and costs of these Funds in the table below, please refer to the Product Disclosure Statement updates effective as of the dates shown. 

The fees and costs for the funds listed below have not changed as at financial year ended 30 June 2024:

All Fund PDS's and PDS updates are available on the Managed Funds forms page.

So that you can better understand how fees and costs work please read the support guide for understanding fees and costs disclosure.

The Adelaide Cash Management Trust (Fund) transaction services provider is making changes to the transaction services available to the Fund. From 7 October 2024 investors will no longer have access to the Express Line telephone transaction service and from 5 December 2024 investors will no longer have access to the Adelaide Bank mobile app. App users will continue to be able to access their accounts via online banking.

For further information about the changes to transaction services, please view the Product Disclosure Statement updates for the Fund or call us on 1800 224 124

Sandhurst will write to investors of the following funds today advising of the commencement of the wind up of the funds:

• Sandhurst Growth Fund
• Sandhurst Balanced Fund
• Sandhurst Conservative Fund
• Bendigo Growth Wholesale Fund
• Bendigo Socially Responsible Growth Fund
• Bendigo High Growth Wholesale Fund

The funds are closed to new applications and any additional investments as of 13 August 2024.

The termination date has been set as 28 November 2024.

The letter issued to investors is available here.

In anticipation of a large redemption of units within the Bendigo Growth Wholesale and Bendigo High Growth Wholesale Funds, it has been determined that a special distribution will be made for the period 1 January to 31 May 2024 and expected to be paid to investors in June 2024.

For further information please view the letter issued to investors.

For more information refer to your PDS or contact Sandhurst on 1800 634 969.

The Bendigo Income Generation Fund has now been wound up, effective 9 January 2024.

All investors have previously been informed about this closure via a letter issued on 12 December 2023.

For further information please view the letter and fact sheet issued to investors.

Sandhurst will write to investors in the Bendigo Income Generation Fund from today advising of the commencement of the wind up of the fund.

The fund is closed to new applications and investments as of 12 December 2023.

The termination date has been set as 9 January 2024.

For further information please view the letter and fact sheet issued to investors.

Sandhurst has undertaken an annual review of our Managed Funds’ fees and costs in relation to the financial year ended 30 June 2023. As a result, we have updated the required Product Disclosure Statements (PDS).

For up-to-date fees and costs of these Funds, please refer to the PDS updates effective as of the dates below:

As part of the same review, the two funds listed below have not had any changes made to their fees and costs. For the current fees and costs of these two Funds, please refer to the PDS effective as of the dates below:

All Fund PDS's and updated PDS’s are available on the Managed Funds Forms page.

So that you can better understand how fees and costs work please read the support guide for understanding fees and costs disclosure.

If you are an investor in the ITF, you will have received a recent communication from Sandhurst advising you of upcoming changes to the terms and conditions of your investment. These changes will only take effect if you decide to renew or rollover your investment on or after 9 November 2023.

If you decide to renew or rollover your investment on or after 9 November 2023, the new terms and conditions that will apply to your investment will be the terms and conditions that are set out in the current version of the Application Form that can be found on our website at  Bendigobank.com.au/managedfundsforms.

Summary of changes made to the pre-9 November 2023 Application Form

The changes make it clear that:

• Investments in the ITF are made on the terms contained in the Application Form and the Constitution (or Trust Deed) of the ITF;
• Sandhurst cannot exclude liability for its fraud or negligence, or that of its employees, agents and receivers;
• Investors' obligations in connection with Anti-Money Laundering/Counter-Terrorism Financing laws only extend to matters they are aware of;
• Sandhurst will always exercise its rights as trustee of the ITF in accordance with the law.

If you have any questions, please contact us on 1800 634 969 or visit your nearest Bendigo Bank branch.

On 27 September 2023, Bendigo and Adelaide Bank ABN 11 068 049 178 AFSL 237879 (Bendigo Bank) announced it had signed an agreement to sell Bendigo Superannuation Pty Ltd ABN 23 644 620 128 AFSL 534006 (Bendigo Super) to Betashares Australia Holdings Pty Ltd, subject to certain conditions and regulatory approval.

This decision does not impact the managed funds offered within Bendigo Super, which are looked after by Sandhurst Trustees Limited ABN 16 004 030 737 AFSL 237906 (Sandhurst). Sandhurst continues to be a wholly owned subsidiary of Bendigo Bank.

The transaction service provider for the Adelaide Cash Management Trust, Adelaide Bank, is making changes to the below fees, effective 1 September 2023.

Please refer to the Transaction Services Guide and the PDS for more information on all fees and costs.

With the ongoing decline in cheque usage, our transaction service provider, Bendigo Bank, is working towards phasing out cheques.

Australia’s payment landscape is changing. More Australians are leaving behind their chequebooks and choosing simpler, more reliable and immediate electronic payments. This decline has led to Bendigo Bank introducing some changes to the way cheque payments are supported.

The following changes will apply:

For new accounts

• From 1 August 2023 - cheque books will not be available on new accounts opened by new or existing customers.

For existing accounts - cheque book replacement

• From 1 September 2023 - we will no longer automatically issue you a replacement cheque book once you exhaust your existing cheque book. If you would like a replacement cheque book you will need to contact us or visit a branch of Bendigo Bank and request a replacement cheque book.
• From 1 November 2023 - replacement cheque books will no longer be available to order on existing accounts. Customers with existing cheque books will be able to retain these and continue to use as normal until otherwise advised.

Additional Investments

• From 29 September 2023 - cheques will no longer be accepted for additional investments into the Adelaide Cash Management Trust (ACMT).
• From 28 October 2023 - cheques will no longer be accepted for additional investments into the Sandhurst Cash Common Fund (CCF).

Alternatively, additional investments can be made by BPAY or direct debit.

Withdrawal Requests

• From 28 October 2023 - we will no longer be posting cheques for payment of withdrawal requests from the Sandhurst Cash Common Fund (CCF).

Withdrawals can be paid by direct credit to your nominated account. Additionally, you can use online and phone banking, debit cards (for ACMT only) and third party direct debit services of Bendigo Bank. Please refer to the most up to date Product Disclosure Statement (PDS) at the time you are making a withdrawal for more information.

As we move towards the overall removal of cheques as a payment service, we will keep you updated on the timing of any additional changes.

Due to evolving customer preferences, a global decline in the use of paper cheques and fewer in-person foreign cheque and bank draft payment requests, the Bendigo Bank (including Sandhurst Trustees) is making changes to the services we provide as follows:

For new application, deposit or withdrawal on or after 7th April, 2023 we will no longer accept foreign cheque deposits or provide Bank Drafts in any currency. From 30th June 2023, this change will also apply to all existing funds of Sandhurst Trustees. 

Should you have an ongoing need to: 

• Receive funds from outside of Australia, you can receive payments through an international money transfer (also known as a telegraphic transfer) directly to your Sandhurst fund. The funds will arrive in your account as 'cleared funds' so you will have immediate access, and with e-Banking you can monitor payments from your home or office. 
• Send funds outside of Australia, you can send payments by telegraphic transfer in Branch or through e-Banking¹.