Capping of Annual Administration Costs to continue to 30 June 2011
15/07/2010
Cromwell Property Securities Limited (“CPS”) as responsible entity of the Cromwell Phoenix Property Securities Fund (“the Fund”) advises of information that has changed since the Fund's product disclosure statement (“PDS”) was issued on 1 July 2009.
CPS does not believe that this update contains any materially adverse information. Investors should consider the PDS and all updates at the website www.cromwell.com.au/psf/updates before deciding whether to acquire units in the Fund.
PDS – Part 3 – Fees & Other Costs
Page 7 – Part 3.1 Fees and Other Costs, Management Costs
The date under which Annual Administration Costs are capped has changed from 30 June 2010 to 30 June 2011 and is now as follows:
(ii) Annual Administration Costs estimated to be up to 0.15% pa of the Fund’s gross asset value (eg. $15 out of every $10,000 of gross asset value). These expenses are capped at 0.15% of the Fund’s gross asset value until 30 June 2011, with CPS undertaking to bear any normal costs above this amount.
Cromwell Property Securities Limited ABN 11 079 147 809 AFSL 238052 (CPSL) has prepared this correspondence. CPSL is the responsible entity of the Cromwell Phoenix Property Securities Fund (the Fund), ARSN 129 580 267, and the issuer of units in the Trust. Before making any decision to acquire or hold units in the Fund it is important that you read the product disclosure statement (PDS) for the Fund (dated 1 July 2009). The PDS is issued by CPSL and is available from www.cromwell.com.au or by calling Cromwell on 1800 334 533. Applications for units in the Fund can only be made on an application form in the PDS. This correspondence has been prepared without taking into account any investor's objectives, financial situation or needs. Therefore, in making an investment decision, investors should consider the PDS for the Fund and assess with or without a financial or tax advisor, whether the product is appropriate given the investor's objectives, financial situation or needs.
An investment in units in the Fund is subject to investment and other known and unknown risks, some of which are beyond the control of CPSL, including possible delays in repayment and loss of income and principal invested. Please see the risks section of the PDS for the Fund for further details. Neither CPSL nor its related entities, directors or officers give any guarantee as to the success of the Trust, amount or timing of distributions, capital growth or taxation consequences of investing in the Trust. CPSL does not receive any fees for any general advice given in this correspondence. Unless otherwise disclosed, CPSL will receive the fees disclosed in the PDS. While this correspondence has been prepared in good faith and with due care, no representations or warranties are made (express or implied) as to its accuracy, currency, completeness or otherwise.