FAQ

The PSF aims to provide investors with a total return (after management fees) in excess of the S&P/ASX 300 A-REIT Accumulation Index over the medium to long term.

The Responsible Entity for the Fund is Cromwell Property Securities Limited (“CPS”). CPS is part of Cromwell Group, a diversified property investment owner and manager listed on the ASX, with a market capitalisation of over $410 million as at 31 May 2009. CPS holds an Australian Financial Services Licence (No 238 052) granted by ASIC which allows it to act as the responsible entity and to promote & manage its managed investments schemes.

Cromwell Group is an experienced fund manager specialising in property investment, with over $1.6 billion of assets under management. CPS has a track record of developing high quality, high yielding investment products and delivering growth to investors.

Cromwell has appointed boutique equity investment manager Phoenix Portfolios Pty Ltd to manage the investment assets of the Fund under an exclusive arrangement. This gives giving retail investors access to Phoenix’s established property securities research and investment skills which were previously only accessible by institutional investors.

When you make an investment into PSF you will be allocated a number of units based on the Issue Price. The Issue Price is normally calculated on each Sydney business day.

To access the current and historical PSF Issue and Withdrawal prices please click here.

A copy of the PSF Unit Pricing Policies can be requested from the Cromwell Investor Service team on 1800 334 533 or invest@cromwell.com.au

The minimum investment amount for direct investments is $20,000 and then in multiples of $1,000 (unless otherwise agreed by Cromwell).

Distributions are paid quarterly and can be reinvested. Direct investors can elect to reinvest distributions either when completing their application form or by notifying Cromwell in writing.

In normal circumstances, withdrawals will be processed and paid within 5 days from the date the withdrawal request is received, where the request is received before 12.00pm EST on a Sydney business day.

Units are redeemed at the Withdrawal unit price based on the valuation of net assets at the close of business on the day the withdrawal request is accepted.

To make a withdrawal, direct investors should complete a Withdrawal Request Form – click here. IDPS investors can only withdraw through the IDPS operator in accordance with their terms and conditions.

All investments have associated risks. Key risks of an investment in PSF include:

• Market risk – the performance of the PSF will depend on the performance and market value of the assets that it holds
• Manager risk – investors delegate their control over investment decisions to Cromwell and Phoenix. How the PSF performs depends largely on the performance of Cromwell as responsible entity and Phoenix as investment manager.

For full details please refer to Part 2 in the PDS dated 1 July 2009.

PSF invests primarily in Australian property securities listed on ASX (or property securities expected to be listed within 3 months), but may also invest in a selected range of other assets, including unlisted property securites, international listed property securities, cash and fixed interest.

PSF will generally invest in keeping with the following targeted asset allocations¹:

In addition to the targeted asset allocations above, the Fund will also invest pursuant to the following investment limits¹:

1. Applicable from 1 July 2009

PSF has a compliance plan which has been lodged with ASIC. The compliance plan contains procedures for ensuring compliance with the Corporations Act and the Constitution of the Fund. A Compliance Committee is in place to, amongst other things, monitor Cromwell’s adherence to the Plan.

Centrelink generally treats investments such as PSF as financial investments for the purposes of its deeming provisions, with the result that the amount invested is ascribed income at a deemed rate and is treated as a financial asset. However, you should contact Centrelink or you financial advisor directly in relation to your personal circumstances.

Yes, Cromwell issues tax statements/reports after the end of the financial year. We endeavour to release tax statements at the end of August. You should not lodge your tax return until the statement is received.

Click here to order or download a product disclosure statement, contact the Cromwell Investor Service team on 1800 334 533, or contact your financial advisor.