14 November 2016

Cromwell Funds Management Limited (CFM) is the Responsible Entity of the Cromwell Phoenix Property Securities Fund (the Fund).

As disclosed in section 2.5 of the Fund’s product disclosure statement dated 1 November 2012 (PDS), the Fund is expected to earn income, such as distributions, dividends, interest and realised capital gains, from its investments. When calculating the amount of the distribution, these expected returns from the Fund’s investments (on an annualised basis) are taken into account. 

In distributing income earned from the Fund’s investments, CFM expects that it will distribute net realised capital gains at least once a year.

Section 2.5 of the PDS should be read accordingly.

If you have any questions, please contact Cromwell Investor Services on 1300 CROMWELL (1300 276 693) or email invest@cromwell.com.au

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 1 November 2012 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. The Fund is closed to new investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.

Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.   

Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.