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Continuous Disclosure and Updates

Cromwell Phoenix Opportunities Fund

Home Invest Fully subscribed and closed funds Cromwell Phoenix Opportunities Fund Continuous Disclosure & Updates

Continuous Disclosure and Updates

Cromwell Phoenix Opportunities Fund

Continuous Disclosure and Updates

Cromwell follows ASIC’s good practice guidance for website disclosure of material information. This means that all material information in relation to the Cromwell Phoenix Opportunities Fund will be posted on this webpage as soon as practicable after Cromwell becomes aware of it.

Click here to view the Continuous Disclosure Notice

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

Annual Fees and Costs

In section 6 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM provides a breakdown of management costs and an example of the annual fees and costs associated with an investment in the Fund.

CFM wishes to update this disclosure based on amounts for the financial year ended 30 June 2023 as set out below. Accordingly, all references to fees and costs in section 6 of the PDS are to be read based on the below.

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6. Fees and costs
TYPE OF FEE OR COST
Fees when your money moves in or out of the Fund1		 AMOUNT
Establishment fee Nil
Contribution fee Nil
Withdrawal fee Nil
Exit fees Nil
Management Costs2
The fees and costs for managing your investment		 3.79%

 

  1. You may also incur transaction costs when your money moves in or out of the Fund (see the Additional Information document for more detail).
  2. Below is a breakdown of management costs. See Table 1 for an example of the calculation of annual fees and costs.
TYPE OF FEE OR COST
Breakdown of management costs		 AMOUNT
Base management fee Nil
Performance fee 3.65%1
Annual administration costs 0.13%2
Indirect costs 0.01%3
Total Management Costs 3.79%
  1. This amount represents the average ratio of the Fund’s annual performance fee to the Fund’s average net assets for the five years to 30 June 2023.
  2. Annual capped administration costs of 0.15% of the Fund’s average net assets for the 12 months to 30 June 2023 plus non recoverable GST expense.
  3. Of the Fund’s net asset value. This amount will depend on the Fund’s investment activity.
Table 1 Example of annual fees and costs for the Fund
This table gives an example of how the fees and costs of the Fund can affect your investment over a one year period. You should use this table to compare this Fund with other managed investment products.
EXAMPLE: BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR
Contribution Fee Nil For every additional $5,000 you put in, you will be charged $0.
PLUS Management Costs 3.79% And, for every $50,000 you have in the Fund you will be charged $1,895 each year.
EQUALS Cost of Fund If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 in during that year then for that year, you would be charged fees of: $1,895 – $2,084.
What it costs you will depend on the fees you negotiate.
Transactional and operational costs

As disclosed in the Fund’s Additional Information Document dated 29 September 2017 (AID), transactional and operational costs are disclosed based on amounts paid in the previous financial year and in any year will differ depending on the investment activity of the Fund.

CFM wishes to disclose that the total transactional and operational costs of the Fund for the financial year ended 30 June 2023 were 0.11% of the net assets of the Fund (e.g., $55 for every $50,000 of net assets). If the buy/sell spread applied is not sufficient to cover the Fund’s total transactional and operational costs, the balance of the costs will be paid out of the Fund’s assets.

If the buy/sell spread applied exceeds the Fund’s transactional and operational costs, the balance of the buy/sell spread will be retained by the Fund. The deficit of transactional and operational costs not covered by the Fund’s buy/sell spread for the financial year ending 30 June 2023 was 0.10% of the net asset value of the Fund (e.g., $50 for every $50,000 of net assets).

The relevant part of the AID should be read accordingly.

The information contained in the PDS was up to date at the time of preparation. The updates to the fees and costs information in the PDS contained in this notice do not contain any materially adverse information.

Where permitted updates to information contained in the PDS will be published as a continuous disclosure notice on the website for the Fund located at www.cromwell.com.au/POF.

A paper copy of the PDS or any other updated information for the Fund will be given, or an electronic copy made available, to a person without charge upon request.

If you have any questions or would like to know more about the Cromwell Phoenix Opportunities Fund, please visit www.cromwell.com.au/POF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

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

Annual Fees and Costs

In section 6 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM provides a breakdown of management costs and an example of the annual fees and costs associated with an investment in the Fund.

CFM wishes to update this disclosure based on amounts for the financial year ended 30 June 2022 as set out below. Accordingly, all references to fees and costs in section 6 of the PDS are to be read based on the below.

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6. Fees and costs
TYPE OF FEE OR COST
Fees when your money moves in or out of the Fund1		 AMOUNT
Establishment fee Nil
Contribution fee Nil
Withdrawal fee Nil
Exit fees Nil
Management Costs2
The fees and costs for managing your investment		 Nil

 

  1. You may also incur transaction costs when your money moves in or out of the Fund (see the Additional Information document for more detail).
  2. Below is a breakdown of management costs. See Table 1 for an example of the calculation of annual fees and costs.
TYPE OF FEE OR COST
Breakdown of management costs		 AMOUNT
Base management fee Nil
Performance fee 4.57%1
Annual administration costs 0.16%2
Indirect costs 0.14%3
Total Management Costs 4.86%
  1. Actual performance fee paid over the 12 months to 30 June 2022 expressed as a percentage of the Fund’s average net assets for the same period.
  2. Annual capped administration costs of 0.15% of the Fund’s average net assets for the 12 months to 30 June 2022 plus non recoverable GST expense.
  3. Of the Fund’s net asset value. This amount will depend on the Fund’s investment activity.
Table 1 Example of annual fees and costs for the Fund
This table gives an example of how the fees and costs of the Fund can affect your investment over a one year period. You should use this table to compare this Fund with other managed investment products.
EXAMPLE: BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR
Contribution Fee Nil For every additional $5,000 you put in, you will be charged $0.
PLUS Management Costs 4.86% And, for every $50,000 you have in the Fund you will be charged $2,430 each year.
EQUALS Cost of Fund If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 in during that year then for that year, you would be charged fees of: $2,430 – $2,673.
What it costs you will depend on the fees you negotiate.
Transactional and operational costs

As disclosed in the Fund’s Additional Information Document dated 29 September 2017 (AID), transactional and operational costs are disclosed based on amounts paid in the previous financial year and in any year will differ depending on the investment activity of the Fund.

CFM wishes to disclose that the total transactional and operational costs of the Fund for the financial year ended 30 June 2022 were 0.14% of the net assets of the Fund (e.g., $70 for every $50,000 of net assets).

If the buy/sell spread applied is not sufficient to cover the Fund’s total transactional and operational costs, the balance of the costs will be paid out of the Fund’s assets. If the buy/sell spread applied exceeds the Fund’s transactional and operational costs, the balance of the buy/sell spread will be retained by the Fund. The deficit of transactional and operational costs not covered by the Fund’s buy/sell spread for the financial year ending 30 June 2022 was 0.13% of the net asset value of the Fund (e.g., $65 for every $50,000 of net assets).

The relevant part of the AID should be read accordingly.

The information contained in the PDS was up to date at the time of preparation. The updates to the fees and costs information in the PDS contained in this notice do not contain any materially adverse information.

Where permitted updates to information contained in the PDS will be published as a continuous disclosure notice on the website for the Fund located at www.cromwell.com.au/POF.

A paper copy of the PDS or any other updated information for the Fund will be given, or an electronic copy made available, to a person without charge upon request.

If you have any questions or would like to know more about the Cromwell Phoenix Opportunities Fund, please visit www.cromwell.com.au/POF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

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

As disclosed in section 6.1.2 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM agreed to cap administration costs at 0.15% per annum of the Fund’s Net Trust Value until 30 June 2018 and bear any normal administration cost in excess of this amount. CFM subsequently extended the cap again for financial years 2019, 2020 and again in 2021, as released on the Fund’s continuous disclosure and updates page which can be found at Continuous Disclosure & Updates – Cromwell Property Group Australia.

It has again agreed to cap administration costs until 30 June 2022.
Section 6.1.2 of the PDS, and the fees and costs section of the Fund’s Additional Information Document dated 29 September 2017, should be read accordingly. If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

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

Annual Fees and Costs

In section 6 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM provides a breakdown of management costs and an example of the annual fees and costs associated with an investment in the Fund.

CFM wishes to update this disclosure based on amounts for the financial year ended 30 June 2021:

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6. Fees and costs
TYPE OF FEE OR COST
Breakdown of management costs		 Amount
Base management fee Nil
Performance fee 8.21%1
Annual administration costs 0.15%
Indirect costs 0.42%2
Total management costs 8.79%

 

  1. Actual performance fee paid over the 12 months to 30 June 2021 expressed as a percentage of the Fund’s average net assets for the same period.
  2. Of the Fund’s net asset value. This amount will depend on the Fund’s investment activity.
Table 1 Example of annual fees and costs for the Fund
This table gives an example of how the fees and costs of the Fund can affect your investment over a one year period. You should use this table to compare this Fund with other managed investment products.
EXAMPLE: BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR
Contribution Fee 0% For every additional $5,000 you put in, you will be charged $0.
PLUS Management Costs 8.79% And, for every $50,000 you have in the Fund you will be charged $4,393 each year.
EQUALS Cost of Fund If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 in during that year then for that year, you would be charged fees of: $4,393 – $4,832.
What it costs you will depend on the fees you negotiate.

 

Section 6 of the PDS should be read accordingly.

Transactional and operational costs

As disclosed in the Fund’s Additional Information Document dated 29 September 2017 (AID), transactional and operational costs are disclosed based on amounts paid in the previous financial year and in any year will differ depending on the investment activity of the Fund.

CFM wishes to disclose that the total transactional and operational costs of the Fund for the financial year ended 30 June 2021 were 0.14% of the net assets of the Fund (e.g., $70 for every $50,000 of net assets).

If the buy/sell spread applied is not sufficient to cover the Fund’s total transactional and operational costs, the balance of the costs will be paid out of the Fund’s assets. If the buy/sell spread applied exceeds the Fund’s transactional and operational costs, the balance of the buy/sell spread will be retained by the Fund. The deficit of transactional and operational costs not covered by the Fund’s buy/sell spread for the financial year ending 30 June 2021 was 0.12% of the net asset value of the Fund (e.g., $62 for every $50,000 of net assets).

The relevant part of the AID should be read accordingly.

If you have any questions or would like to know more about the Cromwell Phoenix Opportunities Fund, please visit www.cromwell.com.au/POF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

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

Annual Fees and Costs

In section 6 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM provides a breakdown of management costs and an example of the annual fees and costs associated with an investment in the Fund.

CFM wishes to update this disclosure based on amounts for the financial year ended 30 June 2020:

Show more

6. Fees and costs
TYPE OF FEE OR COST
Breakdown of management costs		 Amount
Base management fee Nil
Performance fee 3.42%1
Annual administration costs 0.15%
Indirect costs 0.39%2
Total management costs 3.97%

 

  1. Actual performance fee paid over the 12 months to 30 June 2020 expressed as a percentage of the Fund’s average net assets for the same period. This is not a forecast. At the date of this note, our reasonable estimate of the performance fee we expect to charge on a typical basis is 1.8% p.a. It is based on estimated performance of 8.9% p.a., using the annualised 30-year performance of the All Ordinaries Accumulation Index. The All Ordinaries Accumulation Index is considered a reasonable proxy, given its 30-year history takes into account years of low (and negative) performance.
  2. Of the Fund’s net asset value. This amount will depend on the Fund’s investment activity.
Table 1 Example of annual fees and costs for the Fund.
This table gives an example of how the fees and costs of the Fund can affect your investment over a one year period. You should use this table to compare this Fund with other managed investment products.
EXAMPLE: BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR
Contribution Fee 0% For every additional $5,000 you put in, you will be charged $0.
PLUS Management Costs 3.97% And, for every $50,000 you have in the Fund you will be charged $1,985 each year.
EQUALS Cost of Fund If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 in during that year then for that year, you would be charged fees of: $1,985 – $2,184.
What it costs you will depend on the fees you negotiate.

 

Section 6 of the PDS should be read accordingly.

Transactional and operational costs

As disclosed in the Fund’s Additional Information Document dated 29 September 2017 (AID), transactional and operational costs are disclosed based on amounts paid in the previous financial year and in any year will differ depending on the investment activity of the Fund.

CFM wishes to disclose that the total transactional and operational costs of the Fund for the financial year ended 30 June 2020 were 0.17% of the net assets of the Fund (e.g., $85 for every $50,000 of net assets).

If the buy/sell spread applied is not sufficient to cover the Fund’s total transactional and operational costs, the balance of the costs will be paid out of the Fund’s assets. If the buy/sell spread applied exceeds the Fund’s transactional and operational costs, the balance of the buy/sell spread will be retained by the Fund. The deficit of transactional and operational costs not covered by the Fund’s buy/sell spread for the financial year ending 30 June 2020 was 0.14% of the net asset value of the Fund (e.g., $70 for every $50,000 of net assets).

The relevant part of the AID should be read accordingly.

If you have any questions or would like to know more about the Cromwell Phoenix Opportunities Fund, please visit www.cromwell.com.au/POF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

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

CFM wishes to advise that the Fund will not pay a September quarter distribution. Distributions from the Fund have historically fluctuated significantly, and we expect this will also be the case moving forward. While the return in any period is based on a combination of income and capital gains (both realised and unrealised), we only distribute realised profits. The gains made in the September quarter were mostly unrealised and therefore not distributed.

Please refer to Section 2.5 of the Product Disclosure Statement for more information on distributions.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

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

As disclosed in section 6.1.2 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM agreed to cap administration costs at 0.15% per annum of the Fund’s Net Trust Value until 30 June 2018 and bear any normal administration cost in excess of this amount. CFM subsequently extended the cap until 30 June 2019, as released on the Fund’s webpage on 27 June 2018.

Prior to 30 June 2019, CFM agreed to cap administration costs until 30 June 2020. It has again agreed to cap administration costs until 30 June 2021. cc

Section 6.1.2 of the PDS, and the fees and costs section of the Fund’s Additional Information Document dated 29 September 2017, should be read accordingly.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

Click here to view the Continuous Disclosure Notice

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Opportunities Fund (the Fund).

As disclosed in the Fund’s Additional Information Document dated 29 September 2017 (AID), CFM is required to withhold tax on a non-resident investor’s behalf in respect of any Australian taxable income distributed or attributed by the Fund.

From 1 July 2019, a withholding tax rate of 30% will apply to distributions of any income relating to cross staple arrangements, trading business income, Managed Investment Trust (MIT) residential housing income or MIT agricultural income which has been derived by the Fund from the underlying investments of the Fund.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

Click here to view the update to complaints handling process.

Click here to view the Continuous Disclosure Notice

 

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

As disclosed in section 6.1.2 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM agreed to cap administration costs at 0.15% per annum of the Fund’s Net Trust Value until 30 June 2018 and bear any normal administration cost in excess of this amount.

CFM has agreed to cap administration costs until 30 June 2019.

Section 6.1.2 of the PDS, and the fees and costs section of the Fund’s Additional Information Document dated 29 September 2017, should be read accordingly. If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

Previous updates

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Opportunities Fund ARSN 602 776 536 (Fund).

On and from Friday 26 January 2018, the Fund will no longer accept applications for investment.

Distribution reinvestment and redemptions from the Fund are still available.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Opportunities Fund (Fund).

Units in the Fund were available for subscription under a product disclosure statement dated 17 April 2015 (2015 PDS).

Units are now available for subscription under a new product disclosure statement dated 29 September 2017 (2017 PDS), and the 2015 PDS is no longer applicable.

The fees and costs section of the 2017 PDS complies with the new enhanced fee disclosure regulations (please refer to “ASIC Regulatory Guide 97 – Disclosing fees and costs in PDSs and periodic statements” for further information).

The 2017 PDS is issued by CFM and is available from www.cromwell.com.au/pof.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

Click here for the full update.

 

Further to our announcement of 16 March 2017, Cromwell Funds Management Limited (ABN 63 114 782 777) (“CFM”) as the responsible entity of Cromwell Phoenix Opportunities Fund (ARSN 602 776 536) (“POF”) did not receive a request from unit holders (holding at least 5% of the votes that may be cast on the resolution) to call and arrange to hold a meeting of unit holders of POF to consider and vote on a special resolution to amend the constitution of POF on the terms described in that announcement.

Accordingly, CFM as the responsible entity of POF executed and lodged the supplemental deed with the Australian Securities and Investments Commission on 27 March 2017 to give effect to the amendments.

The amendments will enable POF to apply the new income tax regime for managed investment trusts that was recently enacted under the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (Cth).  The amendments to the constitution of POF are being made in accordance with the requirements of notional subsection 601GCA(3) of the Corporations Act 2001 (Cth), as modified by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

PROPOSED CONSTITUTION AMENDMENTS TO FACILITATE ADOPTION OF THE ATTRIBUTION MANAGED INVESTMENT TRUST (AMIT) REGIME

NOTICE PURSUANT TO SECTION601GCA OF THE CORPORATIONS ACT

Cromwell Phoenix Opportunities Fund (ARSN 602 776 536) (“Trust”) is eligible to be an Attribution Managed Investment Trust (“AMIT”) and to apply the new income tax regime for managed investment trusts that was recently enacted under the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (Cth)(“AMIT regime”).  The key feature under the AMIT regime is unit holders are taxed on income from the Trust attributed to them by Cromwell Funds Management Limited (“CFM”) (ABN 63 114 782 777) on a fair and reasonable basis.  Under the current taxation rules under Division 6 of the Income Tax Assessment Act 1936 (Cth) unit holders who are presently entitled to trust income are subject to income tax on their proportionate share of the taxable income of the Trust.  The potential benefits of adopting the AMIT regime are outlined further below.  An election by CFM for the Trust to be an AMIT is irrevocable.

As the responsible entity of the Trust, CFM is yet to decide whether the Trust should elect into the new AMIT regime.  CFM has published this notice under notional subsection 601GCA(3) of the Corporations Act 2001 (Cth) as modified by ASIC Corporations (Attribution Managed Investment Trust) Instrument 2016/489 to inform unit holders of proposed modifications to be made to the Constitution of the Trust (“Constitution”) to allow the Trust to operate under the AMIT regime if an election is made.  CFM will decide whether to elect into the AMIT regime based on the best interests of the unit holders as a whole.  If an election is made, the Trust will inform unit holders accordingly.

A summary of the effect of the proposed modifications to the Constitution is set out below.

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Reasons for proposed amendments to the Constitution

If implemented, the proposed amendments would allow CFM to choose to adopt the AMIT regime to the Trust. CFM believes the potential benefits of operating under the AMIT regime include:

  • Greater certainty associated with the AMIT regimes attribution of taxable income to unit holders compared to the current “present entitlement” tax regime.
  • Greater certainty as to the tax status of the Trust and its entitlement to certain tax concessions including deemed “fixed trust” status for tax purposes.
    Reduced potential for double taxation by allowing for cost base adjustments where distributions are less than the taxable income assessed to the unit holder.
  • Preservation of the character of the income for income tax purposes in the hands of the unit holder.
  • Provision of the ability to reconcile “under” and “over” estimations of net income of the Trust to allow adjustments in the year they are discovered rather than the approach under the current law that requires amendments to unit holders previously lodged income tax returns.

As the AMIT regime has only recently been enacted, there may be some uncertainty regarding certain aspects of the AMIT regimes operation in the initial years.

How to contact us if you wish to respond to this notice

CFM will proceed to modify the Constitution as proposed on or after the date which is 7 days from the date of this notice unless it receives requisitions to call and arrange a meeting of unit holders of the Trust to consider and vote on a special resolution to modify the Constitution as proposed from unit holders with at least 5% of the votes that may be cast on the resolution.

Unit holders are not required to respond to this notice, but should a unit holder wish to request a meeting of unit holders of the Trust to vote on the amendments to the Constitution as proposed in this notice, the unit holder must send a request to CFM by 5pm (AEST) on Friday, 24 March 2017.  A written request may be sent by email to invest@cromwell.com.au.

CFM will modify the Constitution by executing a supplemental deed to the Constitution and lodging it with the Australian Securities and Investments Commission, unless a meeting of unit holders is requested by unit holders with at least 5% of the votes that may be cast on the resolution to call and arrange to hold a meeting by 5pm (AEST) on Friday, 24 March 2017.

Effect of amendments to the Constitution

Set out below is a summary of the effect of the proposed modifications to the Constitution.  CFM as responsible entity of the Trust reasonably considers that the modifications are necessary for or incidental to the Trust being able to be operated in a manner permitted by the AMIT regime as an attribution managed investment trust with the CFM as its trustee.

Summary of Amendments to the Constitution of Cromwell Phoenix Opportunities Fund
Powers in relation to AMIT A new clause 15.7 will be inserted in the Constitution to ensure the Responsible Entity has all powers necessary to adopt into the AMIT regime including doing all things necessary to give effect to the proposed clause 30A.
Recoveries – Holders’ liabilities A new paragraph (e) will be inserted to clause 29.1 to clarify that any fees, Taxes and costs incurred in relation to Attribution Amounts are the liability of each unit holder.
Distributions – Application A new clause 30.1A will be inserted to “switch off” clause 30 when the Trust elects to be an AMIT, in particular it “switches off” the distribution and present entitlement requirements when the Trust is an AMIT. Clause 30 is relevant to Division 6 of the Income Tax Assessment Act 1936 (Cth).
AMIT A new clause 30A will be inserted which contains the general powers for the Responsible Entity to comply with the new AMIT rules.

Clause 30A.1 provides the Responsible Entity with the discretion to choose to apply the AMIT rules.

Clause 30A.2 determines the period that the trust is an AMIT.

Clause 30A.3 allows the Responsible Entity to attribute “Attribution Amounts” (as defined) in accordance with the Constitution, this is a feature of the new AMIT rules. The definition utilises consistent terminology with the applicable Tax Act (as defined) to allow flexibility to attribute amounts of different character.

Clause 30A.3(b) provides a discretion for the Responsible Entity to distribute any amount of income or capital of the Trust to unit holders.

Clause 30A.3(c) provides that any taxes paid or remitted on behalf of a unit holder are taken to be made for that unit holder.

Clause 30A.3(d) confers specific powers on the Responsible Entity to issue and amend “AMMA Statements” (as defined) to unit holders.

Clause 30A.3(e) facilitates the exercise of the Responsible Entity’s powers in relation to “unders and overs” as permitted in the AMIT regime.

Clause 30A.3(f) limits the Responsible Entity’s liability to the unit holders in making choices and complying with the AMIT rules.
Unit holder Objections Proposed clause 30A.4 provides steps to ensure that should a unit holder object to an attribution as afforded under the AMIT regime the unit holder must give notice and provide information to the Responsible Entity and the unit holder must meet all costs or liabilities incurred by the Responsible Entity associated with the process of acknowledging the objection and assessing the impact on other unit holders.

Further, each unit holder indemnifies the Responsible Entity for any tax payable by the Responsible Entity in complying with the AMIT rules that reasonably relates to the unit holder.
Definitions Incidental amendments will include inserting into clause 1.1 specific definitions relevant for the AMIT regime in Clause 1.1. The definitions of these specific terms have been drafted consistently with the Tax Act to preserve the intended flexibility of the legislation.

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Opportunities Fund ARSN 602 776 536 (the Fund).

On and from Tuesday 28 February 2017, the Fund will no longer accept applications from new investors. Existing investors can apply for additional units.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

CFM may in the future not accept further applications and/or return a proportion of the Fund’s capital to investors if the Fund size reaches the cap of $40 million of Net Trust Value (as disclosed in the notice dated 7 February 2017).

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

As disclosed in section 6.1.2 of the Fund’s product disclosure statement dated 17 April 2015 (PDS), CFM agreed to cap administration costs at 0.15% per annum of the Fund’s Net Trust Value until 30 June 2016 (subsequently extended to 30 June 2017) and bear any normal administration cost in excess of this amount.

CFM has agreed to cap administration costs until 30 June 2018.

Section 6.1.2 of the PDS, and the fees and costs section of the Fund’s Additional Information Document dated 17 April 2015, should be read accordingly.

If you have any questions, please contact your financial adviser or Cromwell Investor Services on 1300 276 693.

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Opportunities Fund (the Fund).

As disclosed in section 3 (Benefits of investing in the Cromwell Phoenix Opportunities Fund) of the Fund’s product disclosure statement dated 17 April 2015 (PDS), CFM initially capped the Fund size at $50 million of Net Trust Value and CFM reserved the right to vary amounts.

CFM has now capped the Fund size at $40 million of Net Trust Value.

Section 3 of the PDS, and the ‘Benefits of investing in the Cromwell Phoenix Opportunities Fund’ section of the Fund’s Additional Information Document dated 17 April 2015, should be read accordingly.

The Fund remains open for investment.

If you have any questions, please contact your financial adviser or Cromwell Investor Services on 1300 276 693.

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

As disclosed in section 6.1.2 of the Fund’s product disclosure statement dated 16 February 2016 (PDS), CFM agreed to cap administration costs at 0.15% per annum of the Fund’s Net

Trust Value (calculated by dividing the sum of the opening monthly Net Trust Value and closing monthly Net Trust Value by two) until 30 June 2016 and bear any normal administration cost in excess of this amount.

CFM has agreed to cap administration costs until 30 June 2017.

Section 6.1.2 of the PDS, and the fees and costs section of the Fund’s Additional Information Document dated 16 February 2016, should be read accordingly.

If you have any questions, please contact your financial adviser or Cromwell Investor Services on 1300 276 693.

The Australian Government has introduced a Bill which proposes a new tax regime for Managed Investment Trusts (MITs). If enacted, the regime will take effect from the 2016-17 income year, unless the trustee of the MIT chooses to apply the rules from the 2015-16 income year.

Cromwell Funds Management Limited (CFM) as responsible entity of the Cromwell Phoenix Opportunities Fund is currently reviewing the implications of choosing to elect to be an Attribution MIT under the proposed regime. CFM does not intend to choose to apply the rules from the 2015-16 income year.

Cromwell Funds Management Limited is pleased to announce that the Cromwell Phoenix Opportunities Fund (“the Fund”) is now available via the ASX mFund Settlement Service. The Fund’s mFund code is “CFM02”. Admission of the Fund to mFund will not effect any material changes to existing investors’ holdings and will not result in any change or additional fees and costs to the Fund. If you have any questions, please contact your financial adviser or Cromwell Investor Services on 1300 276 693.

The Foreign Account Tax Compliance Act (“FATCA”) is United States (“US”) tax legislation that enables the US Internal Revenue Service to identify and collect tax from US residents that invest in assets through non-US entities. If you are a US resident for tax purposes, then you should note that the Cromwell Phoenix Opportunities Fund (“Fund”) is or is expected to be a ‘Foreign Financial Institution’ under FATCA and it intends to comply with its FATCA obligations, as determined by either the FATCA regulations or any inter-governmental agreement entered into by Australia and the US for the purposes of implementing FATCA. Under these obligations, the Fund will have to obtain and disclose information about certain investors to the Australian Taxation Office.

In order for the Fund to comply with its obligations, Cromwell Funds Management Limited (“CFM”) will request that you provide certain information about yourself, including your US Taxpayer Identification Number. CFM will only use such information for this purpose if it is required to do so.

Cromwell Funds Management Limited (CFM) is the Responsible Entity (RE) of the Cromwell Phoenix Opportunities Fund (the Fund).

Under the Fund’s Constitution, CFM as the RE of the Fund is entitled to a Management Fee of 1% per annum of the total gross value of all Trust Property. CFM had elected to waive that Management Fee.

CFM has resolved to modify the Fund’s Constitution so that CFM is not entitled to a Management Fee.

CFM has notified the Australian Securities & Investments Commission of this change to the Fund’s Constitution.

Cromwell Funds Management Limited (CFM) is the Responsible Entity (RE) of Cromwell Phoenix Opportunities Fund (the Fund).

Units in the Fund were available for subscription under an information memorandum dated 1 December 2014 (IM).

The IM has been discontinued and units in the Fund are available for subscription under a product disclosure statement dated 17 April 2015 (PDS).

All other details – including investment philosophy, initial cap on Fund size, and fees and costs – remain unchanged.

The PDS is issued by CFM and is available from www.cromwell.com.au/pof or by calling Cromwell Investor Services on 1300 276 693.

Daryl Wilson, Executive Director of Cromwell Property Group (ASX:CMW) (Cromwell), has retired as a director of Cromwell Property Securities Limited, Cromwell Corporation Limited and all Cromwell subsidiaries.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.