Frozen and illiquid investment options

As at 24 February 2015
Frozen and illiquid investment options
Please note: as new information becomes available we will continue to update this guide to keep you
fully informed of the latest developments.
This quick reference guide will keep you updated on the status
of any frozen or illiquid investment options on our investment
menus together with information about withdrawal windows
and any action we have taken.
Most investment managers have now re-opened frozen
investment options to redemptions or have determined to
terminate the investment option and redeem units automatically
as funds become available.
All the investment options included in this guide have been
removed from standing instructions.
When a withdrawal facility is made available, the actual amount
received will depend upon the liquidity of the investment option.
In the current environment, this is generally less than the full
value requested. It may therefore take a number of withdrawal
applications before the entire amount requested is able to be
redeemed and reinvested. The redemption percentages shown
are the minimum amounts you would have received at the last
withdrawal window as payments for death claims and small
account balances have, in some cases, been prioritised.
Investment options that have announced arrangements to
allow partial redemptions on the grounds of financial hardship
have been identified in the table below. If you think you may
qualify please contact our client services team on 1800 062 963
for details of the application procedure.
The form to participate in withdrawal offers
is located at the end of this document.
Investment
option
APIR code
Withdrawal information
AMP Capital
Core Property
Fund
AMP1015AU
• Distributions continue.
• Redemptions available monthly.
• November 2014 offer paid 100%.
AMP Capital
Enhanced Yield
Fund Class A
AMP0685AU
• The Fund has been paying capital distributions anticipated to be quarterly.
• AMP Capital announced in December 2014 the decision to wind up the fund. A final
AMP Capital
Wholesale
Australian
Monthly
Income Fund
NML0316AU
• AMP decided to wind up the Fund effective 3 October 2011.
• A capital return of 3.26 cents per unit was received effective 11 September 2014.
• The final payment is anticipated to be made early 2015.
AMP Capital
Wholesale
Australian
Property Fund
NML0001AU
• Distributions continue.
• Redemptions available monthly.
APN Unlisted
Property Fund
APN0016AU
• The Unlisted Fund was established to enable APN Property for Income Fund
Next expected
withdrawal offer
Monthly.
n/a
wind up date is yet to be confirmed.
(APN PFIF) and APN Property for Income Fund No.2 (APN PFIF2) unitholders to
withdraw from those funds and realise part of their investments. The portfolio of
investments of the Unlisted Fund comprises unlisted property trust assets that were
held by APN PFIF and APN PFIF2.
• The assets in the Unlisted Fund will be progressively sold over the next
3-5 years to maximise value and provide further liquidity to unitholders.
• Distributions are intended to be semi-annual.
• A distribution was received effective 15 October 2014 and paid 7.50 cents per unit.
n/a
Monthly.
To be advised.
Investment
option
APIR code
Withdrawal information
Next expected
withdrawal offer
Australian Unity
Wholesale
High Yield
Mortgage Trust
AUS0005AU
• Australian Unity commenced wind up of the Trust effective 9 December 2011
• The wind up process may take until mid 2015.
• A capital repayment of 29.00% was received effective 30 June 2014.
n/a
Australian Unity
Wholesale
Mortgage
Income Trust
AUS0116AU
• Australian Unity commenced wind up of the Trust effective 5 December 2012
• Capital returns are anticipated to be made on a six-monthly basis and the wind up
n/a
Balmain
AQUA High
Income Trust
JFF0001AU
Azure
Resources Fund
153481595
Balmain
(MWMT)
Mortgage Trust
MRN0003AU
•
•
•
•
Charter Hall
Direct Office
Fund (formerly
Charter Hall
Direct Property
Fund)
MAQ0448AU
• Distributions continue.
• Withdrawal offers introduced.
• August 2014 redemption paid 12.65% pro rata. Funds from the December 2014
Charter Hall
Umbrella Fund
CHF0002AU
• Withdrawal offers ceased.
• Fund returning capital via ad hoc distributions.
n/a
Colonial First
State Wholesale
Income Fund
FSF0139AU
• Fund termination commenced September 2012.
• Capital returns are anticipated to be quarterly.
n/a
Discovery
Investment
Services Core
Income Fund –
Wholesale Units
AUS0031AU
• The Fund has been terminated effective 17 September 2012. Capital repayments are
n/a
Howard
Mortgage Fund
HOW0001AU
Howard
Wholesale
Mortgage Fund
HOW0005AU
IOOF Colonial
First State
Wholesale
Income Fund
ASK1208AU
process may take until the end of 2015.
• A capital repayment of 19.00% was received effective 16 December 2014.
• The Responsible Entity of the Trust has commenced legal action against a valuer in
n/a
relation to the value of an underlying security. The trial date is set for 29 May 2015.
• To view a copy of the letter from Balmain please visit
www.ioof.com.au/ioof_news/investment_news
• Perpetual Trust Services, the responsible entity, decided to terminate the fund
n/a
effective 7 July 2014.
• A distribution of $0.40 per unit was received effective 29 August 2014.
Distributions continue.
Redemptions available quarterly.
October 2014 return paid 11.14% pro rata.
Financial hardship redemptions available.
To be advised.
To be advised.
window are expected late March 2015.
anticipated to be made on a six-monthly basis. Financial hardship redemptions are
not available.
• A capital return of 30 per cent was received effective 31 July 2014.
• Fidante has advised that the remaining assets in the Fund have been sold.
n/a
The end result is that the Fund was terminated on 17 July 2014, with the wind up
process to begin immediately. The final capital repayment was received effective
19 August 2014.
• Fidante has advised that the remaining assets in the Fund have been sold.
n/a
The end result is that the Fund was terminated on 17 July 2014, with the wind up
process to begin immediately. The final capital repayment was received effective
21 August 2014.
• IOOF Investment Management Limited the responsible entity, terminated the Fund
n/a
effective 14 January 2015.
• The termination proceeds were paid as units in the underlying fund – Colonial First
State Wholesale Income Fund (FSF0139AU)
2
Investment
option
APIR code
Withdrawal information
LM Wholesale
First Mortgage
Income Fund
LM10007AU
• Funds are in the process of being wound up.
• Financial hardship redemptions are not available.
• Capital payments will be made to investors of the Fund as proceeds from the sale of
LM Wholesale
First Mortgage
Income Fund –
12 Month Fixed
Term
LM10008AU
Multiplex
Property
Income Fund
MLP0002AU
OnePath
Monthly
Income Fund
HML0002AU
Next expected
withdrawal offer
n/a
assets are distributed and once remaining liabilities have been extinguished.
• Brookfield Capital Management Limited, the responsible entity, decided to terminate
n/a
the fund in December 2012.
• No longer accepting withdrawal requests.
• Trust moved to a return of capital approach from the first quarter of 2011.
n/a
This approach replaced withdrawal offers.
• OnePath intends to make capital payments on a quarterly basis, after the end of
March, June, September and December each year.
• A capital repayment was received effective 10 October 2013 for $0.02 cents per unit
• Perpetual closed the Fund effective 17 October 2011 to commence returning capital
Perpetual
Monthly
Income Fund
(PMIF)
PER0002AU
Perpetual
Wholesale
Monthly
Income Fund
(PWMIF)
PER0106AU
•
•
•
Retail Direct
Property 11
Unit Trust
MCS0021AU
• Trust is in wind up mode.
• A distribution of six cents per unit was received effective 31 July 2014.
• In the event of residual cash remaining after liabilities are paid, a final distribution will
Van Eyk
Blueprint
Balanced Fund
MAQ0290AU
Van Eyk
Blueprint
Capital Stable
Fund
MAQ0291AU
Van Eyk
Blueprint High
Growth Fund
MAQ0292AU
Wholesale
Premium
Income Fund
(WPIF)
MFS0009AU
•
n/a
to investors.
Perpetual aim to return capital to all investors on a six monthly basis. To date,
approximately 90% of client investments have been returned. Perpetual will assess
whether a further capital return can be made in September 2014.
The Fund will continue to pay monthly distributions.
Financial hardship redemptions available.
A capital return was received September 2014 as follows
PMIF: 23.86%, PWMIF: 22.89%
n/a
be paid to investors.
• Applications and redemptions for the van Eyk Blueprint Balanced Fund, van Eyk
n/a
Blueprint Capital Stable Fund and van Eyk Blueprint High Growth Fund have been
resolved to be terminated due to the suspension the van Eyk Blueprint International
Share Fund (VBI) of which the funds have exposure to. Trading in VBI has been
suspended as a result of market liquidity issues VBI’s underlying investment in
Artefact Partners, which constitutes approximately 32% of the assets of VBI.
• Van Eyk has paid capital returns pro rata as follows effective 2 February 2015:
–– van Eyk Blueprint Balanced Fund 0.83%
–– van Eyk Blueprint Capital Stable Fund 0.43%
–– van Eyk Blueprint High Growth Fund 1.34%.
• WPIF units have been exchanged for Premium Income Fund (PIF) shares for all
n/a
members. PIF shares trade on the NSX under the code PIN.
3
IOOF Investment Management Limited (IOOF), ABN 53 006 695 021, AFS Licence No. 230524,
Trustee of the IOOF superannuation funds and Service Operator of IOOF Investor Directed Portfolio Services.
Frozen and illiquid funds
Request to redeem units
Use this form if you would like to redeem part or all of your investment from a frozen or illiquid Investment Option.
✓ boxes where provided.
Please complete all sections in BLACK INK using CAPITAL LETTERS and ❑
1. Investment Option
2. Complete your details
❑ AMP Capital Core Property Fund
❑ AMP Capital Wholesale
Account number
Australian Property Fund
❑ Balmain (MWMT) Mortgage Trust
❑ Charter Hall Direct Office Fund
–
–
Product name
Surname
Given name(s)
Date of birth
D D /
M M /
Y
Y
Y
Y
3. Select your redemption amount and read the declaration, then sign
You can request to redeem any percentage of your investment.
In accordance with the Corporations Act, you may receive less than you request (a pro-rated amount).
This can occur if the total amount requested by investors exceeds the amount available in that window.
❑
I wish to redeem ALL (100%) of my investment. If I receive a pro-rated amount, I want IOOF to act on my behalf
in future windows until all of my investment has been redeemed.
OR
❑
I wish to redeem ALL (100%) of my investment. If I receive a pro-rated amount, I will choose whether to
participate in future windows and I will complete this form again to do so.
OR
❑
I wish to redeem
% of my investment. If I receive a pro-rated amount, I will choose whether to
participate in future windows and I will complete this form again to do so.
CLIENT DECLARATION
I/we declare, acknowledge and understand that:
•
upon redemption from the Investment Option, all monies received will be placed in my Cash Account.
Any excess cash in my Cash Account will be invested as outlined in the relevant Product Disclosure Statement
or IDPS Guide according to the re-weighted investment instructions (if applicable) unless I am a Pursuit Select
client, in which case the money will remain in my Cash Account until further instructions are received from me;
•
I may not receive the full amount requested as my redemption request may be pro-rated by the responsible
entity; and
•
if this form is not fully completed and received by IOOF at the address stated above by 5 pm Melbourne time,
three business days prior to the date specified at www.ioof.com.au in respect of the current withdrawal window,
that I will participate in the next withdrawal window.
FINANCIAL ADVISER DECLARATION
Financial Adviser only needs to sign this Declaration if they are acting on behalf of the client.
I declare that:
•
I am the financial adviser for the above named client, appointed in writing by prior notice to IOOF with authority
to give these instructions on behalf of my client;
•
I have provided my client with all necessary information regarding the Investment Option; and
•
I have completed this application in accordance with my client’s specific instructions.
SIGNATURE OF ACCOUNT HOLDER OR FINANCIAL ADVISER
Date
D D
/
M M
/
Y
Y
Y
Y
Date
D D
/
M M
/
Y
Y
Y
Y
Title (if not individual
eg Director)
Return to IOOF
Reply Paid 264
Melbourne VIC 8060
Title (if not individual
eg Director)
PLA-10015
0215
SIGNATURE OF ACCOUNT HOLDER 2