Who can invest
The Trusts are available only to those entities within and associated
with the Catholic Church. Catholic institutions seeking a cost-effective
portfolio, investing as part of a comprehensive investment program
are invited to consider the investment offer described in this Information
Memorandum. The Trusts are not for short-term investors seeking to
speculate on the movement of securities markets.
Applications
To invest in the Trusts an Application Form must be completed. An
Application Form is attached at the end of this Information Memorandum.
Applications can be made at any time. Upon receiving a completed
Application Form, CCIIM will process the unit holder's details. The
unit price at which units are issued is now determined at the time
of application and priced at the time of redemption. Units in the
relevant Trust will be issued to unit holders equal to the value of
investment based on the unit price calculated.
For new investors, the minimum investment amount is $250,000 in line
with the industry standard for wholesale investors. Subsequent investments
must be for $10,000 or more.
Valuations
The value of an investment in a Trust is calculated by multiplying
the unit price by the number of units held.
The unit price is calculated at the end of each month. At each month-end
the underlying assets of each Trust are valued and any expenses of
that Trust for the month are deducted to derive the Net Asset Value
of the Trust. The Net Asset Value is divided by the number of Units
on issue in the relevant Trust to determine the unit price. All applications
and redemptions received during a month are processed at the unit
price prevailing at the end of the month in which the application/redemption
was made. The Sell Spread is deducted from the unit price at redemption.
The value of units will rise and fall in line with the value of the
underlying assets of the Trust and will include realised and unrealised
capital gains and losses.
Redemptions
Unit holders can redeem funds by completing a Redemption Form, which
is available on request from CCIIM. Redemptions received during a
particular month are now processed at the unit price prevailing at
the time the redemption request is made, less the Sell Spread.
Usually, redemptions will be processed and funds remitted within
four weeks of receiving the completed Redemption Form. Proceeds will
be paid by cheque or electronic funds transfer.
Switching
There is no Sell Spread or other fees on switching between Trusts.
When a written request for a switch is received, exiting units in
the Trusts are redeemed at month end at the unit price at that date.
The proceeds are used to buy units in the alternative Trust at the
applicable unit price.
Income distributions
Each of the Trusts will earn income from dividends and interest and
such income will be distributed in full. Distributions of a dollar
value per unit will be paid to unit holders on the number of units
held. Distributions will be made half yearly, at 30 June and 31 December
and will normally be paid within 30 days after these dates. The Income Trust will distribute quarterly.
There is a choice as to how income can be distributed:
- Reinvested in additional units; or
- Paid directly to an approved financial institution such as a nominated
Australian bank, Catholic Development Fund Account, or credit union
account;
or
- Paid by cheque to your postal address.
A choice is available on the Application Form. If a choice is not
indicated income will automatically be reinvested in additional units
in the relevant Trust.
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