- Who is CCI Investment Management (CCIIM) and who can invest with CCIIM?
- Where do I find more information regarding the CCIIM investment options?
- Who manages the funds?
- What are the fees?
- What are the risks when investing in the trusts?
- What is the taxation status of the trusts?
- Who can advise me as to whether the trusts are a suitable investment?
- How do I make an application or redemption? What are the costs?
- Can I switch between trusts? Are there any costs?
- How do I find out the current value of my investment?
1. Who is CCI Investment Management (CCIIM) and who can invest with CCIIM?
CCIIM is a wholly owned subsidiary of Catholic Church Insurances Limited. CCIIM was developed to assist Church clients with the long term investment of Church funds. The CCIIM trusts are open to entities within or associated with the Catholic Church in Australia.
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2. Where do I find more information regarding the CCIIM investment options?
The CCIIM Information Memorandum No.3 provides an overview of the structure and operation of the CCIIM trusts. Prospective investors should read the Information Memorandum (part 1 and part 2) before investing. It should be noted that the Information Memorandum does not consider your particular investment objectives or financial situation and that we recommend that prior to investing you seek independent financial and/or taxation advice.
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3. Who manages the funds?
The trusts operate under a multi-manager master trust structure. As manager of the trusts CCIIM selects the specialist investment managers for each asset class. CCIIM is responsible for selecting managers, monitoring their performance and as required changing the manager configuration. More information on our fund managers is contained in the Information Memorandum.
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4. What are the fees?
Each of the trusts has its fees capped by way of a management expense ratio (MER). The MER for each CCIIM trust is disclosed in the Information Memorandum. There are no actual application, redemption or switching fees but investors should note that a sell spread of up to 0.50% applies to redemptions. All unit prices quoted are net of the respective MERs.
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5. What are the risks when investing in the trusts?
There are a number of risks associated with investing in the trusts. Some of the risks are disclosed in the Information Memorandum but this list is by no means exhaustive and investors need to carefully consider their individual situation and determine if the CCIIM trusts are suitable for them.
CCIIM seeks to minimise risk by providing access to a range of asset classes and by employing specialist fund managers with complementary investment styles.
Each of the trusts has a minimum recommended investment timeframe but these should be used as a guide only and not as personal or other advice.
Neither CCIIM nor Catholic Church Insurances Limited guarantees the performance of the trusts or the repayment of capital invested.
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6. What is the taxation status of the trusts?
The CCIIM trusts are acknowledged by the ATO as providing an investment service for the promotion of religious principles and have been granted an endorsement as Tax Concession Charity (TCC). As a result, they enjoy an exemption from income tax. Imputation credits (may also be known as franking credits) attached to dividends are refundable to tax concession charities. This means that CCIIM will claim the benefit of a refund of the imputation credits on franked dividends received from the underlying investments in the CCIIM trusts and they will be passed on to investors.
The CCIIM Flexible Trusts are not endorsed by the ATO as a TCC and consequently is not entitled to claim the benefit of excess imputation credits on franked dividends received from the underlying investments. Therefore investors in the CCIIM Australian equities Catholic Values Trust will need to make their own arrangements to claim the benefit of a refund of the imputation credits on franked dividends received. This is normally done by claiming them directly from the ATO.
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7. Who can advise me as to whether the trusts are a suitable investment?
Unfortunately CCIIM cannot give personal or investment advice as to whether the trusts are suitable for their needs. CCIIM encourages investors to seek quality independent advice before investing in the trusts.
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8. How do I make an application or redemption? What are the costs?
Applications are be made by completing an application form attached to the Information Memorandum. There are no application fees but the minimum amount should be for at least $250,000 (investors may choose to allocate their application monies across a range of portfolios). The application can be forwarded to CCIIM for processing. CCIIM will accept cheques or EFT.
Redemptions may be made by completing a redemption form that is located on this web site. There are no actual redemption fees but investors should note that a “sell spread” of 0.50% applies to redemptions (0.20% for the Income Trust). The sell spread effectively covers the cost of redeeming assets and is included in the unit price we strike for the redemption so that remaining investors are not penalised. The minimum redemption amount is $10,000.
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9. Can I switch between trusts? Are there any costs?
Yes investors can switch between trusts without incurring any fees or sell spread. They can do this by completing a switching form that is located on this web site. The minimum switching amount is $10,000.
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10. How do I find out the current value of my investment?
Investors receive a monthly holding statement normally within five working days of the end of the month. The holding statement shows the units held and the unit price. CCIIM usually strikes unit prices weekly on a Friday so investors can obtain a more recent price by accessing this web site or by contacting CCIIM by telephone or e-mail.
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