Perpetual’s Monthly Income and Mortgage Funds – status and transaction processes

Transaction processes

In late 2008 transaction processes were changed for the following funds:

• Perpetual's Monthly Income Fund
• Perpetual's Wholesale Monthly Income Fund

The transaction processes are detailed in the product disclosure statements available at www.perpetual.com.au/investment_funds.

Quarterly withdrawal process

The quarterly withdrawal process has enabled us to manage withdrawals in an orderly way while managing the funds' assets in the best interests of all investors. Investors who have submitted full withdrawal requests over each of the last five quarters would have now received a substantial amount of their investment - 96% for Perpetual's Monthly Income Fund and 77% for Perpetual's Wholesale Monthly Income Fund.

Withdrawal payments are based on the level of cash available at the end of each quarter and are paid the following month. 

View questions and answers about the latest quarterly withdrawal process for Perpetual's Monthly Income Fund and Perpetual's Wholesale Monthly Income Fund. 

Find a withdrawal request form.

Any withdrawal requests received before 3pm on the last business day of a quarter will be included in that quarter’s withdrawal process, subject to eligibility. You may make one withdrawal request each quarter and if we receive more than one in a quarter we will only accept the most recent one received. 

A withdrawal request will only be eligible for the quarter in which it is received unless no withdrawals are paid for that quarter, in which case it will be carried forward to the following quarter.  Please notify us in writing if you wish to cancel a withdrawal request before quarter end.

Investors’ withdrawal requests are pooled and treated equally (unless hardship grounds apply). The payout ratio is calculated by dividing a fund's available cash as follows:

Example 1

• $50 million available cash in affected fund
• Total amount requested by investors is $100 million
• Investors will receive 50% (50/100) of their withdrawal request.

Example 2

• $50 million of available cash in affected fund
• Total amount requested by investors is $50 million
• Investors will receive 100% (50/50) of their withdrawal request.

Example 3

• $50 million of available cash in affected fund
• Total amount requested by investors is $30 million
• Investors will receive 100% (50/30) of their withdrawal request.           

Payout ratios for quarter ended 31 December 2009      

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How are the Perpetual Monthly Income and Mortgage Funds invested?

The changed withdrawal processes do not affect the distributions paid by the funds. The Perpetual funds have high quality assets which we will continue to manage prudently and conservatively. Our skilled and experienced mortgage team continues to manage the funds in line with our disciplined and prudent investment process which focuses on investing in high quality mortgages with attractive loan-to-value ratios that are secured by income-producing properties, as well as deposits, money markets and fixed interest securities. We believe this has been the key to delivering consistent returns throughout the turbulent financial markets of recent years. Partially due to the current environment of increasing interest rates, recent monthly distributions have been increasing.

How will we keep you informed?                                                                      

We will continue to update this website with any changes and will communicate directly to affected investors, as well as their advisers.     Return to top