Perpetual’s Term Fund
What is the current status of the Fund?
How are payments being made during wind up?
How is the Fund invested?
How do I change my account details and instructions?
What statements will I receive?
Further information
What is the current status of the Fund?
We commenced winding up the Fund on 2 November 2009. This means we are returning capital to all investors as we are able to convert the Fund’s remaining mortgage loan assets to cash. Winding up the Fund will enable us to return all investors’ money as soon as possible.
How are payments being made during wind up?
Income
During wind up of the Fund income payments are based on the income the Fund receives from its underlying investments. For the period 2 November 2009 to 31 December 2009 the Fund has paid an income return of 5.3% pa. These income payments will be made in January 2010.
Income payments owing up to the commencement of the Fund's wind up on 2 November 2009 were paid during November 2009.
Capital
The first repayments of capital, amounting to 22.4 per cent of each investor’s capital as at 2 November 2009 were paid during November 2009.
During wind up all investors will receive capital payments every six months based on the Fund’s available cash. All investors will receive income payments each quarter based on the Fund’s earnings instead of receiving set returns for specific terms.
Payments schedule
| Payment for period ending | Payment to be made during | Income payment | Capital payment |
| 31 December |
January | Yes | No |
| 31 March | April | Yes | Yes |
| 30 June | July | Yes |
No |
| 30 September | October | Yes | Yes |
As the size of the Fund reduces we may reduce the frequency of payments.
How is the Fund invested?
The Fund’s mortgage loan assets are held in an underlying fund, Perpetual’s Mortgage Pool Fund (Mortgage Pool).
The Mortgage Pool is managed by our specialist mortgage investment team which invests in quality mortgage loan assets conservatively secured by property, with an average with an average loan-to-valuation ratio of 53.57% as at 31 December 2009.
More on the Mortgage Pool
How do I change my account details and instructions?
Income and capital payments will be made according to the current instructions unless we are instructed otherwise.
If we do not currently have your bank account details or you would like to update your payment instructions please complete and return the account details and instructions form.
What statements will I receive?
You will receive two annual tax statements at the end of the 2009/10 financial year; one for the period up to 2 November 2009 and one from 2 November to 30 June 2010. The relevant information from both statements should be included in your tax return.
Income statements will be issued quarterly – the statement for the December quarter will cover the period 2 November 2009 to 31 December 2009. Fund annual reports, providing detailed financial accounts for the Fund, will be sent to all investors at the end of each financial year.
Fund investors who have elected for their payments to be made into the Perpetual Cash Management Fund will receive a statement from Perpetual’s Term Fund showing the payment to a Perpetual bank account. They will also receive a statement from the Perpetual Cash Management Fund showing the same amount invested into this fund. A payment into the Perpetual Cash management Fund is an application into this fund.
Further information
We will continue to update this page on the status of the Fund. If you have any questions please email investments@perpetual.com.au or phone us on 1800 022 033 during business hours (Sydney time).
This information has been prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of the Fund or the return of an investor’s capital. An investment in the Fund is not a bank deposit, nor is it a liability of the Perpetual Group. It is subject to investment risk, including loss of some or all of an investor’s principal investment and lower than expected returns.
