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Changes to AXA's mortgage funds
AXA’s Mortgage funds – New withdrawal arrangements.
On 18 December 2008 AXA announced the introduction of new withdrawal arrangements for AXA’s Australian Monthly Income Fund (AMIF). Under these new arrangements AXA will notify unit holders of quarterly Withdrawal Offers.
The new withdrawal arrangements also apply to AXA’s Wholesale Australian Monthly Income Fund (WAMIF), AXA’s Australian Income Fund (AIF) and AXA’s Wholesale Australian Income Fund (WAIF) given these funds have a significant investment in AMIF (either directly or indirectly). AIF and WAIF closed to new investors on 14 December 2007. Income distributions from WAMIF, AIF and WAIF, will continue to be paid monthly and can be reinvested in the funds. Going forward AXA will notify WAMIF, AIF and WAIF unit holders at the same time as AMIF unit holders of any Withdrawal Offer and the process outlined above will also apply to WAMIF, AIF and WAIF unit holders.
Withdrawal Offer No. 7
A reminder that Withdrawal Offer No. 7 for AXA’s Mortgage Funds is now open to direct unit holders. The size of this Withdrawal Offer is 6% of the Funds. Further information is detailed in ‘AXA’s Mortgage Funds – Withdrawal Offer No. 7’, attached below.
Withdrawal Offer forms
Withdrawal Offer forms for 2010 Withdrawal Offers are attached below.
Access to funds in circumstances of hardship
We have received direction from the industry regulator, the Australian Securities and Investments Commission (ASIC) to allow us to process withdrawal requests from our mortgage funds on the grounds of hardship.
The criteria upon which withdrawal requests will be assessed is contained below.
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