Fund Update for the quarter ended 30 September 2018

Transcription

1 Harbour Australasian Equity Income Fund Fund Update for the quarter ended 30 September 2018 Harbour Investment Funds This fund update was first made publicly available on 30 October 2018 What is the purpose of this update? This document tells you how the Harbour Australasian Equity Income Fund has performed and what fees were charged. The document will help you compare the Fund with other funds. Harbour Asset Management Limited prepared this update in accordance with the Financial Markets Conduct Act This information is not audited and may be updated. Description of this fund The Fund is designed to generate quarterly income from a diversified portfolio of Australasian listed equities that pay sustainable and growing dividend yields (the amount a company pays out in dividends each year relative to its share price) as well as holding cash and fixed interest securities. Investment Objective: The performance objective of the Fund is to generate a higher yield than the New Zealand and Australian markets. Benchmark: 60% S&P/ASX Industrials Index and 40% S&P/X Portfolio Index. Total value of the Fund (D) $ 37,010,963 The date the Fund started 1 November 2011 What are the risks of investing? The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating. This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on the returns data for the 5 years to 30 September While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement (PDS) for more information about the risks associated with investing in the Fund. 1 Harbour Investment Funds

2 31/03/ /03/ /03/ /03/ /03/ /03/2018 Average annual return since inception 1.51% 8.22% 12.62% 5.08% 8.22% 6.49% 11.14% 16.01% 14.42% 12.58% 16.18% 26.04% 22.43% 24.75% How has the Fund performed? Annual Return 1 (after deductions for charges and tax) Annual Return 1 (after deductions for charges but before tax) Average over past 5 years Past Year 10.41% 8.89% 11.78% 10.01% Important: This does not tell you how the Fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower. What fees are investors charged? Investors in the Fund are charged fund charges. In the year to 30 June 2018 these were as follows: % of net asset value Market index annual Total fund charges (Inc. GST) return % 13.67% 18.40% (reflects no deduction for Which are made up of: charges and tax) The market index annual return is based on the weighted average return of the market indices used to measure performance of the underlying fund. In this case the Market Index is 60% S&P/ASX industrials Index and 40% S&P/X portfolio Index. Additional information about the market index is available on the offer register at Annual Return Graph 2 Total management and administration Including- Manager s basic fee Other management and administration charges 3 Total Performance-based fees 1.13% 0.83% 0.30% 0.00% 30.0% 25.0% 20.0% Annual 15.0% Return Graph Incl Investors may also be charged individual action fees for specific actions or decisions (for example, for withdrawing from or Ma switching funds). See the PDS and Other Material Information Document (OMI) for more information about fees. Other management and adm 0 Tot Example of how this applies to an investor 10.0% 5.0% 0.0% Harbour Australasian Equity Income Fund Market Index Small differences in fees and charges can have a big impact on your investment over the long term. Jenny had $10,000 in the Harbour Australasian Equity Income Fund at the start of the year and did not make any further contributions. At the end of the year, Jenny received a return, after fund charges were deducted, of $1001 (that is 10.01% of her initial $10,000). This gives Jenny a total return after tax of $889 for the year. This shows the return after Fund charges and tax for each year ending 31 March since the Fund started. The last bar shows the annualised annual return since the fund started, up to 30 September 18. Market Index Returns do not include any tax, expenses or charges. 2 Harbour Investment Funds

3 What does the Fund invest in? This shows the types of assets that the fund invests in % Actual Investment Mix 10.00% Target Mix 80.97% 90.00% Australasian Equities Cash & Cash Equivalents Australasian Equities Cash & Cash Equivalents Actual asset allocation to 30 September Actual asset allocation will vary from the target asset allocation as market conditions change and if we pursue tactical investment opportunities. Top 10 investments Name % of Fund net assets Type Country Meridian Energy 4.46% Australasian equities Contact Energy 4.06% Australasian equities Mainfreight 3.99% Australasian equities Spark New Zealand 3.98% Australasian equities Kathmandu Holdings 3.90% Australasian equities Vital Healthcare Property 3.00% Australasian equities Precinct Properties 2.95% Australasian equities Macquarie Group 2.85% Australasian equities AU Goodman Property Trust 2.78% Australasian equities Mirvac Group 2.66% Australasian equities AU The top 10 investments make up 34.6% of the net asset value of the Fund. 3 Harbour Investment Funds

4 Key Personnel Name Current Position Time in current position Previous position Time in previous position Craig Stent Executive Director & Portfolio Manager 8 years and 9 Research Analyst, Alliance Bernstein 7 years & 3 Shane Solly Director, Portfolio Manager and Research Analyst 4 years and 6 Head of Equities, Mint Asset Management 7 years & 2 Andrew Bascand Managing Director & Portfolio Manager 8 years and 9 Senior Vice President & Portfolio Manager, Alliance Bernstein 10 years Further information You can also obtain this information, the PDS for the Harbour Australasian Equity Income Fund, and some additional information from the offer register at Notes: 1. Returns to 30 September The bar chart shows fund returns after the deduction of fees and tax, however the market index returns are shown before any fees or tax is deducted. 3. Other fees: these charges cover the general management of the Fund e.g. administration, Supervisor, legal, and audit fees and costs required to comply with relevant legislation. These charges are based on the audited financial statements for the Fund to 30 June 2018 and includes any applicable GST. These also include underlying fund charges for retail funds holding units in other Harbour Funds. More information on these charges can be found in the PDS and the other material information document (OMI) on the Disclose Register. 4. The Fund currently has 35.28% of assets invested in Australian equities. Of this exposure, we have a 80.93% hedge on these Australian dollar denominated assets. Hyperlinks to Harbour documents: Product Disclosure statement (PDS) Other material information (OMI) Statement of Investment policy & objectives (SIPO) 4 Harbour Investment Funds

5 Harbour Australasian Equity Focus Fund Fund Update for the quarter ended 30 September 2018 Harbour Investment Funds This fund update was first made publicly available on 30 October 2018 What is the purpose of this update? This document tells you how the Harbour Australasian Equity Focus Fund has performed and what fees were charged. The document will help you compare the Fund with other funds. Harbour Asset Management Limited prepared this update in accordance with the Financial Markets Conduct Act This information is not audited and may be updated. Description of this fund The Fund is an actively managed fund investing in New Zealand and Australian listed equities. It is a high conviction fund where the portfolio will consist of companies our analysts have researched and have a high belief will perform over the medium to longer-term. A higher rated company will have a higher weighting in the portfolio. Investment Objective: To deliver medium to long term capital growth through investing in quality businesses with strong growth prospects. Benchmark: 50% S&P/X 50 and a 50% S&P/ASX 200 Index (which is 50% hedged into dollars). Total value of the Fund (D) The date the Fund started $ 21,880, April 2014 What are the risks of investing? A combination of actual Fund returns and market index returns have been used to determine the risk indicator for the Harbour Australasian Equity Focus Fund (inception 10 April 2014), as the Fund has not been operational for the required 5 years. The risk indicator may therefore provide a less reliable indicator of potential future volatility of this Fund. The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating. This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on the returns data for the 5 years to 30 September While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement (PDS) for more information about the risks associated with investing in this Fund. 1 Harbour Investment Funds

6 2.39% 5.54% 8.99% 13.80% 11.17% 13.85% 14.97% 12.09% 20.94% 20.70% How has the Fund performed? Annual Return 1 (after deductions for charges and tax) Past Year 20.23% Annual Return 1 (after deductions for charges 20.55% but before tax) Important: This does not tell you how the Fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower. What fees are investors charged? Investors in the Fund are charged fund charges. In the year to 30 June 2018 these were as follows: % of net asset value Market index annual return 1 (reflects no deduction for charges and tax) Annual Return Graph % The market index annual return is based on the weighted average return of the market indices used to measure performance of the underlying fund. In this case the Market Index is 50% S&P/X50 and a 50% S&P/ASX 200 Index (which is hedged into D). Additional information about the market index is available on the offer register at Total fund charges (Inc. GST)* Which are made up of: Total management and administration Including- Manager s basic fee Other management and administration charges 3 Total Performance-based fees 2.13% 1.26% 0.93% 0.33% 0.87% 25.0% 20.0% Australasian Equity Focus Fund market index Annual 15.0% Return Graph * The performance fee includes an amount accrued up to 31 Incl December and subsequently paid in January 2018 and an expense accrual from 1 January 2018 to 30 June The Ma accrual is subject to change (down or up) depending on relative performance for the remainder of the calendar year for Other management and Please refer to the latest PDS which details these estimated fees adm 0 and charges to provide you with an indication for the year to 30 Total Performance-based fees June % 5.0% 0.0% Investors may also be charged individual action fees for specific actions or decisions (for example, for withdrawing from or switching funds). See the PDS and Other Material Information Document (OMI) for more information about fees. Also see the product disclosure statement for more information about the basis on which performance fees are charged. Example of how this applies to an investor Small differences in fees and charges can have a big impact on your investment over the long term. This shows the return after Fund charges and tax for Jenny had $10,000 in the Harbour Australasian Equity each year ending 31 March since the Fund started. The last bar shows the annualised annual return Focus Fund at the start of the year and did not make any further contributions. At the end of the year, Jenny received since the fund started, up to 30 September 18. a return, after fund charges were deducted, of $2,055 Market Index Returns do not include any tax, expenses or charges. (that is 20.55% of her initial $10,000). This gives Jenny a total return after tax of $2,023 for the year. 2 Harbour Investment Funds

7 What does the Fund invest in? This shows the types of assets that the fund invests in. Actual Investment Mix 1.10% Target Investment Mix 5.00% 98.90% 95.00% Australasian Equities Cash & Cash Equivalents Australasian Equities Cash & Cash Equivalents Actual asset allocation to 30 September Actual asset allocation will vary from the target asset allocation as market conditions and if we pursue tactical investment opportunities. Top 10 investments Name % of Fund net assets Type Country A2 Milk 12.96% Australasian equities CSL 9.55% Australasian equities AU Mainfreight 8.10% Australasian equities Summerset Group Holdings 6.42% Australasian equities Macquarie Group 6.31% Australasian equities AU Challenger 5.62% Australasian equities AU Vista Group International 4.91% Australasian equities Scales Corp 4.44% Australasian equities Kathmandu Holdings 4.15% Australasian equities Gentrack Group 3.49% Australasian equities The top 10 investments make up 66.0% of the net asset value of the Fund. 3 Harbour Investment Funds

8 Key Personnel Name Current Position Time in current position Previous position Time in previous position Andrew Bascand Managing Director 8 years and 9 Senior Vice President & Portfolio Manager, Alliance Bernstein 10 Years Shane Solly Director, Portfolio Manager 4 years and 6 Head of Equities, Mint Asset Management 7 years & 2 Craig Stent Executive Director, Head of Equities 8 years and 9 Research Analyst, Alliance Bernstein 7 years & 3 Further information You can also obtain this information, the PDS for the Harbour Australasian Equity Focus Fund, and some additional information from the offer register at Notes: 1. Returns to 30 September The bar chart shows fund returns after the deduction of fees and tax, however the market index returns are shown before any fees or tax is deducted. 3. Other fees: these charges cover the general management of the Fund e.g. administration, Supervisor, legal, and audit fees and costs required to comply with relevant legislation. These charges are based on the audited financial statements for the Fund to 30 June 2018 and includes any applicable GST. These also include underlying fund charges for retail funds holding units in other Harbour Funds. More information on these charges can be found in the PDS and the other material information document (OMI) on the Disclose Register. 4. The Fund currently has 42.03% of assets invested in Australian equities. Of this exposure, we have a 19.98% hedge on these Australian dollar denominated assets. Hyperlinks to Harbour documents: Product Disclosure statement (PDS) Other material information (OMI) Statement of Investment policy & objectives (SIPO) 4 Harbour Investment Funds

9 Harbour Australasian Equity Fund Fund Update for the quarter ended 30 September 2018 Harbour Investment Funds This fund update was first made publicly available on 30 October 2018 What is the purpose of this update? This document tells you how the Harbour Australasian Equity Fund has performed and what fees were charged. The document will help you compare the Fund with other funds. Harbour Asset Management Limited prepared this update in accordance with the Financial Markets Conduct Act This information is not audited and may be updated. Description of this fund The Fund provides actively managed exposure to New Zealand and Australian listed equities. This Fund has a growth - oriented investment management approach to generate alpha (return over the benchmark) for investors. Investment Objective: To achieve a gross return of 5.0% per annum above the benchmark over the long term. Benchmark: S&P/X 50 Index Total value of the Fund (D) $262,759,132 The date the Fund started 11 April 2010 What are the risks of investing? The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating. This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on the returns data for the 5 years to 30 September While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement (PDS) for more information about the risks associated with investing in this Fund. 1 Harbour Investment Funds

10 -3.4% 3.6% 6.4% 10.0% 7.9% 19.9% 17.5% 15.2% 13.3% 14.6% 19.0% 17.3% 19.5% 16.9% 25.6% 27.7% How has the Fund performed? Average over past 5 years Past Year This shows the return after fund charges and tax for each year ending 31 March since the Fund started. The last bar shows the annualised annual return since the Fund started, up to 30 September 18. The Market Index Returns do not include any tax, expenses or charges. Annual Return 1 (after deductions for charges and tax) 15.50% 17.90% Important: This does not tell you how the Fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower. Annual Return 1 What fees are investors charged? (after deductions for charges but before tax) 16.52% 18.63% Investors in the Fund are charged fund charges. In the year to 30 June 2018 these were as follows: Market index annual return 1 (reflects no deduction for charges and tax) Annual Return Graph % 19.15% The market index annual return is based on the weighted average return of the market indices used to measure performance of the underlying fund. In this case the Market Index is the S&P/X50 Index. Additional information about the market index is available on the offer register at Harbour Australasian Equity Fund Total fund charges (Inc. GST) Which are made up of: Total management and administration Including- Manager s basic fee Other management and administration charges 3 % of net asset value 1.11% 1.11% 0.92% 0.19% 30.0% Market Index Total Performance-based fees 0.00% 25.0% 20.0% 15.0% 10.0% 5.0% Investors may also be charged individual action fees for specific actions or decisions (for example, for withdrawing from or switching funds). See the PDS and Other Material Information Document OMI for more information about fees. Also see the product disclosure statement for more information about the basis on which performance fees are charged. 0.0% -5.0% Example of how this applies to an investor Small differences in fees and charges can have a big impact on your investment over the long term. Jenny had $10,000 in the Harbour Australasian Equity Fund at the start of the year and did not make any further contributions. At the end of the year, Jenny received a return, after fund charges were deducted, of $1,863 (that is 18.63% of her initial $10,000). This gives Jenny a total return after tax of $1,790 for the year. 2 Harbour Investment Funds

11 What does the Fund invest in? This shows the types of assets that the fund invests in. Actual Investment Mix 4.89% Target Investment Mix 2.00% 95.11% 98.00% Australasian Equities Cash & Cash Equivalents Australasian Equities Cash & Cash Equivalents Actual asset allocation to 30 September Actual asset allocation will vary from the target asset allocation as market conditions change and if we pursue tactical investment opportunities. Top 10 investments Name % of Fund net assets Type Country A2 Milk 13.05% Australasian equities Mainfreight 6.98% Australasian equities Spark New Zealand 6.51% Australasian equities Contact Energy 4.60% Australasian equities Summerset Group Holdings 4.56% Australasian equities Auckland Intl Airport 4.53% Australasian equities Fisher & Paykel Healthcare 4.22% Australasian equities Fletcher Building 4.03% Australasian equities Meridian Energy 3.64% Australasian equities CSL 3.39% Australasian equities AU The top 10 investments make up 55.5% of the net asset value of the Fund. 3 Harbour Investment Funds

12 Key Personnel Name Current Position Time in current position Previous position Time in previous position Andrew Bascand Managing Director 8 years and 9 Senior Vice President & Portfolio Manager, Alliance Bernstein 10 Years Shane Solly Director, Portfolio Manager 4 years and 6 Head of Equities, Mint Asset Management 7 years & 2 Craig Stent Executive Director, Head of Equities 8 years and 9 Research Analyst, Alliance Bernstein 7 years & 3 Further information You can also obtain this information, the PDS for the Harbour Australasian Equity Fund, and some additional information from the offer register at Notes: 1. Returns to 30 September The bar chart shows fund returns after the deduction of fees and tax, however the market index returns are shown before any fees or tax is deducted. 3. Other fees: these charges cover the general management of the Fund e.g. administration, Supervisor, legal, and audit fees and costs required to comply with relevant legislation. These charges are based on the audited financial statements for the Fund to 30 June 2018 and includes any applicable GST. These also include underlying fund charges for retail funds holding units in other Harbour Funds. More information on these charges can be found in the PDS and the other material information document (OMI) on the Disclose Register. 4. The Fund currently has 21.10% of assets invested in Australian equities. Of this exposure, we have a 20.49% hedge on these Australian dollar denominated assets. Hyperlinks to Harbour documents: Product Disclosure statement (PDS) Other material information (OMI) Statement of Investment policy & objectives (SIPO) 4 Harbour Investment Funds

13 Harbour Income Fund Fund Update for the quarter ended 30 September 2018 Harbour Investment Funds This fund update was first made publicly available on 30 October 2018 What is the purpose of this update? This document tells you how the Harbour Income Fund has performed and what fees were charged. The document will help you compare the Fund with other funds. Harbour Asset Management Limited prepared this update in accordance with the Financial Markets Conduct Act This information is not audited and may be updated. Description of this fund The Fund is designed to give a favourable level of income. The Fund invests predominantly in New Zealand investment grade fixed interest securities and Australasian equities which pay a sustainable dividend yield. Other tools, such as active management and scope to invest in sub investment grade securities may also be used to enhance returns. Investment Objective: The investment objective of the Fund is to exceed the Official Cash Rate (OCR) plus 3.5% pa over rolling three year periods. Benchmark: 68% S&P/X A Grade Corporate Bond Total Return Index; 16% S&P/ASX200 Industrials Index (100% hedged to dollars); and 16% S&P/X Portfolio Index. Total value of the Fund (D) $80,496,753 The date the Fund started 28 October 2015 What are the risks of investing? A combination of actual Fund returns and market index returns have been used to determine the risk indicator for the Harbour Income Fund (inception 28 October 2015), as the Fund has not been operational for the required 5 years. The risk indicator may therefore provide a less reliable indicator of potential future volatility of this Fund. The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating. This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on the returns data for the 5 years to 30 September While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement (PDS) for more information about the risks associated with investing in this Fund. 1 Harbour Investment Funds

14 this Fund. How has the Fund performed? Annual Return 1 (after deductions for charges and tax) Annual Return 1 (after deductions for charges but before tax) Market index annual return 1 (reflects no deduction for charges and tax) Past Year 4.78% 5.90% 7.87% Important: This does not tell you how the Fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower. What fees are investors charged? Investors in the Fund are charged fund charges. In the year to 30 June 2018 these were as follows: Total fund charges (Inc. GST) % of net asset value 0.63% The market index annual return is based on the weighted average return of the market indices used to measure performance of the underlying fund. In this case the Market Index is 68% S&P/X A Grade Corporate Bond Total Return Index; 16% S&P/ASX200 Industrials Index (100% hedged to dollars); and 16% S&P/X Portfolio Index. Additional information about the market index is available on the offer register at Which are made up of: Total management and administration Including- Manager s basic fee Other management and administration charges % 0.44% 0.19% Annual Return Graph 2 8.0% 7.0% Annual Return Graph 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Income Fund 3.19% 6.51% 2.27% Market Index 6.01% 4.17% 7.43% 31/03/ /03/2018 Average annual return since inception This shows the return after Fund charges and tax for each year ending 31 March since the Fund started. The last bar shows the annualised annual return since the fund started, up to 30 September 18. Market Index Returns do not include any tax, expenses or charges. InclTotal Performance-based fees 0.00% Manager s basic fee Other Investors management may also and be charged individual action fees for specific admactions or 0 decisions (for example, for withdrawing from or Total switching Performance-based funds). See fees the PDS and Other Material Information Example of how this applies to an investor Small differences in fees and charges can have a big impact on your investment over the long term. Jenny had $10,000 in the Harbour Income Fund at the start of the year and did not make any further contributions. At the end of the year, Jenny received a return, after fund charges were deducted, of $590 (that is 5.90% of her initial $10,000). This gives Jenny a total return after tax of $478 for the year. 2 Harbour Investment Funds

15 What does the Fund invest in? This shows the types of assets that the fund invests in. Actual Investment Mix Target Investment Mix 16.5% 9.8% 23.7% 8.0% 10.0% 32.0% 50.0% 50.1% Australasian Equities International Equities International fixed interest Fixed Interest Cash & cash equivalents Australasian Equities International Equities International fixed interest Fixed Interest Cash & cash equivalents Actual asset allocation to 30 September Actual asset allocation will vary from the target asset allocation as market conditions change and if we pursue tactical investment opportunities. Top 10 investments Name % of Fund net assets Type Country Credit Rating GS Index Linked Bond 20/09/ % 4.24% New Zealand fixed interest AA+ NAB Trust Services Limited 19/06/28 FRN Government Index Link Bd 20/09/ % Realm Capital Series Fund Westpac Limited 23/03/ % A 11/05/ % Government Index Link Bd 20/09/ % Contact Energy Limited 27/05/ Genesis Power Limited 01/11/ % Kiwibank 29/05/ % 4.11% International fixed interest AUD BBB 2.92% New Zealand fixed interest AA+ 2.76% International fixed interest AUD NR 2.54% New Zealand fixed interest AA- 1.43% New Zealand fixed interest AA- 1.43% New Zealand fixed interest AA+ 1.31% New Zealand fixed interest BBB 1.30% New Zealand fixed interest BBB+ 1.30% New Zealand fixed interest Aa3 The top 10 investments make up 23.3% of the net asset value of the Fund. 3 Harbour Investment Funds

16 Key Personnel Name Current Position Time in current position Previous position Time in previous position Mark Brown Director, Fixed Income Portfolio Manager 8 years and 0 AXA/Alliance Bernstein, Head of Fixed Interest 16 years & 5 Craig Stent Executive Director, Head of Equities 8 years and 9 Alliance Bernstein, Research Analyst 7 years & 3 Simon Pannett Director, Research Analyst 5 years and 2 Investment Solutions, UK Investment Analyst 2 years & 4 Further information You can also obtain this information, the PDS for the Harbour Income Fund, and some additional information from the offer register at Notes: 1. Returns to 30 September The bar chart shows fund returns after the deduction of fees and tax, however the market index returns are shown before any fees or tax is deducted. 3. Other fees: these charges cover the general management of the Fund e.g. administration, Supervisor, legal, and audit fees and costs required to comply with relevant legislation. These charges are based on audited financial statements to 30 June 2018 and includes any applicable GST. More information on these charges can be found in the PDS and the other material information document (OMI) on the Disclose Register. " Hyperlinks to Harbour documents: Product Disclosure statement (PDS) Other material information (OMI) Statement of Investment policy & objectives (SIPO) 4 Harbour Investment Funds

17 Harbour Core Fixed Interest Fund Fund Update for the quarter ended 30 September 2018 Harbour Investment Funds This fund update was first made publicly available on 30 October 2018 What is the purpose of this update? This document tells you how the Harbour Core Fixed Interest Fund has performed and what fees were charged. The document will help you compare the Fund with other funds. Harbour Asset Management Limited prepared this update in accordance with the Financial Markets Conduct Act This information is not audited and may be updated. Description of this fund The Fund is an actively managed investment grade bond fund that invests mainly in New Zealand Government and corporate bond fixed interest securities. Investment Objective: The investment objective of the Fund is to outperform the benchmark by 100 basis points per annum over a rolling three year period. Benchmark: 50:50 weighted average of the S&P/X Government Bond Index and S&P/X A Grade Corporate Bond Total Return Index. Total value of the Fund (D) $156,342,202 The date the Fund started 24 May 2011 What are the risks of investing? The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating. This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on the returns data for the 5 years to 30 September While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement (PDS) for more information about the risks associated with investing in this Fund. 1 Harbour Investment Funds

18 0.63% 0.48% 1.52% 2.05% 3.07% 3.41% 4.80% 5.15% 4.72% 4.64% 5.17% 6.53% 6.51% 8.75% How has the Fund performed? Annual Return 1 (after deductions for charges and tax) Annual Return 1 (after deductions for charges but before tax) Market index annual Average over past 5 years Past Year 3.43% 2.92% 4.79% 4.08% return 1 (reflects no deduction for charges 5.26% 4.75% and tax) Important: This does not tell you how the Fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower. What fees are investors charged? Investors in the Fund are charged fund charges. In the year to 30 June 2018 these were as follows: Total fund charges (Inc. GST) Which are made up of: % of net asset value 0.64% The market index annual return is based on the weighted average return of the market indices used to measure performance of the underlying fund. In this case the Market Index is 50:50 weighted average of the S&P/X Government Bond Index and S&P/X A Grade Corporate Bond Total Return Index. Additional information about the market index is available on the offer register at Annual Return Graph 2 Total management and administration Including- Manager s basic fee Other management and administration charges 3 Total Performance-based fees 0.64% 0.54% 0.10% 0.00% Harbour Core Fixed Interest Fund 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% Annual Return Graph 4.0% 3.0% 2.0% 1.0% 0.0% Market Index Incl Investors may also be charged individual action fees for specific Ma actions 0.002or decisions (for example, for withdrawing from or switching funds). See the PDS and Other Material Information Other Document management (OMI and )for more information about fees. adm 0 Tot Example of how this applies to an investor Small differences in fees and charges can have a big impact on your investment over the long term. Jenny had $10,000 in the Harbour Core Fixed Interest Fund at the start of the year and did not make any further contributions. At the end of the year, Jenny received a return, after fund charges were deducted, of $408 (that is 4.08% of her initial $10,000). This gives Jenny a total return after tax of $292 for the year. This shows the return after Fund charges and tax for each year ending 31 March since the Fund started. The last bar shows the annualised annual return since the fund started, up to 30 September 18. Market Index Returns do not include any tax, expenses or charges. 2 Harbour Investment Funds

19 What does the Fund invest in? This shows the types of assets that the fund invests in. Actual Investment Mix Target Investment Mix 2.24% 7.36% 10% 5% 90.40% 85% fixed interest International fixed interest fixed interest International fixed interest Cash & cash equivalents Cash & cash equivalents Actual asset allocation to 30 September Actual asset allocation will vary from the target asset allocation as market conditions and if we pursue tactical investment opportunities. Top 10 investments Name % of Fund net assets Type Country Credit Rating GS Index Linked Bond 20/09/ % 11.15% New Zealand fixed interest AA+ Government Stock 15/03/ % 7.27% New Zealand fixed interest AA+ Government Stock 15/04/ % 6.95% New Zealand fixed interest AA+ Government Stock 15/05/ % 6.07% New Zealand fixed interest AA+ Local Govt Fund Agency 04/ % 2.78% New Zealand fixed interest AA+ Government Stock 15/04/ % 2.58% New Zealand fixed interest AA+ Nordic Investment Bank 18/03/ % 2.04% New Zealand fixed interest AAA Government Stock 20/04/ % 1.89% New Zealand fixed interest AA+ Fonterra Cooperative Grp 20/10/ % 1.35% New Zealand fixed interest A- Local Gov Fund Agency 14/04/ % 1.34% New Zealand fixed interest AA+ The top 10 investments make up 43.4% of the net asset value of the Fund. 3 Harbour Investment Funds

20 Key Personnel Name Current Position Time in current position Previous position Time in previous position Mark Brown Director, Fixed Income Portfolio Manager 7 years and 12 AXA/Alliance Bernstein, Head of Fixed Interest 16 years & 5 Christian Hawkesby Executive Head of Fixed Income & Economics 7 years and 12 Bank of England 9 years & 1 month Simon Pannett 5 years and 2 Investment Solutions, UK Director, Investment Analyst Research Analyst 2 years & 4 George Henderson Investment Analyst 0 years and 3 Portfolio Manager, Royal London Asset Management 11 years & 6 Further information You can also obtain this information, the PDS for the Harbour Core Fixed Interest Fund, and some additional information from the offer register at Notes: 1. Returns to 30 September The bar chart shows fund returns after the deduction of fees and tax, however the market index returns are shown before any fees or tax is deducted. 3. Other fees: these charges cover the general management of the Fund e.g. administration, Supervisor, legal, and audit fees and costs required to comply with relevant legislation. These charges are based on the audited financial statements for the Fund to 30 June 2018 and includes any applicable GST. These also include underlying fund charges for retail funds holding units in other Harbour Funds. More information on these charges can be found in the PDS and the other material information document (OMI) on the Disclose Register. Hyperlinks to Harbour documents: Product Disclosure statement (PDS) Other material information (OMI) Statement of Investment policy & objectives (SIPO) 4 Harbour Investment Funds

21 Harbour Corporate Bond Fund Fund Update for the quarter ended 30 September 2018 Harbour Investment Funds This fund update was first made publicly available on 30 October 2018 What is the purpose of this update? This document tells you how the Harbour Corporate Bond Fund has performed and what fees were charged. The document will help you compare the Fund with other funds. Harbour Asset Management Limited prepared this update in accordance with the Financial Markets Conduct Act This information is not audited and may be updated. Description of this fund The Fund provides access to favourable income yields through a diversified portfolio of primarily investment grade corporate bond fixed interest securities. Investment Objective: The investment objective of the Fund is to exceed the return of the benchmark portfolio after fees on a rolling 12 month basis. Benchmark: S&P/X A Grade Corporate Bond Total Return Index. Total value of the Fund (D) The date the Fund started $365,590, February 2009 What are the risks of investing? The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating. This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on the returns data for the five years to 30 September While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement (PDS) for more information about the risks associated with investing in this Fund. 1 Harbour Investment Funds

22 4.58% 4.04% 6.04% 4.61% 6.63% 1.84% 2.67% 4.98% 4.14% 1.86% 3.13% 2.98% 4.72% 3.74% 6.80% 6.40% 5.88% 8.77% 8.12% 9.96% How has the Fund performed? Annual Return 1 (after deductions for charges and tax) Average over past 5 years Past Year 3.35% 2.85% Important: This does not tell you how the Fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower. What fees are investors charged? Annual Return 1 (after deductions for charges but before tax) Market index annual return 1 (reflects no deduction for charges and tax) 4.68% 3.99% 5.37% 4.62% Investors in the Fund are charged fund charges. In the year to 30 June 2018 these were as follows: Total fund charges (Inc. GST) Which are made up of: % of net asset value 0.64% The market index annual return is based on the weighted average return of the market indices used to measure performance of the underlying fund. In this case the Market Index is the S&P/X A Grade Corporate Bond Total Return Index. Additional information about the market index is available on the offer register at Annual Return Graph 2 Total management and administration charges Including- Manager s basic fee Other management and administration charges 3 Total Performance-based fees 0.64% 0.53% 0.11% 0.00% 12.0% 10.0% 8.0% Harbour Corporate Bond Fund Market Index Investors may also be charged individual action fees for specific actions or decisions (for example, for withdrawing from or switching funds). See the PDS and Other Material Information Document (OMI) for more 6.0% 4.0% 2.0% 0.0% Example of how this applies to an investor Small differences in fees and charges can have a big impact on your investment over the long term. Jenny had $10,000 in the Harbour Corporate Bond Fund at the start of the year and did not make any further contributions. At the end of the year, Jenny received a return after fund charges were deducted of $399 (that is This shows the return after fund charges and tax for each 3.99% of her initial $10,000). This gives Jenny a total year ending 31 March since the Fund started. The last bar return after tax of $285. shows the annualised annual return since the Fund started, up to 30 Sep The Market Index Returns do not include any tax, expenses or charges. 2 Harbour Investment Funds

23 What does the Fund invest in? This shows the types of assets that the fund invests in. Actual Investment Mix 8.29% Target Investment Mix 5% 95% 91.71% fixed interest Cash & cash equivalents fixed interest Cash & cash equivalents Actual asset allocation to 30 Sep Actual asset allocation will vary from the target asset allocation as market conditions change and if we pursue tactical investment opportunities. Top 10 investments Name Local Govt Fund Agency 04/ % ASB Bank Limited 26/05/ % % of Fund net assets Country Credit rating New Zealand fixed 8.61% AA+ interest New Zealand fixed 3.69% AAinterest New Zealand fixed B 25/06/ % 2.89% AAinterest Dunedin City Treasury 17/07/ % Fonterra Cooperative Grp 20/10/ % Kommunalbanken AS 28/03/ % Auckland Council 24/03/ % JPMorgan Chase & Co 02/11/ % Local Gov Fund Agency 14/04/ % Type New Zealand fixed 2.80% A-1+ interest New Zealand fixed 2.62% A- interest New Zealand fixed 2.42% AAA interest New Zealand fixed 2.31% AA interest New Zealand fixed 2.06% A- interest New Zealand fixed 1.88% AA+ interest New Zealand fixed A 11/05/ % 1.83% AAinterest The top 10 investments make up 31.10% of the net asset value of the Fund. 3 Harbour Investment Funds

24 Key Personnel Name Current Position Time in current position Previous position Time in previous position Director, Mark Brown Fixed Income Portfolio Manager 7 years and 12 AXA/Alliance Bernstein, Head of Fixed Interest 16 years and 5 Christian Hawkesby Simon Pannett Executive Director, Head of Fixed Income & Economics Director, Research Analyst 7 years and 12 5 years and 2 Bank of England Investment Solutions, UK Investment Analyst 9 years and 1 2 years and 4 George Henderson Investment Analyst 0 years and 3 Portfolio Manager, Royal London Asset Management 11 years and 6 You can also obtain this information, the PDS for the Harbour Corporate Bond Fund, and some additional information from the offer register at Notes: 1. Returns to 30 Sep The bar chart shows fund returns after the deduction of fees and tax, however the market index returns are shown before any fees or tax is deducted. 3. Other fees: these charges cover the general management of the Fund e.g. administration, Supervisor, legal, and audit fees and costs required to comply with relevant legislation. These charges are based on the audited financial statements for the Fund to 30 June 2018 and includes any applicable GST. More information on these charges can be found in the PDS and the other material information odcument (OMI) on the Disclose Register. Hyperlinks to Harbour documents: Product Disclosure statement (PDS) Other material information (OMI) Statement of Investment policy & objectives (SIPO) 4 Harbour Investment Funds

25 Harbour Equity Advanced Beta Fund Fund Update for the quarter ended 30 September 2018 Harbour Investment Funds This fund update was first made publicly available on 30 October 2018 What is the purpose of this update? This document tells you how the Harbour Equity Advanced Beta Fund has performed and what fees were charged. The document will help you compare the Fund with other funds. Harbour Asset Management Limited prepared this update in accordance with the Financial Markets Conduct Act This information is not audited and may be updated. Description of this fund The Fund provides exposure to New Zealand equities. The Fund is designed to track the market index with some quantitative tilting to selected companies. 70% of the Fund mirrors the market index with the remaining 30% of the Fund tilted towards those companies in the index that score well on our financial models for value, yield & growth. Investment Objective: The performance objective of the Fund is to outperform the benchmark. Benchmark: S&P/X 50 Portfolio Index. Total value of the Fund (D) $163,327,990 The date the Fund started 3 December 2014 What are the risks of investing? A combination of actual Fund returns and market index returns have been used to determine the risk indicator for the Harbour Equity Advanced Beta Fund (inception 3 December 2014), as the Fund has not been operational for the required 5 years. The risk indicator may therefore provide a less reliable indicator of potential future volatility of this Fund. The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating. This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on the returns data for the 5 years to 30 September While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement (PDS) for more information about the risks associated with investing in this Fund. 1 Harbour Investment Funds

26 6.50% 8.50% 13.62% 13.29% 16.49% 16.87% 13.98% 16.46% How has the Fund performed? Past Year This shows the return after fund charges and tax for each year ending 31 March since the Fund started. The last bar shows the annualised annual return since the Fund started, up to 30 September 18. The Market Index Returns do not include any tax, expenses or charges. Annual Return 1 (after deductions for charges and tax) 16.97% Important: This does not tell you how the Fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower. Annual Return 1 (after deductions for charges but before tax) 18.41% What fees are investors charged? Investors in the Fund are charged fund charges. In the year to 30 June 2018 these were as follows: Market index annual return 1 (reflects no deduction for charges and tax) Annual Return Graph % The market index annual return is based on the weighted average return of the market indices used to measure performance of the underlying fund. In this case the Market Index is the S&P/X Portfolio Index. Additional information about the market index is available on the offer register at % 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Harbour Equity Advanced Beta Fund Market Index 31/03/ /03/ /03/2018 Average annual return since inception Total fund charges (Inc. GST) Which are made up of: Total management and administration Including- Manager s basic fee Other management and administration charges 3 Total Performance-based fees % of net asset value 0.55% 0.55% 0.42% 0.13% 0.00% Investors may also be charged individual action fees for specific actions or decisions (for example, for withdrawing from or switching funds). See the PDS and Other Material Information Document OMI for more information about fees. Also see the product disclosure statement for more information about the basis on which performance fees are charged. Example of how this applies to an investor Small differences in fees and charges can have a big impact on your investment over the long term. Jenny had $10,000 in the Harbour Equity Advanced Beta Fund at the start of the year and did not make any further contributions. At the end of the year, Jenny received a return, after fund charges were deducted, of $1841 (that is 18.41% of her initial $10,000). This gives Jenny a total return after tax of $1697 for the year. 2 Harbour Investment Funds

27 What does the Fund invest in? This shows the types of assets that the fund invests in. Actual Investment Mix 0.85% Target Investment Mix 1.00% 99.15% 99.00% Australasian Equities Cash & Cash Equivalents Australasian Equities Cash & Cash Equivalents Actual asset allocation to 30 September Actual asset allocation will vary from the target asset allocation as market conditions change and if we pursue tactical investment opportunities. Top 10 investments Name % of Fund net assets Type Country Spark New Zealand 4.70% Australasian equities A2 Milk 4.57% Australasian equities Contact Energy 4.00% Australasian equities Meridian Energy 3.96% Australasian equities Z Energy 3.93% Australasian equities Summerset Group Holdings 3.91% Australasian equities Ryman Healthcare 3.88% Australasian equities Fletcher Building 3.66% Australasian equities Mainfreight 3.56% Australasian equities Auckland Intl Airport 3.56% Australasian equities The top 10 investments make up 39.7% of the net asset value of the Fund. 3 Harbour Investment Funds

28 Key Personnel Name Current Position Time in current position Previous position Time in previous position Susanna Lee Director, Portfolio Manager 6 years and 5 Quantitative Investment Analyst. AXA Global Investors/AMP Capital 4 years & 2 Andrew Bascand Managing Director 8 years and 9 Senior Vice President & Portfolio Manager, Alliance Bernstein 10 years Craig Stent Executive Director, Head of Equities 8 years and 9 Research Analyst, Alliance Bernstein 7 years & 3 Further information You can also obtain this information, the PDS for the Harbour Equity Advanced Beta Fund, and some additional information from the offer register at Notes: 1. Returns to 30 September The bar chart shows fund returns after the deduction of fees and tax, however the market index returns are shown before any fees or tax is deducted. 3. Other fees: these charges cover the general management of the Fund e.g. administration, Supervisor, legal, and audit fees and costs required to comply with relevant legislation. These charges are based on the audited financial statements for the Fund to 30 June 2018 and includes any applicable GST. More information on these charges can be found in the PDS and the other material information document (OMI) on the Disclose Register. Hyperlinks to Harbour documents: Product Disclosure statement (PDS) Other material information (OMI) Statement of Investment policy & objectives (SIPO) 4 Harbour Investment Funds

29 T. Rowe Price Global Equity Growth Fund Fund Update for the quarter ended 30 September 2018 Harbour Investment Funds This fund update was first made publicly available on 30 October 2018 What is the purpose of this update? This document tells you how the T. Rowe Price Global Equity Growth Fund has performed and what fees were charged. The document will help you compare the Fund with other funds. Harbour Asset Management Limited prepared this update in accordance with the Financial Markets Conduct Act This information is not audited and may be updated. Description of this fund The Fund invests primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. It may include securities of companies traded on recognised exchanges of developing countries. Investment Objective: The Fund s objective is to provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognized exchanges and/or markets throughout the world. Benchmark: MSCI All Country World Index (unhedged). Total value of the Fund (D) $44,581,763 The date the Fund started 21 October 2015 What are the risks of investing? A combination of actual Fund returns and market index returns have been used to determine the risk indicator for the T. Rowe Price Global Equity Growth Fund (inception 21 October 2015), as the Fund has not been operational for the required 5 years. The risk indicator may therefore provide a less reliable indicator of potential future volatility of this Fund. The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way. To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating. This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on the returns data for the 5 years to 30 September While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement (PDS) for more information about the risks associated with investing in this Fund.

30 How has the Fund performed? Annual Return 1 (after deductions for charges and tax) What fees are investors charged? Total fund charges (Inc. GST) Which are made up of: Including- Manager s basic fee Other management and Annual Return Graph 2 administration charges 3 Annual Return Graph Past Year 22.03% Annual Return % (after deductions for charges but before tax) Market index annual return % (reflects no deduction for charges and tax) The market index annual return is based on the weighted average return of the market indices used to measure performance of the underlying fund. In this case the Market Index is MSCI All Country World Index (unhedged). Additional information about the market index is available on the offer register at % 20.0% 15.0% 10.0% 5.0% T. Rowe Price Global Equity Growth Fund Market Index 10.97% 13.48% 20.33% 13.29% 11.29% 11.70% Important: This does not tell you how the Fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower. Investors in the Fund are charged fund charges. In the year to 30 June 2018 these were as follows: Total management and administration InclTotal Performance-based fees % of net asset value 1.21% 1.21% 1.04% 0.17% 0.00% Manager s basic fee Investors may also be charged individual action fees for specific Other actions management or decisions and (for example, for withdrawing from or admswitching 0 funds). See the PDS and Other Material Information Total Document Performance-based OMI more fees information about fees. Example of how this applies to an investor Small differences in fees and charges can have a big impact on your investment over the long term. 0.0% 31/03/ /03/2018 Average annual return since inception This shows the return after Fund charges and tax for each year ending 31 March since the Fund started. The last bar shows the annualised annual return since the Fund started, up to 30 September 18. Market index returns do not include any tax, expenses or charges. Jenny had $10,000 in the T. Rowe Price Global Equity Growth Fund at at the start of the year and did not make any further contributions. At the end of the year, Jenny received a return, after fund charges were deducted, of $2,334 (that is 23.34% of her initial $10,000). This gives Jenny a total return after tax of $2,203 for the year.

31 What does the Fund invest in? This shows the types of assets that the fund invests in. Acutal Investment Mix 1.23% Target Investment Mix 2% International equities 98.77% Cash & cash equivalents International equities 98% Cash & cash equivalents Actual asset allocation to 30 September Actual asset allocation will vary from the target asset allocation as market conditions and if we pursue tactical investment opportunities. Top 10 investments Name Amazon.com Alphabet Tesla Alibaba Group Holding Facebook Tencent Holdings Altaba J.P. Morgan Chase & Co. Sempra Energy SM Investments Corp % of Fund net assets Type 3.64% International equities 2.81% International equities 2.54% International equities 2.34% International equities 1.81% International equities 1.70% International equities 1.45% International equities 1.36% International equities 1.33% International equities 1.25% International equities Country US US US CN US CN US US US PH The top 10 investments make up 20.2% of the net asset value of the Fund.

32 Key Personnel Name Current Position Time in current position Previous position Time in previous position Andrew Bascand Managing Director & Portfolio Manager 8 years and 9 Senior Vice President & Portfolio Manager, Alliance Bernstein 10 Years Further information You can also obtain this information, the PDS for the T. Rowe Price Global Equity Growth Fund, and some additional information from the offer register at Notes: 1. Returns to 30 September The bar chart shows fund returns after the deduction of fees and tax, however the market index returns are shown before any fees or tax is deducted. 3. Other fees: these charges cover the general management of the Fund e.g. administration, Supervisor, legal, and audit fees and costs required to comply with relevant legislation. These charges are based on the audited financial statements for the Fund to 30 June 2018 and includes any applicable GST. More information on these charges can be found in the PDS and the other material information document (OMI) on the Disclose Register. Hyperlinks to Harbour documents: Product Disclosure statement (PDS) Other material information (OMI) Statement of Investment policy & objectives (SIPO)