# Artesian Green & Sustainable Bond Fund (Wholesale) **Provider:** Devon Funds Management (https://devonfunds.co.nz) **Source:** https://wholesaleinvestor.co.nz/funds/artesian-green-sustainable-bond-fund-wholesale **Facts JSON:** https://wholesaleinvestor.co.nz/api/im/artesian-green-sustainable-bond-fund-wholesale/facts.json > This document is a machine-readable concatenation of 2 extracted document(s) for AI/LLM grounding. The original PDFs are linked in each section. > Wholesale-only — for eligible investors per FMCA Schedule 1. WI does not republish manager performance numbers; verify with the manager. --- ## PDS **Source PDF:** https://devonfunds.co.nz/sites/default/files/media-files/Artesian_Funds_Scheme_Product_Disclosure_Statement_8_April_2026_with_forms_v1.pdf **Published:** 2026-04-08 **Pages:** 52 **Extracted via:** pdftotext on 2026-05-19 Artesian Funds Scheme Product Disclosure Statement (PDS) OFFER OF UNITS IN THE ARTESIAN GREEN AND SUSTAINABLE BOND FUND (NZD) ARTESIAN SHORT DURATION CORPORATE BOND FUND (NZD) ISSUER: DEVON FUNDS MANAGEMENT LIMITED 8 APRIL 2026 This document gives you important information about this investment to help you decide whether you want to invest. There is other useful information about this offer o n www.business.govt.nz/disclose. D evon Funds M anagement L imited h as p repared this document in accordance with the Financial Markets Conduct Act 2013 (FMC Act). You can also seek advice from a financial advice provider to help you to make an investment decision. 1 Key information summary. What is this? This is a managed investment scheme. Your money will be pooled with other investors’ money and invested in various investments. Devon Funds Management Limited (Devon, we, us, our) will invest your money and charge you a fee for our services. The returns you receive are dependent on the investment decisions of Devon, its investment manager and the performance of the investments. The value of those investments may go up or down. The types of investments and the fees you will be charged are described in this document. What will your money be invested in? Devon offers two funds (each, a Fund) for you to invest in under this Product Disclosure Statement. Annual Fund Fund Name Description Risk Indicator1 Charges Based on Net Asset Value (NAV)2 ARTESIAN SHORT The strategy for this Fund is to 0.73% DURATION invest in a diversified portfolio CORPORATE BOND of liquid, fixed and floating FUND (NZD) rate corporate bonds. This Fund will invest in Australian LOWER RISK HIGHER RISK dollar corporate bonds and cash. These corporate bonds 1 2 3 4 5 6 7 will be issued by Australian potentially lower returns potentially higher returns and international companies. ARTESIAN GREEN The strategy for this Fund 0.63% AND SUSTAINABLE is to invest in a diversified BOND FUND (NZD) portfolio of Australian and international green, social and sustainable bonds that have LOWER RISK HIGHER RISK been screened in accordance with Artesian’s screening 1 2 3 4 5 6 7 processes. Whilst the focus potentially lower returns potentially higher returns of this Fund will be to invest in corporate bonds, the Fund is also permitted to invest in government bonds. 1. As the Funds have not been in existence for five (5) years, we have used market index returns for the period from 31 December 2020 to 31 May 2023, and actual returns from 1 June 2023 to 31 December 2025 for the Artesian Green and Sustainable Bond Fund (NZD) and market index returns for the five (5) year period to 31 March 2026 for the Artesian Short Duration Corporate Bond Fund (NZD), to calculate the risk indicators Therefore, the risk indicators may provide a less reliable indicator of potential future volatility of the Fund. See Section 3 ‘Description of your investment option’ for more information on risk indicators. 2. A buy/sell spread (to fairly allocate the costs of buying and selling underlying assets) may be applicable on investment and withdrawal, or on switches. See Section 5 “What are the fees?” for more information on buy/sell spreads. See Section 4 “What are the risks of investing?” for an explanation of the risk indicator and for information about other risks that are not included in the risk indicator. To help you clarify your own attitude to risk, you can seek independent financial advice or work out your own risk profile at www.sorted.org.nz/tools/ investor-kickstarter. ARTESIAN PRODUCT DISCLOSURE STATEMENT 1 Who manages the Artesian Funds Scheme? The Manager of the Funds is Devon Funds Management Limited. See Section 7, “Who is involved?” for more information. What are the returns? The return on your investment comes from: • any increase or decrease in the unit prices of the Funds; and • any distributions made to you from the Funds The Funds generally distribute on a quarterly basis. See “How does this investment work?” on page 4 for more information. How can you get your money out? You may at any time request the withdrawal of some or all of your investment. Minimum withdrawal amounts may apply and you will need to complete a withdrawal request in the prescribed format which is available from Devon on request. In accordance with the governing document which governs the Funds, we may defer or suspend withdrawals in some circumstances. See Section 2 “How does this investment work?” for more information on how to get your money out. Your investment in a Fund can be sold in accordance with relevant law but there is no established market for trading these financial products. This means that you may not be able to find a buyer for your investment. How will your investment be taxed? Each of the Funds is a registered portfolio investment entity (PIE). The amount of tax you pay in respect of a PIE is based on your prescribed investor rate (PIR). To determine your PIR, go to www.ird.govt.nz/toii/ pir/ workout. See Section 6 “What taxes will you pay?” for more information. See www.ird.govt for more information. Where can you find more key information? Devon is required to publish quarterly updates for the Funds. The updates show the returns, and the total fees actually charged to investors, during the previous year. The latest fund updates are available at www.devonfunds.co.nz. We will also give you copies of those documents on request. 2 ARTESIAN PRODUCT DISCLOSURE STATEMENT Contents. 1. Key information summary. .....................................................................................................1 2. How does this investment work?.........................................................................................4 3. Description of your investment option(s).........................................................................8 4. What are the risks of investing?..........................................................................................9 5. What are the fees?....................................................................................................................11 6. What taxes will you pay?. .......................................................................................................13 7. Who is involved?..........................................................................................................................14 8. How to complain..........................................................................................................................15 9. Where you can find more information..............................................................................15 10. How to apply. ................................................................................................................................16 Glossary. ................................................................................................................................................16 ARTESIAN PRODUCT DISCLOSURE STATEMENT 3 2 How does this investment work? The PDS is an offer of units in the Artesian Short Duration Corporate Bond Fund (NZD) and the Artesian Green and Sustainable Bond Fund (NZD) (the Funds). The Funds invest directly into the Artesian Corporate Bond Fund (AUD) and Artesian Green and Sustainable Bond Fund (AUD) respectively (referred to here as the Underlying Funds). The Underlying Funds are actively managed and invest predominately in investment grade bonds. These bonds are predominantly AUD bonds with a credit rating of BBB- or better by rating agencies (which are approved organisations who rate the financial strength of entities). The Funds are constituted within a Managed Investment Scheme that is governed by the Artesian Trust Deed (Trust Deed) dated 18 March 2026 . A managed investment scheme enables investors to pool their investments together to achieve benefits that may not be possible individually, including access to a wider range of assets and greater investment diversity. The Funds offer professional investment management, ease of administration, and utilise the benefit of the PIE tax regime. The money you invest buys units in the Fund or Funds of your choice. The price of each unit you receive depends on the value of the relevant Fund at the time you invest. We calculate the unit price by dividing the Net Asset Value of the Fund by the number of units the Fund has on issue. We also have the discretion to include trading costs in determining the unit price received. The unit price is calculated each business day and published on our website. The daily unit price of each Fund will change as the market value of the Fund’s assets change. The return on your investment is reflected in any increase or decrease in the unit price. Units do not give you legal ownership of the Funds’ assets, however they do give you rights to the returns earned on those assets. The number of units you have (your unitholding), when multiplied by the unit price, gives you the total value of your investment in a Fund (although the impact of tax can result in a change in the number of units you hold, up or down, as the unit price is calculated before tax). The assets of each Fund are separate and are not available to meet the liabilities of the other Fund in the Scheme. Investing in the Funds may offer a number of benefits, including: Specific Feature of the Artesian Green and Sustainable Bond Fund (NZD): • The Fund will invest in Labelled Bonds (see under “Investment Process” below) such as green, social or sustainable bonds. The designation is determined by the issuer of the bond (Investment Process) (see page 5 for further information on the Investment Process). Features of both Funds: • Both Funds invest in investment grade securities with an emphasis on liquidity and credit quality. • The manager of the Underlying Funds aims to provide optimal investment decisions by integrating ESG investment research in selecting which bonds 4 ARTESIAN PRODUCT DISCLOSURE STATEMENT to invest in. When considering a bond as a potential investment for the Funds, Artesian applies both positive and negative screens as part of its investment decision-making process (Screening) (see page 5 for further information on how Screening works). • Large global, experienced team of fixed income professionals trading and analysing credit markets 24 hours a day. • Returns in excess of the benchmark (see page 8 for the benchmark) are expected to be generated through a well-constructed and actively managed portfolio in the bond market. Investment Process Artesian Corporate Bond Pty Ltd (Artesian, or Investment Manager) is the Investment Manager of the Underlying Funds. Neither Fund has explicit sustainability or non-financial objectives. Rather, sustainability outcomes are a function of investing in the asset class of Labelled Bonds. Artesian Green and Sustainable Bond Fund (NZD) This Fund is only permitted to invest in labelled bonds such as green, social and sustainable bonds (Labelled Bonds). A Labelled Bond is designated as, for example, a green, social or sustainable bond, by the issuer of that bond. In making this designation, the issuer typically applies principles such as those issued by the International Capital Markets Association (ICMA) and typically seeks third party review or certification of the designation they have made. The ICMA principles are the primary principles considered by Artesian when assessing bonds as potential investments for this Fund. Whilst not expected to be a common occurrence, it is possible that this Fund may hold Labelled Bonds that have not been issued in accordance with the ICMA principles, or may have been issued in accordance with the ICMA principles but may not have been subject to a third party review or certification of their designation. Artesian also conducts its own due diligence on each bond issuer, the issuer’s intended use of the investment made by Artesian and the level of ongoing reporting available. Artesian Short Duration Corporate Bond Fund (NZD) The strategy for this Fund is to invest in a diversified portfolio of liquid, predominately investment grade fixed and floating rate corporate bonds. For this Fund, sustainability outcomes are a function of the rigorous ESG screening process applied to the issuers, rather than a restriction to a specific asset class. While this Fund is evaluated under the same rigorous ESG screening process as the Artesian Green and Sustainable Bond Fund, it is not restricted to purchasing Labelled Bonds. Screening When considering a potential investment for either of the Funds , Artesian applies both positive and negative screens as part of its investment decision-making process. Negative Screening (Exclusions) Artesian applies a negative screen (or exclusion) for issuers involved in the production of tobacco, alcohol, pornography, munitions, palm oil, gaming equipment and exploration and/or production of fossil fuels. For the avoidance of doubt, this negative screen does not extend to issuers that may be involved indirectly in these same products or services, for example in the selling or distribution of them. An example of this may be investment in the food and grocery sector where supermarkets may be involved in the distribution of alcohol and tobacco. ARTESIAN PRODUCT DISCLOSURE STATEMENT 5 Positive Screening Artesian applies a positive screen to highlight companies that are undertaking activities that reflect appropriate responsible investment practices and impact reductions. For example, Artesian analyses the way companies approach gender issues and promote gender equity. When assessing companies by the way of positive screening, Artesian is evaluating the overall long-term sustainability of the business and their business practices. For example, companies with aspirational net-zero targets or market leading gender policies, and a track record of achieving these goals, would be viewed more positively than companies that were less developed in these areas. Application of Screens • For the Artesian Green and Sustainable Bond Fund (NZD): Screening restricts the available investments to those which are strictly Labelled Bonds that comply with both the positive and negative screens. • For the Artesian Short Duration Corporate Bond Fund (NZD): Screening restricts the available investments to general corporate bonds (labelled and non-labelled) that comply with the positive and negative screens, without the strict requirement that the securities be Labelled Bonds. Following Screening, Artesian then undertakes detailed financial analysis to form a view on whether an individual bond would be an appropriate investment for either of the Underlying Funds. Monitoring Once Artesian has made the decision to invest in an individual bond, that bond is subject to ongoing monitoring. For both Funds, bonds are monitored in respect of their adherence to the Screening applied before that investment was made. If this monitoring programme was to identify a possible exception (for example, a breach of screening criteria), Artesian will determine the most appropriate response on a case-by-case basis. Possible responses include working with the issuer to resolve the breach identified, or if this can’t be achieved, making a decision to sell the holding. In the event of a breach being identified, Devon will communicate with clients on both the nature of the breach and the steps taken to address the breach. For the Artesian Green and Sustainable Bond Fund (NZD) only, monitoring also occurs in respect of its status as a Labelled Bond. This monitoring occurs on an ongoing basis, typically when the bond issuer issues their annual impact report which outlines the impact achieved by the proceeds of the invested bond. As an additional exception under this monitoring programme, if a bond loses its labelled status, it would be disposed of within 30 days in normal market conditions. For further information on the non-financial features of the Funds please see pages 4 – 7 of the SIPO on the scheme register at www.disclose-register. companiesoffice.govt.nz. Distributions The Funds generally distribute on a quarterly basis for the distribution periods ending January, April, July and October. We determine the amount available for distribution (if any). Payments are made within three business days of the distribution ex-date and are generally paid on the 15th (or the next business day) of the following month. For tax purposes distributions are considered non- taxable income. You can elect to have your distribution paid into your nominated bank account or you can reinvest by purchasing further units in the Funds. 6 ARTESIAN PRODUCT DISCLOSURE STATEMENT You can elect which of these options you prefer in your initial application, or by writing to us. We can alter our distribution policy in consultation with our Supervisor and after advising you of any change. Making investments You can make lump sum or regular investments into the Funds. Investments can be made by completing the application form at the back of this PDS. A NZ$10,000 minimum applies for the initial contribution and NZ$100 minimum per quarter for subsequent regular payments. For information on how to invest in the Funds, see Section 10 “How to apply”. Withdrawing your investments If you wish to make a withdrawal you must complete a withdrawal request in the prescribed format which is available from Devon on request. Once submitted, your withdrawal request is not able to be withdrawn. Subject to the governing document which governs the Funds, we have the ability, in certain circumstances, to suspend or defer withdrawals. The consequence of suspension or deferral is that withdrawal requests will not be processed within the ordinary timeframes outlined below. In the event that this should ever occur, you can still submit a withdrawal request and these will be processed in the order in which they are received, once the suspension or deferral has been lifted. You may withdraw amounts of $2,000 or more. If your withdrawal would result in your investment falling below $2,000, we may request the Supervisor to withdraw the balance of your holding and repay the proceeds back to you. Withdrawal requests will be processed each business day in Auckland. The withdrawal value of the units will be paid to you, after adjustment for any tax payable (if applicable), within 30 business days from the date your withdrawal request is received. No person guarantees or promises the repayment of, or returns on, your investment in the Funds. How to switch between Funds You can request to switch part or all of your investment from one Fund to the other Fund within the Scheme. Completed switch requests will be made on the next available unit price. Switches will be treated as a withdrawal request from one Fund and a subsequent application into the other Fund. A switching form is available from Devon on request. ARTESIAN PRODUCT DISCLOSURE STATEMENT 7 3 Description of your investment option(s). Minimum Target suggested Summary of investment strategy and objectives Risk category1 exposure % investment timeframe ARTESIAN SHORT DURATION CORPORATE BOND FUND International 2 3 years (NZD) fixed interest This Fund 90% Strategy: The strategy for this Fund is to invest in has a low a diversified portfolio of liquid, fixed and floating rate Cash level corporate bonds. This Fund will invest in Australian dollar and cash of volatility corporate bonds and cash. These corporate bonds will be equivalents issued by Australian and international companies. 10% Benchmark: Bloomberg AusBond Composite 0-3 Yr Index in NZD, 100% hedged to NZD. Objective: To outperform the benchmark net of fees through active management. Suitability: This Fund is generally suited for persons seeking stable returns. ARTESIAN GREEN AND SUSTAINABLE BOND FUND (NZD) International 3 3 years fixed interest Strategy: The strategy for this Fund is to invest in a This Fund 95% diversified portfolio of Australian and international green, has a low to social and sustainable bonds that have been screened in Cash medium level accordance with Artesian’s screening processes. Whilst the and cash of volatility focus of this Fund will be to invest in corporate bonds, this equivalents Fund is also permitted to invest in government bonds. 5% Benchmark: Bloomberg AusBond Composite 0-5 Yr Index in NZD, 100% hedged to NZD. Objective: To outperform the benchmark net of fees through active management. Suitability: This Fund is generally suited for persons seeking stable returns. The table above summarises the strategy, objectives and characteristics of the Funds. More information is contained within the SIPO for the Funds. Please refer to the SIPO on the scheme register at www.disclose- register.companiesoffice.govt.nz. For relevant definitions see the glossary on page 16. We can make changes to the SIPO of the Funds in accordance with the Trust Deed and the Financial Markets Conduct Act 2013. Before making changes to the SIPO, we will consider if the changes are in your best interests and consult with the Supervisor. We will give notice of changes to unit holders of the Funds prior to effecting any material changes. The most current SIPO for the Funds can be found on the scheme register at www.disclose-register.companiesoffice.govt.nz. Further information about the assets in the Funds can be found in the Fund Updates on our website www.devonfunds.co.nz. 1 As the Funds have not been in existence for five (5) years, we have used market index returns for the period from 31 December 2020 to 31 May 2023, and actual returns from 1 June 2023 to 31 December 2025 for the Artesian Green and Sustainable Bond Fund (NZD) and market index returns for the five (5) year period to 31 March 2026 for the Artesian Short Duration Corporate Bond Fund (NZD), to calculate the risk indicators. Therefore, the risk indicators may provide a less reliable indicator of potential future volatility of the Funds. See Section 3 ‘Description of your investment option’ for more information on risk indicators. 8 ARTESIAN PRODUCT DISCLOSURE STATEMENT 4 What are the risks of investing? Understanding the risk indicator Managed funds in New Zealand must have a standard risk indicator. The risk indicator is designed to help investors understand the uncertainties both for loss and growth that may affect their investment. You can compare funds using the risk indicator. LOWER RISK HIGHER RISK 1 2 3 4 5 6 7 potentially lower returns potentially higher returns The risk indicator for each of the Funds can be seen in Section 3 “Description of your investment option.” The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the Funds’ assets goes up and down (volatility). 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 www.sorted.org.nz/calculators/investment-planner. Note that even the lowest category does not mean a risk-free investment, and there are other risks (described under the heading “Other specific 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 31 December 2025 for the Artesian Green and Sustainable Bond Fund (NZD) and 31 March 2026 for the Artesian Short Duration Corporate Bond Fund (NZD) where available. While risk indicators are usually relatively stable, they do shift from time to time. You can see the most recent risk indicator in the latest Fund Update for the Funds. General investment risks Some of the things that may cause the value of the Funds to move up and down, which affect the risk indicators, are: Market risk: Investment returns are influenced by the performance of the market as a whole. Economic, technological, political, legal factors, pandemic outbreaks and market sentiment can change. These changes may affect the value of investment markets, the investments of the Funds and the value of the units. Investment specific risk: The price of a specific investment of the Funds may be affected by market risk (above) but also by factors which are specific to that investment; for example, a circumstance or change impacting a particular company, sector, region or type of product in which the Funds have invested. Liquidity risk: Under abnormal or difficult market conditions, some normally liquid assets held by the underlying funds may become illiquid. This restricts the Investment Manager’s ability to sell them, which in turn restricts the Manager’s ability to make withdrawal payments to investors without a potentially significant delay. Investment manager risk: Like other investment managers, the Investment Manager’s approach directly impacts the value of the Funds’ performance. There is no guarantee the Funds will achieve their respective performance objective or produce results that are positive. Changes in key personnel within the Investment Manager may also impact the future returns of the Funds. ARTESIAN PRODUCT DISCLOSURE STATEMENT 9 Fund risk: The Funds could terminate and fees and costs payable by the Funds could change. There is also a risk that investing in the Funds may give different results than direct investing because of income or capital gains accrued in the Funds and the consequences of investments and withdrawals by other investors. Currency risk: The Funds invest in securities denominated in currencies other than New Zealand dollars. If these currencies change in value relative to the New Zealand dollar, the value of the investment can change. The Manager will typically hedge currency risk to New Zealand dollars. Credit risk: Credit risk is the risk that an issuer of a security fails to pay their principal or interest obligations when they are due. Credit limits, which are set through risk management processes, provide a framework for the amount of credit risk that the Funds can take, and this risk can be supplemented or hedged through the use of tools such as credit derivative products. Counterparty risk: There is a risk that a counterparty (for example, under a derivative or hedging instrument) may breach its obligations. This could include, but is not limited to, failing to make settlement payments or returning margin payments. Interest rate risk: The value of securities can be affected by interest rate movement. In instances where interest rates rise, the face value of certain fixed rate securities may decline. Equally, in circumstances where interest rates decline, the yield of certain floating rate securities will drop to reflect the floating rate nature of the yield. Also, interest rate expectations have the ability to impact the value of securities. Derivative risk: The Investment Manager may use derivatives for risk management purposes. These may include interest rate futures, forward contracts, cross currency swaps and credit default swaps. These may not move in line with the underlying assets or may be difficult to trade. There is also a risk that if derivatives are used, investors are exposed to otherwise excluded activities. This is because the exclusion criteria set out in this PDS and the SIPO are not intended to be applied to derivatives when used, due to the current inability to screen derivatives. Derivatives will not be used within the Funds for speculative or gearing purposes. Other specific risks Ethical investment risk: An ethical investment is one that incorporates non-financial factors alongside financial factors when making investment decisions. Artesian seek to determine and assess for material ESG risks and opportunities. This analysis and assessment is incorporated into Artesian’s investment decision-making process via reports, presentations and engagement with bond issuers. Artesian considers non-financial factors through negative and positive screening to establish the range of investments that are available for investment in the Underlying Funds as further explained in the SIPO. These non-financial considerations may limit the number of investment opportunities available, and as a result, at times, the Funds may produce more modest gains than funds which do not take non-financial factors into account when making investment decisions. Furthermore, because the Artesian Green and Sustainable Bond Fund (NZD) is strictly limited to purchasing Labelled Bonds, its investment opportunities may be further limited compared to the Artesian Short Duration Corporate Bond Fund (NZD). For more information on all ethical investment considerations see Artesian’s Responsible Investment Policy which can be found here: www.artesianinvest.com/esg Further information on risks, including inflation risk, default risk, volatility risk, insolvency risk, changes to law and other statutory restrictions, leverage risk and PIE status risk, is contained in the other Material Information document (OMI), which can be found on the offer register at www.dislcose-register. companiesoffice. govt.nz. 10 ARTESIAN PRODUCT DISCLOSURE STATEMENT 5 What are the fees? You will be charged fees for investing in the Funds. Fees are deducted from your investment and will reduce your returns. The fees you pay will be charged in two ways: • regular charges (for example, annual fund charges). Small differences in these fees can have a big impact on your investment over the long term; and • one-off fees – for example abnormal legal or regulatory fees. Total Annual Fund Charges Total fund charges, as a percentage of net asset value Estimated Other Estimated Estimated Total Annual Fund Name Administration Charges Management Fee Fund Charges and Expenses ARTESIAN SHORT 0.44% 0.29% 0.73% DURATION CORPORATE BOND FUND (NZD) ARTESIAN GREEN 0.34% 0.29% 0.63% AND SUSTAINABLE BOND FUND (NZD) Some of the fees charged to the Funds in the table above are subject to goods and services tax (GST), while others are GST-exempt. To clarify, investment management services provided to the Funds are exempt from GST, so GST is not charged on the management fee. All other services provided to the Funds are subject to GST at the standard rate of 15%. The total annual fund charges shall not exceed the amount shown above for each Fund. All fees are accrued daily, paid monthly in arrears to us and are reflected in the unit price. The charges outlined above cover: Management fees: all investment management services, including amounts due to external fund managers. Administration fee: all other expenses including supervisor, custodian, administration, registry, unit pricing, fund accounting, legal, audit and regulatory compliance. Additionally, the Manager and the Supervisor are entitled to be reimbursed out of each Fund for all other expenses properly and reasonably incurred by the Supervisor or the Manager in connection with carrying out their respective duties under the Trust Deed. There are currently no individual action fees, no establishment, termination, withdrawal or switching fees charged to the Fund. We can introduce these fees in the future in accordance with the Trust Deed and applicable law.Brokerage and other transaction costs are paid directly by the fund. Under the terms of Funds governing document, other expenses such as one-off costs and taxes may also be charged to the Fund. There are no performance fees charged by us in relation to any of the Funds. If Devon invests in other funds, those funds may charge fees (plus GST if applicable), including performance fees. These fees are included in the total annual fund charges above. ARTESIAN PRODUCT DISCLOSURE STATEMENT 11 Various individual action fees Buy/sell spreads are an estimate of transaction costs that arise as a result of applications or withdrawals. Spreads are an additional cost when transacting and included in the unit price. Spreads are not charged to investors as a separate additional charge. Spreads are not retained by us but rather paid to the Funds to ensure that other investors are not disadvantaged by the trading activity arising from applications or withdrawals. The spreads for our Funds are designed to reflect the spreads currently in place for the Underlying Funds. As at the date of this PDS, the estimated spreads to be deducted from the Funds are detailed in the table below: Fund Name Buy Spread Sell Spread ARTESIAN SHORT DURATION CORPORATE BOND 0.00% 0.00% FUND (NZD) ARTESIAN GREEN AND SUSTAINABLE BOND 0.00% 0.00% FUND (NZD) Example of how fees apply to an investor This example applies only to the Artesian Short Duration Corporate Bond Fund (NZD). If you are considering investing in other funds or investment options in the Scheme, this example may not be representative of the actual fees you may be charged. Mel invests $10,000 in the Artesian Short Duration Corporate Bond Fund (NZD). She is not charged an establishment fee or contribution fee. There is no buy spread at the time she invests. This brings the starting value of her investment to $10,000. She is charged management and administration fees, which work out to about $73 (0.73% of $10,000) over the year. These fees might be more or less if her account balance has increased or decreased over the year. Estimated total fees for the first year: $73 The fees can be changed The existing fees may be changed or new fees imposed in accordance with the Trust Deed and applicable law upon giving you 90 days’ written notice. Devon must publish a quarterly Fund Update for the Funds showing the fees actually charged during the most recent year. Fund Updates, including past fund updates, are available at www.devonfunds.co.nz. 12 ARTESIAN PRODUCT DISCLOSURE STATEMENT 6 What taxes will you pay? Each of the Funds is a Portfolio Investment Entity. The amount of tax you pay is based on your prescribed investor rate (PIR). To determine your PIR, go to www.ird. govt.nz/toii/pir/workout. If you are unsure of your PIR, we recommend you seek professional advice or contact the Inland Revenue Department (IR). It is your responsibility to tell Devon your PIR when you invest or if your PIR changes. If you do not tell Devon, a default rate may be applied. If the rate applied to your PIE income is lower than your correct PIR, you will be required to pay any tax shortfall as part of the income tax year-end process. If the rate applied to your PIE income is higher than your PIR, any tax over-withheld will be used to reduce any income tax liability you may have for the tax year and any remaining amount will be refunded to you by IR. Further information about taxes you will pay can be found in the Artesian Funds Scheme Other Material Information document on Disclose at www.business.govt.nz/ disclose ARTESIAN PRODUCT DISCLOSURE STATEMENT 13 7 Who is involved? About Devon Funds Management Limited Devon Funds Management is an investment management company based in Auckland. Founded in 2010, we offer a range of funds to New Zealand investors to meet a variety of investment objectives. Devon is regulated by the Financial Markets Authority and holds a Managed Investment Scheme Manager license. Its operations are supported by industry leading fund administration, custodial and supervisory service providers. Devon is part of the Investment Services Group (ISG), which in turn is majority owned by Shaw and Partners Financial Services Limited (Australia). ISG provides investment administration and operation services to Devon. Other companies in the group include Shaw and Partners Financial Services Limited (Shaw and Partners), Select Wealth Management Limited, Clarity Funds Management Limited and TAHITO Limited. More information about Devon, its funds, and key people is available on our website at www.devonfunds.co.nz. Contact Details: Devon Funds Management Limited Level 17 HSBC Tower 188 Quay Street Auckland 1010 Telephone: 0800 944 049 (free call) or +649 925 3990 E-mail: enquiries@devonfunds.co.nz Information about key personnel for the Funds can be found on our website www.devonfunds.co.nz. Who else is involved? Role Name Description Supervisor & Custodian The New Zealand Guardian Trust Supervisor of the Artesian Funds Company Limited Scheme under the Financial Markets Conduct Act 2013, and responsible for supervising us as Manager of the Funds. Administration Manager APEX Investment Administration Appointed by us to provide (NZ) Limited various administration functions in respect of the Funds, including registry, unit pricing and fund accounting. Administration Manager Investment Services Group (ISG) Appointed by us to provide administration functions which include investor onboarding, transaction processing, operational management and investment oversight to the funds. Investment Manager Artesian Corporate Bond Pty Ltd. The investment manager of the Underlying Funds. 14 ARTESIAN PRODUCT DISCLOSURE STATEMENT 8 How to complain. Any complaints about the Funds can be made to us at the address below. You can also send your complaints to the Supervisor at: The New Zealand Guardian Trust Company Limited Level 6, 191 Queen Street, Auckland 1010 PO Box 274, Shortland Street, Auckland 1140 Telephone: 0800 300 299 Email: ct-auckland@nzgt.co.nz Devon is a member of Insurance and Financial Services Ombudsman Scheme which is an independent dispute resolution scheme approved by Ministry of Commerce and Consumer Affairs. If you have made a complaint to us and it has not been resolved within 40 days, or if you are dissatisfied with the proposed resolution, you can refer it to: Insurance and Financial Services Ombudsman Scheme Level 8, Shamrock House 79 – 81 Molesworth Street Wellington (Call free) 0800 888 202 (Wellington) 04 499 7612 Insurance and Financial Services Ombudsman Scheme will not charge a fee to any complainant to investigate or resolve a complaint. Further information about referring a complaint to Insurance and Financial Services Ombudsman Scheme can be found at www.ifso.nz 9 Where you can find more information. Further information relating to the Artesian Funds Scheme (for example, financial statements) is available on the offer register and the scheme register at www.business.govt.nz/disclose. A copy of the information on the offer register and the scheme register is available on request to the Registrar. A copy of that information can also be obtained by contacting us at: Devon Funds Management Limited Level 17 HSBC Tower 188 Quay Street Auckland 1010 Telephone: 0800 944 049 (free call) or +649 925 3990 E-mail: enquiries@devonfunds.co.nz We are required to publish quarterly Fund Updates for the Funds. The Fund Updates show the returns, and the total fees actually charged to investors, during the previous year. The latest Fund Updates are available at www.devonfunds.co.nz. We will also give you copies of those documents free of charge on request to any of our contact details set out above. You will also be sent an annual tax statement which will include the amount of PIE income allocated to you and the amount of tax paid at your chosen PIR. You will also be asked to confirm your IRD number and PIR. ARTESIAN PRODUCT DISCLOSURE STATEMENT 15 10 How to apply. If you are making an investment directly with Devon then you can complete the application form at the back of this PDS. Glossary. CLEAN ENERGY Clean energy comes from natural sources or processes that are constantly replenished. For example, sunlight (solar panels) and wind (wind turbines) keep shining and blowing, even if their availability depends on time and weather. GAMING EQUIPMENT All gaming devices and other related gaming equipment used in connection with the operation of a casino, for example slot machines and gaming tables. GREEN BOND A green bond is a fixed income instrument where the capital raised is targeted for environmental related projects such as clean energy, clean water and energy efficiency. LABELLED BONDS Labelled bonds include, but are not limited to green, blue, social, sustainable, transition and sustainability-linked bonds, which promote sustainability and better Environmental, Social and Governance (ESG) performance. SOCIAL BOND A social bond is a fixed income instrument where the capital raised is targeted for improved social outcomes for specific groups, for example the impoverished or disadvantaged. SUSTAINABLE BOND A sustainable bond is a fixed income instrument where the capital raised is targeted for sustainable development; economic prosperity, social inclusion and environmental sustainability. 16 ARTESIAN PRODUCT DISCLOSURE STATEMENT How to complete the application form This section contains important information about how to invest in the Fund. Please read this section before completing the application form. You may submit an application form directly to Devon. Individual Investors - please complete pages 21 - 28. Trust or Estate Investors - please complete pages 29 - 39. Company, Partnership, Other Incorporated and Unincorporated Entities - please complete pages 40 - 50. Please ensure all questions are completed and required information is supplied, as not doing so may cause a delay in processing your Fund Application. Investor Details y Provide the entity name if the Investor will be a Trust, Estate, Company, Partnership or other Incorporated/Unincorporated Body or y Provide full details if you are investing as an individual(s) or y Provide full details of all individuals associated with the entity. y Supply your IRD number (this is a legal requirement). Signatures y If this investment is to be held jointly, all applicants must sign the application form. y All Trustees/directors/executors/partners/officers and other authorised signatories must sign the application form. y All signatures will also be required for withdrawals. Investment Details y Enter the amount you wish to invest in the Fund. The minimum initial investment amount is $10,000 and the minimum additional investment amount is $1,000. Payment Details y If you are making a direct credit payment, make the payment to the following BNZ bank account: y 02-0192-0455631-00 in the name of NZGT O/A DEVON FUNDS MANAGEMENT LIMITED. y Include your client reference number (available from Devon) on your deposit details and advise us once you have made a deposit. We will instruct the registrar of the exact amount of the deposit and when the deposit has been made. y Please note, your investment will only proceed once the registrar confirms with us that the funds have been cleared. Distribution Details y We require your distribution payment details. y If you wish any distributions to be paid to you, complete the nominated bank account section. y Alternatively, if you wish any distributions to be reinvested in additional Units in the Fund, tick the relevant box on the application form. 17 PRODUCT DISCLOSURE STATEMENT How to complete the application form Identity and address verification Under Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and under Devon’s own compliance requirements, verification of identity and residential address is required. Each individual applicant/signatory will be electronically verified. To enable this verification to occur, you will need to provide a current copy of your NZ passport or NZ driver’s licence, AND you need to consent to the following; y I consent to Devon collecting, using and disclosing my personal information to verify any information that I have provided (or information that we may collect from other sources) with third parties and third party databases, including Government agencies (for example, NZ Transport Authority or Department of Internal Affairs) for the purposes of fraud prevention and complying with the Anti-Money Laundering and Countering Financing Terrorism Act 2009. y I understand that if I disclose my personal information to Devon, this information will be disclosed to Centrix Group Limited and APLY Limited. They may hold my information on their database and use it for providing credit reporting services and for any other lawful purpose and they may disclose my information to their subscribers. If electronic verification is unsuccessful, paper-based verification will be required. We will ask you to provide identity and address verification documentation that meets the following requirements: 1. The original sighted by a representative from Devon, and a photocopy taken and appropriately verified; or 2. The documents must be a certified copy, as below: y All documents must be certified by either a Lawyer, Justice of the Peace, Notary Public, NZ Chartered Accountant, registered medical doctor or a NZ Honorary Counsul; y Documents must include the full name, occupation and an original signature of the certifier as well as the date of certification; y The certifier must not be related to the customer, a person who lives at the same address or less than 16 years of age; y Certification must have been carried out in the three months preceding presentation of the documents; y The certifier must sight the original identification document and make a statement to the effect that the copy provided is ‘a true copy of the original’; and y Any identity document for an individual person (such as a passport) must include a statement saying that the document is ‘a correct likeness of the named individual’. What ID is required for Individuals a) For paper-based verification, you will need to provide proof of your identity which means one of the following options AND proof of address: y ONE primary identification document listed in Option 1; or (where you cannot provide a primary identification document listed in Option 1); y ONE primary identification document and ONE secondary identification document listed in Option 2; or y ONE primary identification document and ONE secondary identification document listed in Option 3; and b) ONE address verification document listed in Option 4; and c) Bank deposit slip or bank statement in the name of the investor. 18 PRODUCT DISCLOSURE STATEMENT How to complete the application form Term Primary Identity Verification Secondary Identity Verification Option 1 • New Zealand passport • None • Overseas passport • New Zealand fire arms license • Certificate of Identity/ Refuge travel document* • National Identity card * Issued by NZ Immigration Services or Department of Internal Affairs New Zealand Option 2 • New Zealand Drivers Licence • SuperGold card (Front and Back) • Credit card (front and back) • Debit card (front and back) • Bank Statement • Government Agency Statement Option 3 • New Zealand full birth certificate • New Zealand Drivers Licence • Overseas full birth certificate • Overseas drivers licence (with photo) • Certificate of New Zealand citizenship • 18+ card • Overseas citizenship certificate • Student ID, New Zealand Institution (under 18s only) • New Zealand Armed Forces ID • New Zealand Police ID • SuperGold card Option 4 • Bank Statement • Local Authority Rates Bill • Government agency statement • Insurance Policy • Utility bill • Current Vehicle Registration We may also need to ask you to provide further documentation or information to complete your application. What ID is required for an Attorney or person investing for a minor? Identification is required as specified in ‘What ID is required for Individuals?’ above. y We also need a Certification of Non-revocation of a Power of Attorney; and y A birth certificate or proof of guardianship; or y A statutory declaration of the relationship between the minor and the person investing on their behalf to establish the relationship between the investor and the person investing on their behalf. Who in the Entity needs to provide ID? All people associated with the entity, as listed below, will need to be identified in line with Individual ID requirements: y Owners that are companies, Funds or individual y Officers shareholders that own more than 25% of the entity y Authorised signatories y Trustees y Guardians for minors y Executors y Attorneys (appointed under a power of attorney) y Settlors y Beneficiaries who have received a distribution y Directors y Anyone with the authority to act on behalf of y Partners the entity e.g. solicitor, administrator. 19 PRODUCT DISCLOSURE STATEMENT How to complete the application form What ID is required for the Entity? The type of documentation needed varies, depending on the entity type: Trusts and Estates y Copy of the Trust Deed; and y Copy of all amendments to the Trust Deed e.g. Deeds of Retirement of Trustees (where applicable); or y Copy of probate; and y Bank deposit slip or bank statement in the name of the Trust/Estate; and y Identification for all people associated with the entity as specified in ‘What ID is required for Individuals?’ above. For Funds, please also supply: y Named beneficiaries (please supply all the details requested on the application form for any beneficiary named in the Trust Deed who has received a distribution). y If the Trust is a discretionary or charitable Trust, the classes of beneficiaries or objectives of the Trust must be provided. Companies / Partnerships / Incorporated or Unincorporated Societies y Certificate of incorporation or registration numbers; or y Deed of partnership/formation; and y Bank deposit slip or bank statement in the name of the company, partnership or society; and y Identification for all people associated with the entity as specified in ‘What ID is required for Individuals?’ above. Return Form(s) Please send this application form and your payment details to Devon Funds Management Limited at enquiries@devonfunds.co.nz or you can mail your completed forms to: Devon Funds Management Limited PO Box 105609 Auckland City 1143 New Zealand Processing will take a few days. The confirmation of investment will be provided within 5 Business Days of relevant valuation date. Please feel free to call us on 0800 944 049 or +64 9 925 3990 if you need any help completing the Application Form. 20 PRODUCT DISCLOSURE STATEMENT Artesian Funds Scheme Application Form Individual /Joint Investor(s) (Please tick appropriate box) OFFICE USE ONLY This is an initial application Date / / This is a subsequent investment (please insert your investor number in the boxes provided) DF INVESTOR NUMBER Investor Details Name What is the nature and purpose of the investment, for example, income generation, capital gain or retirement savings? Source of Funds/Wealth Please tell us the original source of the funds/wealth you are investing with us. Property sale Gift/Inheritance Business activity Accumulated savings Personal income Other (describe below) Please provide details including dates and amounts. For example, sale of family home at address for amount on date. Note, we may need proof or additional information to support your application. In the last 12 months, has any individual associated with the investor, or an immediate family member, held a prominent public position in any overseas country? For example, high level judicial or military role, ministerial role, diplomat role or senior executive of a state run/owned enterprise. No Yes (if “yes”, please specify below) Contact Details Primary Contact Person (for general enquiries) Daytime Phone Mobile Phone Email Address If this person is authorised to give instructions, and is not an investor please complete page 25, Authorised Person section. 21 Individual Details Title First Name Surname Date of Birth Phone Number Email Address Physical Address Country(ies) of citizenship/nationality, please specify below IRD Number Occupation Portfolio Investor Rate (PIR): 0% 10.5% 17.5% 28% (tick one - if none selected 28% will apply) Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 22 Individual Details Title First Name Surname Date of Birth Phone Number Email Address Physical Address Country(ies) of citizenship/nationality, please specify below IRD Number Occupation Portfolio Investor Rate (PIR): 0% 10.5% 17.5% 28% (tick one - if none selected 28% will apply) Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 23 Investment on Behalf of a Minor / Investment for an Individual by a Power of Attorney Title First Name Surname Date of Birth Phone Number Email Address Physical Address Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 24 Authorised Person Complete this section if you want to authorise a person (who is not one of the individuals named above) to give instructions and obtain account information on your behalf. Title First Name Surname Date of Birth Phone Number Email Address Relationship to Investor Occupation Physical Address Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 25 Investment Details I wish to invest in the following Fund: Investment Amount* Distribution Instruction** Artesian Green and Sustainable Bond Fund (NZD) $ Reinvest Direct Credit Artesian Short Duration Corporate Bond Fund (NZD) $ Reinvest Direct Credit TOTAL $ * Initial investment minimum is $10,000. Subsequent Investment minimum is $1,000. ** If no option is selected, the default option is to reinvest the distribution. Payment Direct credit (Please deposit direct credit payments in the following BNZ account: 02-0192-0455631-00 in the name of NZGT O/A DEVON FUNDS MANAGEMENT LIMITED and reference with your Investor number) Bank Account Bank (The bank account must be in the Investor’s / Entity name) Branch Account Number BANK BRANCH ACCOUNT SUFFIX 26 The Privacy Act The personal information you have supplied may be used by the Manager and the Supervisor (and related entities detailed in Section 7) for the purposes of enabling the Manager to arrange and manage your investment, and to contact you in relation to your investment. Your personal information may also be disclosed to, and held and used by third parties that provide services to Devon. The manager may also share your information with government agencies if requested. Devon in turn will take reasonable steps to ensure the third party does not breach the Privacy Principles. You have the right to access all personal information held about you by the Manager and if any of the information is incorrect, you have the right to have it corrected. The Manager will provide you (on request) with the name and address of any entity to which your information has been disclosed. We collect most personal information directly from you. Sometimes we may (and you authorise us to) collect information about you from publicly available sources of information. You acknowledge that you are authorised to provide personal information on behalf of the applicant and evidence of this authority is provided (in the case of a parent/guardian/other providing information about the applicant). You agree that your/each of your names and addresses may be used by Devon to provide you with newsletters and other information about the Fund(s) and other products and services. Declaration I/We declare that the information provided on these documents is true and accurate. I/We have read and retained a copy of the current Product Disclosure Statement and agree to be bound by the terms and conditions of the Trust Deed and relevant Establishment Deeds (as amended from time to time). I/We agree to the terms outlined above in relation to the Privacy Act and the supply of personal information. I/We understand that the Fund is a vehicle for investment; the value of my/our investment is liable to fluctuations and may rise and fall from time to time. I/We understand the manner in which the fees will be deducted from my/our investment. I/We understand and authorise Devon to disclose personal information of the signatories below for the purposes of FATCA/CRS compliance including complying with requests from regulatory authorities or as otherwise required by law. I /We understand and acknowledge that Devon may be required to obtain further information from me for the purposes of disclosure for FATCA/CRS compliance. I/We acknowledge that Devon may be required to disclose information about me/us and my/our investments to third parties, if disclosure is required by law, including laws of other jurisdictions, for example to government and regulatory authorities. I/We agree to indemnify Devon against any loss it may suffer as a result of me/us providing incorrect or incomplete information. I/We agree that Devon will not be liable to me/us or any other third party for any refusal to process, or delay in, processing any transaction on my/our behalf or a suspension of my/our account by Devon in accordance with the anti-money laundering and countering financing of terrorism laws. I/We agree to advise Devon immediately if my/our tax residency changes, or my/our Prescribed Investor Rate changes. I/We agree to advise Devon immediately if any individual associated with myself/us or any immediate family member holds a prominent public position, not previously held, in any overseas country. For the purpose of verifying my identity, I consent to the personal information that I have provided being used with (and, where necessary, disclosed to) the following sources: (1) the NZTA for the purpose of checking the MOTO database; (2) the Department of Internal Affairs for the purpose of checking the Passport database; 3) Land Information New Zealand; (4) the Companies Office; (5) Centrix Group Limited and APLY Limited (and I authorise Centrix and APLY to use any information that they hold in their credit reporting bureau about me to compare the information that I have provided); and (6) the White Pages. Signature of Applicant Date Signature of Applicant Date Signature of Applicant Date Signature of Applicant Date 27 Signing Instruction The signing instruction sets out how signatories can operate this account with respect to daily transactions and general instructions. Please select one of the following options: All signatories must sign together At least ___ signatories must sign together Any one signatory can sign Other (please provide details) Please note that changes to the nominated bank account or portfolio closure will require all signatories to sign. The signing instruction can be changed at any time by providing the Manager with notice in writing which is signed by all signatories. Financial Adviser’s Declaration (if applicable) I have met with the above individual(s) and have collected a copy of their current passport or NZ driver’s licence and confirm it represents the true likeness of named individual(s). Financial Adviser’s Name Financial Adviser’s Agency Number Financial Adviser’s Signature Date 28 Artesian Funds Scheme Application Form Trust or Estate Investors (Please tick appropriate box) OFFICE USE ONLY This is an initial application Date / / This is a subsequent investment (please insert your investor number in the boxes provided) DF INVESTOR NUMBER Investor Details Entity Name Entity Address Entity Type: Family Trust Standard Trust Charitable Trust Estate Jurisdiction of Establishment Is the entity registered? Yes No If so, please provide registration number: IRD Number Portfolio Investor Rate (PIR): 0% 10.5% 17.5% 28% (tick one - if none selected 28% will apply) Country(ies) of Tax Residency The entity is a tax resident of New Zealand Yes No The entity is a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where the entity is a tax resident does not issue a TIN to its residents Reason B The entity has not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to to the entity in the table below) Reason C The domestic law of the country where the entity is a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 29 Investor Details continued Entity Classification For more information, please refer to the OECD website, the IRD or consult your tax adviser. Q1. Is the entity a Financial Institution? No, the entity is not a Financial Institution. Yes, the entity is a Financial Institution Please select which type of Financial Institution from the options below: The entity is a Depository Institution The entity is a Custodial Institution The entity is a Specified Insurance Company The entity is an Investment Entity - Is the Investment Entity managed by another Financial Institution? Yes No If the Financial Institution has a Global Intermediary Identification Number (GIIN) please provide it below. If you do not have a GIIN please indicate the reason: The entity is a Deemed Compliant Financial Institution The entity is an Exempt Beneficial Owner Other (please provide more detail): Q2. Is the entity’s primary business activity selling goods or services or is it a non-profit entity? Select ‘Yes’ below if either: • The entity earns or intends to earn 50% or more of its total income from trading activities; and 50% or more of the entity’s assets produce or are held for producing trading income; OR • The entity is a non-profit entity and exempt from income tax in its country/jurisdiction of residence. Yes No What is the nature and purpose of the investment, for example, income generation, capital gain or retirement savings? 30 Investor Details continued Source of Funds/Wealth Please tell us the original source of the funds/wealth you are investing with us. Property sale Gift/Inheritance Business activity Accumulated savings Personal income Other (describe below) Please provide details including dates and amounts. For example, sale of family home at address for amount on date You will need to provide proof of the source of funds/wealth. Note we may ask for additional information to support your application. In the last 12 months, has any individual associated with the investor, or an immediate family member, held a prominent public position in any overseas country? For example, high level judicial or military role, ministerial role, diplomat role or senior executive of a state run/owned enterprise. No Yes (if “yes”, please specify) Contact Details Primary Contact Person (for general enquiries) Daytime Phone Mobile Phone Email Address If this person is authorised to give instructions, and is not an investor please complete page 36, Authorised Person section. 31 Individual Details This section must be completed by all trustees, executors, settlors, protectors or other parties who have control of the trust assets. Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Occupation Employer Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 32 Individual Details Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Occupation Employer Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 33 Individual Details Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Occupation Employer Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 34 Individual Details Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Occupation Employer Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 35 Authorised Person Complete this section if you want to authorise a person (who is not one of the individuals named above) to give instructions and obtain account information on your behalf. Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Occupation Employer Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 36 Investment Details I wish to invest in the following Fund: Investment Amount* Distribution Instruction** Artesian Green and Sustainable Bond Fund (NZD) $ Reinvest Direct Credit Artesian Short Duration Corporate Bond Fund (NZD) $ Reinvest Direct Credit TOTAL $ * Initial investment minimum is $10,000. Subsequent Investment minimum is $1,000. ** If no option is selected, the default option is to reinvest the distribution. Payment Direct credit (Please deposit direct credit payments in the following BNZ account: 02-0192-0455631-00 in the name of NZGT O/A DEVON FUNDS MANAGEMENT LIMITED and reference with your Investor number) Bank Account Bank (The bank account must be in the Investor’s / Entity name) Branch Account Number BANK BRANCH ACCOUNT SUFFIX 37 The Privacy Act The personal information you have supplied may be used by the Manager and the Supervisor (and related entities detailed in Section 7) for the purposes of enabling the Manager to arrange and manage your investment, and to contact you in relation to your investment. Your personal information may also be disclosed to, and held and used by third parties that provide services to Devon. The manager may also share your information with government agencies if requested. Devon in turn will take reasonable steps to ensure the third party does not breach the Privacy Principles. You have the right to access all personal information held about you by the Manager and if any of the information is incorrect, you have the right to have it corrected. The Manager will provide you (on request) with the name and address of any entity to which your information has been disclosed. We collect most personal information directly from you. Sometimes we may (and you authorise us to) collect information about you from publicly available sources of information. You acknowledge that you are authorised to provide personal information on behalf of the applicant and evidence of this authority is provided (in the case of a parent/guardian/other providing information about the applicant). You agree that your/each of your names and addresses may be used by Devon to provide you with newsletters and other information about the Fund(s) and other products and services. Declaration I/We declare that the information provided on these documents is true and accurate. I/We have read and retained a copy of the current Product Disclosure Statement and agree to be bound by the terms and conditions of the Trust Deed and relevant Establishment Deeds (as amended from time to time). I/We agree to the terms outlined above in relation to the Privacy Act and the supply of personal information. I/We understand that the Fund is a vehicle for investment; the value of my/our investment is liable to fluctuations and may rise and fall from time to time. I/We understand the manner in which the fees will be deducted from my/our investment. I/We understand and authorise Devon to disclose personal information of the signatories below for the purposes of FATCA/CRS compliance including complying with requests from regulatory authorities or as otherwise required by law. I /We understand and acknowledge that Devon may be required to obtain further information from me for the purposes of disclosure for FATCA/CRS compliance. I/We acknowledge that Devon may be required to disclose information about me/us and my/our investments to third parties, if disclosure is required by law, including laws of other jurisdictions, for example to government and regulatory authorities. I/We agree to indemnify Devon against any loss it may suffer as a result of me/us providing incorrect or incomplete information. I/We agree that Devon will not be liable to me/us or any other third party for any refusal to process, or delay in, processing any transaction on my/our behalf or a suspension of my/our account by Devon in accordance with the anti-money laundering and countering financing of terrorism laws. I/We agree to advise Devon immediately if my/our tax residency changes, or my/our Prescribed Investor Rate changes. I/We agree to advise Devon immediately if any individual associated with myself/us or any immediate family member holds a prominent public position, not previously held, in any overseas country. For the purpose of verifying my identity, I consent to the personal information that I have provided being used with (and, where necessary, disclosed to) the following sources: (1) the NZTA for the purpose of checking the MOTO database; (2) the Department of Internal Affairs for the purpose of checking the Passport database; 3) Land Information New Zealand; (4) the Companies Office; (5) Centrix Group Limited and APLY Limited (and I authorise Centrix and APLY to use any information that they hold in their credit reporting bureau about me to compare the information that I have provided); and (6) the White Pages. Signature of Trustee or Executor or Authorised Signatory Date Signature of Trustee or Executor or Authorised Signatory Date Signature of Trustee or Executor or Authorised Signatory Date Signature of Trustee or Executor or Authorised Signatory Date 38 Signing Instruction The signing instruction sets out how signatories can operate this account with respect to daily transactions and general instructions. Please select one of the following options: All signatories must sign together At least ___ signatories must sign together Any one signatory can sign Other (please provide details) Please note that changes to the nominated bank account or portfolio closure will require all signatories to sign. The signing instruction can be changed at any time by providing the Manager with notice in writing which is signed by all signatories. Financial Adviser’s Declaration (if applicable) I have met with the above individual(s) and have collected a copy of their current passport or NZ driver’s licence and confirm it represents the true likeness of named individual(s). Financial Adviser’s Name Financial Adviser’s Agency Number Financial Adviser’s Signature Date 39 Artesian Funds Scheme Application Form Company, Partnership, Other Incorporated and Unicorporated Entities (Please tick appropriate box) OFFICE USE ONLY This is an initial application Date / / This is a subsequent investment (please insert your investor number in the boxes provided) DF INVESTOR NUMBER Investor Type Company Partnership Other Unincorporated Entity or Body Superannuation Scheme Other Incorporated Entity or Body Investor Details Entity Name Registered Address Entity Type Company Private Company Public Company Government Body Country of Registration Is the entity registered? Yes No If so, please provide registration number: Is the entity operating as a charity? Yes No Is the entity a vehicle for holding personal assets? Yes No Does the company have any nominee directors or shareholders? Yes No Does the company issue shares in bearer form? Yes No What is the nature and purpose of the investment, for example, income generation, capital gain or retirement savings? 40 Investor Details continued Source of Funds/Wealth Please tell us the original source of the funds/wealth you are investing with us. Property sale Gift/Inheritance Business activity Accumulated savings Other (describe below) Please provide details including dates and amounts. For example, business proceeds of amount from the sale of distribution on date. Note, we may need proof or additional information to support your application. In the last 12 months, has any individual associated with the investor, or an immediate family member, held a prominent public position in any overseas country? For example, high level judicial or military role, ministerial role, diplomat role or senior executive of a state run/owned enterprise. No Yes (if “yes”, please specify) IRD Number Portfolio Investor Rate (PIR): 0% 10.5% 17.5% 28% (tick one - if none selected 28% will apply) Country(ies) of Tax Residency The entity is a tax resident of New Zealand Yes No The entity is a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where the entity is a tax resident does not issue a TIN to its residents Reason B The entity has not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to to the entity in the table below) Reason C The domestic law of the country where the entity is a tax resident does not require the collection of a TIN Enter Reason A, B, or C if no If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) TIN is available an explanation 41 Investor Details continued Entity Classification For more information, please refer to the OECD website, the IRD or consult your tax adviser. Q1. Is the entity a Financial Institution? No, the entity is not a Financial Institution. Yes, the entity is a Financial Institution Please select which type of Financial Institution from the options below: The entity is a Depository Institution The entity is a Custodial Institution The entity is a Specified Insurance Company The entity is an Investment Entity - Is the Investment Entity managed by another Financial Institution? Yes No If the Financial Institution has a Global Intermediary Identification Number (GIIN) please provide it below. If you do not have a GIIN please indicate the reason: The entity is a Deemed Compliant Financial Institution The entity is an Exempt Beneficial Owner Other (please provide more detail): Q2. Is the entity’s primary business activity selling goods or services or is it a non-profit entity? Select ‘Yes’ below if either: • The entity earns or intends to earn 50% or more of its total income from trading activities; and 50% or more of the entity’s assets produce or are held for producing trading income; OR • The entity is a non-profit entity and exempt from income tax in its country/jurisdiction of residence. Yes No Contact Details Primary Contact Person (for general enquiries) Daytime Phone Mobile Phone Email Address If this person is authorised to give instructions, and is not an investor please complete page 47, Authorised Person section. 42 Individual Details This section must be completed by all directors, shareholders, partners, senior managers/officers or persons with effective control of the company. Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 43 Individual Details Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 44 Individual Details Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 45 Individual Details Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 46 Authorised Person Complete this section if you want to authorise a person (who is not one of the individuals named above) to give instructions and obtain ac- count information on your behalf. Title First Name Surname Date of Birth Relationship to the Entity Physical Address Email Address Phone Number Country(ies) of citizenship/nationality, please specify below Country(ies) of Tax Residency I am a tax resident of New Zealand Yes No I am a tax resident of other country(ies) Yes No If yes, more details are required. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below. If a TIN is not available for that country, use the appropriate reason A, B or C. Reason A The country where I am a tax resident does not issue a TIN to its residents Reason B I have not been issued a TIN by my country of tax residence (please include an explanation as to why a TIN was not issued to you in the table below) Reason C The domestic law of the country where I am a tax resident does not require the collection of a TIN Enter Reason A, B, or C if If you have selected Reason B please provide Country of Tax Residency Tax ID Number (TIN) no TIN is available an explanation 47 Investment Details I wish to invest in the following Fund: Investment Amount* Distribution Instruction** Artesian Green and Sustainable Bond Fund (NZD) $ Reinvest Direct Credit Artesian Short Duration Corporate Bond Fund (NZD) $ Reinvest Direct Credit TOTAL $ * Initial investment minimum is $10,000. Subsequent Investment minimum is $1,000. ** If no option is selected, the default option is to reinvest the distribution. Payment Direct credit (Please deposit direct credit payments in the following BNZ account: 02-0192-0455631-00 in the name of NZGT O/A DEVON FUNDS MANAGEMENT LIMITED and reference with your Investor number) Bank Account Bank (The bank account must be in the Investor’s / Entity name) Branch Account Number BANK BRANCH ACCOUNT SUFFIX 48 The Privacy Act The personal information you have supplied may be used by the Manager and the Supervisor (and related entities detailed in Section 7) for the purposes of enabling the Manager to arrange and manage your investment, and to contact you in relation to your investment. Your personal information may also be disclosed to, and held and used by third parties that provide services to Devon. The manager may also share your information with government agencies if requested. Devon in turn will take reasonable steps to ensure the third party does not breach the Privacy Principles. You have the right to access all personal information held about you by the Manager and if any of the information is incorrect, you have the right to have it corrected. The Manager will provide you (on request) with the name and address of any entity to which your information has been disclosed. We collect most personal information directly from you. Sometimes we may (and you authorise us to) collect information about you from publicly available sources of information. You acknowledge that you are authorised to provide personal information on behalf of the applicant and evidence of this authority is provided (in the case of a parent/guardian/other providing information about the applicant). You agree that your/each of your names and addresses may be used by Devon to provide you with newsletters and other information about the Fund(s) and other products and services. Declaration I/We declare that the information provided on these documents is true and accurate. I/We have read and retained a copy of the current Product Disclosure Statement and agree to be bound by the terms and conditions of the Trust Deed and relevant Establishment Deeds (as amended from time to time). I/We agree to the terms outlined above in relation to the Privacy Act and the supply of personal information. I/We understand that the Fund is a vehicle for investment; the value of my/our investment is liable to fluctuations and may rise and fall from time to time. I/We understand the manner in which the fees will be deducted from my/our investment. I/We understand and authorise Devon to disclose personal information of the signatories below for the purposes of FATCA/CRS compliance including complying with requests from regulatory authorities or as otherwise required by law. I /We understand and acknowledge that Devon may be required to obtain further information from me for the purposes of disclosure for FATCA/CRS compliance. I/We acknowledge that Devon may be required to disclose information about me/us and my/our investments to third parties, if disclosure is required by law, including laws of other jurisdictions, for example to government and regulatory authorities. I/We agree to indemnify Devon against any loss it may suffer as a result of me/us providing incorrect or incomplete information. I/We agree that Devon will not be liable to me/us or any other third party for any refusal to process, or delay in, processing any transaction on my/our behalf or a suspension of my/our account by Devon in accordance with the anti-money laundering and countering financing of terrorism laws. I/We agree to advise Devon immediately if my/our tax residency changes, or my/our Prescribed Investor Rate changes. I/We agree to advise Devon immediately if any individual associated with myself/us or any immediate family member holds a prominent public position, not previously held, in any overseas country. For the purpose of verifying my identity, I consent to the personal information that I have provided being used with (and, where necessary, disclosed to) the following sources: (1) the NZTA for the purpose of checking the MOTO database; (2) the Department of Internal Affairs for the purpose of checking the Passport database; 3) Land Information New Zealand; (4) the Companies Office; (5) Centrix Group Limited and APLY Limited (and I authorise Centrix and APLY to use any information that they hold in their credit reporting bureau about me to compare the information that I have provided); and (6) the White Pages. Signature of Director, Partner, Officer or Authorised Signatory Date Signature of Director, Partner, Officer or Authorised Signatory Date Signature of Director, Partner, Officer or Authorised Signatory Date Signature of Director, Partner, Officer or Authorised Signatory Date 49 Signing Instruction The signing instruction sets out how signatories can operate this account with respect to daily transactions and general instructions. Please select one of the following options: All signatories must sign together At least ___ signatories must sign together Any one signatory can sign Other (please provide details) Please note that changes to the nominated bank account or portfolio closure will require all signatories to sign. The signing instruction can be changed at any time by providing the Manager with notice in writing which is signed by all signatories. Financial Adviser’s Declaration (if applicable) I have met with the above individual(s) and have collected a copy of their current passport or NZ driver’s licence and confirm it represents the true likeness of named individual(s). Financial Adviser’s Name Financial Adviser’s Agency Number Financial Adviser’s Signature Date 50 Devon Funds Management Limited Level 17, HSBC Tower 188 Quay Street Auckland 1010 Telephone: 0800 944 049 (free call) or +649 925 3990 enquiries@devonfunds.co.nz www.devonfunds.co.nz --- ## SIPO **Source PDF:** https://devonfunds.co.nz/sites/default/files/media-files/Artesian_Funds_Scheme_Statement_of_Investment_Policy_and_Objectives_2April_2026.pdf **Published:** 2026-04-02 **Pages:** 15 **Extracted via:** pdftotext on 2026-05-20 Artesian Funds Scheme Statement of Investment Policy and Objectives (SIPO) APRIL 2026 ISSUER: DEVON FUNDS MANAGEMENT LIMITED This document gives you important information about this investment to help you decide whether you want to invest. There is other useful information about this offer on www.business.govt.nz/disclose. Devon Funds Management Limited has prepared this document in accordance with the Financial Markets Conduct Act 2013 (FMC Act). You can also seek advice from a financial advice provider to help you to make an investment decision. Contents. 1. Introduction......................................................................................................................................2 2. Benefits of investing in the Funds.........................................................................................3 3. Investment philosophy. ..............................................................................................................4 4. Investment process......................................................................................................................5 5. Investment strategy and objectives. ...................................................................................8 6. Investment governance and policies...................................................................................11 7. Investment performance monitoring...................................................................................12 8. Investment strategy review and monitoring . .................................................................12 9. Review of the SIPO. .....................................................................................................................13 Glossary. ................................................................................................................................................13 ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 1 1 Introduction. What is a SIPO? This Statement of Investment Policy and Objectives (SIPO) applies to the Artesian Short Duration Corporate Bond Fund (NZD) and Artesian Green and Sustainable Bond Fund (NZD) (the Funds) and plays an important role in ensuring the effectiveness of the overall accountability framework for the Funds. It does this by clearly articulating the philosophy, strategies, objectives and parameters of the offering. The Funds’ investments are managed by Artesian Corporate Bond Pty Ltd (Artesian, the Investment Manager). Artesian are a global, impact focused fixed income fund manager, who target relative value opportunities in credit markets. Artesian manage niche strategies with the overriding goal of producing consistent alpha and best in class risk adjusted returns for investors. Artesian are committed to integrating environmental, social, and governance (ESG) factors into their investment process with a focus on responsible investment. The Funds are part of the Artesian Funds Scheme (the Scheme). The Scheme is a registered management investment scheme under the Financial Markets Conduct Act 2013 and is a trust governed by a master trust deed dated 18 March 2026. As a managed investment scheme, your money will be pooled with other investors’ money and invested in various investments as described in this document. The Funds are divided into units and you invest by buying units. The value of units fluctuates according to the changing value of the assets in which the Funds have invested. The Funds are Portfolio Investment Entities (PIE) for tax purposes. Further information about taxes can be found in the Other Material Information document on the offer register at www.dislcose-register. companiesoffice. govt.nz. Devon Funds Management Limited (Devon) was incorporated in New Zealand under the Companies Act 1993 on 12 March 2010. Devon is a boutique funds management business committed to helping our clients achieve their investment objectives. Devon’s parent company is Investment Services Group Limited (ISG), which in turn is majority owned by Shaw and Partners Financial Services Limited (Australia). ISG provides administration and operational functions on an outsource basis to its subsidiaries, including Devon. The supervisor of the Scheme is The New Zealand Guardian Trust Company Limited (the Supervisor). The effective date for this SIPO is 2 April 2026. We may amend the investment policy and objectives for the Funds from time to time, in consultation with the Supervisor. We will notify you of any significant changes to the SIPO and when they will take effect. The most current version is available on the scheme’s register at https://disclose-register.companiesoffice.govt.nz/. Further information about the Scheme and the offer of units in the Funds is available from the Disclose website www.companiesoffice.govt.nz/disclose. The Product Disclosure Statement and Other Material Information are available on the Disclose website. The Scheme’s governing documents, including the latest version of this SIPO, are available on the Disclose website. There is also further information on the Manager’s website https://devonfunds. co.nz/. 2 ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 2 Benefits of investing in the Funds. Artesian Short Duration Corporate Bond Fund (NZD) • This Fund gains its exposure by investing in the Artesian Corporate Bond Fund (AUD), which we refer to as the Underlying Fund. The Underlying Fund will invest in a diversified portfolio of liquid, predominately investment grade fixed and floating rate corporate bonds. Artesian Green and Sustainable Bond Fund (NZD) • This Fund gains its exposure by investing in the Artesian Green and Sustainable Bond Fund (AUD), which we also refer to as the Underlying Fund. The Underlying Fund will invest in labelled bonds, such as green, social or sustainable bonds. The designation is determined by the issuer of the bond (Investment Process) (see page 4 for further information on the Investment Process). Shared Benefits (Both Funds) • Access to investment opportunities and diversification that individual investors are otherwise unable to achieve. • A disciplined risk management process that manages different levels of investment risk relative to anticipated investment returns. • Participation in any distributions from the Funds. • Emphasis on liquidity and credit quality. • The manager of the Underlying Funds aims to provide optimal investment decisions by integrating ESG investment research in selecting which bonds to invest in. When considering a bond as a potential investment for the Funds, Artesian applies both positive and negative screens as part of its investment decision-making process (Screening) (see page 5 for further information how Screening works). • Large global, experienced team of fixed income professionals trading and analysing credit markets 24 hours a day. • Returns in excess of the benchmark (see page 6 for the benchmark) are expected to be generated through a well-constructed and actively managed portfolio in the bond market. ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 3 3 Investment philosophy. A fundamental cornerstone of Artesian’s strategy is to build a sustainable investment platform delivering long-term performance. Artesian believes that a proactive approach to responsible investment issues and drivers provides advantages to investment performance. In doing so, Artesian aim to mitigate risk and deliver greater long-term performance. Artesian sees the global bond market, including the labelled (green, sustainable and social) bond market, as an opportunity for investors to facilitate positive change. The rise of the green, sustainable and social bond market and the innovation of sustainability-linked bonds are prime examples of how investor demand, capital market innovation and corporations can foster positive impact, whilst improving returns with quality fixed income investments. For Artesian, responsible investing means incorporating into the investment process consideration of the actions and impacts on stakeholders by companies. Artesian does not differentiate ESG practices and other practices. Responsible investment integration occurs across Artesian’s investment platform, but varies recognising that responsible investment integration should be specific to the asset class, capital structure, sector and geography and the investment team’s specific processes and strategies. As a result, a Responsible Investment Sub Policy has been developed for the Funds which can be found here: www.artesianinvest.com/esg Artesian’s fixed income responsible investment objectives include: • Funding bond issuers that are aiming to generate positive externalities for society. • Creating resilience for those firms that address the needs of society in a responsible way. • Using credit metrics and ESG analysis/screening to fund sustainable business models with the aim of avoiding fat-tail risks for investors. • Funding bond issuers that are striving for business models that aim to be inclusive of all stakeholders. ESG factors are fundamental to Artesian’s business and its approach to responsible investment. Recognising that these factors influence financial value and that investments themselves have impact, Artesian actively integrates ESG assessment into its investment analysis and decision-making. Indeed, many of Artesian’s investment products are grounded in the investment proposition of investing for impact. For example, Artesian is informed by and supports: • The Principles for Responsible Investment (PRI). • The PARIS Agreement. • The Sustainable Development Goals (SDG) and Targets. • The Task Force on Climate-related Financial Disclosure. 4 ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 4 Investment process. The Funds’ investments are managed by Artesian in its capacity as Investment Manager of the Funds and the Underlying Funds into which the Funds invest directly. Artesian Green and Sustainable Bond Fund (NZD) For this Fund, sustainability outcomes are a function of investing in the asset class of Labelled Bonds. The Fund is only permitted to invest in Labelled Bonds such as green, social or sustainable bonds. A Labelled Bond is designated as, for example, a green, social or sustainable bond, by the issuer of that bond. In making this designation, the issuer typically applies principles such as those issued by the International Capital Markets Association and typically seeks third party review or certification of the designation they have made. Artesian also conducts its own due diligence on each bond issuer, the issuer’s intended use of the investment made by the Investment Manager and the level of ongoing reporting available. Artesian Short Duration Corporate Bond Fund (NZD) The strategy for this Fund is to invest in a diversified portfolio of liquid, predominately investment grade fixed and floating rate corporate bonds. For this Fund, sustainability outcomes are a function of the rigorous ESG screening process applied to the issuers, rather than a restriction to a specific asset class. While this Fund is evaluated under the same rigorous ESG screening process as the Artesian Green and Sustainable Bond Fund, it is not restricted to purchasing Labelled Bonds. Screening Artesian also apply their positive and negative screens to this investible universe. When considering a potential investment for the Underlying Funds, Artesian applies both positive and negative screens as part of its investment decision-making process. Artesian applies a negative screen (or exclusion) for issuers involved in the production of tobacco, alcohol, pornography, munitions, palm oil, gaming equipment and exploration and/or production of fossil fuels. For the avoidance of doubt, this negative screen does not extend to issuers that may be involved indirectly in these same products or services, for example in the selling or distribution of them. An example of this may be investment in the food and grocery sector where supermarkets may be involved in the distribution of alcohol and tobacco. Artesian is a signatory to the United Nations-supported Principles for Responsible Investment (PRI) and is a Certified B Corporation. These credentials reflect Artesian’s dedication to responsible investment practices as well as high standards of overall corporate social and environmental performance. For further details, please refer to the Product Disclosure Statement (PDS). Artesian believes that analysing ESG characteristics enhances traditional credit analysis by providing a broader, enhanced understanding of the risk profile of each issuer. Limitations to Exclusions: Artesian uses derivatives to manage currency exposure. Because derivatives cannot be screened, the exclusion criteria set out in this SIPO do not apply to them. Consequently, investors may be exposed to otherwise excluded activities. Artesian applies a positive screen to highlight companies that are undertaking activities that reflect appropriate responsible investment practices and impact reductions. For example, Artesian analyse the way companies approach gender issues and promote gender equity. When assessing companies ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 5 by way of positive screening, Artesian is evaluating the overall long-term sustainability of the business and their business practices. For example, companies with aspirational net-zero targets or market leading gender policies, and a track record of achieving these goals, would be viewed more positively than companies that were less developed in these areas. Application of Screens • For the Artesian Green and Sustainable Bond Fund (NZD): Screening restricts the available investments to those which are strictly Labelled Bonds that comply with both the positive and negative screens. • For the Artesian Short Duration Corporate Bond Fund (NZD): Screening restricts the available investments to general corporate bonds that comply with the positive and negative screens, without the strict requirement that the securities be Labelled Bonds. Following Screening, Artesian then undertakes detailed financial analysis to form a view on whether an individual bond would be an appropriate investment for an Underlying Fund. Artesian’s proprietary credit analysis framework integrates bottom-up ESG research in order to enable portfolio managers to better assess investment opportunities. Artesian seek to determine and assess for material impacts, risks and opportunities and the manner in which these are managed. This analysis and assessment is incorporated into the investment decision-making process via reports, presentations and discussions with analysts and portfolio managers. Through this portfolio construction methodology, Artesian is seeking to fund bond issuers who have strong ESG characteristics and have high impact use of proceeds within the bond structure. Artesian utilises Sustainalytics (https://www.sustainalytics.com/) for its initial screening process. In instances where further clarity is required, Artesian’s Head of ESG Research conducts supplementary desktop research. Active engagement / stewardship Artesian believes that engagement with companies in their investment portfolios and those in which they consider investment is critical. Active engagement is an extension of the research process, which provides a more robust understanding of a company’s business practices. Engagement with the companies in which Artesian have, or are considering an investment, is an appropriate and important mechanism to inform companies of Artesian’s perspectives, objectives and obligations as a responsible investor. More specifically, Artesian seek to understand each company’s interpretation of their ESG impacts and risks and the rationale and process for management of these, whilst also signalling that of Artesian. Artesian use this to arm themselves with a fuller, more broadly informed perspective. The criteria for Artesian’s engagement is based on several factors: • Contravention of or concern/confusion regarding potential breach of Artesian’s defined unacceptable practices or policies (negative screens). • Assessed material impacts both from and to a company and the nature and extent of efforts to mitigate these. • Transparency - the level and nature of reporting of ESG issues and commitment to these. Artesian pursue engagement when they have concerns over issues, including incidents, actions or inaction, and the level and quality of reporting which may affect Artesian’s investment proposition and valuation. 6 ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES Artesian’s engagement following assessed material impacts and transparency is based on a determination and ranking considering the materiality of impact and reporting levels. Artesian also apply engagement to highlight Artesian’s commitment to assist companies to pursue impact reduction in their operations and/or those of its products and services. Artesian signal their commitment to quantification of engagement outcomes. Artesian does not currently participate in collaborative engagement, but may do so in the future. In addition to Artesian’s periodic assessment-based engagement, Artesian engages with investee companies in response to issues or controversies that Artesian believe may affect their understanding of a company’s responsible investment status. Artesian recognises the relevance, effectiveness and efficiency of collaborative engagement. Currently, Artesian’s focus is on prioritising and pursuing those issues most material to Artesian’s investment proposition and valuation. Inevitably this is most effectively done singularly. For Artesian’s fixed income funds, specifically when analysing Labelled Bonds and their use of proceeds, ensuring they are as disclosed and the reporting of impact reduction arising from these activities is core to Artesian’s research. Artesian actively engages with issuers when seeking further clarification on ESG specific queries which come up during Artesian’s investment research. Whilst Artesian does not currently participate in collaborative engagement, Artesian are committed to pursuing collective opportunities which reflect shareholder and stakeholder concerns. Labour, environmental, social and ethical considerations The Funds do not have explicit sustainability or non-financial objectives, rather, sustainability outcomes are a function of Artesian’s overall ESG integration process and, where applicable, investing in the asset class of Labelled Bonds. Across both Funds, Artesian considers labour, environmental, social and ethical practices of companies when deciding to buy, hold or sell a security. Where a Fund invests in a Labelled Bond (which forms the core strategy of the Artesian Green and Sustainable Bond Fund (NZD)), Artesian undertakes additional specific analysis. Artesian analyses the use of proceeds of each Labelled Bond it holds within the Underlying Funds. The use of proceeds is analysed when the bond is initially purchased and then subsequently on an annual basis (providing the issuer makes the analysis public), when the bond issuer releases their annual report. Artesian then tracks the Funds’ pro rata allocation of impact created by the proceeds raised through the Labelled Bond issue. When an issuer doesn’t provide the market with a report, or the annual report is lacking in the detail Artesian require, Artesian engages with the bond issuer for further clarification. Artesian uses this bond level impact data so it can report to investors on a monthly basis on the impact created with the Underlying Funds (where applicable to the holdings). Important Information Investors should be aware that Devon do not manage the Underlying Funds and have no control over their investment processes. Monitoring of these exclusions is the responsibility of Artesian. If there is an exclusion-related breach in the Underlying Funds, Devon will not replace the Underlying Funds. Artesian are responsible for monitoring, identifying, engaging, reporting, communicating and remedying the ESG breaches. Artesian will notify Devon immediately of all breaches. Devon will assess the materiality of the issue in line with its incident management process and determine whether it impedes the Fund’s ability to meet its ESG objectives. If the breach is deemed material, adverse and cannot be resolved, Devon will notify investors. ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 7 5 Investment strategy and objectives. The investment strategy and objectives for the Funds are set out below, including the target asset allocations and ranges. Artesian Green and Sustainable Bond Fund (NZD) Benchmark: Bloomberg AusBond Composite 0-5 Yr Index (100% hedged to NZD). Objective: To outperform the benchmark net of fees through active management. Strategy: The strategy for the Fund is to invest in a diversified portfolio of Australian and international bonds labelled as green, social or sustainable bonds that have been screened in accordance with Artesian’s screening processes. Whilst the focus of the Fund will be to invest in corporate bonds, the Fund is also permitted to invest in government bonds. Investment limits: The asset classes in which the Fund invests are: Green Bonds – target exposure 70% (range 0% to 100%), Sustainable Bonds – target exposure 15% (range 0% to 100%), Social Bonds – target exposure 10% (range 0% to 100%); cash – target exposure 5% (range 0% to 100%). The Fund may also invest in other Labelled Bonds as these markets mature and new products become available. Minimum, maximum and target region weights: Min Max Target Exposure to foreign bond issuers* 0% 50% 30% Exposure to Australian bond issuers 0% 100% 60% Exposure to cash 0% 100% 0-10% *This exposure may be held in AUD, USD or EUR. Minimum, maximum and target credit rating weights: Min Max Target Exposure to investment grade debt 81% 100% 90% Exposure to non-rated debt 0% 10% 0% Exposure to non-investment grade debt 0% 10% 0% Exposure to cash 0% 100% 0-10% Minimum, maximum and target interest rate risk Min Max Target duration: Deviation from benchmark modified interest rate 0 years 2 years 0 years - 0.5 years duration 8 ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES Minimum, maximum and target credit risk duration: Min Max Target Deviation from benchmark credit spread duration 0 years 2 years 0 years - 0.5 years Minimum, maximum and target concentration risk Min Max Target weights: Exposure to any one bond as a % of total portfolio 0% 20% 3% Exposure to any one bond as a % of total bond 0% 10% 0-3% issue size Holdings: The Fund will invest in a diversified portfolio of liquid, predominately investment grade fixed and floating rate green, social and sustainable bonds. Suitability: The Fund is generally suited for persons seeking stable returns. Minimum suggested investment timeframe: The minimum suggested investment time frame for the Fund is three years. Currency hedging: The Fund has the ability to hedge its foreign currency exposure in a range from 0-100%. Distributions: The Fund pays distributions quarterly at our discretion. Authorised investments: The authorised investments of the Artesian Green and Sustainable Bond Fund (NZD) are: • Cash, cash equivalents and fixed interest. • Derivatives. • Any other investment permitted by the Supervisor from time to time. The Fund may utilise active currency management. ESG Focused: Artesian believes that analysing ESG characteristics enhances traditional credit analysis by providing a fuller understanding of the risk profile of each issuer (see ‘Investment Philosophy’ and ‘Investment Process’ above at page 4). Artesian Short Duration Corporate Bond Fund (NZD) Benchmark: Bloomberg AusBond Composite 0-3 Yr Index (100% hedged to NZD). Objective: To outperform the benchmark net of fees through active management. Strategy: The strategy for the Fund is to invest in a diversified portfolio of liquid, predominately investment grade fixed and floating rate corporate bonds. Floating rate note securities (FRNs) offer fixed income investors opportunities to take advantage of potentially rising rates. Although the Fund will also invest in fixed rate securities, more emphasis will be placed on FRNs to mitigate interest rate risk. The Fund will invest in Australian dollar corporate bonds and cash. These corporate bonds will be issued by Australian and international companies. Investment limits: The asset classes in which the Fund invests are: fixed rate corporate bonds - target exposure 35% (range 0% to 70%); floating rate corporate bonds - target exposure 55% (range 0% to 100%); cash - target exposure 0-20% (range 0% to 100%). Cash products are cash held by Australian Authorised Deposit-taking Institutions (“ADIs”), including certificates of deposit, bank bills and other cash-like instruments. ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 9 Minimum, maximum and target region weights: Min Max Target Exposure to foreign bond issuers 0% 50% 30% Exposure to Australian bond issuers 0% 100% 60% Exposure to cash 0% 100% 0-20% Minimum, maximum and target credit rating Min Max Target weights: Exposure to investment grade debt 72% 100% 90% Exposure to non-rated debt 0% 10% 0% Exposure to non-investment grade debt 0% 10% 0% Exposure to cash 0% 100% 0-20% Minimum, maximum and target interest rate risk Min Max Target duration: Average duration exposure to rates 0 years 3.5 years 1 years Minimum, maximum and target credit risk duration: Min Max Target Average duration exposure to credit 0 years 6 years 4 years Minimum, maximum and target concentration risk Min Max Target weights: Exposure to any one bond as a % of total portfolio 0% 20% 3% Exposure to any one bond as a % of total bond 0% 10% 0-3% issue size Holdings: The Fund will invest in a diversified portfolio of liquid, predominately investment grade fixed and floating rate corporate bonds. Suitability: The Fund is generally suited for persons seeking stable returns. Minimum suggested investment timeframe: The minimum suggested investment time frame for the Fund is three years. Currency hedging: The Fund has the ability to hedge its foreign currency exposure in a range from 0-100%. Distributions: The Fund pays distributions quarterly at our discretion. Authorised investments: The authorised investments of the Artesian Short Duration Corporate Bond Fund (NZD) are: • Cash, cash equivalents and fixed interest. • Derivatives. • Any other investment permitted by the Supervisor from time to time. • The Fund may utilise active currency management. ESG Focused: Artesian believes that analysing ESG characteristics enhances traditional credit analysis by providing a fuller understanding of the risk profile of each issuer (see ‘Investment Philosophy’ and ‘Process’ above at page 4). 10 ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 6 Investment governance and policies. Conflict of Interest, Staff Trading and Related Parties Policy We expect that our directors and employees will conduct themselves ethically and in accordance with what are generally accepted as ‘good business practices’. To this end, we have adopted a number of internal policies and procedures that set out the company’s expectations and guiding principles. These include Conflicts of Interest, Staff Trading and Related Party Transactions policies. The purpose of these policies is to ensure that: • our employees act in the best interest of our clients • our employees undertake their duties with care and diligence • we meet our legislative and regulatory obligations All dealings with, or through, a related party are reported to our Compliance Officer. Where a related party transaction provides a related party benefit, as prescribed under legislation, we must notify the Supervisor and provide them with reporting quarterly. Liquidity Management It is important for our Funds to maintain an appropriate level of liquidity to be able to meet our cash flow requirements. We maintain liquidity by investing in Underlying Funds that have satisfactory levels of liquidity themselves. The Funds also hold some operational cash to help us pay redemptions and expenses. External Investment Managers When selecting an external manager, we take the following criteria into consideration: • A sound and disciplined investment process • Investment style is consistent with Devon’s investment philosophy • Experience and capability of investment team • Performance and track record • Access to the investment management team • Governance and compliance arrangements • Alignment with key Devon investment policies Devon will consider the suitability and performance of any external investment manager from time to time. Where Devon has appointed an external manager with a focus on the integration of ESG considerations into their investment process, on a six-monthly basis we will assess the holdings of the external manager’s portfolio to determine whether in our view the holdings remain consistent with the ESG considerations that have been described. We will report our analysis to our Investment Committee, and in the event we develop any concerns, these will be raised promptly with the Investment Manager for further discussion. ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 11 7 Investment performance monitoring. Unit price movements are assessed daily against tolerance ranges. Investment performance is monitored on a monthly basis against the benchmark of each Fund and is measured over 1 month, 3 months, 6 months, 1, 2, 3 and 5 years. Fund performance is calculated (net of fees but before tax) by the operations and compliance team and all members of the investment team and compliance team receive a monthly fund performance report. The Investment Committee evaluates performance on a monthly basis and the Board evaluates performance on a quarterly basis. We focus on making long term investment decisions and consequently greater focus is given to assessing performance numbers over 3-year periods and longer 8 Investment strategy review and monitoring. The investment strategy is reviewed at least annually by Artesian, in consultation with the Devon Investment Committee. The investment strategy framework is designed for the long term and consequently it is unlikely that changes will be made on a regular basis. Once Artesian has made the decision to invest in an individual bond, that bond is subject to ongoing monitoring in respect of its adherence to the Screening applied before that investment was made, and, in the case of the Artesian Green and Sustainable Bond Fund (NZD) its status as a Labelled Bond. This monitoring occurs on an ongoing basis, typically when the bond issuer issues their annual impact report which outlines the impact achieved by the proceeds of the invested bond. If this monitoring programme was to identify a possible exception (for example, a breach of the applicable ESG screens or the loss of a bond’s status as a Green Bond), Artesian will determine the most appropriate response on a case-by-case basis. Possible responses include working with the issuer to resolve the breach identified, or if this can’t be achieved, making a decision to sell the holding. For the Artesian Green and Sustainable Bond Fund (NZD), if a bond loses its labelled status, it would be disposed of within 30 days in normal market conditions 12 ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 9 Review of the SIPO. A full review of the SIPO is undertaken by us annually to ensure that the investment objectives and parameters for the Funds are clearly articulated and remain relevant. The Manager monitors compliance with the SIPO and will report any breaches to the Devon Board and the Supervisor. The most up to date version of the SIPO is available on the scheme and offer registers (Disclose), which can be found at www.companiesoffice.govt.nz/ disclose. If this monitoring programme was to identify a possible exception (for example, a breach of the applicable ESG screens or the loss of a bond’s status as a Green Bond), Artesian will determine the most appropriate response on a case-by-case basis. Possible responses include working with the issuer to resolve the breach identified, or if this can’t be achieved, making a decision to sell the holding. For the Artesian Green and Sustainable Bond Fund (NZD), if a bond loses its labelled status, it would be disposed of within 30 days in normal market conditions. Glossary. CLEAN ENERGY Clean energy comes from natural sources or processes that are constantly replenished. For example, sunlight (solar panels) and wind (wind turbines) keep shining and blowing, even if their availability depends on time and weather. GAMING EQUIPMENT All gaming devices and other related gaming equipment used in connection with the operation of a casino, for example slot machines and gaming tables. GREEN BOND A green bond is a fixed income instrument where the capital raised is targeted for environmental related projects such as clean energy, clean water and energy efficiency. IMPACT INVESTING Impact investing is a general investment strategy that seeks to generate financial returns while also creating a positive social or environmental impact. LABELLED BONDS Labelled bonds include, but are not limited to green, blue, social, sustainable, transition and sustainability-linked bonds, which promote sustainability and better Environmental, Social and Governance (ESG) performance. SOCIAL BOND A social bond is a fixed income instrument where the capital raised is targeted for improved social outcomes for specific groups, for example the impoverished or disadvantaged. SUSTAINABLE BOND A sustainable bond is a fixed income instrument where the capital raised is targeted for sustainable development; economic prosperity, social inclusion and environmental sustainability. Thank you for taking the time to read this SIPO. If you have any questions, please don’t hesitate to contact us at: enquiries@devonfunds.co.nz ARTESIAN STATEMENT OF INVESTMENT POLICY AND OBJECTIVES 13 Devon Funds Management Limited Level 17, HSBC Tower 188 Quay Street Auckland 1010 Telephone: 0800 944 049 (free call) or +649 925 3990 enquiries@devonfunds.co.nz www.devonfunds.co.nz