# Hunter Diversified Private Credit Fund **Provider:** Hunter Capital (https://www.hunterinvestments.co.nz) **Source:** https://wholesaleinvestor.co.nz/funds/hunter-diversified-private-credit-fund **Facts JSON:** https://wholesaleinvestor.co.nz/api/im/hunter-diversified-private-credit-fund/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://www.hunterinvestments.co.nz/assets/Documents/Hunter_Private_Credit_Fund_PDS.pdf **Pages:** 20 **Extracted via:** pdftotext on 2026-05-19 Hunter Investment Funds Hunter Private Credit Fund Product Disclosure Statement Issued by Harbour Asset Management Limited 1 April 2026 This document replaces the Product Disclosure Statement dated 21 February 2025. This document gives you important information about this Harbour Asset Management Limited has prepared this investment to help you decide whether you want to invest. document in accordance with the Financial Markets Conduct There is other useful information about this offer on Act 2013 (‘FMC Act’). You can also seek advice from a financial www.disclose-register.companiesoffice.govt.nz. advice provider to help you make an investment decision. 1. Key Information Summary What is this? This is a managed investment scheme. Your money The returns you receive are dependent on the will be pooled with other investors’ money and investment decisions of Harbour Asset Management invested in various investments. Harbour Asset Limited and the performance of the investments. Management Limited (‘we’, ‘us’, ‘our’) will invest The value of those investments may go up or down. your money and charge you a fee for its services. The types of investments and the fees you will be charged are described in this document. What will your money be invested in? There is one investment option offered under More information about the investment target this Product Disclosure Statement (‘PDS’). This and strategy for this investment option is provided investment option is the Hunter Private Credit Fund in Section 3 of the PDS, “Description of your (Fund) which is summarised below. investment option” on page 9. Fund Hunter Private Credit Fund Description The investment objective of the Fund is to provide a total return, before costs and tax, 4% per annum higher than the New Zealand Official Cash Rate over a rolling 3-year period. The Fund aims to provide investors with exposure across private credit segments which from time to time include bilateral lending to small- to-medium sized enterprises, leveraged loans, asset-backed lending, and business equipment receivables. The Fund is typically exposed to sub-investment grade borrowers which have a substantially higher risk of default than investment grade entities. Product Disclosure Statement Risk Indicator* Lower risk/potentially Higher risk/potentially lower returns higher returns 1 2 3 4 5 6 7 Annual Fund Charges 0.83% (excl. GST, if any) p.a.** * The Risk Indicator reflects the assessment of potential longer-term average, therefore the Risk Indicator may fund volatility in accordance with Schedule 4 of the provide a less reliable indicator of potential volatility of Financial Markets Conduct Regulations 2014. Pursuant the Fund. The potential volatility of the Fund must also to clause 8(2) of the Regulations, the Risk Indicator for be considered in conjunction with all other material the potential volatility of the Fund has been calculated risks. The other material risks not reflected in the Risk to 31 December 2025 using a mix of actual Fund Indicator of Fund Volatility includes the Fund’s liquidity returns (since its inception) and the returns of the profile. The underlying assets of the Fund are illiquid in private credit strategy which was operating within the nature and the Fund’s ability to quickly and efficiently Hunter Private Credit Fund Harbour Income Fund (another Fund managed by us meet redemption requests may be constrained, this which is part of the Harbour Investment Funds scheme) increases the overall risk exposure of the Fund. Please prior to the launch of this Fund. Please be aware that refer to Section 4 “What Are the Risks of Investing” the historic investment management of the private for further information on the risks associated with credit strategy may differ from, and not be identical to, investment in this Fund. the Hunter Private Credit Fund, and the credit market ** As of the date of this PDS, there is no GST payable on over the last 5 years has been less volatile than the the Annual Fund Charges. 2 See Section 4 of the PDS, “What are the risks of To help you clarify your own attitude to risk, investing?” on page 11 for an explanation of the you can seek financial advice or work out risk indicator and for information about other your risk profile at www.sorted.org.nz/tools/ risks that are not included in the risk indicator. investor-kickstarter. Who manages the Hunter Private Credit Fund? The Manager of the Hunter Private Credit Fund is See Section 7 of the PDS, “Who is involved?” on Harbour Asset Management Limited. page 17 for more information. What are the returns? The return on your investment comes from: • Any increase or decrease in the unit price of • Any income distributions made from the Fund. the Fund, and We expect to make three-monthly distributions distribution election your distributions will be from the Fund. reinvested in the Fund. You can choose for your distributions from the Fund See Section 2 of the PDS, “How does this investment to be paid out to your nominated bank account work?” on page 6 for more information. or reinvested in the Fund. If you do not make a Product Disclosure Statement How can you get your money out? Investments in the Fund are redeemable on including, if we, in good faith, form the opinion request. Requests must be made in the timeframe, that it is not practicable or would be materially and form set by us from time to time. prejudicial to the interests of the Fund’s other investors to realise assets or borrow to permit unit The assets of the Fund are not generally liquid, redemptions. and the Fund may not have enough liquidity to pay some or all of the redemption amounts requested. See Section 2 of the PDS, “How does this investment You may not get the full amount requested. work?” on page 6 for more information. We may suspend or defer redemptions if we Your investment in the Fund can be sold but there determine this is in the best interests of investors is no established market for trading this financial generally. We may also suspend redemptions in product. This means that you may not be able to certain circumstances set out in the Trust Deed find a buyer for your investment. Hunter Private Credit Fund How will your investment be taxed? The Fund offered under this PDS is a portfolio To determine your PIR go to www.ird.govt.nz/ investment entity (‘PIE’). roles/portfolio-investment-entities/find-my- prescribed-investor-rate. The amount of tax you pay in respect of a PIE is based on your prescribed investor rate (‘PIR’). See Section 6 of the PDS, “What taxes will you pay?” on page 16 for more information. 3 Where can you find more key information? We are required to publish quarterly updates for at www.hunterinvestments.co.nz/resources/. the Fund. The updates show the returns, and the We will also give you copies of those documents total fees actually charged to investors, during the on request. previous year. The latest fund updates are available Product Disclosure Statement Hunter Private Credit Fund 4 Contents 1. Key Information Summary 2 2. How Does This Investment Work? 6 3. Description Of Your Investment Option 9 4. What Are The Risks Of Investing? 11 5. What Are The Fees? 13 6. What Taxes Will You Pay? 16 7. Who Is Involved? 17 8. How To Complain 18 9. Where You Can Find More Information 19 Product Disclosure Statement 10. How To Apply 20 Hunter Private Credit Fund 5 2. How Does This Investment Work? This product disclosure statement covers one of The other fund(s) are covered by PDS’s available the funds in the Hunter Investment Funds scheme. at www.hunterinvestments.co.nz. This PDS is an offer to purchase units in the Fund. Applications to, and redemptions from, the Fund The Fund is part of the Hunter Investment Funds can only be made at specified times. These will be managed investment scheme, established under a transacted at the Issue Price and Redemption Price trust deed (‘Trust Deed’). Certain capitalised terms respectively. The Issue Price and Redemption Price are that are not defined in this PDS have the definitions the unit price of the Fund adjusted for any applicable provided in the Trust Deed. buy or sell spread and any other reasonable costs. Currently, the Issue Price and Redemption Price are The money you invest buys units. Each represents the same and are calculated based on the unit price an equal interest in the Fund. Units constitute a with an effective date of the last Business Day of each beneficial interest in, and not legal ownership of, month (the ‘Issue Date’ and ‘Redemption Date’). the Fund’s assets. No assets of the Fund will be available to be These units have a price which is calculated daily applied to meet the liabilities of any other fund. by subtracting the total value of the Fund’s liabilities from the market value of its assets and dividing that The New Zealand Guardian Trust Company number by the number of units the Fund has issued. Limited is the supervisor (‘Supervisor’) of the Fund A change in the value of the Fund’s assets affects and, in that role, monitors and supervises our the price of your units. The unit price for the Fund management of the Fund. The assets of the Fund will change as the market value of the Fund’s assets are held in independent custody by Apex Investment change and as we charge fees and other costs to Administration (NZ) Limited and their global the Fund. custodian JP Morgan appointed by the Supervisor. The significant benefits of investing in the Fund are: Product Disclosure Statement Access to a restricted investment opportunity: Unique investment profile: By investing in the Fund you gain access to: Investing in this Fund provides exposure to an asset class which has a historically low (but not negative) • Investment opportunities which are not widely correlation with public bond markets and historical available to the public and require specialist outperformance when compared to public bond networks to source markets. This can provide a good source of diversity • Third party managers not available to retail in an investment portfolio. investors which can also require significant Diversification: scale for investment By pooling the money of all investors in the Fund, • Specialist investment management expertise we can give investors exposure to a more widely for an asset class not widely utilised. diversified portfolio of private credit investments and specialist third party managers than they may be able to access themselves. This increased diversification can reduce risk. Hunter Private Credit Fund Distributions We expect to make distributions for each three- If your distribution is reinvested, units will be issued at month period ending February, May, August, the Issue Price of the last month of the Distribution and November each year (‘Distribution Periods’). Period on a date in accordance with the process Distributions will generally be paid within 15 business outlined under “Making investments”. days after the end of each Distribution Period. 6 For example, a distribution for the Distribution Period the method of calculation of distributions and the ending 31 May may be paid on 2 June, and if you period between distributions (including suspending have elected for reinvestment your units may be distributions) by providing three months’ notice to you. issued on 2 June at the May Issue Price. Distributions from the Fund will rank above You can choose for your distributions to be paid redemptions. This means that any cash the Fund holds to your nominated bank account or reinvested in which is earmarked for distribution will not be used to the Fund. If you do not make a distribution election satisfy redemptions from the Fund, even if redemptions your distributions will be reinvested. We can vary cannot be satisfied in full in a particular month. Making investments You can apply to make lump sum investments month, by 2:00pm New Zealand time. For example, into the Fund. Your application may be accepted, if the last Business Day is Monday 30 November Product Disclosure Statement declined or only partially fulfilled. The Fund invests 2026 the cut-off will be 2:00pm on Tuesday 24 in assets with limited investment opportunities, November 2026. and may not have the capacity to accept all lump Applications are processed on a monthly basis. If sums applied for in a particular month. If the your application is received and accepted before Fund does not have sufficient capacity to accept all applications for the month it will pro-rate all the cut-off time it will be processed at the next applications equally based on available capacity Issue Price and units will generally be issued within of the Fund. Amounts not accepted will be returned 15 business days after the Issue Date. to you without interest (which will be allocated to If your application is not received before the cut-off the Fund for the benefit of all investors). time, at Harbour’s discretion, it may be processed The application process is described in Section 10 as if it was received the following month, or of the PDS, “How to apply” on page 20. payment returned directly to you. The minimum initial investment for the Fund is We can change the Issue Date or the cut-off time $100,000. Thereafter, the minimum additional for receipt of a completed application request at investment is $10,000. The minimum holding any time at our discretion. amount for the Fund is 10,000 units. These minimum Hunter Private Credit Fund We may refuse your application for any reason. amounts may be varied or waived at our discretion. If we refuse your application, your application As at the date of this PDS the cut-off time for us payment will be returned to you in full, without to receive completed application requests is four interest (which will be allocated to the Fund for Business Days before the last Business Day of each the benefit of all investors). 7 Withdrawing your investments You may request redemption of some or all of your Redemptions are processed on a monthly basis. investment at any time. You may not receive any Completed redemption requests received or all of the redemption amount you requested. before the cut-off time will be assessed against The Fund invests in assets with limited liquidity and the forecast available cash in the Fund. We will may not have enough cash to fund all redemption determine how much, if any, of your request can be requests made for a particular month. If the Fund processed. This amount will be redeemed at the does not have sufficient liquidity to satisfy all next Redemption Price and generally paid within 15 redemption requests for the month it may provide a business days after the Redemption Date. partial (or zero) redemption. In this case, the shortfall We can change the Redemption Date or the cut-off in liquidity will be pro-rated across all redemptions time for receipt of a completed redemption request for the month based on the value requested. at any time at our discretion. If the Fund pays partial (or zero) redemptions for Withdrawals from the Fund may also be suspended a particular month, full and partial redemption if we decide to close the Fund, or in other requests will be treated differently. Full redemption circumstances where we believe that allowing requests not paid in full will have the unpaid investors to take their money out would not be amount carried forward to the following month workable or would prejudice investors generally. (and will be prioritised for that following month A suspension can last up to six months. If ahead of other partial redemption requests and withdrawals are suspended and you submit a new full redemption requests). Partial redemption redemption request, we will not process it until the requests not paid in full will not be carried forward. suspension is lifted. You will need to request another redemption for any partial amount you still require. We may refuse a redemption request for less than 10,000 units. If a redemption request would result in As at the date of this PDS the cut-off time for us you holding less than 10,000 units, we may refuse it to receive completed redemption requests is four (except where all of your units are to be redeemed), Business Days before the last Business Day of each or treat it as if it were a request to redeem all of Product Disclosure Statement month, by 2:00pm New Zealand time. For example, your units. if the last Business Day is Monday 30 November 2026 the cut-off will be 2:00pm on Tuesday 24 November 2026. How to switch between funds You cannot switch between the funds in the Hunter Investment Funds scheme. You can request a redemption from one fund and an application into another. If you decide to take this approach you will need to manage any timing differences between the funds to ensure you are making complete application and redemption requests by the Hunter Private Credit Fund relevant cut-off times. 8 3. Description Of Your Investment Option Fund Hunter Private Credit Fund Summary of investment The investment objective of the Fund is to provide a total return, before costs objectives and strategy and tax, 4% per annum higher than the New Zealand Official Cash Rate over a rolling 3-year period. The Fund aims to provide investors with exposure across private credit segments which from time to time include bilateral lending to small-to- medium sized enterprises, leveraged loans, asset-backed lending and business equipment receivables. The Fund is typically exposed to sub- investment grade borrowers which have a substantially higher risk of default than investment grade entities. Target investment mix^ New Zealand Fixed Interest: 60% International Fixed Interest: 35% Cash or cash equivalents: 5% Risk category 2* Investor suitability This Fund is suitable for large, sophisticated investors who do not require access to their funds on demand, and is designed to be utilised as part of a wider investment portfolio. We expect most investors will be either represented by investment professionals (including investment consultants or financial advice providers) or will be investment professionals themselves (or have other suitable investment experience). Please ensure you take appropriate steps to ensure the Fund is suitable for you before you invest. Harbour Asset Management Limited does not provide financial advice on this Fund, and we are unable to assess whether the Fund is suitable for you or your circumstances. If you are unsure, we recommend Product Disclosure Statement you seek appropriate advice from a professional adviser. Minimum suggested 4 years invested timeframe ^ Under the current regulatory approach there is no to the launch of this Fund. Please be aware that the prescribed asset class for private credit. While the historic investment management of the private credit target asset allocation gives a high-level overview of the strategy may differ from, and not be identical to, the asset classes, the actual target exposures are 60% New Hunter Private Credit Fund, and the credit market over Zealand Private Credit, 35% Australian Private Credit, the last 5 years has been less volatile than the longer- and 5% Cash or cash equivalents. See the SIPO for the term average, therefore the Risk Indicator may provide actual asset allocation ranges. a less reliable indicator of potential volatility of the Fund. The potential volatility of the Fund must also be * The Risk Indicator reflects the assessment of potential considered in conjunction with all other material risks. fund volatility in accordance with Schedule 4 of the The other material risks not reflected in the Risk Indicator Financial Markets Conduct Regulations 2014. Pursuant of Fund Volatility includes the Fund’s liquidity profile. to clause 8(2) of the Regulations, the Risk Indicator for The underlying assets of the Fund are illiquid in nature the potential volatility of the Fund has been calculated Hunter Private Credit Fund and the Fund’s ability to quickly and efficiently meet to 31 December 2025 using a mix of actual Fund returns redemption requests may be constrained, this increases (since its inception) and the returns of the private the overall risk exposure of the Fund. Please refer to credit strategy which was operating within the Harbour Section 4 “What Are the Risks of Investing” for further Income Fund (another Fund managed by us which is information on the risks associated with investment in part of the Harbour Investment Funds scheme) prior this Fund. 9 We can make changes to the Statement of The most current SIPO for the Fund can be found Investment Policy and Objectives (‘SIPO’) of the Fund on the scheme register at www.disclose-register. in accordance with the Trust Deed and the FMC Act. companiesoffice.govt.nz. Before making changes to the SIPO, we will consider Further information about the assets in the Fund if the changes are in the best interests of Fund can be found in the fund updates (when available) investors generally and consult with The New Zealand at www.hunterinvestments.co.nz/resources/. Guardian Trust Company Limited, as the Supervisor. Product Disclosure Statement Hunter Private Credit Fund 10 4. What Are The Risks Of Investing? Understanding the risk indicator Managed funds in New Zealand must have uncertainties both for loss and growth that may a standard risk indicator. The risk indicator affect their investment. You can compare funds is designed to help investors understand the using the risk indicator. Lower risk/potentially Higher risk/potentially lower returns higher returns 1 2 3 4 5 6 7 See page 2 for the risk indicator for the Fund Note that even the lowest category does not mean offered under this PDS. a risk-free investment, and there are other risks (described under the heading “Other specific The risk indicator is rated from 1 (low) to 7 (high). risks”) that are not captured by this rating. The rating reflects how much the value of the Fund’s assets goes up and down (volatility). A higher risk This risk indicator is not a guarantee of a fund’s generally means higher potential returns over time, future performance. The risk indicator is based on but more ups and downs along the way. the return for the last five years. While risk indicators are usually relatively stable, they do shift from time To help you clarify your own attitude to risk, you can to time. You can see the most recent risk indicator seek financial advice or work out your risk profile at in the latest fund update for this Fund. Product Disclosure Statement www.sorted.org.nz/tools/investor-profiler/. General investment risks Some of the things that may cause the Fund’s Refinance Risk value to move up and down, which affect the risk The Fund aims to provide debt to unlisted indicator, are: borrowers and therefore faces an elevated Credit risk refinance risk. Unlike publicly traded assets, the limited visibility and market access of private The risk a borrower is unable to repay the lender. credit instruments mean fewer potential lenders to The ability of the borrower to repay the lender provide refinancing upon maturity. This scarcity of depends on the financial position and financial refinancing options increases the underlying credit prospects of the borrower. Credit risk may have a Hunter Private Credit Fund risk, as the borrower may encounter challenges in higher impact on the returns of the Fund compared refinancing funds advanced. to other general investment risks described and may be more likely to occur than in funds invested into Interest rate risk public bond markets as this Fund will invest in sub- The risk that the value of an investment changes investment grade entities (where investment grade due to movements in interest rates. If interest rates is defined as having a credit rating by Standard rise, the value of fixed interest securities (including and Poor’s of BBB- rated or higher, or equivalent). loans) falls. If interest rates fall, their value rises. 11 Interest rates move for a range of factors including the New Zealand Dollar (‘NZD’). For example, a fall (but not limited to) the supply and demand for in NZD can result in an increase in the NZD value money, future inflation expectations, monetary of the Fund’s international investments. Conversely, policy, or market sentiment. The Fund sets a a rise in NZD can decrease the NZD value of the maximum aggregate duration as outlined in the Fund’s international investments. SIPO to mitigate this risk. The Fund aims to mitigate currency risk by hedging Country & Currency risk a significant portion of its offshore exposure to the New Zealand dollar. The Fund has offshore exposure and hence is exposed to country and currency risk. Country risk However, the Fund can be exposed to currency risk relates to the relative performance of different due to either not being fully hedged or as a result markets and economies. Currency risk stems from of currency positions adopted. the value of foreign currencies moving differently to Other specific risks Liquidity risk of conducting the management or operations of the Fund including the payment of investor The Fund is exposed to significant liquidity risk. The redemptions or settlements. The Fund aims to net investments of the Fund are not generally liquid applications and redemptions to meet investor (cannot be sold for cash quickly, or without having liquidity requirements each month, and does not an impact on their price). This manifests in two ways: intend to borrow for this purpose without a high • This means the Fund may not have sufficient certainty of future cashflows. We do not consider cash to pay redemptions when requested. There outstanding settlement positions as leverage, and is a risk that your money is not redeemable interest rate and hedging derivative exposures are when you need it. This risk is reasonably likely to not considered leverage provided exposures sit occur. See “Withdrawing your investments” in within the permissible ranges stated in the SIPO. Product Disclosure Statement Section 2 of the PDS for more information about There is a risk that the Fund decides to borrow how redemptions may be affected. but does not receive the expected cashflows to clear this debt, leaving the fund in a technically • If the Fund is forced to close out its investments leveraged position or with ongoing fees owing due (for example, due to significant outflows or the to its debt position. closing of the Fund) there may be an impact on the price received for those investments, Pricing risk and therefore a lesser amount available for The investments of the Fund are not frequently investors to redeem. traded or widely held, and their worth is sometimes We manage this risk by utilising various powers uncertain. We have developed models used to price known as Liquidity Risk Management Tools. For the investments of the Fund (and hence determine more information about these powers, when they a unit price). These models use the latest available may be used, and their impact on you, see the information about the investments and predict the “Other Material Information” document. theoretical price based on known factors (such as time to next interest payment, interest rate, Leverage risk credit risk etc.). There is a risk of sudden changes The Fund does not use leverage with the intention Hunter Private Credit Fund in the available information which may result in of increasing the returns of the Fund (which can sharp changes in the unit price. For example, if also increase the losses). However, the Fund may an investment becomes a distressed asset. The borrow (on a temporary basis) for the purposes valuation of the Fund is audited at least annually. Further information on these and other risks is contained in the document “Other Material information” which can be found on the offer register at www.disclose-register.companiesoffice.govt.nz. 12 5. What Are The Fees? You will be charged fees for investing in the Fund. • regular charges – for example, annual fund Fees are deducted from your investment and will charges. Small differences in these fees can reduce your returns. If we invest in other funds, have a big impact on your investment over the those funds may also charge fees. The fees you pay long term. will be charged in two ways: • one-off fees – for example trading costs. Annual Fund Charges (% of net asset value) Name of Fund Annual Fund Charges (excl. GST, if any)* Hunter Private 0.83% Credit Fund The Fund incurs annual fund charges of 0.83% We rebate the Fund for known fees and costs (excluding GST, if any). The annual fund charges charged by underlying funds. There may be fees are calculated on the net asset value of the Fund. and costs charged by non-related underlying funds The fee is accrued daily in the Fund’s unit price which are not known to us. These fees and costs are and is paid to us monthly in arrears. These charges not reflected in the annual fund charges. include all normal day-to-day fund costs and The annual fund charges do not include any expenses including the following: Product Disclosure Statement extraordinary expenses such as costs of any litigation or unitholder meetings. • the management fee paid to us, the proceeds from which we pay any investment management fee to underlying managers; • the Supervisor fee; • costs incurred by us, the Supervisor and the investment manager in carrying out each of our respective duties; • bank account charges applicable to the Fund; • costs for administration services, including unit registry, asset registry, unit pricing and investment accounting costs and costs associated with the provision of financial information related to the Fund; and Hunter Private Credit Fund • custody costs. * As of the date of this PDS, there is no GST payable on the Annual Fund Charges. 13 Additional fees and reimbursements In addition to annual fund charges, we may charge • Four years’ management fees plus certain (or seek reimbursement from) the Fund from time to costs and expenses as further described in time for reasonable fees and expenses (including, the Trust Deed. The management fee is equal but not limited to, legal costs to enforce or recover to the annual fund charges less the costs of a defaulted investment). operating the fund including those costs listed under the heading “Annual Fund Charges”. Manager Termination Fee The amount can be estimated by referring to If investors of the Fund remove us as Manager, by the Fund’s financial statements published at special resolution (other than for breach of trust or www.companiesoffice.govt.nz/disclose. negligence), we will be entitled to compensation With the approval of the Supervisor, a third-party out of the assets of the Fund for loss of office of an may pay an amount to us equivalent to the fee amount equal to the greater of: charged on termination, instead of the Fund paying • $150,000; and the fee. Individual action fees and trading costs (% of amount contributed or withdrawn) Individual action fees the unit price on exit from the Fund. The buy/sell spreads belong to the Fund and are not fees An investor may be charged other fees on an paid to us. individual basis for investor-specific decisions or actions. However, there are no individual action The purpose of buy/sell spreads is to make sure fees currently being charged to investors in the that any transaction costs incurred as a result of an Fund offered under this PDS. investor entering or leaving the Fund are borne by Product Disclosure Statement that investor, and not by other investors in the Fund. Trading costs We aim to set buy/sell spreads at levels which Buy/sell spreads — When you enter or leave the reflect expected trading costs. Buy/sell spreads Fund, any buy or sell spreads applicable at that in the table below are as at the date of this PDS. time will be a cost to you. We may change the buy/sell spreads from time to The buy spread is added to the unit price on entry time to reflect the latest trading costs and market to the Fund, and the sell spread is deducted from conditions. There are no other one-off fees currently being charged to investors in the Fund offered under this PDS. Name of Fund Buy Spread Sell Spread Hunter Private Credit Fund Hunter Private Credit Fund 0.00% 0.00% 14 Example of how fees apply to an investor Simon invests $10,000 in the Fund. Currently, no buy He is also charged management and administration spread is charged. This brings the starting value of fees which work out to about $83 (0.83% of $10,000). his investment to $10,000. These fees might be more or less if his account balance has increased or decreased over the year. Estimated total fees for the first year Fund Charges $83 See the latest fund update for an example of the actual returns and fees, investors were charged over the past financial year at www.hunterinvestments.co.nz/resources/. The fees can be changed Product Disclosure Statement We can change fees from time to time. We can We must publish a fund update for the Fund also add new fees. We may waive or decrease a showing the fees actually charged during the management fee without notice. We may increase most recent year. Fund updates, including past the management fee, or start charging additional updates, are available on the offer register at fees, by giving you at least three months’ notice. www.hunterinvestments.co.nz/resources/. The rules about fee changes are in the Trust Deed, which can be found on the scheme register at www.disclose-register.companiesoffice.govt.nz. Hunter Private Credit Fund 15 6. What Taxes Will You Pay? The Fund is a portfolio investment entity. The If you do not tell us, a default rate may be applied. amount of tax you pay is based on your prescribed If the advised PIR is lower than the correct PIR, you investor rate (‘PIR’). may need to pay any tax shortfall, as part of the income tax year-end process. If the rate applied To determine your PIR, go to www.ird.govt.nz/roles/ to your PIE income is higher than your PIR any tax portfolio-investment-entities/find-my-prescribed- over-withheld will be used to reduce any income investor-rate. If you are unsure of your PIR, we tax liability you may have for the tax year and any recommend you seek professional advice or contact remaining amount will be refunded to you. We will the Inland Revenue. It is your responsibility to tell us apply the PIR you tell us, unless we are directed by your PIR when you invest or if your PIR changes. Inland Revenue to apply a different rate. Product Disclosure Statement Hunter Private Credit Fund 16 7. Who Is Involved? About Harbour Asset Management Limited Harbour Asset Management Limited is the Manager of the Fund. Our contact details are below: Level 16, Telephone: 0800 460 830 171 Featherston Street Email: contactus@harbourasset.co.nz WELLINGTON 6140 Who else is involved? Title Name Role Supervisor The New Zealand Guardian Trust Supervisor of the Fund under Company Limited the FMC Act, responsible for supervising Harbour Asset Management as manager of the Fund. Custodian The New Zealand Guardian Trust Appointed by the New Company Limited acting through its Zealand Guardian Trust nominee company NZGT (Harbour) Company Limited, as Nominees Limited, or its appointed Supervisor, to hold the custodian Apex Investment assets of the Fund on Administration (NZ) Limited and their behalf of investors. Product Disclosure Statement global sub custodian JP Morgan Administration Apex Investment Administration (NZ) Appointed by the Manager Limited Manager to manage core administration functions including: unit pricing, registry and fund accounting. Auditor PwC Auditors of the scheme and fund. Hunter Private Credit Fund 17 8. How To Complain Any complaints or problems with the investment should be directed to us for resolution through our internal dispute resolution process: Harbour Asset Management Limited Telephone: 0800 460 830 Level 16, E-mail: contactus@harbourasset.co.nz 171 Featherston Street WELLINGTON 6140 You can also complain to the Supervisor at: Write to: The New Zealand Guardian Trust Telephone: 0800 300 299 Company Limited Email: CT-Auckland@nzgt.co.nz PO Box 274 Shortland Street AUCKLAND 1140 The Supervisor and Harbour are members of Financial Services Complaints Limited’s Dispute Resolution Service which is an independent dispute resolution scheme approved originally by the Ministry of Consumer Affairs, now MBIE. 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: Product Disclosure Statement Financial Services Complaints Limited (FSCL) (Call Free) 0800 347 257 Level 4, 101 Lambton Quay (Wellington) (04) 472FSCL (472 3725) PO Box 5967 WELLINGTON 6140 FSCL will not charge a fee to any complainant to investigate or resolve a complaint. Further information about referring a complaint to FSCL can be found at www.fscl.org.nz. Hunter Private Credit Fund 18 9. Where You Can Find More Information Further information relating to the Hunter and a copy of information on the offer register Investment Funds is available on the offer or scheme register is available on request to the register and the scheme register at Registrar of Financial Service Providers. www.disclose-register.companiesoffice.govt.nz Other information we will provide You can also obtain the following information free of charge: Information How To Obtain Fund information relevant to you You can inspect documents we hold that are relevant to you, and other documents that are legally required to be provided to you, at our offices during normal business hours, or request an extract of those documents, by written request to us. Fund updates Once available, the fund updates for the Fund will be publicly available on our website and can be requested from us. If you invest directly into the Fund, we will send You will also be sent an annual tax statement, you confirmation information relating to your which will include the amount of PIE income transactions when units are issued to you, as well as allocated to you and the amount of tax paid at Product Disclosure Statement when you withdraw or transfer your units and make your chosen PIR. You will also be asked to confirm available to you an annual report in respect of the your IRD number and PIR. scheme. You can find general information about the Fund on the Hunter website: www.hunterinvestments.co.nz/ resources, and about the Harbour management team, and us on our website www.harbourasset.co.nz. Hunter Private Credit Fund 19 10. How To Apply If you are making an investment directly with us, you must complete the application form, which can be obtained from the Manager, and send it to: Level 16, Telephone: 0800 460 830 171 Featherston Street E-mail: contactus@harbourasset.co.nz WELLINGTON 6140 The Fund may also be offered for In that case you should refer to the PIP’s applications through approved investment service terms and relevant material for administration and custodial service how you may invest in the Fund. The platforms (also known as ‘PIE investor terms of these PIPs are separate and proxies’ (PIPs)). Many adviser groups and independent to the offer of the Fund under distributors prefer using PIPs in providing this PDS. Please take time to read this PDS services to their clients. When reading and other information contained on the this PDS you should remember that if your scheme register (www.disclose-register. investments are purchased through a PIP companiesoffice.govt.nz) before making they will be held by a custodian on your your investment decision. behalf. Product Disclosure Statement Hunter Private Credit Fund 424 1.2 04-26 20 --- ## SIPO **Source PDF:** https://www.hunterinvestments.co.nz/assets/Documents/Hunter-Investment-Funds-SIPO.pdf **Pages:** 10 **Extracted via:** pdftotext on 2026-05-19 Hunter Investment Funds Statement of Investment Policy and Objectives Effective Date 28 August 2025 Issued by Harbour Asset 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.disclose- register.companiesoffice.govt.nz. Harbour Asset 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 adviser to help you make an investment decision. 1. Background This Statement of Investment Policy and Objectives (‘SIPO’) sets out the investment policies and objectives for the Hunter Investment Funds (‘Scheme’). This SIPO takes effect from the 28 August 2025 and replaces the SIPO for the Scheme dated 21 February 2025. Harbour Asset Management Limited, referred to as “Harbour”, “we”, “us” or “our” in this SIPO, is the manager (‘Manager’) of the Scheme under the Financial Markets Conduct Act 2013 (FMC Act). The SIPO is subject to change from time to time. Where required by trust deed or law, you will receive prior notification of any material change to an investment strategy or objective. The most current version of this SIPO is available on the scheme register at https://discloseregister.companiesoffice.govt.nz/. Harbour is part of a group of investment and advisory businesses ultimately owned by FirstCape Group Limited (FirstCape). FirstCape is jointly owned by National Australia Bank Limited (NAB), Jarden Wealth and Asset Management Holdings Limited (Jarden) and funds managed by Pacific Equity Partners (PEP). NAB is a licensed bank in Australia and is the parent company of Bank of New Zealand. Prior to this, Harbour was owned by the Jarden Group (as to 76% interest) and minority interests comprising eligible staff and directors (as to 24% interest). 2. Description of the managed investment scheme The Scheme is a managed investment scheme (MIS) for the purposes of the FMC Act. The Scheme offers two single sector investment funds (each a ‘Fund’, collectively ‘Funds’): • the actively managed Hunter Global Fixed Interest Fund, which provides investors with exposure to international fixed interest (hedged to New Zealand Dollars); and • the actively managed Hunter Private Credit Fund, which provides investors with exposure predominantly to Australasian private credit with the ability to attribute a portion to global private credit and Australasian public market debt securities (hedged to New Zealand Dollars). 3. About Harbour Harbour’s Investment Philosophy Harbour’s investment philosophy is focused on consistency – in combining fundamental analysis with the skill of experienced people. We believe: • that quality research is the backbone of investment out-performance; • in the consistency of our investment process; • in responsible investing; and that • there is no substitute for experience. Harbour is a client focused, research driven, investment manager. Investment strategy implementation and review Harbour, as the Manager of the Scheme, is responsible for the investment management of the Funds. This involves (but is not limited to): • Establishing, reviewing and maintaining this SIPO; • Investing and managing the assets of the Funds (unless the Manager delegates this to an investment manager – see below); • Managing currency hedging (unless the Manager delegates this to an investment manager – see below); • The ongoing management and oversight of the Funds. This includes appointing, managing and monitoring specialist providers for administration and investment management; and Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 2 • Monitoring investment performance and outcomes. The Board of Directors of Harbour (‘Board’) or its delegates oversee the investment management activities and are responsible for reviewing investment performance, compliance with the investment mandates, and processes and outcomes. The Board aims to meet at least four times a year. The investment management activities are managed by Harbour staff who implement the investment strategies by conducting research and analysis, selecting investments including underlying investment managers, monitoring investment performance, and reporting to the Board. 4. Investment strategies and objectives Each Fund has a specific investment strategy and objective with separate and distinct permitted and prohibited investments. This information is set out below. Hunter Global Fixed Interest Fund Investment philosophy The Hunter Global Fixed Interest Fund philosophy is to appoint a global manager that in our view will add value through active management. PIMCO has been appointed as the underlying specialist investment manager of the Hunter Global Fixed Interest Fund. PIMCO’s fixed income philosophy revolves around the principle of diversification. PIMCO believes that no single risk should dominate returns. By diversifying strategies, or relying on multiple sources of value, PIMCO is confident that it will be able to meet the investment objectives with a high degree of consistency. PIMCO seeks to add value through the use of “top-down” strategies such as its exposure to interest rates, or duration, changing volatility, yield curve positioning and sector rotation. PIMCO also employs “bottom-up” strategies involving analysis and selection of specific securities. By combining perspectives from both the portfolio level and the security level, PIMCO seeks to consistently add value over time while incurring acceptable levels of portfolio risk. Fund Investment Objectives and Strategies The investment objectives and strategy for the Fund is: Investment Objectives The investment objective of the Fund is to provide a total return, before costs and tax, 1% per annum higher than the Bloomberg Barclays Global Aggregate Index – 100% New Zealand dollar hedged over a rolling 3 year period. The ex-post tracking error is expected to be below 3%. Investment Strategy Benchmark index • Bloomberg Barclays Global Aggregate Index – 100% New Zealand dollar hedged. Benchmark asset allocation • 100% International fixed interest. Asset allocation ranges: • 95%-100% International fixed interest (‘Portfolio’); and Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 3 • 0% - 5% funding account (holds NZD cash and cash equivalents). Credit Quality: • The minimum average Portfolio credit quality is A-. Interest rate duration range • The average interest rate duration of the Portfolio must be within +/- 3 years of the average interest rate duration of the Benchmark Index. Appointed specialist investment manager: • The current investment manager of the Portfolio is PIMCO Australia Pty Ltd. Permitted investments: The Portfolio can invest in: • Government and Agency Securities, Supranational Securities, Local Authorities Bonds, Corporate Securities, Event-linked Bonds, Money Market Instruments, Bank Loans, Yankee and Euro Bonds, Mortgage-Backed Securities (including CMOs and REMICs), Mortgage Derivatives, Asset-Backed Securities, Preferred Stock, Convertible Securities, Emerging Market Securities, Private Placements, Structured Notes, Futures and Forwards, Foreign Exchange, Options, Caps and Floors, Swaps and Swaptions, Credit Default Swaps (Long and Short), Spread trades, CDOs, CLOs and CBOs; and • Cash and cash equivalents. Cash equivalents are defined by PIMCO as being securities rated at least A- with a duration generally one year or less; and • Derivative instruments including currency hedging instruments. The Portfolio may use derivatives such as options, futures, swaps or credit derivatives for the purpose of: • Protecting against risks such as unfavourable changes in an investment’s price; • Enhancing returns by taking advantage of pricing inefficiencies; • As a cost-effective alternative to purchasing physical assets; • Implementing the investment objectives of the Fund; and • Currency management. Prohibited investments1: Investment in the following assets is specifically prohibited (derivative positions that may include exposures as part of a basket are exempt from these restrictions, e.g. basket credit default swaps for spread trade or hedging etc.): • Tobacco companies; • Armament manufacturers; • Cluster munitions development or production; • The Fund will not invest in companies who derive more than 10% of their earnings from pornography or gambling; • The Portfolio will not invest in companies who derive more than 10% of their earnings from or whose only, core, or majority business is the exploration, extraction, refining or processing of fossil fuels. In addition, the Portfolio will not invest in any utility who primarily burns fossil fuels; and 1 The Investment Manager has authority to take actions in connection with exchanges, reorganisations, conversions or other corporate events that could result in the receipt of securities (including, but not limited to, common stock) that may or may not be permitted investments. The Investment Manager may, in the best interest of the portfolio, hold these for a reasonable amount of time (as determined by the Investment Manager in its commercially reasonable discretion). The Portfolio may invest in New Zealand fixed interest. This is included in its asset allocation to international fixed interest. Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 4 • The Portfolio will not invest in companies involved in ‘very severe’ controversies that score 0 (‘red flag’) on MSCI’s ESG Controversy criteria. Investments are screened for compliance against the prohibition criteria and if any investments are identified as breaching the exclusions criteria, these investments are investigated. If there is found to be a valid breach of the prohibition criteria, the investment would be subsequently divested, and investors advised accordingly. Rebalancing policy: • As a single-sector fund, there is no need for a rebalancing policy. Currency management • The Fund targets being fully hedged to New Zealand dollars. Hedging is performed by PIMCO, who may also take active currency positions between currencies (for example, increasing or decreasing the Fund’s exposure to different underlying currencies). Funding account • The purpose of the funding account is to manage non-investment related liquidity amounts primarily attributable to fund expenses and investor contributions or withdrawals. Large investor contributions or withdrawals may result in the funding account exposure temporarily being outside the 0%-5% range. The funding account balance is monitored daily and amounts surplus to requirements of the Fund for matters such as funding redemptions or payments of fees are transferred to the Portfolio for investment by PIMCO. Harbour makes no active investment decisions in relation to the funding account cash holding. Other: • The Fund can borrow up to 20% of the aggregate value of its investments but only for the purposes of providing short-term liquidity (i.e. to temporarily fund redemptions, securities settlement, or pay expenses). Hunter Private Credit Fund Investment philosophy The Fund provides investors with exposure across private credit segments, including bilateral lending to small-to-medium sized enterprises (where there is a borrower and a single lender), leveraged loans (a type of loan made to borrowers who already have high levels of debt and/or a low credit rating), asset- backed lending (lending backed by a pool of underlying loans such as mortgages, auto-loans, or credit card loans) and business equipment receivables (a business purchasing equipment on an installment basis). The Fund is typically exposed to sub-investment grade borrowers which have a substantially higher risk of default than investment grade entities. Private credit encompasses a broad opportunity which Harbour defines as debt funding where the debt is not issued or traded on public markets. The Fund is expected to be diversified across different private credit segments and will adjust allocations from time to time, where opportunities are created by the scarcity of capital. Harbour focuses on investments predominantly in Australasia where private credit markets are less developed (in comparison with the United States market) and therefore, in our view, may offer more attractive returns. Opportunities are sourced both directly and via specialist third-party investment managers. Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 5 Investment Objectives The investment objective of the Fund is to provide a total return, before costs and tax, 4% per annum higher than the New Zealand Official Cash Rate over a rolling 3-year period. This Fund invests in sub-investment grade debt which carries a higher level of default risk when compared to standard fixed interest funds. For more information on this risk and the other risk for this Fund please refer to the Product Disclosure Statement on the Disclose Register at www.disclose- register.companiesoffice.co.nz. Investment Strategy Benchmark index There is no appropriate or suitable benchmark index and no suitable comparable per group index for the Fund against which to assess either movements in relation to the returns for the assets in which the Fund invests or the performance of the Fund as a whole. Benchmark asset allocation*: • 60% New Zealand Fixed Interest • 35% International Fixed Interest; and • 5% Cash or cash equivalents. Asset allocation ranges*: • 30%-100% New Zealand Fixed Interest • 0-70% International Fixed Interest; and • 0-50% Cash or cash equivalents *Under the current regulatory approach there is no prescribed asset class for private credit. While the benchmark asset allocation gives a high-level overview of the asset classes, the actual benchmark exposures are 60% New Zealand Private Credit, 35% Australian Private Credit, and 5% Cash or cash equivalents. The same is true for the asset allocation ranges which are 30%-100% New Zealand Private Credit, 0-70% Australian Private Credit, 0-25% International Private Credit, 0-25% Australasian public bond markets, and 0-50% Cash or cash equivalents. While the Fund predominantly aims to invest in Australasian private credit we have retained the flexibility to invest in favourable adjacent investment opportunities by including an allowable allocation to International private credit and Australasian public bond markets. Individual Exposure Limits: • Maximum individual borrower exposure: 15%. Aggregate interest rate duration range: • 0-2 years. Currency management: • Offshore currency exposure is hedged between 95% to 105% tolerance range. Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 6 Permitted investments: The Fund invests by providing debt funding to entities to generate returns. This may include but is not limited to: • Direct business lending to small to medium sized entities for general purposes and acquisitions; • Large businesses for acquisitions and business combinations (leveraged loans); • Non-bank lenders (asset backed warehouse lending); • Equipment lease receivables; and • Property related lending, spanning stabilised operating property finance to construction lending. We recognise that the definition of venture debt (providing funding to early stage ventures) is not black and white and therefore the Fund may hold debt which some may consider venture debt. The Fund may lend directly or via third-party Funds. The Fund may use derivatives such as foreign exchange futures or interest rate swaps and (interest rate) options for the purpose of: • Hedging interest rate risk bringing it to the permissible duration range; and • Hedging currency exposure into the permissible range. Prohibited Investments: The Fund does not make equity investments, but in some circumstances may receive compensation in the form of equity. The manager would seek to exit (sell) such equity positions, realising the best outcome for Unit Holders. We will aim to sell such positions within six months of acquiring them. Limited liquidity may mean the position is held longer than six months. The Fund does not invest in distressed debt, but positions may become distressed during a holding period in which case we will evaluate the best course of action for unit holders. The Fund excludes companies involved in certain activities as described in Harbour’s exclusion policy found here Responsible Investing » Harbour Asset Management. The Fund will not provide debt funding to any related party of the Scheme (as defined in FMC Act). Leverage: The Fund is not permitted to use leverage with the intention of increasing the returns of the Fund (which can also increase losses). However, the Fund may borrow (on a temporary basis) for the purposes of conducting the management or operations of the Fund including the payment of investor redemptions or settlements. The Fund aims to net applications and redemptions to meet investor liquidity requirements each month, and does not intend to borrow for this purpose without a high certainty of future cashflows. We do not consider outstanding settlement positions as leverage, and interest rate and hedging derivative exposures are not considered leverage provided exposures sit within the permissible ranges stated above. 5. Investment Policies We maintain a number of policies and processes relevant to the Scheme. A summary of these follows. Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 7 Responsible Investment Harbour’s Environmental, Social and Governance Policy applies to the Hunter Private Credit Fund. We take responsible investment, including environmental, social, and governance (ESG) considerations, into account in the investment policies and procedures of the Funds. For an explanation of the extent to which responsible investment is taken into account in those policies and procedures, see Responsible Investing » Harbour Asset Management. Whilst we apply the Harbour Environmental, Social and Governance Policy where possible, the permitted and prohibited investments for the Hunter Global Fixed Interest Fund are set out in section 4 “Investment strategies and objectives”. Liquidity The liquidity risk of a Fund is assessed with reference to liquidity of the underlying assets and securities. The Manager then establishes an appropriate application and redemption frequency for each Fund. For further details on this, please refer to the relevant PDS for each Fund. For the Hunter Global Fixed Interest Fund, that Fund invests predominantly in liquid securities and hence has daily applications and redemptions. Market conditions can, however, change resulting in some assets becoming difficult to sell. Hence if the Fund were to experience liquidity problems the Manager may defer or suspend redemptions for a period of time. The Hunter Private Credit Fund invests in a mixture of third-party funds and direct loans. This Fund invests in assets with limited liquidity and therefore may only be transacted monthly or such time as specified in the PDS for the Fund. During periods of heightened market stress the Fund may experience loan defaults or restricted liquidity within underlying funds. This may result in a suspension of redemptions from the Fund. For further information about what tools the Manager may use to manage liquidity please refer to the liquidity tools set out in the “Other Material Information” document for the Fund. Unit Pricing and Valuation Policy The purpose of this policy is to set out how Harbour manages its unit pricing and valuation obligations in relation to the Funds, and the way in which Harbour exercises its discretions authorised by the Trust Deed and the establishment documentation for the Scheme. Harbour outsources functions relating to the Scheme including custody, registry, fund administration and unit pricing to third parties. Within the bounds of what is reasonable and practical, our goals for this policy are to: • Have unit prices that reflect fair, realisable values of underlying assets and liabilities; • Ensure equitable treatment of investors; • Have a consistent and objective process for determining unit prices and unit pricing error; and • Comply with our governing documents, offer documents and the law. Derivatives Policy The use of derivatives in the Hunter Private Credit Fund is governed by the Harbour Derivative Risk Statement (DRS). The DRS summarises the policies in place covering the use of derivatives, controls on their use, and the processes for assessing compliance with those controls. These policies and controls are intended to ensure proper use of derivatives. Derivatives are not to be considered in isolation, but as part of the investment operations of the responsible party as a whole and the investment strategy being implemented. The DRS will be reviewed by management regularly and understood by all persons responsible for managing, monitoring or implementing the investment processes of Harbour. The Hunter Global Fixed Interest Fund is governed by the PIMCO Use of Derivatives Statement, which outlines the implementation of derivatives in the Fund for various purposes, including but not limited to risk management, hedging, duration management, curve exposure, and situations where it is more Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 8 efficient for the Fund to achieve the desired asset exposure. Trade allocations and transactions If a Fund deals in public market bonds, we apply Harbour’s best execution policy where applicable. Credit Risk Harbour uses an internal credit rating model to determine the credit rating of investments within the Fund where one is not readily available. This same model is used to monitor the credit ratings of investments for changes on an ongoing basis. The Hunter Global Fixed Interest Fund operates within clearly defined credit risk constraints that set minimum average portfolio credit ratings, minimum issue ratings and concentration limits. The Fund uses the higher credit ratings provided by external rating agencies Moody’s, S&P or Fitch to determine compliance. Credit risk is also constrained by overall portfolio tracking error constraints. Harbour External Manager Selection and Monitoring Policy Harbour follows the External Manager Selection and Monitoring Policy to confirm the process behind the selection and ongoing monitoring of external investment managers by Harbour. 6. Investment performance monitoring Harbour monitors investment performance of the Funds on a monthly basis. Where applicable, performance is measured and assessed on the following basis for 1, 3 and 5 year periods: • Gross return; • Net of charges and gross of tax; • Net of charges and gross of tax at highest investor PIR (28%); • Benchmark index return; • Performance relative to benchmark; • Annualised standard deviation of gross return; • Annualised standard deviation of benchmark index return; and • Annualised tracking error. Harbour reports performance to the Supervisor and also to the Harbour board. 7. Investment strategy review The Manager’s policies and procedures in relation to appointing and monitoring investment managers. In particular the policy covers: • Investment management governance, • Investment manager selection and appointment, and • Investment manager monitoring and compliance. 8. SIPO monitoring and review The Harbour Board is responsible for governance oversight of the SIPO. Harbour management and the Board will review this SIPO annually (or more frequently if required), with the outcomes of the review reported to the Board. In addition, Harbour management may initiate an ad hoc review, with examples of events that could lead to this being: • The investment manager recommending changes to the SIPO; • A change in roles and responsibilities; and Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 9 • A permanent change in risk and return characteristics of the relevant market. SIPO reviews take into account the views of Harbour and each investment manager and if required the views of external experts. The Manager can make changes to the SIPO in accordance with the Trust Deed and the FMC Act. Before making changes to the SIPO, the Manager will consider if the changes are in the best interests of investors and consult with the Supervisor. Any changes to the SIPO require Board approval, as well as written approval of the Supervisor. The Manager will give notice to investors before implementing any material SIPO changes. The Manager is responsible for monitoring adherence to the SIPO and reporting any breaches to the board and the Supervisor. This SIPO was approved by the Board and takes effect on 28 August 2025. Glossary Benchmark Index means the financial index or indices against which the performance of a Fund is measured. PIMCO means PIMCO Australia Pty Limited. Scheme means the Hunter Investment Funds, a managed investment scheme established under a trust deed dated 1 December 2016 and offered in accordance with the FMC Act. Supervisor means the supervisor of the Scheme, which is The New Zealand Guardian Trust Company Limited. Tracking error means the annualised standard deviation of the difference between the returns of a Fund and the benchmark against which its performance is measured. Underlying fund means any other investment fund into which a Fund invests. Unit Holders means all investors who hold units within a Fund. Hunter Investment Funds – Statement of Investment Policy and Objectives 421 HUN SIPO 1.2 08-25 10