AMP Capital Investment Funds

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1 AMP Capital Investment Funds Investment Statement Dated: 18 September 2015 Issued by AMP Investment Management (N.Z.) Limited

2 Important information (The information in this section is required under the Securities Act 1978 ( Securities Act )). Investment decisions are very important. They often have long term consequences. Read all documents carefully. Ask questions. Seek advice before committing yourself. Choosing an investment When deciding whether to invest, consider carefully the answers to the following questions that can be found on the pages noted below: What sort of investment is this? Who is involved in providing it for me? How much do I pay? What are the charges? What returns will I get? What are my risks? Can the investment be altered? How do I cash in my investment? Who do I contact with inquiries about my investment? Is there anyone to whom I can complain if I have problems with the investment? What other information can I obtain about this investment? p29 p29 p31 p32 p34 p39 p42 p42 p44 p44 p45 In addition to the information in this document, important information can be found in the current registered prospectus for the investment. You are entitled to a copy of that prospectus on request. The Financial Markets Authority regulates conduct in financial markets The Financial Markets Authority regulates conduct in New Zealand s financial markets. The Financial Markets Authority s main objective is to promote and facilitate the development of fair, efficient, and transparent financial markets. For more information about investing, go to Financial advisers can help you make investment decisions Using a financial adviser cannot prevent you from losing money, but it should be able to help you make better investment decisions. Financial advisers are regulated by the Financial Markets Authority to varying levels, depending on the type of adviser and the nature of the services they provide. Some financial advisers are only allowed to provide advice on a limited range of products. AMP Capital Investment Funds Investment Statement for the purposes of the Securities Act 1978, prepared on 18 September When seeking or receiving financial advice, you should check: > > the type of adviser you are dealing with; > > the services the adviser can provide you with; > > the products the adviser can advise you on. A financial adviser who provides you with personalised financial adviser services may be required to give you a disclosure statement covering these and other matters. You should ask your adviser about how he or she is paid and any conflicts of interest he or she may have. Financial advisers must have a complaints process in place and they, or the financial services provider they work for, must belong to a dispute resolution scheme if they provide services to retail clients. So if there is a dispute over an investment, you can ask someone independent to resolve it. Most financial advisers, or the financial services provider they work for, must also be registered on the financial service providers register. You can search for information about registered financial service providers at You can also complain to the Financial Markets Authority if you have concerns about the behaviour of a financial adviser. Important notice This is an Investment Statement prepared in accordance with the Securities Act and the Securities Regulations 2009, relating to an offer of units in the AMP Capital Investment Funds by AMP Investment Management (N.Z.) Limited. It is prepared as at, and is dated, 18 September We intend transitioning the Funds to the new financial markets regime introduced under the Financial Markets Conduct Act 2013 (FMCA) in the near future. As part of the transition to the FMCA disclosure regime, this Investment Statement and the Prospectus will be replaced by various Product Disclosure Statements with other relevant information being available to investors on the register entry that will be maintained in respect of the offer of units in the Funds. In addition, the Trust Deeds for the Funds will be replaced with a new Trust Deed that complies with the requirements of the FMCA. In this Investment Statement, you or your refers to the investor or Unit Holder and we, us, our or the Manager refers to AMP Investment Management (N.Z.) Limited, the Manager of the Funds. For Investors in Administration and Custodial Services AMP Capital offers the AMP Capital Investment Funds via selected administration and custodial services. When reading this Investment Statement, you should remember that if your investments are made through an administration and custodial service they will be held by a custodian on your behalf. You should refer to the administration and custodial service terms and the relevant marketing information about investing in the AMP Capital Investment Funds through that service. Please take the time to read this Investment Statement and the other relevant documentation that you have been given before making your investment decisions.

3 Why invest in managed funds? Investing in managed funds can help you achieve your savings goals and create greater wealth for the future. Managed funds offer you: > > Diversification. Pooling together large amounts of money enables fund managers to invest in a spread of assets which allows diversification and reduces the risk of your portfolio. It also provides access to markets and securities that might otherwise be out of reach. > > Professional and active management. Employing the expertise and resources of an active manager is particularly beneficial if you do not have the time or the skill to manage your own investments. > > Simplified investing. Fund managers take care of all the paperwork involved in the buying, selling, reporting and record keeping. All of the Funds offered in this Investment Statement are portfolio investment entities ( PIEs ). PIEs pay tax on income attributed to you at your relevant prescribed investor rate ( PIR ), which is capped at 28%. Investors in a PIE with a marginal tax rate of 33% who elect a 28% PIR may obtain a tax advantage. Refer to the Taxation section for further details about PIRs. The portfolio investment entity regime PIEs are special tax investment entities which a managed fund can elect to become. The AMP Capital Investment Funds have elected to be PIEs. As a PIE, each Fund s taxable income is allocated to all investors in a Fund based on the number of units held. The Fund pays tax on your share of the taxable investment income at your PIR. The top PIR is currently 28%. In some cases, investors in PIE managed funds will have a tax advantage over investors who invest directly and are taxed at their marginal tax rate. Why invest with AMP Capital? 1 AMP Capital is the investment manager of the Funds (unless stated otherwise in respect of a Fund) and is a Promoter of all of the Funds. AMP Capital is a leading specialist investment manager, managing around $19 billion* for New Zealand investors. We believe better outcomes start with a deep understanding of clients needs. Our culture of collaboration drives our people to better understand markets, to share insights and to innovate. Our process aims to deliver outstanding investment outcomes, with a focus on investment returns and risk management. Our investment decisions are based on rigorous and repeatable research and modelling, leveraging the depth of investment knowledge across AMP Capital. AMP Capital can, and does, contract out some or all of its investment management tasks in respect of the Funds from time to time. In addition, we have appointed, and may in the future appoint other, external investment managers in respect of the Funds. We believe: > > Markets are inefficient, and prices don t always reflect the true value of assets. > > Experienced investment teams, supported by the resources and systems that an organisation of AMP Capital s size and scale enables, are better positioned to identify mispriced opportunities for clients. > > The insights that investment professionals can share in a multi-asset investment environment make for better informed decisions, identification of opportunities and risk management for each portfolio, than in a single asset class environment. > > Compelling investment opportunities are not always accessible to the whole market, but are open to a large investor like AMP Capital. We can offer these to clients including large corporate bond issues, infrastructure and property opportunities. Our investment philosophy We believe investment success is all about people and opportunities experienced investors supported by the scale and resources of a multi-asset house, collaborating and leveraging insights to deliver better investment outcomes. * As at 31 August AMP Capital Investment Funds

4 AMP Capital Investment Funds Diversified Funds AMP Capital Responsible Investment Leaders Conservative Fund PAGE 3 AMP Capital Responsible Investment Leaders Growth Fund PAGE 4 AMP Capital Responsible Investment Leaders Balanced Fund PAGE 5 AMP Capital Global Multi-Asset Fund PAGE 6 AMP Capital Income Generator Fund PAGE 7 Cash and Fixed Interest AMP Capital NZ Cash Fund PAGE 8 AMP Capital NZ Fixed Interest Fund PAGE 9 AMP Capital NZ Short Duration Fund PAGE 10 AMP Capital Hedged Global Fixed Interest Fund PAGE 11 AMP Capital Global Short Duration Fund PAGE 12 New Zealand and Australian Shares AMP Capital NZ Shares Fund PAGE 13 AMP Capital Strategic NZ Shares Fund PAGE 14 2 AMP Capital Australian Shares Fund PAGE 15 AMP Capital Responsible Investment Leaders NZ Shares Fund PAGE 16 Global Shares AMP Capital Global Shares Fund PAGE 17 AMP Capital Core Global Shares Fund PAGE 18 AMP Capital Core Hedged Global Shares Fund PAGE 19 AMP Capital Emerging Markets Shares Fund PAGE 20 AMP Capital Responsible Investment Leaders Global Shares Fund PAGE 21 Property, Infrastructure and Commodities AMP Capital Global Property Securities Fund PAGE 22 AMP Capital NZ Property Fund PAGE 23 AMP Capital Listed Property Securities Fund PAGE 25 AMP Capital Global Listed Infrastructure Fund PAGE 26 AMP Capital Commodities Fund PAGE 27 Returns data In 2010, we updated our model for calculating the benchmark returns for the AMP Capital Investment Funds (including, in respect of the Responsible Investment Leaders Conservative Fund and the Responsible Investment Leaders Growth Fund, by making these calculations using daily, rather than weekly, pricing data). The updated model was applied retrospectively to the calculation of benchmark returns for past periods. Accordingly, the benchmark returns for the Funds disclosed in this Investment Statement may differ slightly from those disclosed in previous Investment Statements (with the result that the extent to which the actual gross returns are lower or higher than the corresponding benchmark returns may differ from that previously disclosed).

5 DIVERSIFIED FUNDS AMP Capital Responsible Investment Leaders Conservative Fund Established 16 May 1995 Investment strategy The Responsible Investment Leaders Conservative Fund aims to provide you with above-cash returns over time with capital preservation whilst investing in line with responsible investment parameters (see page 28 for more detail on responsible investment). To do this, it uses appropriate diversification across asset types, with a distinct bias to income assets (e.g. bonds). Key features > > A diverse range of predominantly income assets including fixed interest securities and cash, plus some growth assets including shares, property and commodities, across New Zealand and global markets. > > One of the most experienced investment management teams for New Zealand investments. > > Active management of asset allocations to suit changing investment environments and conditions. > > This Fund will invest primarily in other funds, including funds managed by us or our associates, but may invest in directly held assets. See pages 92 to 94 of the AIF Prospectus for a table showing the funds managed by us or our associated persons in which more than 10% of the value of the Fund has been invested. Annual returns to 31 March* % 3.65% 6.13% 6.10% 6.85% 6.08% 9.01% 8.90% 8.83% 8.21% 0% 2% 4% 6% 8% 10% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. Use of derivatives The Fund may use derivatives to manage risk and facilitate rebalancing and asset allocation. Performance objective To outperform, over the medium term, the weighted average return of the market indices used to measure performance of the underlying funds/assets in which the Fund invests. Investment guidelines The benchmark asset mix noted below is the expected average asset mix of the Responsible Investment Leaders Conservative Fund over the long term. In the short term and medium term, AMP Capital will actively manage the Fund within the given ranges: Benchmark New Zealand Cash 25 New Zealand Fixed Interest 25 Global Fixed Interest 25 Range Total Income Assets Australasian Shares 5 Global Shares 10 Commodities 3 Property** 7 Total Growth Assets Total 100 Currency management AMP Capital targets a position of the Fund s exposure to foreign currency (excluding Australian dollar) shares being 50% hedged to the New Zealand dollar (on a net after tax basis, based on the current maximum PIR). For Australian dollar shares, AMP Capital targets a position of the Fund s exposure being 50% gross hedged to the New Zealand dollar. For all other asset classes, AMP Capital targets 100% currency hedging of foreign currency exposure to the New Zealand dollar. AMP Capital has the discretion to alter these target positions should this be deemed appropriate. 3 * The performance information set out above shows the performance of the Fund before it commenced investing in accordance with responsible investment parameters on 16 April ** Includes both New Zealand and global property. AMP Capital Investment Funds

6 DIVERSIFIED FUNDS AMP Capital Responsible Investment Leaders Growth Fund 4 Established 16 May 1995 Investment strategy The Responsible Investment Leaders Growth Fund aims to provide you with high real returns over time and has correspondingly high risk whilst investing in line with responsible investment parameters (see page 28 for more detail on responsible investment). It uses diversification across asset types, with a distinct bias to growth assets (e.g. shares). Key features > > A diverse range of predominantly growth assets, including shares, property and commodities, plus some income assets including fixed interest securities and cash, across New Zealand and global markets. > > One of the most experienced investment management teams for New Zealand investments. > > Active management of asset allocations to suit changing investment environments and conditions. > > This Fund will invest primarily in other funds, including funds managed by us or our associates, but may invest in directly held assets. See pages 92 to 94 of the AIF Prospectus for a table showing the funds managed by us or our associated persons in which more than 10% of the value of the Fund has been invested. Annual returns to 31 March* % 2.29% 10.74% 10.31% 9.48% 8.93% 14.57% 13.15% 16.27% 15.54% 0% 5% 10% 15% 20% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. Use of derivatives The Fund may use derivatives to manage risk and facilitate rebalancing and asset allocation. Performance objective To outperform, over the medium term, the weighted average return of the market indices used to measure performance of the underlying funds/assets in which the Fund invests. Investment guidelines The benchmark asset mix noted below is the expected average asset mix of the Responsible Investment Leaders Growth Fund over the long term. In the short term and medium term, AMP Capital will actively manage the Fund within the given ranges Benchmark New Zealand Cash 5 New Zealand Fixed Interest 2.5 Global Fixed Interest 2.5 Range Total Income Assets Australasian Shares 22.5 Global Shares 52.5 Commodities 5 Property** 10 Total Growth Assets Total 100 Currency management AMP Capital targets a position of the Fund s exposure to foreign currency (excluding Australian dollar) shares being 50% hedged to the New Zealand dollar (on a net after tax basis, based on the current maximum PIR). For Australian dollar shares, AMP Capital targets a position of the Fund s exposure being 50% gross hedged to the New Zealand dollar. For all other asset classes, AMP Capital targets 100% currency hedging of foreign currency exposure to the New Zealand dollar. AMP Capital has the discretion to alter these target positions should this be deemed appropriate. * The performance information set out above shows the performance of the Fund before it commenced investing in accordance with responsible investment parameters on 16 April ** Includes both New Zealand and global property.

7 DIVERSIFIED FUNDS AMP Capital Responsible Investment Leaders Balanced Fund Established 17 October 2008 Investment strategy The Responsible Investment Leaders Balanced Fund aims to provide you with modest real returns over time with medium risk while investing in line with responsible investment parameters (see page 28 for more detail on responsible investment). To do this, it uses appropriate diversification across asset types, with a mix of income assets (e.g. bonds) and growth assets (e.g. shares). Key features > > A diverse range of growth and income assets including shares, property, commodities, fixed interest securities and cash, across New Zealand and global markets. > > One of the most experienced investment management teams for New Zealand investments. > > Active management of asset allocations to suit changing investment environments and conditions. > > A robust investment process that combines a sustainability focus with stringent financial analysis. > > This Fund will invest primarily in other funds, including funds managed by us or our associates, but may invest in directly held assets. See pages 92 to 94 of the AIF Prospectus for a table showing the funds managed by us or our associated persons in which more than 10% of the value of the Fund has been invested. Annual returns to 31 March % 5.87% 8.25% 7.82% 8.78% 10.95% 13.34% 13.06% 14.96% 12.92% 0% 2% 4% 6% 8% 10% 12% 14% 16% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined once Management Fees, performance fees (if any), expenses and taxes are deducted. Use of derivatives The Fund may use derivatives to manage risk and facilitate rebalancing and asset allocation. Performance objective To outperform, over the medium term, the weighted average return of the market indices used to measure performance of the underlying funds/assets in which the Fund invests. Investment guidelines The benchmark asset mix noted below is the expected average asset mix of the Fund over the long term. In the short term and medium term, AMP Capital will actively manage the Fund within the given ranges. There may be times when an asset class is not represented (or is not within the specified range) due to compliance around the responsible investment charter for the Fund. Benchmark New Zealand Cash 10 New Zealand Fixed Interest 15 Global Fixed Interest 15 Range Total Income Assets Australasian Shares 15 Global Shares 31 Commodities 4 Property* 10 Total Growth Assets Total 100 Currency management AMP Capital targets a position of the Fund s exposure to foreign currency (excluding Australian dollar) shares being 50% hedged to the New Zealand dollar (on a net after tax basis, based on the current maximum PIR). For Australian dollar shares, AMP Capital targets a position of the Fund s exposure being 50% gross hedged to the New Zealand dollar. For all other asset classes, AMP Capital targets 100% currency hedging of foreign currency exposure to the New Zealand dollar. AMP Capital has the discretion to alter these target positions should this be deemed appropriate. 5 * Includes both New Zealand and global property. AMP Capital Investment Funds

8 DIVERSIFIED FUNDS AMP Capital Global Multi-Asset Fund 6 Established 22 October 2013 Investment strategy The Global Multi-Asset Fund aims to generate a positive return above inflation and actively responds to changing market conditions with a flexible approach to investing. It also aims to reduce risk through focused risk management strategies to minimise the volatility in investment returns. Key features > > Invests in the Australian AMP Capital Multi-Asset Fund and the Schroder Real Return Fund, a fund managed by Schroder Investment Management Australia Limited. > > Active management within the Australian AMP Capital Multi-Asset Fund and Schroder Real Return Fund providing flexibility to change the asset class mix at any time, within broad asset ranges, to take the advantage of market opportunities. > > Ability to rebalance between the Australian AMP Capital Multi-Asset Fund and Schroder Real Return Fund to suit changing environments and conditions. > > Active risk management within the Australian AMP Capital Multi-Asset Fund and Schroder Real Return Fund to manage portfolio volatility and target explicit downside risks. > > Active currency hedging in the Australian AMP Capital Multi-Asset Fund and Schroder Real Return Fund as well as full hedging of Australian dollar exposure within the Fund back to New Zealand dollars. Returns to 31 March * % 1.98% 6.05% 13.57% 0% 2% 4% 6% 8% 10% 12% 14% 16% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. Benchmark Range Cash Australian AMP Capital Multi-Asset Fund Schroder Real Return Fund Total 100 As at the date of this Investment Statement the asset allocation ranges of the Australian AMP Capital Multi-Asset Fund and the Schroder Real Return Fund are as shown below: Australian AMP Capital Multi-Asset Fund Asset class Range Growth assets 0-90 Developed market equities global 0-60 Developed market equities Australian 0-40 Emerging market equities 0-30 Global REITs 0-30 Sub investment grade credit 0-40 Diversified alternatives 0-20 Absolute return growth 0-20 Direct infrastructure 0-10 Direct property 0-10 Private equity 0-10 Defensive assets Cash Government bonds 0-70 Inflation indexed bonds 0-70 Investment grade credit 0-70 Absolute return defensive 0-40 Non AUD$ currency exposure 0-30 Schroder Real Return Fund Asset class Range Growth assets 0-75 Includes Australian equities, Global Equities Diversifying Assets 0-75 Includes Australian High Yield, Global High Yield Defensive assets Includes Australian & Global Investment Grade, Fixed Income Derivatives, Mortgages & sub-debt and Cash Performance objective To provide a Gross Return of greater than 5.25% per annum over the New Zealand Consumer Price Index (CPI) (trimmed mean) over a rolling five year period. Investment guidelines The guidelines for the Global Multi-Asset Fund are shown below: Currency management Active currency hedging back to Australian dollars is undertaken within the Australian AMP Capital Multi-Asset Fund and Schroder Real Return Fund. The Australian dollar exposure of the Fund (the combined market value of the Australian AMP Capital Multi-Asset Fund and the Schroder Real Return Fund) will be hedged back to New Zealand dollars. * The performance return for 2014 is calculated from the date of the first investment in the Fund on 11 December 2013 to 31 March 2014

9 DIVERSIFIED FUNDS AMP Capital Income Generator Fund Established 1 April 2014 Investment strategy The Income Generator Fund aims to provide you with a gross fixed monthly income in excess of bank deposit rates along with a positive return on capital over the long term. To achieve this, the Fund invests in a diversified mix of growth and defensive assets, with a focus on reliable income generation. The Fund pays a fixed monthly distribution amount to Unit Holders.* The fixed monthly distribution amount is based on our expectations of the amount of gross income likely to be received by the Fund, and the amount of tax that may be payable on behalf on Unit Holders in respect of the PIE allocated taxable income, over the relevant period. For the period from 1 April 2015 to 31 March 2016 the Manager will aim to invest in assets which will generate a gross Fund income of greater than 5.2% per annum. Accordingly, for the period from 1 April 2015 to 31 March 2016, the Fund will pay a fixed distribution of 0.33 cents per Unit per month (being an annualised rate of 3.96 cents per Unit per annum). We will review the monthly distribution amount, and may re-set it, on or about 1 April in each year for the following 12 month period. Key features > > The Fund invests in a diversified mix of growth and defensive assets, with an objective of reliable income generation. > > The Fund pays a fixed monthly amount which is re-set on or about 1 April each year. > > The Fund aims to provide a positive return on capital over the long term. > > The Fund s asset allocation is tilted within the permitted ranges to maintain a high gross yield. Returns to 31 March Use of derivatives The Fund may use derivatives to manage risk and facilitate rebalancing and asset allocation. Performance objective To maximise the amount of the monthly distribution payments to you by outperforming, over the medium term, the weighted average return of the market indices used to measure performance of the underlying funds/assets in which the Fund invests. Investment guidelines The benchmark asset mix noted below is the expected average asset mix of the Income Generator Fund over the long term. In the short term and medium term, AMP Capital will actively manage the Fund within the given ranges: Benchmark Range New Zealand Cash New Zealand Inflation Linked Bonds New Zealand Fixed Income Global Corporate Bonds Total Defensive Assets New Zealand Shares Australian Shares Global Listed Infrastructure Global Real Estate Investment Trusts Total Growth Assets Total 100 Currency management % 9.75% The assets included in the Global Listed Infrastructure and Global Real Estate Investment Trusts categories are fully hedged back to New Zealand dollars. The assets included in the Global Corporate Bonds category are fully hedged back to New Zealand dollars. The Australian dollar assets are not currently hedged. 0% 2% 4% 6% 8% 10% 12% Gross Return Benchmark * The performance return for 2015 is calculated from the date of the first investment in the Fund on 30 June 2014 to 31 March AMP Capital Investment Funds

10 CASH AND FIXED INTEREST AMP Capital NZ Cash Fund Established 16 May 1995 Investment strategy The NZ Cash Fund is an actively managed portfolio of bank bills, floating rate notes and short term deposits and securities, with a maximum weighted average duration not exceeding six months. Key features > > We use both interest rate and credit strategies with the aim to deliver a return above the NZX 90 Day Bank Bill Index. > > The investment team considers economic fundamentals, market sentiment, fund flows and relative value between the cash rate and other securities along the yield curve in determining the selection of suitable securities. Annual returns to 31 March % 3.58% Performance objective To provide a Gross Return above the return of the NZX 90 Day Bank Bill Index on a rolling 12 month basis. Investment guidelines The NZ Cash Fund predominantly invests in New Zealand bank and corporate securities/deposits including bank bills, floating rate notes and periodically utilises derivatives. The Fund will not invest into collateralised debt obligations, collateralised loan obligations or credit default swaps. The investment guidelines are as follows: New Zealand Government or government guaranteed securities, bank risk or debt securities and registered bank deposits/cash Range Corporate securities 0 50 Floating rate notes % 2.70% 3.54% 2.69% % 3.11% 3.64% 4.29% 0% 1% 2% 3% 4% 5% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted.

11 CASH AND FIXED INTEREST AMP Capital NZ Fixed Interest Fund Established 16 May 1995 Investment strategy The NZ Fixed Interest Fund is an actively managed portfolio of predominantly New Zealand fixed interest investments designed for those investors who wish to invest in a diversified portfolio of fixed interest securities/instruments. The portfolio is structured to add value through interest rate, yield curve and credit positions. Key features > > Exposure to a well diversified portfolio of longer term fixed interest securities. > > Proven investment management expertise from access to the resources of a specialised fixed interest team across New Zealand and Australia. Annual returns to 31 March % -1.71% 7.70% 6.44% 6.97% 6.92% 10.37% 9.38% 11.05% 10.15% -4% -2% 0% 2% 4% 6% 8% 10% 12% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. Performance objective To provide a Gross Return above the return of the S&P/NZX NZ Government Bond Index on a rolling three year basis. Investment guidelines The NZ Fixed Interest Fund predominately invests in corporate and government securities and will frequently utilise derivatives to manage risk. The Fund will not invest into collateralised debt obligations, collateralised loan obligations or credit default swaps. The investment guidelines for the Fund are shown below: On call cash, short term securities and term deposits. Range 0 50 Corporate, New Zealand Government, and other non-government securities Local Government Funding Authority 0 50 Interest rate swaps (by notional face value) Foreign currency issues* 0-20 Cross currency swaps (by notional face value) 0-20 Currency management AMP Capital is responsible for hedging any foreign currency exposures back to New Zealand dollars. 9 * Investment in foreign currency issues is restricted to: foreign currency issues of New Zealand entities; foreign currency issues of the Australian parents of New Zealand entities; and Australian dollar issues of all other Australian entities. Any foreign currency securities will be fully hedged back to New Zealand dollars. AMP Capital Investment Funds

12 CASH AND FIXED INTEREST AMP Capital NZ Short Duration Fund 10 Established 29 June 2007 Investment strategy The NZ Short Duration Fund aims to provide you with a consistently good income using a combination of interest rate and investment grade credit strategies. It targets a shorter average duration (and maturity) than traditional fixed income funds and its risk/return profile should place it between a cash portfolio and a standard fixed income portfolio. Key features > > The combination of the short duration benchmark and the use of fixed interest risk management tools means the Fund s capital value is not as sensitive to changes in market interest rates as traditional longer term fixed income portfolios. > > This Fund specifically targets credit risk and interest rate risk as a source of return. > > Proven investment management expertise from access to the resources of a specialised fixed interest team across New Zealand and Australia. Annual returns to 31 March* % 2.45% 3.35% 3.72% 5.21% 5.20% 5.48% 6.56% Performance objective The objective of the NZ Short Duration Fund is to provide a Gross Return above the return of the NZX Short End Swap Index on a rolling three year basis. Investment guidelines The NZ Short Duration Fund aims to give you exposure to fixed interest securities, including corporate bank, local authority and SOE bonds, mortgage and asset-backed securities, infrastructure debt, government bonds, credit default swaps, interest rate swaps, cash and cash-like securities. The guidelines for the Fund are shown below: New Zealand issued securities, including corporate bonds, SOE, local authority and government bonds Range Mortgage and other asset backed bonds 0-25 Foreign currency issues** 0-30 Credit default swaps (by notional face value) 0-30 Interest rate swaps (by notional face value) Cross currency swaps (by notional face value) 0-30 On call New Zealand cash, short term securities and term deposits Local Government Funding Authority 0-50 The investment guidelines for this Fund were changed with effect from 1 December Under the new investment guidelines, the Fund targets a shorter average duration (and maturity) than traditional fixed income funds % 5.64% 0% 1% 2% 3% 4% 5% 6% 7% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. * The performance information set out in the graph above includes the performance of the Fund before the investment guidelines were changed with effect from 1 December ** Investment in foreign currency issues is restricted to: foreign currency issues of New Zealand entities; foreign currency issues of the Australian parents of New Zealand entities; and Australian dollar issues of all other Australian entities. Any foreign currency securities will be fully hedged back to New Zealand dollars.

13 CASH AND FIXED INTEREST AMP Capital Hedged Global Fixed Interest Fund Established 7 November 1994 Investment strategy The Hedged Global Fixed Interest Fund gives you access to a multi-manager approach to investing in a diversified range of international government securities, government-related securities, corporate securities, asset-backed securities and hybrid securities in both developed and emerging markets around the globe. Key features > > Exposure to a range of high quality fixed interest investment managers, selected by AMP Capital s specialist multi-manager team. > > Specialist coverage of the three major components of global bond markets - government bonds, corporate credit and securitised debt. > > Targets full currency hedging to net asset value. Annual returns to 31 March* Performance objective To provide a Gross Return which outperforms the return of the Barclays Capital Global Aggregate Index over a rolling three year basis, fully hedged to the New Zealand dollar. Investment guidelines The guidelines for the Hedged Global Fixed Interest Fund are shown below: Benchmark Minimum Range Maximum Cash Wholesale Unit Trust Global Bond Fund 2 Global Government Wholesale Unit Trust Global Bond Fund 4 Global Credit Wholesale Unit Trust Global Bond Fund 5 Global Securitised % 3.70% 5.60% 6.98% 7.75% 7.48% 7.25% 9.53% 10.79% 11.43% Currency management AMP Capital targets 100% currency hedging of the Fund s net asset value back to the New Zealand dollar. This hedging is performed by the appointed fixed interest investment managers that may also take active currency positions in the underlying funds. 11 0% 2% 4% 6% 8% 10% 12% 14% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. * The performance information set out in the graph above shows the performance of the Fund before the restructure and changes to the Fund s investment guidelines in June AMP Capital Investment Funds

14 CASH AND FIXED INTEREST AMP Capital Global Short Duration Fund 12 Established 4 October 2011 Investment strategy The Global Short Duration Fund aims to provide you with access to a well-diversified portfolio of high quality global fixed income securities. The Fund invests in securities with a shorter average duration than traditional fixed income funds, and takes advantage of global opportunities focusing on active positions on secular trends as opposed to short term aberrations in interest rates. Key features > > Adds value through multiple sources to achieve consistency of returns. > > The investment philosophy has an emphasis on minimising downside risk. > > Focuses on high quality assets. > > Proven investment management expertise and resources are accessed through a specialised fixed interest team. > > PIMCO Australia Pty Limited, a global investment management firm, has been appointed as the current investment manager of the Fund. Annual returns to 31 March* Performance objective To provide a Gross Return above the return of the NZX 90 Day Bank Bill Index on a rolling three year basis. Investment guidelines The guidelines for the Global Short Duration Fund are shown below: Benchmark Range Minimum Maximum Cash International fixed interest securities Currency management AMP Capital targets 100% currency hedging of the Fund s net asset value back to the New Zealand dollar. Hedging is performed by the appointed fixed interest investment manager that may also take active currency positions % 5.88% % 4.41% % 4.96% % 1% 2% 3% 4% 5% 6% 7% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. * The performance return for 2013 is calculated from the date of the first investment in the Fund on 13 May 2012 to 31 March 2013.

15 NEW ZEALAND AND AUSTRALIAN SHARES AMP Capital NZ Shares Fund Established 16 May 1995 Investment strategy The NZ Shares Fund is a diversified portfolio of predominantly New Zealand shares constructed with the aim of outperforming the S&P/NZX 50 Index (on a gross basis and including imputation credits). The investment approach is research driven and involves determining financial forecasts for companies in the relevant investment universe. Where those forecasts differ from the forecasts implied by the current price of the shares, positions relative to the index are taken. The Fund may also invest in Australian shares. This flexibility affords a wider investment universe and allows the portfolio to benefit from insights the research team derives on Australian stocks. The Fund is well diversified and is constructed to have moderate tracking error relative to the S&P/NZX 50 Index (on a gross basis and including imputation credits). Salt Funds Management Limited, an external active fund manager, is the investment manager of the Fund. Performance objective To provide a Gross Return above the return of the S&P/NZX 50 Index (on a gross basis and including imputation credits) over a rolling three year period. Investment guidelines The guidelines for the NZ Shares Fund are shown below: Range Cash 0 10 New Zealand shares Australian shares 0 30 Currency management There is discretion to hedge against any Australian dollar exposure but historically the Fund has not been hedged back to the New Zealand dollar. Key features > > Exposure to a diversified portfolio of New Zealand shares with the scope to hold Australian shares. > > The Fund will generally be overexposed to companies which have sustainable competitive advantage, good growth outlooks, the ability to grow earnings faster than revenue and which can grow without a strong reliance on raising additional capital. 13 Annual returns to 31 March % 19.36% % 17.46% % 3.61% 26.12% 27.75% % 8.91% 0% 5% 10% 15% 20% 25% 30% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. AMP Capital Investment Funds

16 NEW ZEALAND AND AUSTRALIAN SHARES AMP Capital Strategic NZ Shares Fund 14 Established 1 February 2001 Investment strategy The Strategic NZ Shares Fund is a diversified portfolio of predominantly New Zealand shares constructed with the aim of outperforming the S&P/NZX 50 Portfolio Index (on a gross basis and inclusive of imputation credits). The investment approach is research driven and involves determining financial forecasts for companies in the relevant investment universe. Where those forecasts differ from the forecasts implied by the current price of the shares, positions relative to the index are taken. The Fund may also invest in Australian shares. This flexibility affords a wider investment universe and allows the portfolio to benefit from insights the research team derives on Australian stocks. The Fund is well diversified and is constructed to have moderate tracking error relative to the S&P/NZX 50 Portfolio Index (on a gross basis and including imputation credits). Salt Funds Management Limited, an external active fund manager, is the investment manager of the Fund. Key features > > Exposure to a diversified portfolio of New Zealand shares with the scope to hold Australian shares. > > This Fund will generally be overexposed to companies which have sustainable competitive advantage, good growth outlooks, the ability to grow earnings faster than revenues and which can grow without a strong reliance on raising additional capital. Annual returns to 31 March Performance objective To provide a Gross Return above the return of the S&P/ NZX 50 Portfolio Index (on a gross basis and including imputation credits) over a rolling three year period. Investment guidelines The guidelines for the Strategic NZ Shares Fund are shown below: Range Cash 0 20 New Zealand shares Australian shares 0 50 Currency management There is discretion to hedge against the Australian dollar exposure but historically the Fund has not been hedged back to the New Zealand dollar % 21.76% % 17.42% % 30.26% % 1.14% % 5.40% 0% 5% 10% 15% 20% 25% 30% 35% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted.

17 NEW ZEALAND AND AUSTRALIAN SHARES AMP Capital Australian Shares Fund Established 1 July 1996 Investment strategy The Australian Shares Fund provides you with access to shares listed (or about to be listed) on the ASX. Key features > > This Fund invests in the AMP Capital Equity Fund, a unit trust managed by AMP Capital Australia. It provides exposure to a diversified portfolio of Australian shares across a range of industries and sectors, with a focus on the largest 200 companies. > > AMP Capital Australia s investment style involves: identifying companies which it believes are undervalued in relation to their projected earning potential, based on the investment philosophy that earnings drive share prices; and implementation of a research driven process that assesses key criteria and combines it with active management. > > This approach allows AMP Capital Australia to take advantage of growth and mispriced market opportunities as they arise, and to identify companies that they believe represent an attractive market opportunity. > > An investment in a portfolio of securities listed (or about to be listed) on the ASX. > > Diversification across industries and sectors. > > Access to an investment process designed to maintain a portfolio relevant to the current market environment. > > Access to the investment expertise demonstrated by AMP Capital Australia s track record of managing Australian share investment portfolios as well as the broader investment management resources of AMP Capital Australia. Annual returns to 31 March % % -1.78% -2.59% 8.85% 7.18% 8.41% 12.67% 18.41% 18.07% -15% -10% -5% 0% 5% 10% 15% 20% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. Performance objective To provide a Gross Return above the return of the S&P/ASX 200 Accumulation Index on a rolling 3 year basis. Investment guidelines The guidelines for the Australian Shares Fund are shown below: Range Cash 0 10 AMP Capital Equity Fund* Currency management AMP Capital has the discretion to hedge against the Australian dollar exposure but historically the Fund has not been hedged back to the New Zealand dollar. 15 * The investment guidelines for the AMP Capital Equity Fund allow for a holding of up to 20% cash. AMP Capital Investment Funds

18 NEW ZEALAND AND AUSTRALIAN SHARES AMP Capital Responsible Investment Leaders NZ Shares Fund 16 Established 6 November 2012 Investment strategy The Responsible Investment Leaders NZ Shares Fund is a variant of the AMP Capital NZ Shares Fund and invests in a diversified portfolio of predominantly New Zealand shares constructed with the aim of outperforming the S&P/NZX 50 Index (on a gross basis and including imputation credits). The investment process for the Fund, however, places material emphasis on financial and economic sustainability and the efficacy of corporate governance at both the board and management levels. In addition, the Manager recognises that certain investors desire further assessments to be made with respect to environmental, social and ethical factors, and labour standards. Such assessments may therefore be included in the stock selection and portfolio construction processes of the Fund (see page 28 for more detail on our approach to responsible investment). The portfolio may also invest in Australian shares. This flexibility affords a wider investment universe and allows the portfolio to benefit from insights derived on Australian stocks. The portfolio is well diversified and constructed to have moderate tracking error relative to the S&P/NZX 50 Index (on a gross basis and including imputation credits). Salt Funds Management Limited, an external active fund manager, is the investment manager of the Fund. Key features > > Exposure to a diversified portfolio of New Zealand shares with the scope to hold Australian shares. > > The portfolio is generally overexposed to companies which have sustainable competitive advantage, good growth outlooks, the ability to grow earnings faster than revenue and which can grow without a strong reliance on raising additional capital. > > The Fund is managed against specific Responsible Investment criteria which prohibit investments in certain companies or activities (e.g. gambling, armaments, tobacco, pornography), and encourages investment in companies with strong environmental, social and ethical characteristics. Annual returns to 31 March* % 11.14% 15.17% 19.38% 16.99% 17.46% 0% 5% 10% 15% 20% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. Performance objective To provide a Gross Return above the return of the S&P/NZX 50 Index (on a gross basis and including imputation credits) over a rolling three year period. Investment guidelines The guidelines for the Responsible Investment Leaders NZ Shares Fund are shown below: Range Cash 0 10 New Zealand shares Australian shares 0 30 Currency management There is discretion to hedge against any Australian dollar exposure. * The performance return for 2013 is calculated from the date of the first investment in the Fund on 13 December 2012 to 31 March 2013.

19 GLOBAL SHARES AMP Capital Global Shares Fund Established 7 November 1994 Investment strategy The Global Shares Fund gives you access to international shares and specialist investment managers from around the world using a multi-manager approach. Key features > > A multi-manager share investment fund that invests in equities across the world s share markets. > > Exposure to a range of investment managers, selected by AMP Capital Australia s specialist multi-manager team. > > Diversification by region, manager and investment style, with the aim of delivering more stable returns. > > Exposure to a fully diversified suite of developed market large cap equities and emerging market equities. > > Where the Fund gains exposure to global shares through investment in New Zealand PIE funds which hold assets directly, this can be beneficial from a tax perspective. > > Partially hedged to the New Zealand dollar. Annual returns to 31 March * % 18.43% Performance objective To provide a Gross Return above the return of the Morgan Stanley Capital International (MSCI) All Country World Index with net dividends reinvested (50% hedged to the New Zealand dollar on a net after tax basis, based on the current maximum PIR) on a rolling three year basis. Investment guidelines The guidelines for the Global Shares Fund are shown below: Range Cash 0-5 AMP Capital Core Global Shares Fund Wholesale Unit Trust MSCI Global Index Shares Fund Future Directions Emerging Markets Share Fund 7-17 Currency management This fund targets a position of being 50% hedged to the New Zealand dollar (on a net after tax basis, based on the current maximum PIR). The hedges are based on the currency components of the underlying index. Currency hedges are normally rebalanced monthly but may be adjusted intra-month for significant cashflows % 19.07% % 13.85% % -0.18% % 9.31% -5% 0% 5% 10% 15% 20% 25% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. * The performance information set out in the graph above shows the performance of the Fund before the Fund was restructured and its investment guidelines were changed during April and May AMP Capital Investment Funds

20 GLOBAL SHARES AMP Capital Core Global Shares Fund 18 Established 30 September 2007 Investment strategy The Core Global Shares Fund gives you access to international shares and specialist investment managers from around the world using a multi-manager approach. Key features > > A multi-manager share investment fund that invests in equities across the world s core developed markets. > > Exposure to a range of investment managers, selected by AMP Capital Australia s specialist multi-manager team. > > Diversification by region, manager and investment style, with the aim of delivering more stable returns. > > Style rotation capabilities, which enable the portfolio to respond quickly to changes in market conditions. > > A global approach, which better positions the portfolio to capture global market themes. > > The Fund gains the majority of its exposure to global shares through investment in New Zealand PIE funds. Where these New Zealand PIE funds hold assets directly, this can be beneficial from a tax perspective. Annual returns to 31 March* Performance objective To provide a Gross Return above the return of the Morgan Stanley Capital International (MSCI) World Index with net dividends reinvested on a rolling three year basis. Investment guidelines The guidelines for the Core Global Shares Fund are shown below: Range Cash 0 10 Wholesale Unit Trust funds * * The Wholesale Unit Trust funds are New Zealand PIE funds managed by the Manager. Currency management This Fund s foreign currency exposures are not hedged back to New Zealand dollars % 23.24% 22.69% 18.43% % -6.40% 10.47% 9.37% % 5.54% -10% -5% 0% 5% 10% 15% 20% 25% Gross Return Benchmark The return received by you if you invest in this Fund will be less than the Gross Return outlined above once Management Fees, performance fees (if any), expenses and taxes are deducted. * The performance information set out in the graph above shows the performance of the Fund before the Fund was restructured and its investment guidelines were changed during April and May 2014.

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