Carbon Fund – Annual Report – 31 March 2022

Salt Listed Funds





Annual Report
For the year ended 31 March 2022

Salt Listed Funds Annual Report
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1.0 - DETAILS OF SCHEME
Name of Scheme
Salt Listed Funds (‘Scheme’)

Type of Scheme
Managed Fund

Name of Manager
Salt Investment Funds Limited

Name of Supervisor
The New Zealand Guardian Trust Company Limited

Date and Status of Latest PDS
5 November 2021 and open for applications

Latest Fund Updates for Scheme
The latest fund update for the Carbon Fund is dated 3 May 2022

Latest Financial Statements
The Scheme’s latest financial statements are for the financial year ended 31 March 2022. Those financial statements,
and the auditor’s report on those financial statements, were lodged with the Registrar of Financial Service Providers on
30 June 2022. The financial statements and auditor’s report are available on the scheme register at
companiesoffice.govt.nz/disclose.

2.0 - INFORMATION ON CONTRIBUTIONS & SCHEME PARTICIPANTS
Number of Managed Investment Products (units) on issue:


1 April 2021 31 March 2022
Carbon Fund 10,300,243 45,377,758

3.0 - CHANGES RELATING TO THE SCHEME
Governing Document
There were no changes to the Scheme’s governing document for the financial year ended 31 March 2022.
Terms of the Offer
The Scheme’s Product Disclosure Statement (PDS) was updated 5th November 2021 to include the following changes:
i. Change of the Carbon Fund’s risk indicator from ‘6’ to ‘5’ in sections 1 and 3; and
ii. Change of the Carbon Fund’s estimated total annual fund charges (of net asset value) from ‘0.97%’ to ‘0.96%’
in sections 1 and 5; and
iii. Changes to section 2 (‘How does this investment work?’) to describe the introduction by the NZ government of
selling NZ Units directly to the market through auctioning.
Statement of investment policy and objectives (SIPO)
The Scheme’s SIPO was updated 17th May 2021 to include the following changes:
i. Addition of a description of Salt’s Engagement policy under section 2; and
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Table of contents
1.0 Details of Scheme
2.0 Information on contributions & Scheme participants
3.0 Changes relating to the Scheme
4.0 Other information for particular types of managed fund
5.0 Changes to persons involved in the Scheme
6.0 How to find further information
7.0 Contact details & complaints

Salt Listed Funds Annual Report
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ii. Changes to benchmark asset allocation ranges and indices of the Salt Sustainable Income & Salt Sustainable
Growth Funds.
Related party transactions
There were no changes to the nature or scale of related party transactions during the period. All related party
transactions were conducted on normal commercial terms and conditions and were on an arm’s length basis.

4.0 - OTHER INFORMATION FOR PARTICULAR TYPES OF MANAGED FUNDS
The unit prices for the Fund within the Scheme at the beginning and end of the accounting period are shown below:


1 April 2021 31 March 2022
Carbon Fund 1.3147 2.1971

5.0 - CHANGES TO PERSONS INVOLVED IN THE SCHEME
There were no changes to the Scheme’s Manager during the period, including no changes to directors or key personnel.

There were no changes to the Scheme’s Supervisor during the period, however James Earl Douglas retired as director on
30 November 2021.

There were no changes to the Scheme’s administration manager, investment manager, securities registrar, custodian,
or auditor of the scheme.

There were no changes in control (within the meaning of clause 48 of Schedule 1 of the FMCA) of the Manager during
the accounting period.

6.0 - HOW TO FIND FURTHER INFORMATION
Further information relating to the Scheme, including financial statements, PDS, annual reports, quarterly fund
updates, the master trust deed and establishment deed for the Fund, SIPO, and other material information is available
on the offer register (offer number OFR12502) and the scheme register (scheme number SCH12498) at
companiesoffice.govt. nz/disclose and on written request from the Manager free of charge.

You may also receive a statement of the units held within 14 days of allotment of your investment.

Quarterly fund updates and the information on the offer register or scheme register can also be obtained, free of
charge from our website www.carbonfund.co.nz and on request to info@carbonfund.co.nz.

You can inspect documents we hold that are relevant to you, and other documents 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.
These will be provided free of charge. Direct investors in the Fund can also obtain an estimate of unit holdings in the
same way.

You can find general information about us, Salt Funds Management Limited, and the investment management team on
our website at saltfunds.co.nz.

7.0 - CONTACT DETAILS & COMPLAINTS
Manager
Salt Investment Funds Limited
Level 3, 44 Queen Street, 1010
PO Box 106-587
Auckland 1143
09 869 2933

Supervisor
The New Zealand Guardian Trust Company
Limited Level 14, 191 Queen Street
Auckland 1010
09 909 5100 or 0800 87 87 82

Securities Registrar
Link Market Services Limited
PO Box 91976, Auckland, 1142
Level 11, Deloitte Centre, 80 Queen Street
Auckland 1010
09 375 5990

You can lodge a complaint with us:

Call: 09 967 7276 during normal business hours
Email: info@saltfunds.co.nz
Write to: Salt Investment Funds Limited, PO Box 106-587, Auckland, 1143

You can lodge a complaint with the Supervisor:

Call: 09 909 5100 or 0800 87 87 82 during normal business hours
Write to: Level 14, 191 Queen Street, Auckland

You can lodge a complaint with our independent dispute resolution scheme:

We and the Supervisor are each a member of an approved dispute resolution scheme operated by Financial Services
Complaints Limited (FSCL). If you have complained to us and you have reached the end of our internal complaints
process without your complaint being resolved to your satisfaction, FSCL may be able to consider your complaint.
FSCL will not charge a fee to any complainant to investigate or resolve a complaint.
Call: 0800 347 257 during normal business hours
Email: complaints@fscl.org.nz
Write to: Financial Services Complaints Limited, PO Box 5967, Wellington 6145

If you are an Australian resident, instead of complaining to FSCL, you may lodge a complaint with:

The Australian Financial Complaints Authority (AFCA) Australian Financial Complaints Authority
GPO Box 3, Melbourne VIC 3001
Call: 1800 931 678 (free call)
Email: info@afca.org.au
Online: www.afca.org.au
AFCA will not charge a fee to any complainant to investigate or resolve a complaint. Time limits may apply to
complaints to FSCL or AFCA and so you should act promptly or otherwise consult the FSCL and AFCA websites to find
out if or when the time limit relevant to your circumstances expires.