ARTESIAN GREEN
AND SUSTAINABLE BOND FUND (NZD)

Product
DisclosureStatement (PDS)
09.06.2023
ISSUER: DEVON FUNDS MANAGEMENT LIMITEDThis document gives you important information about this investment to help you decide whether you want to invest. There is otheruseful information about this offer on www.business.govt.nz/disclose. Devon Funds Management Limited has prepared this document inaccordance with the Financial Markets Conduct Act 2013 (FMC Act). You can also seek advice from a financial advice provider to help you
to make an investment decision.

Key information
summary.
What is this?
This is a managed investment scheme. Your money will be pooled with other investors’ money and invested in various
investments. Devon Funds Management Limited (Devon, we, us, our) will invest your money and charge you a fee forour services. The returns you receive are dependent on the investment decisions of Devon and its investment manager
and the performance of the investments. The value of those investments may go up or down. The types of investments
and the fees you will be charged are described in this document.

What will your money be invested in?
Devon offers one fund for you to invest in under this Product Disclosure Statement.*
Fund Name

Description

Risk Indicator1

Annual Fund
Charges

Based on Net Asset
Value (NAV)2

ARTESIAN
GREEN ANDSUSTAINABLE
BOND FUND (NZD)

The strategy for the Fund is to invest
in a diversified portfolio of Australianand international Green, Social andSustainable Bonds that have been
screened in accordance with Artesian’s
screening processes.

LOWER RISK

12

HIGHER RISK

3

potentially lower returns

4

5

6

0.59%

7

potentially higher returns*For further information about other funds within the scheme please refer to the Devon Product Disclosure Statement on the scheme register at www.disclose-register.
companiesoffice.govt.nz.
The Fund has only been operational as at the date of issue of this PDS. As such, market index returns have been used to determine the risk indicator for the Fund as theFund has been in existence for less than 5 years. The risk indicator may therefore provide a less reliable indicator of potential future volatility of the Fund.

1

2
A buy/sell spread (to fairly allocate the costs of buying and selling underlying assets) may be applicable on investment and redemption, or on switches. See Section 5“What are the fees?” for more information on buy/sell spreads.

See Section 4 “What are the risks of investing?” for an
explanation of the risk indicator and for information
about other risks that are not included in the risk
indicator. To help you clarify your own attitude to risk,
you can seek independent financial advice or workout your own risk profile at www.sorted.org.nz/tools/
investor-kickstarter.

Who manages the Artesian Green andSustainable Bond Fund (NZD)?
The manager of the Fund is Devon Funds Management
Limited. See Section 7, “Who is involved?” for more
information.

What are the returns?
The return on your investment comes from:• any increase or decrease in the Fund’s unit price; and• any distributions made to you from the Fund
The Fund generally distributes on a quarterly basis. See“How does this investment work?” on page 3 for more
information.

How can you get your money out?
You may at any time request the redemption of some or
all of your investment. Minimum redemption amounts
may apply and you will need to complete a redemption

request in the prescribed format which is available from
Devon on request. In accordance with the governing
document which governs the Fund, we may defer orsuspend redemptions in some circumstances. See
Section 2 “How does this investment work?” for more
information on how to get your money out.
Your investment in the Fund can be sold in accordancewith relevant law but there is no established market fortrading these financial products. This means that you
may not be able to find a buyer for your investment.

How will your investment be taxed?
The Fund is a registered portfolio investment entity(PIE). The amount of tax you pay in respect of a PIE
is based on your prescribed investor rate (PIR). To
determine your PIR, go to www.ird.govt.nz/toii/pir/workout. See Section 6 “What taxes will you pay?”for more information. See www.ird.govt for more
information.

Where can you find more key
information?
Devon is required to publish quarterly updates for theFund. The updates show the returns, and the total fees
actually charged to investors, during the previous year.
The latest fund updates are available atwww.devonfunds.co.nz. We will also give you copiesof those documents on request.
DEVON FUNDSMANAGEMENT LIMITED1

Contents.

1. Key information summary

1

2. How does this investment work?

3

3. Description of your investment option

5

4. What are the risks of investing?

6

5. What are the fees?

8

6. What taxes will you pay?

9

7. Who is involved?

10

8. How to complain

11

9. Where you can find more information

11

10. How to apply

11

Glossary

122

DEVON FUNDSMANAGEMENT LIMITEDHow does thisinvestment work?
The PDS is an offer of units in theArtesian Green and Sustainable
Bond Fund (NZD) (the Fund).
The Fund invests directly into theArtesian Green and Sustainable
Bond Fund (AUD) (UnderlyingFund). The Fund is actively
managed and invests in investment
grade corporate bonds. These bonds
are predominantly AUD bonds witha credit rating of BBB- or better by
rating agencies (which are approved
organisations who rate the financial
strength of entities).

The Fund is constituted within a Managed Investment
Scheme that is governed by the Devon Trust Deed dated
30 September 2016.
A managed investment scheme enables investors to pool
their investments together to achieve benefits that may
not be possible individually, including access to a wider
range of assets and greater investment diversity. The
Fund offers professional investment management, easeof administration, and utilises the benefit of the PIE tax
regime.
The money you invest buys units in the Fund. The
price of each unit you receive depends on the value ofthe Fund at the time you invest. We calculate the unit
price by dividing the Net Asset Value of the Fund by the
number of units the Fund has on issue. We also have thediscretion to include trading costs in determining theunit price received. The unit price is calculated eachbusiness day and published on our website. The daily unit
price of the Fund will change as the market value of theFund’s assets change. The return on your investment isreflected in any increase or decrease in the unit price.
Units do not give you legal ownership of the Fund’s
assets, however they do give you rights to the returns
earned on those assets.
The number of units you have (your unitholding), when
multiplied by the unit price, gives you the total value of
your investment in the Fund (although the impact of tax
can result in a change in the number of units you hold, up
or down, as the unit price is calculated before tax).
The assets of the Fund are separate and are not available
to meet the liabilities of any other fund in the Scheme.
Investing in the Fund may offer a number of benefits,
including:•

The Fund will invest in labelled corporate bonds
issued by global companies, such as Green, Social or
Sustainable Bonds. The designation is determinedby the issuer of the bond (Investment Process)(see page 4 for further information on theInvestment Process).

•

An investment grade fund with an emphasis on 		
liquidity and credit quality.

•

The manager of the Underlying Fund aims toprovide optimal investment decisions by integrating

DEVON FUNDSMANAGEMENT LIMITED

3

Continued...

••ESG investment research in selecting which bonds
to invest in. When considering a bond as a potential
investment for the Fund, Artesian applies both
positive and negative screens as part of its
investment decision-making process (Screening)(see page 4 for further information on how Screening
works).
Large global, experienced team of fixed income
professionals trading and analysing credit markets
24 hours a day.
Returns in excess of the benchmark (see page 5 forthe benchmark) are expected to be generated
through a well-constructed and actively managed
portfolio in the corporate bond market.

Investment Process

Artesian Corporate Bond Pty Ltd (Artesian, orInvestment Manager) is the Investment Manager of thisFund and the manager of the Underlying Fund.
The Fund is only permitted to invest in labelledcorporate Bonds such as Green, Social and Sustainable
Bonds (Labelled Bonds). The Fund does not have explicit
sustainability or non-financial objectives, rather,sustainability outcomes are a function of investing in theasset class of Labelled Bonds.
A Labelled Bond is designated as, for example, a Green,
Social or Sustainable Bond, by the issuer of that bond.
In making this designation, the issuer typically applies
principles such as those issued by the International
Capital Markets Association (ICMA) and typically seeks
third party review or certification of the designation
they have made. The ICMA principles are the primaryprinciples considered by Artesian when assessing
bonds as potential investments for the Fund. Whilst not
expected to be a common occurrence, it is possible that
the Fund may hold Labelled Bonds that have not been
issued in accordance with the ICMA principles, or may
have been issued in accordance with the ICMA principles
but may not have been subject to a third party review or
certification of their designation. Artesian also conducts
its own due diligence on each bond issuer, the issuer’s
intended use of the investment made by Artesian and thelevel of ongoing reporting available.

Screening

When considering any Labelled Bond as a potential
investment for the Fund, Artesian applies both positive
and negative screens as part of its investment decisionmaking process. Screening restricts the investments
available to those which are Labelled Bonds that comply
with the positive and negative screens.
Artesian applies a negative screen (or exclusion) for
issuers involved in the production of tobacco, alcohol,
pornography, munitions, palm oil, gaming equipment
and exploration and/or production of fossil fuels. For
the avoidance of doubt, this negative screen does notextend to issuers that may be involved indirectly inthese same products or services, for example in the
selling or distribution of them. An example of this may
be investment in the food and grocery sector where
supermarkets may be involved in the distribution of
alcohol and tobacco.

4

DEVON FUNDSMANAGEMENT LIMITED

Artesian applies a positive screen to highlightcompanies that are undertaking activities that reflectappropriate responsible investment practices andimpact reductions. For example, Artesian analyse theway companies approach gender issues and promote
gender equity. When assessing companies by theway of positive screening, Artesian is evaluating theoverall long-term sustainability of the business andtheir business practices. For example, companies withaspirational net-zero targets or market leading genderpolicies, and a track record of achieving these goals,
would be viewed more positively than companies thatwere less developed in these areas.
Following Screening, Artesian then undertakes
detailed financial analysis to form a view on whether anindividual bond would be an appropriate investment for
the Underlying Fund.

MonitoringOnce Artesian has made the decision to invest in
an individual bond, that bond is subject to ongoing
monitoring in respect of both its status as a Labelled
Bond and its adherence to the Screening applied before
that investment was made. This monitoring occurs on
an ongoing basis, typically when the bond issuer issues
their annual impact report which outlines the impact
achieved by the proceeds of the invested bond.
If this monitoring programme was to identify a possible
exception (for example, the loss of a bond’s status
as a Green Bond), Artesian will determine the mostappropriate response on a case-by-case basis. Possible
responses include working with the issuer to resolve thebreach identified, or if this can’t be achieved, making adecision to sell the holding. If a bond loses its labelled
status, it would be disposed of within 30 days in normal
market conditions. In the event of a breach being
identified, Devon will communicate with clients on boththe nature of the breach and the steps taken to address
the breach.
For further information on the non-financial featuresof this Fund please see pages 3 – 5 of the SIPO on
the scheme register at www.disclose-register.
companiesoffice.govt.nz.

Distributions

The Fund generally distributes on a quarterly basis forthe distribution periods ending January, April, Julyand October. We determine the amount available for
distribution (if any).
Payments are made within three business days of the
distribution ex-date and are generally paid on the 15th(or the next business day) of the following month. For
tax purposes distributions are considered non-taxable
income.
You can elect to have your distribution paid into
your nominated bank account or you can reinvest bypurchasing further units in the Fund.
You can elect which of these options you prefer in yourinitial application, or by writing to us.
We can alter our distribution policy in consultation with
our Supervisor and after advising you of any change.

Making investments

You can make lump sum or regular investments into
the Fund. Investments can be made by completing theapplication form at the back of this PDS. A NZ$10,000
minimum applies for the initial contribution and
NZ$100 minimum per quarter for subsequent regular
payments. For information on how to invest in the Fund,
see Section 10 “How to apply”.

Withdrawing your investments

If you wish to make a redemption you must complete aredemption request in the prescribed format which isavailable from Devon on request. Once submitted, yourredemption request is not able to be withdrawn. Subject
to the governing document which governs the Fund, we
have the ability, in certain circumstances, to suspend
or defer redemptions. The consequence of suspension
or deferral is that withdrawal requests will not beprocessed within the ordinary timeframes outlined
below. In the event that this should ever occur, you canstill submit a redemption request and these will beprocessed in the order in which they are received, oncethe suspension or deferral has been lifted.

falling below $2,000, we may request the Supervisor
to withdraw the balance of your holding and repay theproceeds back to you.
Withdrawal requests will be processed each business
day in Auckland. The withdrawal value of the units will
be paid to you, after adjustment for any tax payable (ifapplicable), within 30 business days from the date yourwithdrawal request is received. No person guarantees
or promises the repayment of, or returns on, yourinvestment in the Fund.

How to switch between Funds

You can request to switch part or all of your investment
from the Fund to another fund within the Scheme.
Please refer to the Devon Funds Product DisclosureStatement. Completed switch requests will be made on
the next available unit price. Switches will be treated asa withdrawal request from the Fund and a subsequent
application into another fund. A switching form isavailable from Devon on request. Switches will betreated as a withdrawal request from the Fund and asubsequent application into another fund. A switching
form is available from Devon on request.

You may withdraw amounts of $2,000 or more. If
your withdrawal would result in your investment

Description of yourinvestment option.
Summary of investment strategy and objectives

Targetexposure %Range %

Risk
category

Minimumsuggested
investment
timeframe

ARTESIAN GREEN ANDSUSTAINABLE BOND FUND (NZD)

Green Bonds– 70

0-100 Green
Bonds

3

3 years

Sustainable
Bonds
– 15

0-100
Sustainable
Bonds

Social Bonds-100-100 Social
Bonds

Cash or cash
equivalent
securities-50-100 Cash or
cash equivalent
securities.

Strategy: The strategy for the Fund is to invest in adiversified portfolio of Australian and international
Green, Social and Sustainable Bonds that have been
screened in accordance with Artesian’s screening
processes.*
Benchmark: Bloomberg AusBond Composite 0-5
Yr Index in NZD, 100% hedged to NZD.
Objective: To outperform the benchmark net offees through active management.
Suitability: The Fund is generally suited for
persons seeking stable returns.

This Fundhas a low to
medium levelof volatility*The table above summarises the strategy, objectives and characteristics of the Fund. More information is contained within the SIPO for theFund. Please refer to the SIPO on the scheme register at www.disclose-register.companiesoffice.govt.nz.For relevant definitions see the glossary
on page 12.

We can make changes to the SIPO of the Fund inaccordance with the Trust Deed and the Financial
Markets Conduct Act 2013. Before making changes to
the SIPO, we will consider if the changes are in yourbest interests and consult with the Supervisor. We will
give notice of changes to unit holders of the Fund priorto effecting any material changes. The most current
SIPO for the Fund can be found on the scheme register at
www.disclose-register.companiesoffice.govt.nz.
Further information about the assets in the Fund
can be found in the Fund Updates on our website
www.devonfunds.co.nz.
DEVON FUNDSMANAGEMENT LIMITED

5

What are the risks
of investing?
Understanding the risk indicator
Managed funds in New Zealand must have a standard
risk indicator. The risk indicator is designed to help
investors understand the uncertainties both for loss
and growth that may affect their investment. You cancompare funds using the risk indicator.
LOWER RISK

12

HIGHER RISK

3

potentially lower returns

4

5

6

7

potentially higher returns

The risk indicator for the Fund can be seen in
Section 3 “Description of your investment option.”
The risk indicator is rated from 1 (low) to 7 (high).
The rating reflects how much the value of the Fund’s
assets goes up and down (volatility). A higher risk
generally means higher potential returns over time,
but more ups and downs along the way.
To help you clarify your own attitude to risk, you canseek financial advice or work out your risk profile atwww.sorted.org.nz/calculators/investment-planner.
Note that even the lowest category does not mean a riskfree investment, and there are other risks that are notcaptured by this rating.
This risk indicator is not a guarantee of a fund’s future
performance.
The Fund has not been operational for the required five
years. We have therefore determined the risk indicatorusing market index returns. The risk indicator is basedon the returns data for the market index returns for the
five-year period to 31 March 2023. While risk indicators
are usually relatively stable, they do shift from time totime. You can see the most recent risk indicator in thelatest Fund Update for the Fund.

General investment risksSome of the things that may cause the Fund’s value tomove up and down, which affect the risk indicator, are:Market risk: Investment returns are influenced by
the performance of the market as a whole. Economic,
technological, political, legal factors, pandemic
outbreaks and market sentiment can change. Thesechanges may affect the value of investment markets, theFund’s investments and the value of the units.

6

DEVON FUNDSMANAGEMENT LIMITED

Investment specific risk: The price of a specificinvestment of the Fund may be affected by market risk
(above) but also by factors which are specific to thatinvestment; for example, a circumstance or change
impacting a particular company, sector, region or type of
product in which the Fund has invested.
Liquidity risk: Under abnormal or difficult market
conditions, some normally liquid assets may become
illiquid, restricting the Investment Manager’s ability
to sell them and this in turn may mean that withdrawal
payments cannot be made to investors without apotentially significant delay.
Investment manager risk: Like other investment
managers, the Investment Manager’s approach directly
impacts the value of the Fund’s performance. There is
no guarantee the Fund will achieve its performance
objective or produce results that are positive. Changes in
key personnel within the Investment Manager may also
impact the Fund’s future return.
Fund risk: The Fund could terminate and fees andcosts payable by the Fund could change. There is also arisk that investing in the Fund may give different results
than direct investing because of income or capitalgains accrued in the Fund and the consequences ofinvestments and withdrawals by other investors.
Currency risk: The Fund invests in securities
denominated in currencies other than New Zealanddollars. If these currencies change in value relative to
the New Zealand dollar, the value of the investment canchange. The Manager will typically hedge currency risk
to New Zealand dollars.
Credit risk: Credit risk is the risk that an issuerof a security fails to pay their principal or interest
obligations when they are due. Credit limits, which
are set through risk management processes, provide
a framework for the amount of credit risk that theFund can take, and this risk can be supplemented orhedged through the use of tools such as credit derivative
products.
Counterparty risk: There is a risk that a counterparty(for example, under a derivative or hedging instrument)
may breach its obligations. This could include, but is
not limited to, failing to make settlement payments orreturning margin payments.

Continued...
Interest rate risk: The value of securities can beaffected by interest rate movement. In instances whereinterest rates rise, the face value of certain fixed ratesecurities may decline. Equally, in circumstances whereinterest rates decline, the yield of certain floating ratesecurities will drop to reflect the floating rate nature of
the yield. Also, interest rate expectations have the ability
to impact the value of securities.
Derivative risk: The Investment Manager may use
derivatives for risk management purposes. These may
include interest rate futures, forward contracts, crosscurrency swaps and credit default swaps. These may
not move in line with the underlying assets or may bedifficult to trade. Derivatives will not be used within theFund for speculative or gearing purposes.

Other specific risks
Integrated financial product risk: An integrated
financial product is one that incorporates non-financial
factors alongside financial factors when making
investment decisions. Artesian seek to determine andassess for material ESG risks and opportunities. This
analysis and assessment is incorporated into Artesian’s
investment decision-making process via reports,
presentations and engagement with bond issuers.
Artesian considers non-financial factors throughnegative and positive screening to establish the range
of investments that are available for investment in the
Underlying Fund as further explained in the SIPO.
These non-financial considerations may limit the
number of investment opportunities available, and as
a result, at times, the Fund may produce more modest
gains than funds which do not take non-financial factors
into account when making investment decisions.
Further information on risks, including inflation risk,
default risk, volatility risk, insolvency risk, changes
to law and other statutory restrictions, leverage risk
and PIE status risk, is contained in the Other Material
Information document (OMI), which can be found on theoffer register at www.dislcose-register.companiesoffice.
govt.nz.

DEVON FUNDSMANAGEMENT LIMITED

7

What arethe fees?
You will be charged fees for investing in the Fund. Fees are deducted from your investment and will reduce yourreturns. The fees you pay will be charged in two ways:•

regular charges (for example, annual fund charges). Small differences in these fees can have a big impact on yourinvestment over the long term; and•one-off fees – for example abnormal legal or regulatory fees.

Total Annual Fund Charges
Total fund charges, as a percentage of net asset value(excluding GST)Management fee(ex GST)

Estimated Other Administration Charges
and Expenses

Estimated Total Annual Fund
Charges

0.34%

0.25%

0.59%

The charges outlined above cover:Management fees: We charge an annual management
fee to the Fund as set out above plus GST. This fee covers
the investment management of the Fund and is accruedfor daily in the Fund’s unit price.
Administration charges: These charges cover
the general administration of the Fund including
the Supervisor, normal legal, custody, registry, fundaccounting, unit pricing and audit fees and are accruedfor daily in the Fund’s unit price as set out above plus
GST. Brokerage and other transaction costs are paid
directly by the Fund. Under the terms of the governing
document which governs the Fund, other costs andexpenses, such as abnormal or one-off costs, brokerage,transaction costs and all taxes may also be charged to
the Fund.
There are no performance fees charged by us in relation
to the Fund.

Various individual action fees
A buy/sell spread (to fairly allocate the costs of buying
and selling underlying assets) may be applicable on
investment and redemption, or on switches, and will
only ever apply as an individual action fee. These areamounts determined at our discretion on account of
estimated costs which would be incurred if investmentsof the Fund were acquired or realised to make an
investment or pay a redemption. For more information
please refer to Devon’s OMI on Disclose atwww.business.govt.nz/ disclose, and Devon’s website
at www.devonfunds.co.nz/buysell-spreads. A buy/sell
spread may also be applied by the underlying unit trust
into which the Fund invests.

8

DEVON FUNDSMANAGEMENT LIMITED

Example of how fees apply to an investor
Mel invests $10,000 in the Artesian Green andSustainable Bond Fund (NZD). She is not charged an
establishment fee or contribution fee. This brings thestarting value of her investment to $10,000.
She is charged management and administration fees,
which work out to about $59 (0.59% of $10,000) over
the year. These fees might be more or less if her accountbalance has increased or decreased over the year.
Estimated total fees for the first year: $59

This example applies only to the Artesian Green andSustainable Bond Fund (NZD). If you are considering
investing in other funds or investment options in the
Scheme, this example may not be representative of theactual fees you may be charged.

The fees can be changed
The existing fees may be changed or new fees imposed inaccordance with the Trust Deed and applicable law upongiving you 90 days’ written notice. Devon must publish
a quarterly Fund Update for the Fund showing the fees
actually charged during the most recent year. Fund
Updates, including past fund updates, are available atwww.devonfunds.co.nz.

What taxes
will you pay?
The Fund is a portfolio investment entity. The amountof tax you pay is based on your prescribed investor
rate (PIR). To determine your PIR, go to www.ird.
govt.nz/toii/pir/workout. If you are unsure of your
PIR, we recommend you seek professional advice orcontact the Inland Revenue Department (IR). It isyour responsibility to tell Devon your PIR when you
invest or if your PIR changes. If you do not tell Devon,a default rate may be applied. If the rate applied to yourPIE income is lower than your correct PIR, you will be
required to pay any tax shortfall as part of the income
tax year-end process. If the rate applied to your PIE
income is higher than your PIR, any tax over-withheld
will be used to reduce any income tax liability you may
have for the tax year and any remaining amount will be
refunded to you by IR.
Further information about taxes you will pay can befound in Devon Funds Other Material Information
document on our website www.devonfunds.co.nz.

DEVON FUNDSMANAGEMENT LIMITED

9Who isinvolved?
About Devon
Devon Funds Management Limited (Devon) has been licensed by the Financial Markets Authority, under the FMC Act
to act as Manager of the Fund. Devon is an investment management business that specialises in building investment
portfolios for our clients.
Contact Details:
Devon Funds Management Limited
Level 17
HSBC Tower
188 Quay Street
Auckland 1010
Telephone: 0800 944 049 (free call) or +649 925 3990
E-mail: enquiries@devonfunds.co.nz
Information about key personnel for the Funds can be found on our website www.devonfunds.co.nz.

Who else is involved?
Role

Name

Description

Supervisor& Custodian

The New Zealand Guardian
Trust Company Limited

Supervisor of the Devon Investment Funds under the Financial Markets Conduct
Act 2013, and responsible for supervising us as Manager of the Fund.

Administration
Manager

APEX Group Limited

Appointed by us to provide various administration functions in respect of the Fund,
including registry, unit pricing and fund accounting.

Investment
Manager

Artesian Corporate Bond
Pty Ltd.

Artesian is the investment manager of the Fund and the manager of the Underlying
Fund.
Artesian Capital Management (“Artesian”) is an alternative investment
management company that was part of ANZ Banking Group’s capital markets
business until 2004 when it became a standalone business. Artesian is wholly
owned by its directors and employees. Since 2004, Artesian has managed
specialised funds focused on credit arbitrage and relative-value strategies acrossglobal financial markets. Artesian has offices in Sydney, Melbourne, Adelaide,
Singapore, Shanghai, London and New York and leverages its global relationships,
risk systems, knowledge and research with the aim of delivering above market
returns for investors.
ESG factors are considered by Artesian to be fundamental to Artesian’s business,for example:

10

DEVON FUNDSMANAGEMENT LIMITED•

Artesian are a signatory to the United Nations supported Principles for
Responsible Investment (PRI). The PRI provides global principles and aframework to help Artesian integrate the consideration of ESG issues into theirinvestment decision-making and portfolio construction framework. As partof this process Artesian report annually to the PRI on their adherence to thesepolicies. Further information can be found on the PRI website: https://www.
unpri.org/signatory-directory/artesian-capital-management-pty-ltd-/4140.		
article•Artesian has also been certified as a B Corporation. Certified B Corps are
a community of companies seeking to meet the highest standards of social andenvironmental performance. They have all submitted to a rigorous assessment
process, and are required to adhere to measures of transparency andaccountability. Further information can be found on the B Corporation website:
https://www.bcorporation.net/en-us/find-a-b-corp/company/artesian-capitalmanagement-lp

How tocomplain.
Any complaints about the Fund can be made to us at theaddress above.
You can also send your complaints to the Supervisor at:
The New Zealand Guardian Trust Company Limited
Level 6, 191 Queen Street, Auckland 1010
PO Box 274, Shortland Street, Auckland 1140
Telephone: +649 909 501
Devon is a member of Insurance and Financial Services
Ombudsman Scheme which is an independent dispute
resolution scheme approved by Ministry of Commerce
and Consumer Affairs.

If you have made a complaint to us and it has not been
resolved within 40 days, or if you are dissatisfied with theproposed resolution, you can refer it to:Insurance and Financial Services Ombudsman Scheme
Level 8, Shamrock House
79 – 81 Molesworth Street
Wellington(Call free) 0800 888 202(Wellington) 04 499 7612

Insurance and Financial Services Ombudsman
Scheme will not charge a fee to any complainant toinvestigate or resolve a complaint. Further information
about referring a complaint to Insurance and Financial
Services Ombudsman Scheme can be found at www.ifso.nz

Where you can findmore information.
Further information relating to the Devon Investment
Funds (for example, financial statements) is available
on the offer register and the scheme register atwww.business.govt.nz/disclose.
A copy of the information on the offer register and thescheme register is available on request to the Registrar.
A copy of that information can also be obtained bycontacting us at:
Devon Funds Management Limited
Level 17
HSBC Tower
188 Quay Street
Auckland 1010

We are required to publish quarterly Fund Updates
for the Fund. The Fund Updates show the returns, andthe total fees actually charged to investors, during theprevious year. The latest Fund Updates are available atwww.devonfunds.co.nz. We will also give you copies of
those documents free of charge on request to any of ourcontact details set out above.
You will also be sent an annual tax statement which will
include the amount of PIE income allocated to you andthe amount of tax paid at your chosen PIR. You will also
be asked to confirm your IRD number and PIR.

Telephone: 0800 944 049 (free call) or +649 925 3990
E-mail: enquiries@devonfunds.co.nz

How toapply.
If you are making an investment directly with Devon then you can either apply directly on our website at https://devonfunds.co.nz/how-to-apply or complete the application form at the back of this PDS.

DEVON FUNDSMANAGEMENT LIMITED11

Glossary.
CLEAN ENERGY

Clean energy comes from natural sources or processes that are constantly replenished. For
example, sunlight (solar panels) and wind (wind turbines) keep shining and blowing, even if
their availability depends on time and weather.

GAMING EQUIPMENT

All gaming devices and other related gaming equipment used in connection with theoperation of a casino, for example slot machines and gaming tables.

GREEN BOND

A green bond is a fixed income instrument where the capital raised is targeted forenvironmental related projects such as clean energy, clean water and energy efficiency.

LABELLED BONDS

Labelled bonds include, but are not limited to green, blue, social, sustainable, transition andsustainability-linked bonds, which promote sustainability and better Environmental, Socialand Governance (ESG) performance.

SOCIAL BOND

A social bond is a fixed income instrument where the capital raised is targeted for improvedsocial outcomes for specific groups, for example the impoverished or disadvantaged.

SUSTAINABLE BOND

A sustainable bond is a fixed income instrument where the capital raised is targeted
for sustainable development; economic prosperity, social inclusion and environmental
sustainability.

12

DEVON FUNDSMANAGEMENT LIMITEDHow to complete
the Application Form.
If you need help with understanding the application
process or the documents you need to provide, pleasecontact us on 0800 944 049 (free call) or +649 925
3990 or by email at enquiries@devonfunds.co.nz

Investment instructions
The Anti-Money Laundering and Countering Financingof Terrorism Act 2009 (AML/CFT Act) came fully into
force on 30 June 2013. The following application forms
and requests for documentation comply with the newrequirements, however in certain circumstances wemay need to collect extra information from you andanyone who is acting on your behalf for the purposesof the AML/CFT Act.
The Parliament of New Zealand enacted the
AML/CFT Act 2009 for the purposes:a)	to detect and deter money laundering and thefinancing of terrorism; andb)	to maintain and enhance New Zealand’sinternational reputation; andc)	To contribute to public confidence in thefinancial system.
The AML/CFT Act applies to banks and most financial
institutions, and it is essential that we comply.
Sometimes this may mean that we won’t be able tocomplete your investment instructions or meet yourneeds until all of the necessary information is obtained.
We are committed to protecting the privacy of yourinformation and we will continue to ensure all identityand other personal information you provide will be used
and managed in accordance with the Privacy Act 1993.
If you have any questions or concerns in respect of the
new requirements under the AML/CFT Act please feel
free to contact us.

Lump Sum
If you are an existing client, please supply your accountname and Unit Holder number as a reference whencrediting funds.
To invest, complete, sign and return the application
form attached to this Product Disclosure Statement.
You can pay by:•	Direct credit (from a New Zealand registeredbank only) to the following account:02-0192-0455631-00 in the name of ‘The New
Zealand Guardian Trust Company Limited O/A
Devon Funds Management Limited’.
	We will not be held liable for insufficiently
referenced payments.
Cash will not be accepted.

Regular Contributions
Please complete the application form and direct debit
form. The initial contribution should be entered as the
Lump Sum, with subsequent contributions entered as
regular contributions. The NZ$10,000 minimum applies
for the initial contribution and NZ$100 minimum perquarter for subsequent regular payments. We retain theright to alter these minimums at anytime.
Please post your completed application form to:
Devon Funds Management Limited
c/o MMC Fund AdministrationP O Box 106 039
Auckland City 1143

Identification
We are required to verify your identity and your addressby law.
If you are over 18 years, we will need certified
photocopies of acceptable forms of identification to
verify your identity which will include:•

Current New Zealand passport; OR•

Current international passport; OR•

New Zealand firearms licence; OR•	New Zealand driver’s licence or international
driver’s permit PLUS one of the following:– New Zealand birth certificate; OR– Overseas birth certificate; OR– New Zealand certificate of citizenship; OR– Certificate of citizenship issued by a foreign
Government; OR– Current credit card, debit card, or eftpos card signedby you and issued by a registered New Zealand bankand a bank statement issued by a registered
New Zealand bank dated within the previous
12 months (New Zealand driver’s licence only).

DEVON FUNDSMANAGEMENT LIMITED13

Investor

Complete

Individual

Form 1

TrustsForm 1 and Form 2

Companies, Sole Traders, Partnerships, Limited Partnerships and Co-Operatives

Form 1 and Form 3

Address verification
To verify your address, certified photocopies of
acceptable documents which set out your name andcurrent address and are dated within the previous six
months include:•

Power or home phone bill; OR•

Rates bill; OR•

Bank account statements; OR•

IRD statements; OR•

Car registration documents

Identification of a minor
If you are under 18 years of age, we will require identity
verification for both you and your parent(s)/guardian(s).
If you are aged 15 or under, both parents/all legal
guardians will be required to sign the Application Formon your behalf and provide proof of their identity. You will
also be required to provide proof of your identity. Thismeans you will need to provide a certified photocopy of
documents that contain the following information:•	Your identity and address. This document must set
out the minor’s name and current address and bedated within the previous six months (for example abank statement); AND•	Both of your parents/all of your guardians identityand address. These documents must set out yourparents/guardians names and current address(es)and be dated within the previous six months andcould include:

Certification of documents
We will accept photocopied documents certified bysomeone who is over 16 years of ages and is one of thefollowing:•	Commonwealth representative (as defined in the
Oaths and Declarations Act 1957); OR•	An employee of the Police who holds the office ofconstable (as defined in section 4 of the Policing
Act 2008); OR•

Justice of the peace; OR•

Registered medical doctor; OR•

Kaumātua; OR•

Registered teacher; OR•

Minister of religion; OR•	Lawyer (as defined in the Lawyers andConveyancers Act 2006); OR•

Notary public; OR•

New Zealand Honorary consul; OR•

Member of Parliament; OR–

Bank statement; OR•	Chartered accountant (within the meaningof section 19 of the New Zealand Institute ofChartered Accountants Act 1996)–

Power or home phone bill; OR

The person certifying your document must not be:–

Rates bill; OR–

IRD statement; OR•	related to you; for example, your parent, child,
brother, sister, aunt, uncle or cousin; OR–

Car registration documents•	PLUS proof of guardianship which can include:–Your birth certificate; OR–

Guardianship order; OR–	Deceased parents death certificate and a will
appointing these people as your guardian; OR–	If all of the above is not possible, a statutory
declaration confirming that these people areyour guardians
If you are aged 16 or 17 years, your will be required tosign the Application Form and provide proof of youridentity and address. One parent/guardian will also be
required to sign the Application Form and provide proofof identity and address.

14

If you are aged 16 or 17 years and you are married, in ade facto relationship or a civil union, then you will be
required to sign the Application Form. We do not need
your parent/guardian to provide identification or to sign
the Application Form, but we will need you to provide a
copy of your marriage or civil union licence (or proof ofthe de facto relationship).

DEVON FUNDSMANAGEMENT LIMITED•

your spouse or partner; OR• a person who lives at the same address as you.
If sufficient identification and address verification is
not provided your application will be rejected and yourpayment returned. Payments returned to investors will
not be eligible to accrue any interest

Distribution instructions
Please mark the distribution method. If no choice ismade, distributions will be automatically re-invested.
Your bank account and branch number may be foundon your bank statement.

Application Formchecklist.
Have you:F

Copy of resident withholding tax exemption
certificate (if applicable).

F

Completed Form 1 and Form 3.

F

Completed all of your contact details.

F

Provided your nominated bank account details.

F

Signed and dated the signature declaration section.

Partnership AccountF

If paying by direct credit, please send funds
electronically to: The New Zealand Guardian
Trust Company Limited O/A Devon Funds
Management account number 02-01920455631-00

F

Original or original certified bank encoded deposit
slip, bank statement or confirmation from yourbank verifying the account name and number.

F

Certified forms of identification and address
verification for Partner.

F

Original certified copy of Partnership Deed.

F

Copy of resident withholding tax exemption
certificate (if applicable).

F

Completed Form 1 and Form 3.

F

Completed your Prescribed Investor Rate.

F

Provided your proof of identification together
with other documentation as outlined below.

Documentation checklist
Please use this checklist to ensure you provide thecorrect documentation with your application form. Refer
to ‘How to complete the application form’ on page 17 foracceptable forms of identification.

Individual or Joint AccountF

Original or original certified bank encoded deposit
slip, bank statement or confirmation from yourbank verifying the account name and number.

F

Certified forms of identification and address
verification for each applicant.

F

Original certified Power of Attorney and Certificate
of Non-revocation (applicable if your Authorised
Representative has been granted authority by virtueof a Power of Attorney).

Trust AccountF

Original or original certified bank encoded deposit
slip, bank statement or confirmation from yourbank verifying the account name and number.

F

Certified forms of identification and address
verification for each Trustee.

F

Copy of resident withholding tax exemption
certificate (if applicable).

F

Certified copy of Trust Deed and all amendments.

F

Completed Form 1 and Form 2.

Estate AccountF

Original or original certified bank encoded deposit
slip, bank statement or confirmation from your bankverifying the account name and number.

Completed Form 1.

F

Certified forms of identification and address
verification for each executor.

Company AccountF
F

Original certified copy of Probate.

F

Completed Form 1.

F

Copy of resident withholding tax exemption
certificate (if applicable).

F

F

Original or original certified bank encoded deposit
slip, bank statement or confirmation from yourbank verifying the account name and number.

F

Certified forms of identification and address
verification for each Company Director/Authorised
Representative.

F

Copy of authority to act.

F

Copy of the Certificate of Incorporation.

Copy of resident withholding tax exemption certificate(if applicable).

DEVON FUNDSMANAGEMENT LIMITED

15

09.06.2023

Devon Investment Funds
Application All Applicants Form 1
This is an application to invest in:Single lump sum investment(minimum $10,000)(please tick appropriate box)

Artesian Green andSustainable Bond Fund
(NZD)
Existing Devon Customer$
No

Need assistance?
Free call 0800 944 049(FORM 1: PAGE 1 OF 4)
Regular investment
amountRegular investment
Start date

20

$

MM

YYYY

Yes (Please provide your investor number)

What is the nature and purpose of the investment, for example, income generation, capital gain or retirement savings?

1. Investor details
COMPANY NAME

(Please complete Form 3)

PIR Rate(tick one)

0%

10.5%

17.5%

28%

0%

10.5%

17.5%

28%

(Please list names of Directors in Form 3)

Company IRD number
TRUST NAME

(Please complete Form 2)

PIR Rate(tick one)

(Please list names of Trustees in Form 2)

Trust IRD number
Does the entity have any controlling persons?

No

Yes (If yes, details of the controlling person must be provided in Form 2 and/or 3)

Companies, Sole Traders, Partnerships, Limited Partnerships, Co-Operatives and Trusts please go to Form 1 section 2.
INDIVIDUAL 1 Title

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birth

Place of
Birth:Country of Residence
PIR Rate (Please tick one)

Occupation
Home phone()

Work phone ()

Are you a US Citizen
or Tax Resident?

IRD number

10.5%

Email address

17.5%

28%

Mobile phoneNo

Yes

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

Source of Funds/Wealth. Please tell us the original source of the funds/wealth you are investing with us.
Property sale
Gift/InheritanceBusiness activity
Accumulated savings
Personal income
Please provide details include dates and amounts. For example, sale of family home at address for amount on date.

Note we may need proof or additional information to support your application.

16

DEVON FUNDSMANAGEMENT LIMITED

Other (describe below)

09.06.2023

Application All Applicants Form 1(FORM 1: PAGE 2 OF 4)

1. Investor details (continued)
INDIVIDUAL 2 Title

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birth

Place of
Birth:Country of Residence
PIR Rate (Please tick one)

Occupation
Home phone()

Work phone ()

Are you a US Citizen
or Tax Resident?

IRD number

10.5%

17.5%

28%

Mobile phoneNo

Yes

Email address

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

Source of Funds/Wealth. Please tell us the original source of the funds/wealth you are investing with us.
Property sale
Gift/InheritanceBusiness activity
Accumulated savings
Personal income
Please provide details include dates and amounts. For example, sale of family home at address for amount on date.

Other (describe below)

Note we may need proof or additional information to support your application.

INDIVIDUAL 3 Title

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birth

Place of
Birth:Country of Residence
PIR Rate (Please tick one)

Occupation
Home phone()

Work phone ()

Are you a US Citizen
or Tax Resident?

IRD number

10.5%

Email address

17.5%

28%

Mobile phoneNo

Yes

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

Source of Funds/Wealth. Please tell us the original source of the funds/wealth you are investing with us.
Property sale
Gift/InheritanceBusiness activity
Accumulated savings
Personal income
Please provide details include dates and amounts. For example, sale of family home at address for amount on date.

Other (describe below)

Note we may need proof or additional information to support your application.

DEVON FUNDSMANAGEMENT LIMITED

17

09.06.2023

Application All Applicants Form 1(FORM 1: PAGE 3 OF 4)

2. Postal address
Please tick this box if your address for service is through your advisor.

Name
Postal address
PostcodeHome phone(

Work phone ())

Mobile phone

Email address
NB: By signing this application you agree to receive all communication from Devon Funds via email
Please tick if you would like to receive communications via the post instead of email

3. Advisor details
Name
Company
Postal address
Postcode
Work phone()

Mobile phone

Email address

4. Nominated Bank AccountThis bank account will be used for distributions and/or redemptions.

Name of bank
Bank branch
Account namewith bankAccount number

-

-

-

NB: Funds can only be paid to a New Zealand bank account

DISTRIBUTION INSTRUCTIONS
Reinvest distributions in additional units

OR

Direct credit to nominated account

5. Authorised Person / Investment on behalf of a minor
Physical Address
Title

First names

Surname

DD/MM/YYYY

Date of birth
Relationship to Applicant

Country of Residence

IRD number

PIR Rate (Please tick one)

Company nameCompany number(if applicable)

Home phone

18

DEVON FUNDSMANAGEMENT LIMITED

17.5%

28%

(if applicable)()

Work phone ()

Mobile phone
Evidence of
Identity provided

Email address
Signature of
authorised person

10.5%

SIGN HERE

Date signed(Please refer to page 17
for our requirements)

DD/MM/YYYY09.06.2023

Application All Applicants Form 1(FORM 1: PAGE 4 OF 4)

The Privacy Act
The personal information you have supplied may be used by the Manager and the Supervisor (and related entities detailed in Section 7) for the purposes of enabling
the Manager to arrange and manage your investment, and to contact you in relation to your investment.
Your personal information may also be disclosed to, and held and used by third parties that provide services to Devon. The manager may also share your information
with government agencies if requested. Devon in turn will take reasonable steps to ensure the third party does not breach the Privacy Principles.
You have the right to access all personal information held about you by the Manager and if any of the information is incorrect, you have the right to have it corrected.
The Manager will provide you (on request) with the name and address of any entity to which your information has been disclosed.
We collect most personal information directly from you. Sometimes we may (and you authorise us to) collect information about you from publicly available sources of
information.
You acknowledge that you are authorised to provide personal information on behalf of the applicant and evidence of this authority is provided (in the case of a parent/
guardian/other providing information about the applicant).
You agree that your/each of your names and addresses may be used by Devon Funds Management Limited to provide you with newsletters and other information
about the Fund(s) and other products and services.

6. Declarations
I/We have read and retained a copy of the attached Product Disclosure Statement and agree to be bound by the terms and conditions of the Trust Deed. I/We agree to theterms outlined above in relation to the Privacy Act and the supply of personal information. I/We understand that the Fund(s) is a vehicle for long term investment and as theFund(s) invests in shares, the value of my/our investment is liable to fluctuations and may rise and fall from time to time. I/We understand the manner in which the fees will
be deducted from my/our investment. This Product Disclosure Statement and the offer of securities has been made to me/us in New Zealand.
I/We declare that the information provided on these documents is true and accurate. I/We understand and authorise Devon Funds Management Limited to disclose personal
information of the signatories below for the purposes of FATCA compliance including complying with requests from regulatory authorities or as otherwise required by law.
I /We understand and acknowledge that Devon may be required to obtain further information from me for the purposes of disclosure for FATCA compliance. This does notaffect your statutory rights as per the privacy statement contained within application form 1 in the Devon Investment Funds Product Disclosure Statement.
If I/We are signing as a trustee, we warrant that, at the time of signing, I/We are authorised under the relevant Trust Deed to provide the requested information. I/We will
provide Devon Funds Management Ltd with further information if there is a change in circumstances which renders the above certification incorrect or unreliable.
I/We declare that the information provided on this/these documents is true and accurate. I/We understand and authorise Devon Funds Management Limited to disclose
personal information of the signatories below for the purposes of CRS compliance including complying with requests from regulatory authorities or as otherwise requiredby law. I /We understand and acknowledge that Devon may be required to obtain further information from me for the purposes of disclosure for CRS compliance. This does
not affect your statutory rights as per the privacy statement above. If I/We are signing as a trustee, we warrant that, at the time of signing, I/We are authorised under the
relevant Trust Deed to provide the requested information. I/We will provide Devon Funds Management Ltd with further information if there is a change in circumstances
which renders the above certification incorrect or unreliable.
I/We consent to Devon providing any information relating to the entity/individual’s CRS status or CRS matters to the New Zealand Inland Revenue Department.
For the purpose of verifying my identity, I consent to the personal information that I have provided being used by Devon and MMC Limited (the Administration Manager) with
(and, where necessary, disclosed to) the following sources for:
New Zealand ID verification – (1) the NZTA for the purpose of checking the Driver Licence and MOTO databases; (2) the Department of Internal Affairs for the purpose ofchecking the Passport, Birth Certificate and Citizen Certificate databases; (3) Land Information New Zealand; (4) the Companies Office; (5) Centrix Group Limited and APLY
Limited (and I authorise Centrix and APLY to use any information that they hold in their credit reporting bureau about me to compare the information that I have provided);and (6) the White Pages.
Australian ID verification – (1) the Document Verification System (DVS) for the purpose of checking the Driver Licence, Passport, Medicare Card, Birth Certificate, Certificate
of Registration by Descent, Citizenship Certificate, ImmiCard, Marriage Certificate and Visa databases; and (2) Centrix Group Limited and APLY Limited (and I authorise
Centrix and APLY to use any information that they hold in their credit reporting bureau about me to compare the information that I have provided).

Signature of applicant,trustee or director

SIGN HERE

Date signed

DD/MM/YYYY

Signature of applicant,trustee or director

SIGN HERE

Date signed

DD/MM/YYYY

Signature of applicant,trustee or director

SIGN HERE

Date signed

DD/MM/YYYY

Signature of applicant,trustee or director

SIGN HERE

Date signed

DD/MM/YYYY

Signature of applicant,trustee or director

SIGN HERE

Date signed

DD/MM/YYYY

Signature of applicant,trustee or director

SIGN HERE

Date signed

DD/MM/YYYY

Please mail this Application Form and other relevant documentation to:
Devon Funds Management Ltd c/o MMC Fund Administration Limited, P O Box 106 039, Auckland City 1143

Trusts, please complete Form 2 accompanying this application.
Companies, Sole Traders, Partnerships, Limited Partnerships and Co-Operatives, please complete Form 3 accompanying this application.

DEVON FUNDSMANAGEMENT LIMITED

19

09.06.2023

Devon Funds
Trust Certificate Form 2(FORM 2: PAGE 1 OF 4)

Need assistance?
Free call 0800 944 049

Trust details
Full name of Trust
Address of Trust
PostcodeCountry where Trustwas establishedType of Trust(eg. family, unit, charitable, estate)

Date of establishment
Is the Trust a registered US entity?

DD/MM/YYYYNo

Yes

Please list all countries the entity is a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where the entity is tax resident does not issue a TIN to its residents.
Reason B: The entity has not been issued a TIN by country of tax residence (please include an explanation as to why a TIN was not issued to the entity in the table below).
Reason C: The domestic law of the country where the entity is a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

ENTITY CLASSIFICATION
For more inofrmation, please refer to the OECD website, the IRD or consult your tax advisor.
Is the entity a Financial Institution?

No, the entity is not a financial Institution

Yes, the entity is a Financial Institution

Please select which type of Financial Institution from the options below:
The entity is a Depository Institution

The entity is a Custodial Institution

The entity is a Specified Insurance Company

The entity is an Investment Entity

Is the Investment Entity managed by anaother Financial Institution?

Yes

No

If the Financial Institution has a Global Intermediary Identification Number (GIIN) please provide it below:

If a GIIN is not available please indicate the reason:
The entity is a Deemed Compliant Financial Institution

The entity is an Exempt Beneficial Owner

Other (please provide more detail):Is the entity’s primary business activity selling goods or services or is it a non-profit entity? Select ‘Yes’ if either:• The entity earns or intends to earn 50% or more of its total income from trading activities; and50% or more of the entity’s assets produce or are held for producing trading income; OR• The entity is a non-profit entity and exempt from income tax in its country/jurisdiction of residence.
Yes
Work phone

No
(

)

Mobile phone

Email address

Evidence of identityand address provided(Please refer to page 17
for our requirements)

Source of Funds/Wealth. Please tell us the original source of the funds/wealth you are investing with us. You will need to provide documents to support this, such as sales andpurchase agreement, wills/probates, documents relating to gifting, business financials, payslips etc.
Property sale
Gift/InheritanceBusiness activity
Accumulated savings
Personal income
Other (describe below)
Please provide details include dates and amounts. For example, sale of family home at address for amount on date.

Note we may need proof or additional information to support your application.

20

DEVON FUNDSMANAGEMENT LIMITED09.06.2023

Trust Certificate Form 2(FORM 2: PAGE 2 OF 4)

Trustees and beneficial ownership continued
INDIVIDUAL 1 Title

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

(Please Independenttick one)
Trustee)

Effective
control

Beneficial
owner

Mobile phone

Are you a US Citizen
or Tax Resident?

IRD number

28%

No

Yes

Email address

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

INDIVIDUAL 2 Title

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

(Please Independenttick one)
Trustee)

Effective
control

Beneficial
owner

Mobile phone

Are you a US Citizen
or Tax Resident?

IRD number

28%

No

Yes

Email address

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

INDIVIDUAL 3 Title

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

(Please Independenttick one)
Trustee)

Are you a US Citizen
or Tax Resident?

IRD number

28%

Email address

Effective
control

Beneficial
owner

Mobile phoneNo

Yes

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

DEVON FUNDSMANAGEMENT LIMITED21

09.06.2023

Trust Certificate Form 2(FORM 2: PAGE 3 OF 4)

Trustees and beneficial ownership continued
INDIVIDUAL 4 Title

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

(Please Independenttick one)
Trustee)

Effective
control

Beneficial
owner

Mobile phone

Are you a US Citizen
or Tax Resident?

IRD number

28%

No

Yes

Email address

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

INDIVIDUAL 5 Title

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

(Please Independenttick one)
Trustee)

Effective
control

Beneficial
owner

Mobile phone

Are you a US Citizen
or Tax Resident?

IRD number

28%

No

Yes

Email address

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

INDIVIDUAL 6 Title

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

(Please Independenttick one)
Trustee)

Are you a US Citizen
or Tax Resident?

IRD number

28%

Email address

Effective
control

Beneficial
owner

Mobile phoneNo

Yes

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Continued on following page.

22

DEVON FUNDSMANAGEMENT LIMITEDTax ID Number (TIN)

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

09.06.2023

Trust Certificate Form 2(FORM 2: PAGE 4 OF 4)

Declaration
I/We, the Trustees of the above named Trust, properly constituted by a Trust Deed, do hereby solemnly acknowledge and certify that: 1. Current Trustees Each of the above
named Trustees is a current and validly appointed Trustee of the Trust and there are no other trustee(s) of the Trust. 2. Power to Transact The Trustees have the power
to apply to invest in the Fund/s and to enter into any related documentation. 3. Trustee Resolutions All trustee resolutions and approvals required by law and necessary
pursuant to the above mentioned Trust Deed have been passed or given to enable the Trustees to invest in the Fund/s on behalf of the Trust. 4. Trustee Compliance The
Trustee(s) in approving any transactions have acted in compliance with the duties imposed on the Trustee(s) at law. 5. Alteration to Trustees, Trustee Power and Trust
Deed Where there is any alteration to the Trustee(s) named above or any change to the Trust Deed or any trustee power the Trustee(s) will notify Devon in writing immediately
and forward a new Trustee Certificate with required identification documentation. 6. Validity of Transactions The investment instructions provided by the Trustees arebinding on the Trustees, and the terms and conditions of investing in the Fund/s any related documentation reenforceable against the Trustees. 7. Execution of Documents
The Application Form, Trust Certificate and Direct Debit Authority (if applicable) have been properly signed by the Trustees. 8. No Invalidity There are no circumstances,which would invalidate any of the transactions or the Application Form, Trust Certificate and Direct Debit form.

Signature of
1st trustee

SIGN HERE

Signature of
3rd trustee

SIGN HERE

Signature of
5th trustee

SIGN HERE

Date signed

DD/MM/YYYY
Date signed

DD/MM/YYYY
Date signed

DD/MM/YYYY

Signature of
2nd trustee

SIGN HERE

Signature of
4th trustee

SIGN HERE

Signature of
6th trustee

SIGN HERE

Date signed

DD/MM/YYYY
Date signed

DD/MM/YYYY
Date signed

DD/MM/YYYY

Please mail this Trust Certificate and other relevant documentation to:
Devon Funds Management Ltd c/o MMC Fund Administration Limited, P O Box 106 039, Auckland City 1143

DEVON FUNDSMANAGEMENT LIMITED

23

09.06.2023

Devon Funds
Companies, Sole Traders, Partnerships, Limited Partnerships Need assistance?
Free call 0800 944 049(FORM 3: PAGE 1 OF 4)
and Co-operatives Form 3
Details
1. Name of entity
2. Trading name
(if different)

3. Company number(if applicable)

4. Is the company:

A company that is listed on an exchange registered under Subpart 6 of Part 5 of the Financial Markets Conduct Act 2013
A government department named in Schedule 1 of the State Sector Act 1988*
A local authority as defined in Section 5 of the local Government Act 2002*
The New Zealand Police*

The New Zealand Security Intelligence Service*No

If you ticked YES to any of the above please go to question 12. * Supporting documentation required.
If you ticked NO, please go to question 5.
5. Principle business address
Postal address
Postcode
Registered office(if different)

Postcode
6. Phone()

7. Email

DD/MM/YYYY

7. Date of establishment

9. Jurisdiction of establishment

8. Entities business and industry of operation (please be as specific as possible)

9. Source of Funds/Wealth. Please tell us the original source of the funds/wealth you are investing with us.
Property sale
Gift/InheritanceBusiness activity
Accumulated savings
Personal income
Please provide details include dates and amounts. For example, sale of family home at address for amount on date.

Other (describe below)

Note we may need proof or additional information to support your application.

10. Please list all countries the entity is a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the tablebelow. If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where the entity is tax resident does not issue a TIN to its residents.
Reason B: The entity has not been issued a TIN by country of tax residence (please include an explanation as to why a TIN was not issued to the entity in the table below).
Reason C: The domestic law of the country where the entity is a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

Continued on following page.

24

DEVON FUNDSMANAGEMENT LIMITEDEnter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

Companies, Sole Traders, Partnerships, Limited Partnerships
and Co-operatives Form 3

09.06.2023(FORM 3: PAGE 2 OF 4)

Details continued
ENTITY CLASSIFICATION
For more information, please refer to the OECD website, the IRD or consult your tax advisor.
Is the entity a Financial Institution?

No, the entity is not a financial Institution

Yes, the entity is a Financial Institution

Please select which type of Financial Institution from the options below:
The entity is a Depository Institution

The entity is a Custodial Institution

The entity is a Specified Insurance Company

The entity is an Investment Entity

Is the Investment Entity managed by anaother Financial Institution?

Yes

No

If the Financial Institution has a Global Intermediary Identification Number (GIIN) please provide it below:

If a GIIN is not available please indicate the reason:
The entity is a Deemed Compliant Financial Institution

The entity is an Exempt Beneficial Owner

Other (please provide more detail):Is the entity’s primary business activity selling goods or services or is it a non-profit entity? Select ‘Yes’ if either:• The entity earns or intends to earn 50% or more of its total income from trading activities; and50% or more of the entity’s assets produce or are held for producing trading income; OR• The entity is a non-profit entity and exempt from income tax in its country/jurisdiction of residence.
Yes

No

11. Beneficial ownership. Please include any person with a direct or indirect ownership of greater than 25% AND/OR any effective controller including
Directors, Partnerships, etc. within the Individual sections below.
INDIVIDUAL 1 Title

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

)

Are you a US Citizen
or Tax Resident?

IRD number(Pleasetick one) Director

28%

Email address

Effective
control

Beneficial
owner

Mobile phoneNo

Yes

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

DEVON FUNDSMANAGEMENT LIMITED

25

Companies, Sole Traders, Partnerships, Limited Partnerships
and Co-operatives Form 3
INDIVIDUAL 2 Title

First names

09.06.2023(FORM 3: PAGE 3 OF 4)

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

)

Effective
control

Beneficial
owner

Mobile phone

Are you a US Citizen
or Tax Resident?

IRD number(Pleasetick one) Director

28%

No

Yes

Email address

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

INDIVIDUAL 3 Title

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

)

Effective
control

Beneficial
owner

Mobile phone

Are you a US Citizen
or Tax Resident?

IRD number(Pleasetick one) Director

28%

No

Yes

Email address

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

Tax ID Number (TIN)

INDIVIDUAL 4 Title

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

First names

Residential Address

SurnamePlease include any
aliases / maiden names
DD/MM/YYYY

Date of birthCountry of Residence(PleasePIR Rate tickone)

Occupation
Home phone (Place of
Birth:)

Work phone (

10.5%

17.5%

)

Are you a US Citizen
or Tax Resident?

IRD number(Pleasetick one) Director

28%

Email address

Effective
control

Beneficial
owner

Mobile phoneNo

Yes

If yes, please provide yourSocial Security Number (SSN):(Please refer to page 17
Evidence of identity
for our requirements)
and address provided

Please list all countries where you are a tax resident. For each country, except New Zealand, you will need to provide a Tax ID Number (TIN) or equivalent in the table below.
If a TIN is not available for that country, use the appropriate reason A, B or C.
Reason A: The country where I am a tax resident does not issue a TIN to its residents. Reason B: I have not been issued a TIN by my country of tax residence (please include an
explanation as to why a TIN was not issued to you in the table below). Reason C: The domestic law of the country where I am a tax resident does not require the collection of a TIN.
Country of Tax Residency

26

DEVON FUNDSMANAGEMENT LIMITEDTax ID Number (TIN)

Enter Reason A, B or C if no TIN is available

If you have selected Reason B please provide an explanation

Companies, Sole Traders, Partnerships, Limited Partnerships
and Co-operatives Form 3

09.06.2023(FORM 3: PAGE 4 OF 4)

Declaration
I/We, of the above entity, do hereby solemnly acknowledge and certify that: 1. Authority I/We are authorised to apply to invest on behalf of the entity. 2. Current
Representatives The Persons named above are all of the current authorised representatives of the entity. 3. Authority to invest in the Fund/s The above mentioned havethe authority to invest in the Fund/s on behalf of the entity and their instructions are binding on the entity. 4. Alteration to representatives Where there is any alteration to therepresentatives named above or any change to the entity, the representatives warrant that they will notify Devon in writing immediately with required identification.

Signature of
1st Partner/Director/
Authorised person

SIGN HERE

Date signed

Signature of
3rd Partner/Director/
Authorised person

SIGN HERE

Date signed

Signature of
5th Partner/Director/
Authorised person

SIGN HERE

Date signed

DD/MM/YYYY

DD/MM/YYYY

DD/MM/YYYY

Signature of
2nd Partner/Director/
Authorised person

SIGN HERE

Date signed

Signature of
4th Partner/Director/
Authorised person

SIGN HERE

Date signed

Signature of
6th Partner/Director/
Authorised person

SIGN HERE

Date signed

DD/MM/YYYY

DD/MM/YYYY

DD/MM/YYYY

Please mail this Trust Certificate and other relevant documentation to:
Devon Funds Management Ltd c/o MMC Fund Administration Limited, P O Box 106 039, Auckland City 1143

DEVON FUNDSMANAGEMENT LIMITED27

09.06.2023

Devon Funds Management Limited
Direct Debit Authority
Client Instructions
I/We acknowledge that we have a copy of the Product Disclosure Statement and agree to be bound by the terms and conditions of the Trust Deed.

Name of accountto be debited
Unit holder number(if an existing client)Frequency

Artesian Green and Sustainable
Bond Fund (NZD)
Name of accountto be debited

Monthly
Start Date

NZ$

20

Quarterly
MM

YYYY

Account details
Bank

Branch Number

Account Number

SuffixBank

AUTHORITY TO ACCEPTDIRECT DEBITS

Branch(Not to operate as an assignment
or an agreement)

Address

AUTHORISATION CODE

0207638

Information to appear on my / our bank statement
Payer particulars

D

E

V

O

N

F

U

N

D

S

Payer code
Payer reference

Account holder
I/We authorise you, until further notice in writing, to debit my/our account with you with all amounts The New Zealand Guardian Trust Company Limited O/A Devon
Funds Management Ltd (hereinafter referred to as the initiator) may initiate by direct debit.
I/We acknowledge and accept that the Bank accepts this authority only upon the conditions listed on this form.

Name ofaccount holder(s)Signature

SIGN HERE

Signature

SIGN HERE

Date signed

DD/MM/YYYY

Date signed

DD/MM/YYYY

Office use only
Approved

For Bank Use Only
Date
received:

0763
04 18

Recordedby:Checkedby:

Bank stamp

Original – Retain at Branch
Copy – Forward to Initiator if requested

DEVON FUNDSMANAGEMENT LIMITED28

Conditions of this authority to accept Direct Debits
1. The Initiator:
1.1 Undertakes to give notice to the Acceptor of the commencement date, frequency and amount at least 10 calendar days before the first Direct Debit is drawn(but no more than 2 calendar months). This notice will be provided in writing (including by electronic means and SMS where the Customer has provided priorwritten consent (by electronic means including SMS) to communicate electronically).
Where the Direct Debit System is used for the collection of payments which are regular as to frequency, but variable as to amounts, the Initiator undertakes
to provide the Acceptor with a schedule detailing the amount and each payment date.
In the event of any subsequent change to the frequency or amount of the Direct Debits, the Initiator has agreed to give advance notice of at least 30 days
before the changes comes into effect. This notice must be provided in writing (including by electronic means and SMS where the Customer has provided
prior written consent (including by electronic means including SMS) to communicate electronically).
1.2 May, upon the relationship which gave rise to this Authority being terminated, give notice to the Bank that no further Direct Debits are to be initiated underthe Authority. Upon receipt of such notice the Bank may terminate this Authority as to future payments by notice in writing to me/us.
2. The customer may:
2.1 At any time, terminate this Authority as to future payments by giving notice of termination to the Bank and to the Initiator by means agreed by the customer,
Bank and Initiator .
2.2 Stop payment of any Direct Debit to be initiated under this authority by the Initiator by giving written notice to the Bank prior to the Direct Debit being paid by
the Bank.
2.3 Where a variation to the amount agreed between the Initiator and the customer from time to time to be Direct Debited has been made without notice being
given in terms of clause 1.1 above, request the Bank to reverse or alter any such Direct Debit initiated by the Initiator by debiting the amount of the reversal or
alteration of a Direct Debit back to the Initiator through the Initiator’s Bank PROVIDED such request is made not more than 120 days from the date when the
Direct Debit was debited to my/our account.
3. The customer acknowledges that:
3.1 This authority will remain in full force and effect in respect of all Direct Debits passed to my/our account in good faith notwithstanding my/our death,bankruptcy or other revocation of this authority until actual notice of such event is received by the Bank.
3.2 In any event this authority is subject to any arrangement now or hereafter existing between me/us and the Bank in relation to my/our account
3.3 Any dispute as to the correctness or validity of an amount debited to my/our account shall not be the concern of the Bank except in so far as the Direct Debit
has not been paid in accordance with this authority. Any other dispute lies between me/us and the Initiator.
3.4 Where the Bank has used reasonable care and skill in acting in accordance with this authority, the Bank accepts no responsibility or liability in respect of:(a) the accuracy of information about Direct Debits on Bank statements; and(b) any variations between notices given by the Initiator and the amounts of Direct Debits.
3.5 The Bank is not responsible for, or under any liability in respect of the Initiator’s failure to give notice in accordance with 1(a) nor for the non-receipt or latereceipt of notice by me/us for any reason whatsoever. In any such situation the dispute lies between me/us and the Initiator
3.6 Notice given by the Initiator in terms of clause 1(a) to the debtor responsible for the payment shall be effective. Any communication necessary because thedebtor responsible for payment is a person other than me/us is a matter between me/us and the debtor concerned.
4. The bank may:
4.1 In its absolute discretion conclusively determine the order of priority of payment by it of any monies pursuant to this or any other authority or draft properly
signed by me/us and given to or drawn on the Bank.
4.2 At any time terminate this authority as to future payments by notice in writing to me/us.
4.3 Charge its current fees for this service in force from time to time.

29

DEVON FUNDSMANAGEMENT LIMITEDFor theinformed
investor.
Devon Funds Management Limited
Level 17, HSBC Tower
188 Quay Street
Auckland 1010
Telephone: 0800 944 049 (free call)or +649 925 3990
enquiries@devonfunds.co.nz

www.devonfunds.co.nz