A prudent investor considers investment decisions carefully.

We recommend you go through the material in our investment statement and current registered prospectus and seek advice from your independent investment adviser.

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Investment Statement

Annual Report

Prospectus

(PDF format: Best viewed in Acrobat Reader)

The Fund’s objective is to offer an investment in a diversified portfolio of first mortgages, providing returns that generally outperform bank term deposit rates.

The key investment points are:

• The minimum Investment is $500.
  
  
• The Fund was established in Dunedin in 1994 as a Unit Trust, and transferred in 2001 into a Group Investment Fund.
  
  
• $73.9 Million of unitholder funds as at 15 June 2010 (unaudited figure).
  
  
• Returns to investors are on a floating rate and are paid at the end of each quarter (three-month period). The quarterly income received from the Fund’s mortgage portfolio determines the level of return to investors. Quarterly returns to investors have out-performed advertised bank one year term deposit interest rates for several registered banks, as illustrated in our newsletter on the News and Info page.
  
  
• Returns can either be paid into an investors bank account or re-invested in further units in the Fund.
  
  
• Investments in the Fund are spread across a portfolio of registered first mortgages secured over rural, commercial and residential properties nation-wide.
  
  
• There is no fixed term for investments, although the fund is geared towards medium to long term investors. Withdrawals will be paid within 90 business days after the Manager receives your withdrawal notice.
  
  
• There are no entry fees and no application fees. The Manager has discretion to charge a fee of up to 2% on any money withdrawn 12 months after investment and up to 1% on any money withdrawn more than 12 months but less than 24 months after investment.
  
  
• Investors can make regular contributions to their investment.
  
  
• As a PIE registered Group Investment Fund tax is deducted at the investors’ nominated prescribed investor rate.
  
  
• This investment is available to NZ residents only.

Valuation of Units P.I.E. Fund

The Manager on behalf of the Trustee shall calculate the Fund value and unit value as at each valuation day. The valuation day for the NZ Mortgage Income Trust P.I.E. Fund is the last day of each month and the valuation is to be calculated on or before the 20th of the following month. The valuation is valid for all transactions from the first day of the month following the valuation day until the end of that month or until such time as the next valuation has been struck. For further information about the unit valuation please refere to the registered prospectus and/or investment statement for the Fund.

Date of Valuation	Unit Price
18 March 2010	1.000
24 March 2010	1.000
1 April 2010	0.989
1 May 2010	0.994
11 May 2010	1.000
18 May 2010	1.000
4 June 2010	1.000