PIE returns are measured pre-tax. Returns for funds that have become PIEs (e.g. from 30/09/07) are shown “grossed-up” (pre-tax) to transition date. These indicative returns are approved by investment entity** managers and are for fund comparative purposes, and are not suitable for calculating an investor's investment return. Non-PIE NZ returns are reported post-tax assuming a marginal tax rate of 30%. All returns are measured post management fees but before upfront fees. Mercer’s KiwiSaver schemes exit unit prices are net of tax (PIR @ 30%) and net of fees. All distributions are assumed to be reinvested. US50 Fund Limited is a private company. Australian fund returns are in NZ dollar terms and are measured pre-tax but Australian exit prices are in A$ as are fund sizes. FundSource does not guarantee the accuracy of third-party information used to calculate investment returns. [* represents a closed fund. **Investment entities may have a variety of legal structures including: unit trusts, group investment funds, companies, etc]. For more information please see: www.fundsource.co.nz. Email fundsource@fundsource.co.nz