PM Capital PIE PM Capital is pleased to offer its unit trusts in a Portfolio Investment Entity (PIE) for the benefit of New Zealand investors. The PIE Funds are denominated in New Zealand dollars and inter-fund directly into PM CAPITAL’s equivalent Australian domiciled unit trusts. The PIE Funds include: Absolute Performance PIE Fund Australian Opportunities PIE Fund Enhanced Yield PIE Fund What is a PIE? A portfolio investment entity (PIE) is a new type of entity that bundles the contributions from investors into a portfolio. The PIE became an eligible investment vehicle in October 2007 after new tax rules were established in New Zealand. PM CAPITAL established the PIE Funds in response to demand from New Zealand investors. Apart from the administrative and tax advantages the PIE offers to individuals, companies, trusts and organisations, the creation of the PM CAPITAL PIE Funds allows a New Zealand investor access to PM CAPITAL’s Funds denominated in New Zealand dollars, and so eliminating the AUD/NZD currency risk.      Whilst we encourage investors to seek individual advice from a tax consultant or financial adviser, we have listed some general advantages of the PIE. Advantages for PIE Investors 1. The tax rates on PIE returns for individuals are as low as 19.5%, and are currently capped at 30%. Many investors will find their PIE tax rate will be lower than their marginal tax rate. 2. Investors in a PIE will no longer pay tax on capital gains on New Zealand and most listed Australian share investments. 3. The new Fair Dividend Rate tax on overseas shares will be calculated and paid for you by your PIE fund, and your tax on this income will be capped at 30% from, even if your marginal tax rate is higher. 4. A PIE will pay tax and claim tax rebates on behalf of individual investors, meaning you should not need to file tax returns for your investment income (unless you advise a lower PIE tax rate than you are entitled to). 5. PIE income is not included in income test thresholds for government assistance and other obligations (eg student loan repayments). 6. Trustees can allocate PIE income along with other taxable income to trust beneficiaries. Download PM CAPITAL PIE Investment Statement - Issue 1   Download the Morningstar Recommended Rating to PM CAPITAL Enhanced Yield PIE Fund   Download the Morningstar Recommended Rating to PM CAPITAL Absolute Performance PIE Fund Contact Details for PM CAPITAL NZ   Michael Lodge Phone: + 64 2 145 0325 NZ Toll Free: 0800 143 863 (Message Service) Fax: + 64 9 950 4965 Email: nzinvestors@pmcapital.co.nz