DISCLOSE REGISTER - FULL PORTFOLIO HOLDINGS 1.0 Offer name Salt Investment Funds Offer number OFR10881 Fund name Salt Long Short Fund Fund number FND1143 Period disclosure applies [dd/mm/yyyy] 30/09/2020 Asset name % of fund net assets Security code Macquarie Collateral Account - NZD 45.99% Tower Ltd 9.37% NZTWRE0011S2 Marsden Maritime Holdings Ltd 5.35% NZNTHE0001S3 Pacific Edge Ltd 4.90% NZPEBE0002S1 Vitalharvest Freehold Trust 4.83% AU0000018343 QANTM Intellectual Property Ltd 4.30% AU000000QIP0 Shaver Shop Group Ltd 4.23% AU000000SSG4 360 Capital Total Return Fund 3.98% AU000000TOT4 T & G Global Ltd 3.97% NZTURE0002S5 Turners Automotive Group Ltd 3.75% NZVNLE0001S1 Cash at Bank NZD 3.55% Kina Securities Ltd 3.38% PG000A143KS8 Elanor Commercial Property Fund 3.24% AU0000063893 Cash at Bank AUD 3.16% Spark New Zealand Ltd 2.97% NZTELE0001S4 Emeco Holdings Ltd 2.91% AU000000EHL7 GDI Property Group 2.90% AU000000GDI7 Equity Holdings Ltd 2.68% AU000000EQT1 Intega Group Ltd 2.28% AU0000058224 Eureka Group Holdings Ltd 2.26% AU000000EGH7 Infratil Ltd 2.23% NZIFTE0003S3 Millennium & Copthorne Hotels Ltd 1.72% NZMCKE0004S9 Asset Plus Ltd 1.50% NZNAPE0007S3 Infomedia Ltd 1.41% AU000000IFM0 Vital Ltd 1.39% NZTTKE0001S4 Cardno Ltd 1.39% AU000000CDD7 360 Capital Digital Infrastructure Fund 1.35% AU0000060592 Millennium & Copthorne Hotels - Preference Shares 1.30% NZMCKE0005S6 Southern Cross Media Group Ltd 1.14% AU000000SXL4 Oceania Healthcare Limited 1.04% NZOCAE0002S0 Coronado Global Resources Inc 0.97% AU0000026122 Centuria Industrial Reit 0.95% AU000000CIP0 3P Learning Limited 0.87% AU0000003PL9 Aroa Biosurgery Ltd 0.77% AU0000094146 Investore Property Limited 0.76% NZIPLE0001S3 Z Energy Ltd 0.72% NZZELE0001S1 APN Property Group Ltd 0.68% AU000000APD5 Saracen Mineral Holdings Ltd 0.61% AU000000SAR9 United Malt Group Ltd 0.59% AU0000079691 Sky City Entertainment Group 0.58% NZSKCE0001S2 Freightways Ltd 0.55% NZFREE0001S0 Resolute Mining Limited 0.55% AU000000RSG6 Limeade Inc 0.51% AU0000069171 New Zealand Windfarms Ltd 0.46% NZNWFE0001S1 Arborgen Holdings Ltd 0.40% NZRBCE0001S3 Kalium Lakes Ltd 0.39% AU000000KLL6 Australian Vintage Limited 0.37% AU000000AVG6 Geopacific Resources Ltd 0.37% AU000000GPR2 RED 5 LTD 0.35% AU000000RED3 Pacific Current Group Ltd 0.31% AU000000PAC7 AUDNZD Maturing 02/10/2020 (4113034Z NZ) 0.20% Garda Diversified Property Fund 0.05% AU000000GDF3 AUDNZD Maturing 30/10/2020 (CBA AU) -0.06% AUDNZD Maturing 06/11/2020 (4113034Z NZ) -0.08% Westgold Resources Ltd -0.43% AU000000WGX6 Fortescue Metals Group Ltd -0.48% AU000000FMG4 Page 1 of 2 all MF.xlsm Macquarie Group Ltd -0.70% AU000000MQG1 Evolution Mining Ltd -0.73% AU000000EVN4 Serko Ltd -0.81% NZSKOE0001S7 IDP Education Limited -0.82% AU000000IEL5 Cromwell Group -0.88% AU000000CMW8 Air New Zealand Ltd -0.99% NZAIRE0001S2 Abacus Property Group -1.08% AU000000ABP9 Wisetech Global Ltd -1.12% AU000000WTC3 JB Hi-Fi Ltd -1.14% AU000000JBH7 REA Group Ltd -1.18% AU000000REA9 Property for Industry Ltd -1.29% NZPFIE0001S5 Vital Healthcare Property Trust -1.29% NZCHPE0001S4 Event Hospitality & Entertainment Ltd -1.30% AU000000EVT1 Commonwealth Bank of Australia -1.37% AU000000CBA7 Charter Hall Group -1.44% AU000000CHC0 OZ Minerals Ltd -1.51% AU000000OZL8 James Hardie Industries-CDI -1.68% AU000000JHX1 Technology One Ltd -1.78% AU000000TNE8 Precinct Properties NZ Ltd -1.85% NZAPTE0001S3 Goodman Group -2.07% AU000000GMG2 Goodman Property Trust -2.41% NZCPTE0001S9 Reece Ltd -2.48% AU000000REH4 Premier Investments Limited -2.48% AU000000PMV2 Auckland International Airport Ltd -3.00% NZAIAE0002S6 Napier Port Holdings Ltd -3.07% NZNPHE0005S2 Carsales.Com Ltd -3.20% AU000000CAR3 Netwealth Group Ltd -3.73% AU000000NWL7 Page 2 of 2 all MF.xlsm.