Lifetime Balanced Fund

The Lifetime Balanced Fund is a diversified fund that provides exposure to a range of asset classes. It employs an active asset allocation strategy invested 40% in income assets (Cash & Cash Equivalents, NZ Fixed Interest, & International Fixed Interest), and 60% in growth assets (Listed Property, Listed Infrastructure, Australasian Equities, & International Equities). It is expected to experience medium to high volatility.

Investment Objectives

The fund seeks to track composite indices (before annual fund charge and tax), comprising:

- - 5% - S&P/NZX Bank Bills 90-Day Index
  - 17.5% - Bloomberg NZBond Composite 0+ Yr Index
  - 17.5% - Bloomberg Global AggregateIndex, 100% hedged to NZD
  - 10.5% - Morningstar New Zealand (total return) Index, including imputation credits
  - 4.5% - S&P/ASX 200 Fossil Fuel Screened Total Return Index in NZD
  - 35% - MSCI World ex Australia, ESG Screened Index, 50% hedged to NZD
  - 4% - S&P/NZX Real Estate Select Index
  - 3% - Dow Jones Global Select ESG Tilted RESI, 100% hedged to NZD
  - 3% - Dow Jones Brookfield Global Infrastructure Index, 100% hedged to NZD

Underlying Managers & Target Asset Allocations

The table below sets out the target asset allocation and underlying investment managers for the Fund.

For more information you can access the Funds Statement of Investment Objectives and Policy (SIPO).

Asset Class	Underlying Fund Managers	Product Name	Benchmark Asset Allocation
Cash & Cash Equivalents	Fisher	Fisher Institutional New Zealand Cash Fund	5%
NZ Fixed Interest	Fisher	Fisher Institutional New Zealand Fixed Interest Fund	17.5%
International Fixed Interest	Smartshares	Smart Wholesale Global Government Bond Fund Smart Wholesale Global Credit Fund	17.5%
NZ Equities	Simplicity	Simplicity NZ Share Fund	10.5%
Australian Equities	Smartshares	Smart Wholesale Australian Equity ESG Fund	4.5%
International Equities	Smartshares	Smart Wholesale Global Equity ESG Fund Smart Wholesale Global Equity ESG Fund Hedged	35%
NZ Listed Property	Kernel	Kernel NZ Commercial Property Fund	4%
International Listed Property	Kernel	Kernel Global Property (NZD Hedged) Fund	3%
International Listed Infrastructure	Kernel	Kernel Global Infrastructure (NZD Hedged) Fund	3%

Lifetime Balanced Fund