Lifetime Conservative Fund

The Lifetime Conservative Fund is a diversified fund that provides exposure to a range of asset classes. It employs an active asset allocation strategy invested 80% in income assets (Cash & Cash Equivalents, NZ Fixed Interest, & International Fixed Interest), and 20% in growth assets (Listed Property, Listed Infrastructure, Australasian Equities, & International Equities). It is expected to experience low to medium volatility.

Investment Objectives

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

- - - 10% - S&P/NZX Bank Bills 90-Day Index
    - 35% - Bloomberg NZBond Composite 0+ Yr Index
    - 35% - Bloomberg Global Aggregate Index, 100% hedged to NZD
    - 3% - Morningstar New Zealand (total return) Index, including imputation credits
    - 1% - S&P/ASX 200 Fossil Fuel Screened Total Return Index in NZD
    - 11% - MSCI World Index ex Australia, ESG Screened, 50% hedged to NZD
    - 2% - S&P/NZX Real Estate Select Index
    - 1.5% - Dow Jones Global Select ESG Tilted RESI, 100% hedged to NZD
    - 1.5% - 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	10%
NZ Fixed Interest	Fisher	Fisher Institutional New Zealand Fixed Interest Fund	35%
International Fixed Interest	Smartshares	Smart Wholesale Global Government Bond Fund Smart Wholesale Global Credit Fund	35%
NZ Equities	Simplicity	Simplicity NZ Share Fund	3%
Australian Equities	Smartshares	Smart Wholesale Australian Equity ESG Fund	1%
International Equities	Smartshares	Smart Wholesale Global Equity ESG Fund Smart Wholesale Global Equity ESG Fund Hedged	11%
NZ Listed Property	Kernel	Kernel NZ Commercial Property Fund	2%
International Listed Property	Kernel	Kernel Global Property (NZD Hedged) Fund	1.5%
International Listed Infrastructure	Kernel	Kernel Global Infrastructure (NZD Hedged) Fund	1.5%

Lifetime Conservative Fund