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.

Asset Class	Underlying Fund Managers	Underlying Fund	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