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.

Asset Class	Underlying Fund Managers	Underlying Fund	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