Lifetime Growth Fund

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

Investment Objectives

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

- - - 2% - S&P/NZX Bank Bills 90-Day Index
    - 9% - Bloomberg NZ-Bond Composite 0+ Yr Index
    - 9% - Bloomberg Global Aggregate Index, 100% hedged to NZD
    - 14% - Morningstar New Zealand (total return) Index, including imputation credits
    - 6% - S&P/ASX 200 Fossil Fuel Screened Total Return Index in NZD
    - 45% - MSCI World Index ex Australia, ESG Screened Index, 50% hedged to NZD
    - 6% - S&P/NZX Real Estate Select Index
    - 4.5% - Dow Jones Global Select ESG Tilted RESI, 100% hedged to NZD
    - 4.5% - 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	2%
NZ Fixed Interest	Fisher	Fisher Institutional New Zealand Fixed Interest Fund	9%
International Fixed Interest	Smartshares	Smart Wholesale Global Government Bond Fund Smart Wholesale Global Credit Fund	9%
NZ Equities	Simplicity	Simplicity NZ Share Fund	14%
Australian Equities	Smartshares	Smart Wholesale Australian Equity ESG Fund	6%
International Equities	Smartshares	Smart Wholesale Global Equity ESG Fund Smart Wholesale Global Equity ESG Fund Hedged	45%
NZ Listed Property	Kernel	Kernel NZ Commercial Property Fund	6%
International Listed Property	Kernel	Kernel Global Property (NZD Hedged) Fund	4.5%
International Listed Infrastructure	Kernel	Kernel Global Infrastructure (NZD Hedged) Fund	4.5%

Lifetime Growth Fund