Defined Portfolios

FIXED INTEREST FUND
Investment Objective
To preserve capital while generating an income stream. The Fund will generally hold a diversified portfolio predominantly made up of New Zealand fixed interest and cash, including NZ Government stock, local authority stock, corporate bonds, term deposits, interest rate swaps, floating rate notes and forward rate agreements. The Fund may also hold global fixed interest either directly, through exchange traded funds or approved managed funds. All global investments will be fully hedged to New Zealand dollars.

CONSERVATIVE FUND
Investment Objective
To preserve capital, while generating an income stream that is automatically re-invested. The Fund will generally hold a diversified range of investments predominantly made up of cash, bank bills, fixed interest, and corporate debt securities. These income assets serve to reduce the downside risk of the investment markets. Equities may also be held to provide a growth component to the fund. Investments in managed funds may be included if deemed appropriate.

BALANCED FUND
Investment Objective
To grow the value of capital, by providing a mix of both capital growth and income. The Fund will generally hold a diversified range of investments made up of equities, New Zealand and international fixed interest based investments and cash. The income assets are included to aim to restrict the downside risk of market falls. Investments in managed funds may be included if deemed appropriate.

BALANCED SRI FUND
Investment Objective
To grow the value of capital, by providing a mix of both capital growth and income. The Fund will be restricted to companies and funds that are deemed to be Socially Responsible. On this basis, the Manager will invest in companies that it believes make a positive social or environmental contribution or that are endeavouring to operate in an environmentally and socially sustainable way.

GROWTH FUND
Investment Objective
To grow the value of capital. The Fund will generally hold a diversified range of investments made up predominantly of equities. The Fund will also hold New Zealand and international fixed interest based investments and cash. Investments in managed funds may be included if deemed appropriate.

To grow the value of capital. The Fund will hold a diversified portfolio of listed equity investments. Securities will be chosen by the Manager rather than being those included in a particular index. The Fund will invest predominantly in 'large cap' equities in recognised markets around the world. Listed funds, exchange traded funds and hedge funds may be included if deemed appropriate.

NEW ZEALAND EQUITY FUND
Investment Objective
To grow the value of capital. The Fund will hold a diversified portfolio of listed New Zealand equities and cash. Securities will be chosen by the Manager rather than being those included in any New Zealand equity index. The Fund will invest predominantly in ‘large cap’ equities. No single equity investment will exceed 15% of the Fund’s investments. Futures and options may be used if deemed appropriate.

AUSTRALIAN EQUITY FUND
Investment Objective
To grow the value of capital. The Fund will hold a diversified portfolio of listed Australian equities and cash. Securities will be chosen by the Manager rather than being those included in any Australian equity index. The Fund will invest predominantly in ‘large cap’ equities. No single equity investment will exceed 15% of the Fund’s investments. Futures and options may be used if deemed appropriate.