NZ Funds KiwiSaver Scheme Security Listings 20 September 2018

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1 NZ Funds KiwiSaver Scheme Security Listings 20 September 2018

2 Product Disclosure Statement New Zealand Funds Management Limited is the issuer of the NZ Funds KiwiSaver Scheme. The Product Disclosure Statement and the Disclose Register contain important information to help you to understand how your money is managed and the risks associated with investing. For further information or to request a copy of the NZ Funds KiwiSaver Scheme Product Disclosure Statement, please contact New Zealand Funds Management Limited or visit our website at Even if you have invested with NZ Funds for many years, please take the time to read these documents regularly as the content is frequently updated. Important Legal Information Please note that these Security Listings have been provided for information purposes only. The content of this document is not intended as a substitute for specific professional advice on investments, financial planning or any other matter.

3 KiwiSaver Income Strategy Complete Strategy as at 20 September 2018 strategy / security estimated yield 1 credit rating exposure % exposure $ cash and cash equivalents 18.9% $5,958,980 australasian bonds 52.3% $16,482,379 Vector 4.996% 14/03/ % BBB 5.6% $1,756,328 Insurance Australia Group 5.15% 15/06/ % BBB 4.6% $1,455,001 BlueScope Steel Finance USA 4.625% 05/25/23 4.3% BBB- 4.3% $1,362,954 Westpac Banking 4.695% 01/09/ % BBB 3.8% $1,189,269 WEL Networks 4.9% 02/08/ % NR 3.4% $1,072,118 Crown Subordinated Notes 23/04/ % NR 3.4% $1,070,713 Infratil 5.5% 15/06/ % NR 2.8% $897,448 Precinct Properties New Zealand 4.42% 27/11/ % NR 2.8% $866,853 NEXTDC 6% 09/06/ % NR 2.7% $857,810 Property for Industry 4.59% 28/11/ % NR 2.5% $781,987 Fletcher Building Industries 5.8% 15/03/ % NR 2.2% $692,496 Powerco 4.67% 15/11/ % BBB 2.2% $683,905 Qantas Airways 4.75% 12/10/ % BBB- 2.1% $661,010 Woodside Finance 3.7% 15/09/ % BBB+ 2.0% $643,673 Meridian Energy 4.88% 20/03/ % BBB+ 2.0% $642,790 NEXTDC 6.25% 09/06/ % NR 1.9% $584,437 Trustpower 4.01% 15/12/ % NR 1.8% $561,188 Fletcher Building Industries 4.75% 15/03/ % NR 1.6% $518,483 Nufarm Australia Ltd / Nufarm Americas 5.75% 30/04/ % BB- 0.6% $182,624 New Zealand interest rate swaps exposure n/a n/a 0.0% $1, continues on next page

4 KiwiSaver Income Strategy Complete Strategy as at 20 September 2018 (continued) strategy / security estimated yield 1 credit rating exposure % exposure $ international bonds 28.9% $9,103,646 HCA 4.75% 05/01/23 3.7% BBB- 4.1% $1,296,117 Icahn Enterprises 5.875% 02/01/ % BB+ 3.8% $1,191,750 NRG Energy 6.625% 15/01/ % BB 2.8% $886,303 Devon Energy 5.85% 15/12/ % BBB 2.7% $865,642 Constellation Brands 4.75% 01/12/ % BBB 2.5% $799,432 Southern Copper 7.50% 27/07/ % BBB 2.5% $772,728 Amcor Finance USA 3.625% 28/04/ % BBB 2.3% $739,743 Valeant Pharmaceuticals International 5.5% 01/11/ % BB- 1.9% $610,441 Valeant Pharmaceuticals International 4.5% 15/05/ % B- 1.9% $603,283 First Quantum Minerals 7% 15/02/ % B 1.9% $585,381 First Data 5% 15/01/ % BB 1.4% $450,958 Southern Copper 3.5% 08/11/ % BBB 0.9% $277,596 Credit default swaps - Market value 2 n/a n/a 0.1% $22,721 United States bond futures (short) n/a n/a 0.0% $1,551 total economic exposure % $31,545,005 foreign currency exposure 0.4% $123, The yield calculation represents an estimate of the yield on the Strategy, calculated using the most recent information provided by the external investment managers involved in managing the Strategy, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Strategy summary. The yield is not the actual return on the Strategy, nor is it a projection or forecast. The Strategy's return could be less than the Strategy's yield. Details of the yield calculation are available on request from NZ Funds. 2. Credit default swaps notional value is currently $1,179, Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken by the Strategy and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals.

5 KiwiSaver Inflation Strategy Complete Strategy as at 20 September 2018 strategy / security 1 estimated yield 2 exposure % exposure $ cash and cash equivalents 13.4% $6,474,838 international bonds 21.4% $10,371,111 Floating Rate and Perpetual Bond Strategy 6.3% 20.7% $10,034,326 Credit default swaps - Market value 3 n/a 0.5% $247,858 United States bond futures (short) n/a 0.2% $77,565 Buy Protection US CPI 2.361% 10/07/2023 n/a 0.0% $11,362 australasian shares 34.0% $16,462,400 Dividend and Growth Strategy 5.3% 34.0% $16,462,400 international shares 32.7% $15,851,874 Equity index futures (long) n/a 23.2% $11,242,161 Global Banking & Finance Index Strategy 1.7% 6.3% $3,034,570 Impala Resource Fund n/a 3.3% $1,575,143 alternative securities 0.3% $149,207 Universa Black Swan Protection Protocol n/a 0.3% $149,207 total economic exposure % $49,309,430 foreign currency exposure 6.9% $3,353, Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Strategy, calculated using the most recent information provided by the external investment managers involved in managing the Strategy, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Strategy summary. The yield is not the actual return on the Strategy, nor is it a projection or forecast. The Strategy's return could be less than the Strategy's yield. Details of the yield calculation are available on request from NZ Funds. 3. Credit default swaps notional value is currently $19,581, Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken by the Strategy and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals.

6 KiwiSaver Growth Strategy Complete Strategy as at 20 September 2018 strategy / security 1 estimated yield 2 exposure % exposure $ cash and cash equivalents 1.0% $1,764,702 international bonds 1.5% $2,671,493 Credit default swaps - Market value 3 n/a 1.5% $2,671,493 australasian shares 29.3% $51,693,721 Dividend and Growth Strategy 5.3% 29.3% $51,693,721 international shares 76.0% $134,047,402 Equity index futures (long) n/a 37.8% $66,688,970 LSV Global Concentrated Fund 0.8% 18.4% $32,432,037 Suvretta Offshore Fund n/a 14.0% $24,686,606 Impala Resource Fund n/a 5.8% $10,239,789 alternative securities 5.3% $9,384,015 ISAM Systematic Fund n/a 4.9% $8,691,304 Universa Black Swan Protection Protocol n/a 0.4% $692,711 total economic exposure % $199,561,333 foreign currency exposure 35.6% $62,736, Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Strategy, calculated using the most recent information provided by the external investment managers involved in managing the Strategy, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Strategy summary. The yield is not the actual return on the Strategy, nor is it a projection or forecast. The Strategy's return could be less than the Strategy's yield. Details of the yield calculation are available on request from NZ Funds. 3. Credit default swaps notional value is currently $153,253, Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken by the Strategy and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals.

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