Investment Manager	APN Funds Management Limited
Investment Policy and Objectives	The investment objective is to provide investors with a consistent, relatively high level of income combined with some capital growth, sourced primarily from AREITs listed on the ASX. The Fund aims to: have a gross annual income yield (before management fees and expenses) that equates to at least 110% of the average yield of the S&P/ASX 200 A-REIT Index dividend yield, measured annually. provide investors with a level of capital growth which at least matches increases in the Consumer Price Index (CPI) over a 5 - 7 year time horizon. provide lower than market volatility.
Investment Strategy	To invest in listed property via an Underlying Fund. The Fund will not invest in direct property. The Investment Manager does not intend to use derivatives other than for currency hedging purposes. The Fund targets a position of being fully hedged back to New Zealand Dollars.
Benchmark	S&P ASX 300 AREIT Total Return Index – NZD Hedged

* We and APN Funds Management Limited are responsible for selecting appropriate funds and/or appointing sub-investment managers and strategies, and these may change without notice. Details of the current underlying specialist managers can be obtained by contacting us.

Resources

Product Disclosure Statement

Annual Reports

Fund Updates

Research Reports

FundSource report - March 2017*

* The Fundsource reports are intended for New Zealand clients residing in New Zealand only and must not be accessed or viewed by any person or entity outside of New Zealand