Funds Administration New Zealand Limited is the manager of a selection of investment funds known as the Lifestages Investment Funds. Each portfolio invests in different types of investments.

Each fund is divided into units. You are issued units in the relevant fund(s) to reflect your contributions and other amounts received for you. Unit values fluctuate according to the changing value of the underlying assets in which the relevant fund is invested, as well as fees and expenses.

The funds provide access to a mix of asset classes, investment styles and underlying fund managers. Exposure to various asset classes is obtained in part through arrangements with underlying fund managers. For details of the underlying fund managers at any particular time, please contact FANZ.