The Guardian Cash Plus Fund is focussed on deriving income only and invests primarily in money market securities and mortgages. General investment guidelines stipulate that the maturity structure of the fund must fall within the following limits: at least 10% maturing within 7 days, at least 25% maturing within 30 days, at least 50% maturing within 90 days and at least 75% maturing within 180 days. Mortgages held must have a maturity of less than a year. This fund makes quarterly distributions.

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The objective of the fund is to provide investors with a diversified portfolio of high quality first mortgages over residential, commercial and rural properties as well as government stock and short term deposits. A majority of its mortgages is in the commercial sector. It is mandated to hold up to 10% in cash. The maximum loan exposure to any one borrower is residential $1 million, rural $5 million and commercial $6 million. The applicable LVR's are residential 70%, main commercial centres 66%, small centres 50% and bare land 50%. This fund makes quarterly distributions.

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The ING Property Securities Funds' primary focus is on investing in high-quality, income-generating assets, with strong management spread across a diversified range of retail, commercial and industrial property securities. ING's approach to listed real estate is consistent with the wider ING's equities approach, that is to take positions driven by secular themes, exploiting economic and market cycles and investing in mis-priced sustainable growth opportunities. Preference will be given to those property securities characterised by experienced and prudent management, strong cashflows, a prudent level of debt and a portfolio of property assets with quality tenants on long-term leases. Asset class ranges - cash (0 - 15%), NZ equities / listed property trusts (0 - 100%), Australian-listed property trusts (0 - 100%).

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The Fisher Funds NZ Growth Fund tends to focus on investing in mid to small cap stocks, with a reduced emphasis on the top ten stocks listed on the New Zealand Stock Exchange (i.e. stocks making up the NZSE10 Capital Index). In circumstances where a stock moves into the top ten while held, the holding can be maintained and increased to keep its relative weighting within the portfolio. Because a lower allocation is made to large cap stocks, the fund's performance can deviate substantially from that recorded by the NZSE40 Gross Index. In terms of stock selection, an emphasis is placed on qualitative factors such as company management and industry positioning. The managers will not invest in companies whose business activities they do not understand, those which are not clearly focussed, or companies which are not market leaders in their fields of expertise. The manager doesn't believe in market timing, thus a buy-hold philosophy is adopted which is reflected in relatively low portfolio turnover.

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The Tower GAM Global Gateway fund aims to achieve long term capital appreciation by gaining exposure to a diversified range of international equities and trading funds. The Fund invests through Global Asset Management (GAM) a specialist fund manager. The manager adopts a total return strategy to maximise returns and preserve capital at all times. A majority of its investments is held in US, Europe and Japan, and is managed in a multi-manager, multi-style approach. This fund invests into a range of specialist GAM funds, which may either be managed in-house or contracted out to select external fund managers. GAM also hedge currency exposure back to NZ dollars.

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The Asteron Corporate Bond Trust offers investors an exposure to a diversified range of corporate debt in New Zealand. The objective of this Trust to provide investors with a gross return of 1.5% pa above the CSFB Government Bond Index over a rolling 3 year period. The Trust focuses on maximising income by investing in interest earning secured and unsecured corporate securities offered in New Zealand. Broad guidelines stipulate that not more than 15% of funds may be invested with any one company including related companies, and credit exposure is limited to not more than 50% of any one company's subordinated debt.

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The Tower Tasman Balanced Growth Portfolio aims to provide growth from a blend of investments spread across both domestic and international shares, property and fixed interest securities, both long and short term. Tower assesses relative value between asset classes on a risk-adjusted basis over a twelve month forecast period and seeks to add value within sectors by an active approach to bottom-up valuation. The balance between growth and income assets may vary between 35% - 65% and 65% - 35% respectively. International equity management is sub-contracted to a range of specialist regional equity managers: Sanford Bernstein, Martin Currie, Marathon Asset Management and Capital International.

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The Tower Tasman Conservative Growth Portfolio aims to provide investors with a low-risk investment that preserves capital and provides quarterly income. This fund aims to outperform the Consumer Price Index by 2% pa. It invests predominantly in income generating assets (cash, mortgages and fixed interest securities) and has some exposure to growth assets (domestic and international shares and property). Exposure to international shares is limited to 30% while foreign currency exposure is limited to 15%. The bulk of the fund is invested in domestic fixed interest securities and mortgages.

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The BT Managed Growth Trust offers investors a diversified range of asset classes. The portfolio consists mainly of growth assets and has some fixed interest and cash investments. The fund has a broad asset allocation policy range and is mandated to hold between 80% - 20% in growth assets (shares and property) and 20% - 80% in income assets (cash and fixed interest). Tactical allocation is aggressive and the swings between asset classes may be wide over various periods of time. The fund gains exposure to the various asset classes by feeding into the respective sector funds. The recommended investment time frame in the fund is 5 years or more.

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