The Portfolios offered by NZ Funds are New Zealand unit trusts (Portfolio Investment Entities or "PIEs") and are governed by the Unit Trust Act 1960.

NZ Funds is the manager and the promoter of the Portfolios.  As manager, NZ Funds is principally responsible for the day-to-day management of each Portfolio, including the implementation of investment strategies and the promotion of each Portfolio.

An independent trustee has been appointed for each Portfolio.  The trustee of each Portfolio will either be:

Perpetual Trust Limited
Level 12, AMP Centre
29 Customs Street West
Auckland

Or

The New Zealand Guardian Trust Company Limited
Level 7, Vero Centre
48 Shortland Street
Auckland

Further information on the Portfolios is contained in the latest Investment Statement.

The Trustee holds the assets of the Portfolios on behalf of the investors in the Portfolios.  The Trustee also ensures that the provisions of the Trust Deed, which governs the operation of the Portfolios, are adhered to.

Each Portfolio may invest in another unit trust (an “investment trust”) for which NZ Funds is either the manager or investment manager.  The investment trusts enable the Portfolios to invest, with managers and globally, in securities in a cost and tax effective manner.

The investment trusts may be established in New Zealand, in which case they have elected to be PIEs, or in Australia.  Different tax structures apply depending on where each investment trust is established. By being able to access investment trusts in both New Zealand and Australia, the Portfolios are able to access the most favourable tax treatment.

The Trustee of the investment trusts may be The New Zealand Guardian Trust Company Limited, New Zealand Funds Superannuation Limited or Global Investment Services Limited.  Both New Zealand Funds Superannuation Limited and Global Investment Services Limited are related to NZ Funds.