| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 2 [2018]) | | （〔2018〕2号） |
| The Guidelines for Pension Target Securities Investment Funds (for Trial Implementation) are hereby issued and shall come into force on the date of issuance. | | 现公布《养老目标证券投资基金指引（试行）》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| February 11, 2018 | | 2018年2月11日 |
| Guidelines for Pension Target Securities Investment Funds (for Trial Implementation) | | 养老目标证券投资基金指引(试行) |
| Article 1 To meet the needs of the financial management of pension funds, regulate the operation of pension target securities investment funds (hereinafter referred to as “pension target funds”), and protect investors' lawful rights and interests, these Guidelines are developed in accordance with the Securities Investment Fund Law, the Measures for the Administration of the Operation of Publicly Offered Securities Investment Funds and other relevant provisions. | | 第一条 为满足养老资金理财需求，规范养老目标证券投资基金(以下简称养老目标基金)的运作，保护投资人的合法权益，根据《证券投资基金法》《公开募集证券投资基金运作管理办法》等有关规定，制定本指引。 |
| Article 2 “Pension target funds” means the publicly offered securities investment funds that are established for the purpose of pursuing the long-term steady appreciation of pension assets, whose investors are encouraged to hold them on a long-term basis, that adopt mature asset allocation strategies, and that reasonably control the investment portfolio fluctuation risks. | | 第二条 养老目标基金是指以追求养老资产的长期稳健增值为目的，鼓励投资人长期持有，采用成熟的资产配置策略，合理控制投资组合波动风险的公开募集证券投资基金。 |
| Article 3 Pension target funds shall be operated in the form of fund of funds (“FOF”) or other forms recognized by the China Securities Regulatory Commission (“CSRC”). | | 第三条 养老目标基金应当采用基金中基金形式或中国证监会认可的其他形式运作。 |
| Article 4 Pension target funds shall adopt mature and steady asset allocation strategies, control the downside risks of funds, and pursue long-term steady appreciation of funds. Investment strategies shall include target date strategies, target risk strategies and other strategies recognized by the CSRC. | | 第四条 养老目标基金应当采用成熟稳健的资产配置策略，控制基金下行风险，追求基金长期稳健增值。投资策略包括目标日期策略、目标风险策略以及中国证监会认可的其他策略。 |
| The funds adopting the target date strategies shall, as the preset target dates approach, gradually reduce the allocation ratios of equity assets, and increase the allocation ratios of non-equity assets. The equity assets shall include stocks, stock funds and hybrid funds. | | 采用目标日期策略的基金，应当随着所设定目标日期的临近，逐步降低权益类资产的配置比例，增加非权益类资产的配置比例。权益类资产包括股票、股票型基金和混合型基金。 |
| Funds adopting target risk strategies shall, according to specific risk preferences, set the benchmark allocation ratios of equity assets and non-equity assets, or use widely accepted methods to define the portfolio risks [such as fluctuation ratio], and take effective measures to control the fund portfolio risks. Funds adopting target risk strategies shall specify risk levels and their meanings, and indicate them in the prospectuses. | | 采用目标风险策略的基金，应当根据特定的风险偏好设定权益类资产、非权益类资产的基准配置比例，或使用广泛认可的方法界定组合风险(如波动率等)，并采取有效措施控制基金组合风险。采用目标风险策略的基金，应当明确风险等级及其含义，并在招募说明书中注明。 |
Article 5 Pension target funds shall be operated in an open-end manner on a periodical basis or set the shortest holding period by an investor, which shall match with the investment strategy of the fund. The closed operation period for the periodical opening of a pension target fund or the shortest holding period by an investor shall be not less than one year.
．．．．．． | | 第五条 养老目标基金应当采用定期开放的运作方式或设置投资人最短持有期限，与基金的投资策略相匹配。养老目标基金定期开放的封闭运作期或投资人最短持有期限应当不短于1年。
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