MLC Investment Trust Product Guide

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1 MLC Investment Trust Product Guide Preparation date 1 July 2014 Issued by The Trustee, MLC Investments Limited ABN AFSL

2 The purpose of this guide is to give you the information you need to decide whether MLC Investment Trust is right for you. This MLC Investment Trust Product Guide ( Guide ) provides additional information about topics under the prescribed sections of the Product Disclosure Statements (PDSs) listed on page 3 of this Guide. The information in this Guide forms part of those PDSs. This Guide and the PDSs contain important information you should consider before making an investment decision in relation to the products listed on page 3. The information provided in this Guide and the PDSs is general information only and does not take into account your personal financial situation or needs. We recommend you obtain financial advice for your own personal circumstances before making any investment decision.

3 Contents About MLC 4 Trusts covered by this Guide 5 How the Trusts work 6 Risks of managed investment schemes 8 How we invest your money 12 Fees and costs 14 Keeping you informed 16 MLC Wholesale Investment Trust Product Guide 3

4 About MLC Who you go through life with makes all the difference The MLC group has been looking after Australians investment and insurance needs for over 125 years. This experience has taught us the right solution for each investor is unique. That s why we specialise in creating a diverse range of super, investment and insurance solutions. We do this so you and your financial adviser can grow and protect your wealth the way you want to. And, as your needs will change with time, we ll continually enhance our products and services so you can get the best out of your experience with us. Investing with us We re experts in putting together portfolios for people. Our portfolios have different investment objectives because we know everyone has different ideas about how their money should be managed. Our portfolios make sophisticated investing straightforward. Using our market-leading investment approach, we structure our portfolios to deliver more reliable returns in many potential market environments. And, as our view of world markets changes, we evolve our portfolios to manage new risks and capture new opportunities. We use specialist investment managers in our portfolios. We have both expert inhouse managers and the experience and resources to find some of the best managers from around the world. Importantly, we stay true to the objectives of our portfolios so you can keep on track to meeting your goals. 4 MLC Wholesale Investment Trust Product Guide

5 Trusts covered by this Guide Trusts ARSN PDS Date MLC Horizon portfolios MLC Wholesale Horizon 1 Bond Portfolio July 2014 MLC Wholesale Horizon 2 Income Portfolio July 2014 MLC Wholesale Horizon 3 Conservative Growth Portfolio July 2014 MLC Wholesale Horizon 4 Balanced Portfolio July 2014 MLC Wholesale Horizon 5 Growth Portfolio July 2014 MLC Wholesale Horizon 6 Share Portfolio July 2014 MLC Wholesale Horizon 7 Accelerated Growth Portfolio July 2014 MLC Inflation Plus portfolios 1 MLC Wholesale Inflation Plus Conservative Portfolio July 2014 MLC Wholesale Inflation Plus Moderate Portfolio July 2014 MLC asset class funds MLC Wholesale Australian Share Fund July 2014 MLC Wholesale Australian Share Growth Style Fund July 2014 MLC Wholesale Australian Share Index Fund July 2014 MLC Wholesale Australian Share Value Style Fund July 2014 MLC Wholesale Diversified Debt Fund July 2014 MLC Wholesale Global Property Fund July 2014 MLC Wholesale Global Share Fund July 2014 MLC Wholesale Global Share Growth Style Fund July 2014 MLC Wholesale Global Share Value Style Fund July 2014 MLC Wholesale Hedged Global Share Fund July 2014 MLC Wholesale IncomeBuilder July 2014 MLC Wholesale Property Securities Fund July There is a third Inflation Plus portfolio known as MLC Wholesale Inflation Plus Assertive Portfolio which does not form part of this Product Guide. The PDS for the MLC Wholesale Inflation Plus Assertive Portfolio is available at MLC Wholesale Investment Trust Product Guide 5

6 How the Trusts work Opening an account If you invest in the Trusts via an IDPS, please contact your IDPS operator for details of how to invest with your IDPS. The Trusts may accept investors who are: resident in Australia, or resident in New Zealand and their principal business is the investment of money or, in the course of and for the purposes of business, they habitually invest money. In addition some of the Trusts are restricted to a wholesale client within the meaning of the Corporations Act If this applies it is indicated in section 2 of each Trust s PDS. Investors who satisfy the above criteria may invest directly in the Trusts. You should, however, contact us to discuss the application requirements before making your first investment in the Trusts. We will advise what you need to do. Among other things, we may need to request formal identification from you before you can invest. Until all our requirements are satisfied we cannot accept an application. If at any time after investing in the Trusts you no longer satisfy the eligibility criteria, you must advise us and we may redeem your unitholding. Overseas investors This PDS only constitutes an offer if received in Australia or New Zealand. As at the date of this PDS, no action has been taken to register or qualify the units or offer or otherwise permit the public offering of the units outside Australia or New Zealand. If you come into possession of this PDS outside Australia or New Zealand you should seek advice on and observe any such restrictions imposed by law. Any failure to comply with such restrictions may violate securities laws in that jurisdiction. This PDS does not constitute an offer or invitation in any jurisdiction in which it would be unlawful to make such an offer or invitation. We reserve the right to make an offer of units to any institutional investor outside Australia or New Zealand where to do so would not be in breach of the securities law requirements of the relevant jurisdiction. Applications and withdrawals If accepted, application requests received by MLC before 3:00 pm (Sydney time) on any Business Day will receive that day s unit price. Application requests received after 3:00 pm will receive the next Business Day s unit price. Application money received will be held in trust until processed. We will not process your application unless we have received all required information. If we re unable to process your application within 30 days of receipt we will return your money to you. Any interest earned during this time will be kept by us. If accepted, withdrawal requests received by the Trusts before 3:00 pm (Sydney time) on any Business Day will normally receive that day s unit price. Requests received after 3:00 pm will normally receive the next Business Day s unit price. Once lodged, withdrawal requests may not be withdrawn except with our consent. We may deduct from a withdrawal payment any amount owed under the constitution, including taxes. We may also redeem some or all of an investor s unitholding in the Trusts to satisfy any such amounts or if we form the opinion that the unitholding is prejudicial to the interests of other investors. We can only process transaction requests when we receive all required information. We will not be responsible for any loss arising from unauthorised or fraudulent requests. Identity verification documents Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), we are required to collect an original certified copy of original document(s) (not fax or scanned copies) to correctly verify your identity. We may also need to verify the identity of related parties. Until we receive such document(s) we reserve the right to withhold processing any withdrawal requests you wish to make. 6 MLC Wholesale Investment Trust Product Guide

7 Business Days Business Days are generally days on which banks are open for business in Sydney (except Saturday, Sunday and public or bank holidays or such other days as we determine from time to time). We have the discretion to declare any day to be a Business Day. Income distributions If you invest in the Trusts via an IDPS, please contact your IDPS operator for details of how to receive any income distributions from the Trusts. Our policy is to distribute the net taxable income of the Trusts to investors each year (including net capital gains and any net gains on currency management where applicable). To be eligible to receive a distribution you must hold units in the Trusts on the distribution calculation date. You can request to have income distributions: reinvested in the Trusts, or paid into your bank account. We may, in our absolute discretion, accept or reject any such request. If you do not make a selection we will reinvest the income back into the relevant Trusts. If you elect to have any income distributions reinvested, units will be issued at the unit price applicable at the distribution calculation date. Transaction cost allowances do not currently apply to the issue of these units. Unit pricing The overall value of your investment in the Trusts will change according to the unit price and the number of units held. The unit price will reflect the performance of the underlying assets, income earned, fees, expenses and taxes paid and payable. The performance of the underlying assets is influenced by movements in investment markets. For unlisted assets MLC has policies and guidelines to manage asset valuations including valuation lags. We usually calculate the unit price as at the end of each Business Day and use robust unit pricing policies to do this. Our unit pricing philosophy is available at If there is a unit pricing error that substantially impacts the Trusts performance, an adjustment may be made. This will generally involve reprocessing affected transactions using the corrected unit price and/or by adjusting your account. The value of your investment could be increased or decreased as a result. Transfers If you invest directly in the Trusts you may be able to transfer all or some of your unitholding in the Trusts to another eligible investor. Investing in other MLC funds The Trusts may access investment managers via other funds operated by MLC, via other managers pooled investments and may also hold direct assets. Unitholders liability The Trusts underlying assets are owned by the Trustee on behalf of investors. The Trusts constitutions limit unitholders liability to their investment in the Trusts. However, we cannot give an absolute assurance that your liability to the Trusts or any creditor of the Trusts (for geared funds) is limited in all circumstances, as the issue has not been finally determined by a superior court. MLC Wholesale Investment Trust Product Guide 7

8 Risks of managed investment schemes Diversify to reduce volatility and other risks Diversification investing in a range of investments is a sound way to reduce short-term volatility and help smooth a portfolio s returns. That s because different types of investments perform well in different times and circumstances. When some are providing good returns, others may not be. Portfolios can be diversified across types of investments, industries and countries as well as across investment managers with different approaches. The more you diversify, the less impact any one investment can have on your portfolio. One of the most effective ways of reducing volatility is to diversify across a range of asset classes. Diversification across asset classes is just one way of managing risk. At MLC, our multi-asset portfolios diversify across asset classes and investment managers. Please read more about our investment approach on page 12. Asset classes Asset classes are groups of similar types of investments. Each class has its risks and benefits, and goes through its own market cycle. A market cycle can take a couple of years or many years; it s different each time. In the description of the investment options (in each Trust s PDS), we include a minimum suggested time to invest. Investing for the minimum time or longer improves your chances of achieving the return you expect. However, returns can t be guaranteed. You need to be prepared for all sorts of return outcomes when investing. Here are the main asset class risks and benefits. Cash Cash is generally a low risk investment. Things to consider: Cash is often included in a portfolio to meet liquidity needs and for its defensive characteristics. The return is typically all income and is referred to as interest or yield. Cash is usually the least volatile type of investment. It also tends to have the lowest return over a market cycle. The market value tends not to change. However, when you invest in cash, you re effectively lending money to businesses or governments that could default on the loans. A default could result in a loss on your investment. Many cash funds invest in fixed income securities that have a very short term until maturity. Fixed income (including term deposits) When investing in fixed income, you re effectively lending money to businesses or governments. Things to consider: Fixed income securities are usually included in a portfolio for their income and defensive characteristics. Returns typically comprise interest and changes in the market value of the security. There are different types of fixed income securities and these will have different returns and volatility. The market value of a fixed income security may fall due to factors such as an increase to interest rates or concern about defaults on loans. This may result in a loss on your investment. The interest rate on a term deposit is fixed for its specified term. That means if held until maturity the term deposit won t be affected by an increase or decrease in interest rates. Fixed income securities denominated in foreign currencies will be exposed to exchange rate variations. Property securities Investing in property securities will give your portfolio exposure to listed property securities in Australia and around the world. These are referred to as Real Estate Investment Trusts ( REITs ). Things to consider: Property securities may be volatile and are usually included in a portfolio for their income and growth characteristics. Australian property securities are dominated by only a few REITs and provide limited diversification. Returns are driven by many factors including the economic environment in various countries. Investing outside Australia means you re exposed to exchange rate variations. 8 MLC Wholesale Investment Trust Product Guide

9 Australian shares This asset class consists of investments in companies listed on the Australian Securities Exchange (and other regulated exchanges). Shares are also known as equities. Things to consider: Australian shares can be volatile and are usually included in a portfolio for their growth characteristics. The Australian share market has recently been dominated by a few industries such as Financials and Resources. Australian shares may provide dividend income and tax advantages through imputation (franking) credits. Alternatives These are a very diverse group of assets that aren t like the mainstream assets of cash, fixed income or shares. Some examples include hedge funds, infrastructure, and gold. Things to consider: Because alternatives are diverse they may be included in a portfolio for their defensive or growth characteristics. Alternative investments are usually included in portfolios to increase diversification and provide returns that aren t strongly linked with the performance of mainstream assets. For some alternatives, such as hedge funds, it can be less obvious what assets you re investing in than with other asset classes. Some alternative investments are illiquid, which makes them difficult to buy or sell. To access some alternative investments you generally need to invest in a managed fund that, in turn, invests in alternatives. Because most alternative investments aren t listed on an exchange, determining their value for a fund s unit price can be difficult and may involve a considerable time lag. You may be exposed to exchange rate variations. Global shares Global shares consist of investments in companies listed on securities exchanges around the world. Things to consider: Global shares can be volatile and are usually included in a portfolio for their growth characteristics. The number of potential investments is far greater than in Australian shares. Returns are driven by many factors including the economic environment in various countries. When you invest globally, you re less exposed to the risks associated with investing in just one economy. Investing outside Australia means you re exposed to exchange rate variations. Growth and defensive assets Asset classes are generally grouped as either defensive or growth because of their different characteristics. Both defensive and growth assets are included in a multi-asset portfolio because they generally perform differently. For example, fixed income may be in a portfolio to provide returns when share markets are weak. In some market conditions, both defensive and growth assets may deliver low or negative returns. The main differences between defensive and growth assets are: Asset classes include How they are generally used Risk and return characteristics Defensive Cash and fixed income securities To generate an income and stabilise returns Expected to produce lower returns and be less volatile over the long term Growth Shares and property securities To provide long-term capital growth Expected to produce higher returns and be more volatile over the long term MLC Wholesale Investment Trust Product Guide 9

10 Risks of managed investment schemes Investment approaches Investment managers have different approaches to selecting investments. There are two broad approaches: passive and active management. Passive management Passive, or index managers, choose investments to form a portfolio which will deliver a return that closely tracks a market benchmark (or index). Passive managers tend to have lower costs because they don t require extensive resources to select investments. Active management Active managers select investments they believe, based on research, will perform better than a market benchmark. They buy or sell investments when their market outlook alters or their investment insights change. The degree of active management can vary. More active managers may deliver returns quite different to the benchmark. Active managers have different investment styles and these affect their returns. Some common investment styles are: Bottom-up focuses on forecasting returns for individual companies, rather than the economy as a whole. Top-down focuses on forecasting broad macroeconomic trends and their effect on the market, rather than returns for individual companies. Growth focuses on companies they expect will have strong earnings growth. Value focuses on companies they believe are undervalued (their price doesn t reflect earning potential). Core aims to produce competitive returns in all periods. Investment techniques Investment managers, including MLC, use different investment techniques that can change the value of an investment. Where the Trusts use these investment techniques, we ve made a note of it in the PDS. Investment techniques include: Derivatives Derivatives are contracts that have a value derived from another source such as an asset, market index or interest rate. There are many types of derivatives including swaps, options and futures. They are a common tool used to manage risk or improve returns. Some derivatives allow investment managers to earn large returns from small movements in the underlying asset s price. However, they can lose large amounts if the price of the underlying asset moves against them. Investment managers, including MLC, have derivatives policies which outline how derivatives are managed. Information on MLC s Derivative Policy is available on request. Currency management If an investment manager in Australia invests in assets in other countries, their returns in Australian dollars will be affected by movements in exchange rates (as well as changes in the value of the assets). A manager of international assets may choose to protect Australian investors against movements in foreign currency. This is known as hedging. Alternatively, the manager may choose to keep the assets exposed to foreign currency movements, or unhedged. This exposure to foreign currency can increase diversification in portfolios. Gearing Gearing can be achieved by using loans (borrowing to invest), or through investing in certain derivatives, such as futures. Gearing magnifies exposure to potential gains and losses of an investment. As a result, you can expect larger fluctuations (both up and down) in the value of your investment compared to the same investment which is not geared. Investment managers can take different approaches to gearing. Some change the gearing level to suit different market conditions. Others maintain a target level of gearing. 10 MLC Wholesale Investment Trust Product Guide

11 It s important to understand both the potential risks of gearing, as well as its potential benefits. When asset values are rising by more than the costs of gearing, the returns will generally be higher than if the investment wasn t geared. When asset values are falling, gearing can multiply the capital loss. If the fall is dramatic there can be even more implications for geared investments. For example, the lender requires the gearing level to be maintained below a predetermined limit. If asset values fall dramatically, the gearing level may rise above the limit, forcing assets to be sold when values may be continuing to fall. In turn this could lead to more assets having to be sold and more losses realised. Withdrawals (and applications) may be suspended in such circumstances, preventing you from accessing your investments at a time when values are continuing to fall. Other circumstances (such as the lender requiring the loan to be repaid for other reasons) may also prevent a geared investment from being managed as planned, leading to losses. You need to be prepared for all types of environments and understand their impact on your geared investment. Short-selling Short-selling is used by an investment manager when it has a view that an asset s price will fall. The manager borrows the asset from a lender, usually a broker, and sells it with the intention of buying it back at a lower price. If all goes to plan, a profit is made. The key risk of short selling is that, if the price of the asset increases, the loss could be significant. Although this is an extreme example, significant market falls have occurred in the past. Recovering from such falls can take many years and the geared investment s unit price may not return to its previous high. MLC Wholesale Investment Trust Product Guide 11

12 How we invest your money MLC s approach to investing We design investment solutions to deliver more reliable returns to investors. For over 25 years we ve been designing portfolios to help investors achieve their goals. The four key aspects of our marketleading investment approach are: 1. Portfolio design Our multi-asset Trusts focus on what affects investor outcomes the most asset allocation. Each asset class has its own risk and return characteristics. We allocate money between asset classes based on the following beliefs: Risk can t be avoided, but can be managed. Key to MLC s investment approach is our unique Investment Futures Framework. It guides our forward-looking approach to managing risk. You can find more information on our Investment Futures Framework at In an unpredictable and constantly changing world, we use the Framework to help continually identify the very wide range of potential market scenarios both good and bad that could occur. The Framework also helps us analyse how these scenarios could affect the risks and returns of the asset classes in the portfolios. Our investment experts use the insights from this analysis to work out the combination of asset classes that will best achieve a portfolio s objective. This helps us prepare our portfolios for future market ups and downs. Risks and returns vary through time. Our Investment Futures Framework shows us how the potential risks and returns of each asset class could change over the next three to seven years. With this information we can adjust our portfolios asset allocations to reduce the risk or improve the return potential of the portfolios. Diversification matters. Asset classes perform differently in different market conditions. Investing in many asset classes helps us smooth out the overall portfolio returns, as we can offset the ups and downs of each asset class. 2. Managing the portfolio Our Trusts have different investment objectives. That s why our investment experts select a different mix of assets and investment managers for each. Our investment managers may be specialist inhouse managers, external managers or a blend. We research hundreds of investment managers from around the world and select from the best for our portfolios. We then combine them in our Trusts so they complement each other. This multi-manager approach helps to reduce risk and deliver more consistent returns. You can find out about our current investment managers at 12 MLC Wholesale Investment Trust Product Guide

13 3. Ongoing review To make sure our portfolios are working hard for our investors, we continuously review and actively manage them. We may adjust the asset allocation, investment strategies and investment managers. This is because our assessment of the future market environment may have altered or because we have found better ways to balance risk and return in the portfolios. 4. Portfolio implementation We deliver better returns by avoiding unnecessary costs. We do this by carefully managing cash flows and changes in our Trusts. Each trust in the MLC Investment Trust uses the aspects of our approach to investing that are relevant to it. Benchmarks and assessing performance A Trust should be judged against its investment objective. Most investment objectives aim to produce returns that are comparable to a benchmark. Benchmarks used as a measure of performance are usually market indices that are publicly available. Shares are often benchmarked against a share market index and bonds against a bond market index. Other benchmarks can be based on particular industries (eg mining), company size (eg mid caps) or the wider market (eg S&P/ASX 200 or the MSCI World Index). Benchmarks for multi-asset portfolios may be made up of a combination of market indices weighted according to the benchmark asset allocation. We refer to these as composite benchmarks. Alternatively, multi-asset portfolios may be benchmarked against a single measure, such as inflation. A common index of inflation, which is the rise in the cost of living, is the Consumer Price Index (CPI). When comparing returns to a benchmark you should consider: whether the Trust s return is calculated before or after fees are deducted, the period over which the return should be measured, and a Trust is unlikely to achieve its objective in all market environments. Ethical investing Investment managers may take into account labour standards, environmental, social or ethical considerations when making decisions to buy or sell investments. At MLC, we expect our active investment managers to consider material effects these factors may have on the returns from their investments, however we don t require them to. We don t expect our passive investment managers to consider these factors. MLC Wholesale Investment Trust Product Guide 13

14 Fees and costs The fees and costs outlined in the PDSs and this Guide are for the Trusts only. If you are investing in the Trusts via an IDPS, you will need to consider the fees and other costs of the IDPS when calculating the total cost of your investment. This section shows the fees and other costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the assets of the relevant managed investment scheme as a whole. The information in this table can be used to compare fees and costs between different simple managed investment schemes. Type of fee or cost Amount How and when paid Fees when your money moves in or out of the managed investment products. Establishment fee The fee to open your investment. Contribution fee The fee on each amount contributed to your investment. Withdrawal fee The fee on each amount you take out of your investment. Exit fee The fee to close your investment. Management Costs 1 The fees and costs for managing your investment. Service fees Switching fee The fee for changing investment options. Nil Nil Nil Nil Between 0.35% and 2.14% pa 2 (including GST net of Reduced Input Tax Credit). Performance fees In addition to the above fees performance fees may be charged by some of the specialist investment managers appointed by us. We estimate that the performance fees will generally fall between % but in cases of exceptional outperformance and asset allocation changes fees may be above this range. Nil There is no establishment fee. There is no contribution fee. There is no withdrawal fee. There is no exit fee. Management costs are calculated daily on the relevant Trust s total value and reflected in the daily unit price. They are paid from the assets of the relevant Trust and are not required to be paid by you separately. If you invest directly in the Trusts, you may be able to negotiate the management costs by contacting MLC. This will only apply when the investment manager s return exceeds a specified level. There is no switching fee. 1 See Additional explanation of fees and costs on page 15 and in the PDSs for further details. 2 Rounded to the nearest two decimal places using conventional rounding. 14 MLC Wholesale Investment Trust Product Guide

15 Additional explanation of fees and costs Management costs Wholesale investors (as defined in the Corporations Act), may be able to negotiate the management costs by contacting MLC. Any reduction in costs will be rebated periodically. We suggest that you consult your tax adviser in regard to the tax treatment of any fee rebates. See Changes to fees and costs in the relevant PDS for details of the maximum fees permitted. Reimbursable expenses We are entitled to be reimbursed from the Trusts for all costs and expenses incurred in acting as Trustee or in relation to the administration and management of the relevant Trust. The expenses may include, but are not limited to, audit fees, PDS preparation and printing costs and registry services. We currently pay these costs and expenses out of the management costs and do not charge them to you as an additional cost. Fund manager payments or product access payments Fund manager payments or product access payments are commercial payments made by the Trustee to IDPS operators. These payments may be rebated to you or may be retained by the IDPS operator. How and when these payments are made vary between the Trustee and IDPS operators from time to time and are not additional costs to you. They are paid by the Trustee out of the management costs. If applicable, more specific details should be disclosed in the IDPS offer documents issued by IDPS operators. Non-monetary benefits We keep a register detailing certain non-monetary benefits that we receive (eg benefits valued between $100 and $300, genuine education or training and information technology software or support). You can review an extract of the register by contacting us. Please be aware that MLC may charge you for the cost of providing this information to you. Fees paid to the NAB Group companies We may use the services of NAB Group companies where it makes good business sense to do so and will benefit our customers. Examples of such service providers include lenders, custody and registry operators and investment managers. Amounts paid for these services are always negotiated on an arms length basis and are included in the fees detailed in the PDSs. MLC Wholesale Investment Trust Product Guide 15

16 Keeping you informed If you invest via an IDPS you can obtain information on your investment in the Trusts by contacting your IDPS. If you invest directly in the Trust we provide the following information to you: Transaction confirmation Monthly transaction statement Distribution statement Annual taxation statement Constitution Annual audited financial statement Confirms any investment, switch or withdrawal. Provides a summary of transactions and investment details for the month. Provides details of the distributions paid. Provides details of the income and capital gains paid for the financial year. This information is available on request, free of charge. Performance history Unit Pricing Policy & exceptions register Derivatives Policy Privacy Policy Product Disclosure Statement updates You can obtain a copy of the PDS on request free of charge. The PDS can be updated or replaced from time to time. 16 MLC Wholesale Investment Trust Product Guide

17 Contact details If you invest via an IDPS you should contact your IDPS for all enquiries. If you invest directly in the Trusts, the Trusts contact details are: National Australia Bank Asset Servicing Registry Services (for transaction and unitholding related matters) Telephone: Fax: Postal address National Australia Bank Asset Servicing Registry Services PO Box 1406 Melbourne VIC 3001 MLC Investments Limited (for Trustee, investment and product related matters) Telephone: (02) Fax: (02) Postal address MLC Investment Trust Level 18, 255 George Street Sydney NSW 2000 MLC Investments Limited ABN AFSL Part of the National Australia Bank Group of Companies. An investment with MLC is not a deposit or liability of, and is not guaranteed by, NAB M0614

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