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This Product Disclosure Statement (PDS) is a summary of significant information and contains a number of references to further important information in the Fee Definitions Flyer and Investment Menu (each of which forms part of the PDS).

You should consider all this information before making a decision about the product.

The information in this document is general information only and doesn’t take into account your personal financial situation or individual needs.

References within the PDS to ‘we’, ‘us’ or ‘our’ are references to the Trustee, unless otherwise stated.

We recommend you obtain financial advice tailored to your own personal circumstances.

This offer is made in Australia in accordance with Australian laws, and your super account will be regulated by these laws.

Any statement made by a third party or based on a statement made by a third party in this PDS has been included in the form and context in which it appears with the consent of the third party, which has not been withdrawn as at the date of this document.

Wherever you are in life, MLC MasterKey Superannuation Gold Star – Series 4 can help you retire with more. It’s a flexible and convenient way to save for retirement in the tax-effective environment of super.

So no matter where you’re at in your working life, we can help you structure your super to build a better retirement.

We offer a diverse range of multi and single sector asset class investment options managed by us as well as other investment managers.

This product requires you to make an investment option choice, so there are no amounts in your account that might need to be transferred to a MySuper product (which is a type of default product for members who do not make an investment choice).

This product is not open to new members.

This PDS applies to members that were transferred into the MLC Super Fund from The Universal Super Scheme on 1 July 2016.

MLC MasterKey Superannuation Gold Star – Series 4 is part of the Fund.

You can find out more about the Fund; details about the Trustee and executive remuneration; and other Fund documents required to be disclosed by the law at mlc.com.au/yoursuperfund

About MLC MasterKey Superannuation Gold Star – Series 41Contents

1 About MLC MasterKey Superannuation Gold Star – Series 4 1

2 How super works 2

3 Benefits of investing with MLC MasterKey Superannuation Gold Star – Series 4 2

4 Risks of super 3

5 How we invest your money 3

6 Fees and costs 4

7 How super is taxed 7

8 How to open an account 7

9 Other information 8

MLC MasterKey Superannuation Gold Star – Series 4Product Disclosure Statement

For more information For more information please contact us, speak with your financial adviser, or go to the online copy of this document on mlc.com.au/pds/mkgsseries4

References to mlc.com.au in the online copy of this document link directly to the additional information available.

Preparation date 23 September 2016

Issued by The Trustee NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465

The Fund MLC Super Fund ABN 70 732 426 024

Investing through super is a tax-effective way to save for your retirement which is, in part, compulsory.

The Government encourages Australians to use super to build wealth that will generate income in retirement. It’s also compulsory for contributions to be made to super for most working Australians. Tax concessions and other Government benefits generally make it one of the best long-term investment vehicles.

Contributing to your superThere are different types of contributions available to you, such as employer contributions, voluntary contributions and Government co-contributions. Generally you, your spouse or your employer can contribute to your super and help it grow faster. You can also use strategies that include Government co-contributions or arranging with your employer to contribute some of your pre-tax salary.

2 How super works

2 | MLC MasterKey Superannuation Gold Star – Series 4 Product Disclosure Statement

MLC MasterKey Superannuation Gold Star – Series 4 gives you access to sophisticated investment solutions and a range of features to help you get your money working for you. It allows you to accumulate tax-effective savings for retirement.

Also, once you have access to your super, you can request lump sum withdrawals to cover your larger spending needs.

Investments MLC’s portfolios are expertly designed and managed. As Australia’s most experienced multi-manager, MLC researches hundreds of investment managers from around the world to select some of the best ones for our investment portfolios.

Because world markets change, our portfolios are managed and evolve by actively researching these markets, and seeking new opportunities to increase returns or reduce risk.

We recognise some investors want access to extra options for managing their money. To help you do this, we also offer investment options from other managers for you and your financial adviser to choose from.

Insurance you can depend onAs the holder of a MLC MasterKey Superannuation Gold Star account, you can apply for insurance through MLC Insurance (Super) and attach it to

your account. Alternatively, if you are currently a holder of MLC Life Cover Super, you can continue to hold MLC Life Cover Super through your account. MLC Life Cover Super is closed to new applications. MLC Life Cover Super and MLC Insurance (Super) are separate products offered by the Trustee through the Fund. Before deciding to apply for MLC Insurance (Super) or continue to hold your MLC Insurance (Super) or MLC Life Cover Super, you should consider the relevant PDS, available at mlc.com.au

ReportingWe also keep you updated with regular reports and online access to your account, so you can see exactly how your investments are performing.

Contributions to your accountYour account has two parts – a Foundation Account and an Investment Account. Contributions already in the Foundation Account are kept there over the nominated funding term. When contributions to the Foundation Account have reached the prescribed level, all future contributions will be credited to the Investment Account.

Loyalty BonusThe Loyalty Bonus is an additional benefit paid to certain Members who are former Australian Eagle Accent members

Consolidating your superKeeping your super in one place makes sense. You can generally transfer the money you hold in other Australian and some overseas super accounts to your MLC super account. This gives you a single view of your money, helps you keep track of your investments and means you are only paying one set of fees for your super.

We recommend that you seek financial advice before consolidating your super as your fees and benefits may be different in each account. You should also consider whether any exit fees will apply and what effect consolidating your super may have on any insurance cover you hold in your other super accounts.

Benefits of investing with MLC MasterKey Superannuation Gold Star – Series 4

and have made regular contributions for a minimum of ten years. If your account is eligible for a Loyalty Bonus, it will be calculated and paid monthly by crediting units to your account and will be equal to 0.706% pa of the Relevant Amount, which is the portion of your total account that has been secured by regular contributions only.

ExtrasAs part of our product offer, we’re proud to give you access to member benefits that includes banking discounts, lifestyle offers, special access to reserved seating allocations for world class live events and more. There’s something in it for everyone including offers from leading brands, as well as travel offers and savings on health insurance. Just log in to mlc.com.au for more details.

In the event of your deathYour account balance can be paid to your beneficiaries or estate in the event of your death. You have the option of nominating a non-lapsing nomination which, if accepted, is binding on the Trustee, or a non-binding nomination subject to Trustee discretion. If you make no nomination, the Trustee will decide where to pay your account balance. You can make a nomination by completing the Beneficiary Nomination form available from mlc.com.au/forms_and_brochures

We recommend you speak with your financial or legal adviser for more information on estate planning.

3

Whatever strategy you choose, you can contribute via direct debit, Bpay® or credit card. You can also set up a Regular Direct Debit to make ongoing contributions from your bank account.

While you can generally contribute as much as you like (subject to age-based restrictions), you will incur additional tax if contributions exceed certain limits.

Most people have the right to choose which super fund they want their employer to make superannuation guarantee contributions into.

The law defines your eligibility to contribute, the types of contributions you can make or others can make on your behalf, and the limits on contributions, including the maximum amount you can contribute before you pay additional tax. It also sets strict limitations on when you can withdraw your super.

Generally, you can access your super after you reach preservation age (between ages 55 and 60, depending on your date of birth) and permanently retire or if you satisfy another condition of release.

To find out more go to ato.gov.au or moneysmart.gov.au

® Registered to BPAY Pty Limited ABN 69 079 137 518

MLC MasterKey Superannuation Gold Star– Series 4 Product Disclosure Statement | 3

Before you do any investing, there are some things you need to consider, including the level of risk you are prepared to accept.

This will vary depending on a range of factors including:

• your investment goals

• the savings you’ll need to reach your goals

• your age and how many years you have to invest

• where other parts of your wealth are invested, including investments outside of super, and

• how comfortable you are with investment risk.

You should read the important information about each of the investment options and the investment approach, ethical investing and the Standard Risk Measure in the Investment Menu before making a decision. Go to mlc.com.au/pds/mkgsseries4The material relating to the Investment Menu may change between the time when you read this Statement and the day when you acquire the product.

Risks of super

How we invest your money

Entrepreneur Managed FundInvestment objective:

Aims to grow your wealth for a high level of expected risk.

The investment option may be suited to you if:

• you want a diversified portfolio that invests mainly in growth assets

• you want to rely largely on the market for returns

• you want long-term capital growth, and

• you understand and accept that there can be large fluctuations in the value of your investment.

Estimated number of negative annual returns over any 20 year period (Standard Risk Measure): 5 – Medium, between 3 and 4 years in 20 years

Minimum suggested time to invest: 5 years

Target asset allocation:Cash 7%Australian fixed income 13%Global fixed income 6%Alternatives and other 5%Total defensive assets 31%Australian shares 28%Global shares (unhedged) 16%Global shares (hedged) 6%Global property securities (hedged) 4%Global private assets (hedged) 6%Alternatives and other (growth) 9%Total growth assets 69%

The target asset allocation may change over time.

Benchmark: A combination of market indices, weighted according to the benchmark asset allocation. Details of the portfolio’s current benchmark are available on mlc.com.au

Investment riskEven the simplest investment comes with a level of risk. Different investment strategies have different levels of risk depending on the assets that make up the strategy.

While the idea of investment risk can be confronting, it’s a normal part of investing. Without it you may not get the returns you need to reach your financial goals. This is known as the risk/return trade-off.

When considering your investment, it’s important to understand that:

• its value, and returns, will vary over time

• investments that potentially have higher long-term returns usually have higher levels of short-term risk

• returns aren’t guaranteed and you may lose some of your money

• future returns may differ from past returns, and

• the amount of your future super savings (including contributions and returns) may not adequately provide for your retirement.

You should read the important information about the risks of investing in the Investment Menu before making a decision. Go to mlc.com.au/pds/mkgsseries4 The material relating to risks may change between the time when you read this Statement and the day when you acquire the product.

Accessing the money you put into superBecause super is for your retirement the law is strict about how and when you can access your money. To find out more go to moneysmart.gov.au

Legislative changeJust as the Government makes rules, it can also change them. Superannuation laws may change in the future. International law changes can also impact your super. Your financial adviser can help you respond to any changes to laws on super, social security and other retirement issues.

4

5We make sophisticated investing easy. This product requires you to make an investment option choice. Any additional contributions to your account will be allocated in line with your existing investment allocation unless you state otherwise. You can choose from our diverse range of investment options, including multi-asset portfolios and asset class funds shown in the Investment Menu.

MLC’s portfolios are managed using our market-leading investment approach. If you want more choice, we offer additional investment options from other investment managers.

Before making an investment selection, you should read the information in the Investment Menu including information on fees and costs.

An example of investment information provided on each investment option is shown for the Entrepreneur Managed Fund on this page.

You can switch between investment options at any time. To switch, login to mlc.com.au or call us.

You should consider the likely return, risk and your investment timeframe when choosing an investment option.

We may change the investment objective, investment approach, benchmark, asset allocation or range in each investment option, or add new or remove investment options at any stage without prior notice to members. We will notify you of material or significant changes in accordance with the law, which may be before or after the change. Up-to-date information is available on mlc.com.au


Fees and costs

Did you know?Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns.

For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example, reduce it from $100,000 to $80,000).

You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs.

You or your employer, as applicable, may be able to negotiate to pay lower fees. Ask the fund or your financial adviser.

To find out moreIf you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (moneysmart.gov.au) has a superannuation calculator to help you check out different fee options.

This document shows fees and other costs that you may be charged. These fees and other costs may be deducted from your money, from the returns on your investment or from the assets of the superannuation entity as a whole.

Other fees, such as activity fees or advice fees for personal advice may also be charged, but these will depend on the nature of the activity or advice chosen by you.

Taxes are set out in another part of this document.

You should read all the information about fees and other costs because it is important to understand their impact on your investment.

The fees and costs for each investment option offered by the superannuation entity are set out below and in the Investment Menu.

6

MLC MasterKey Superannuation Gold Star – Series 4

Type of fee Amount How and when paid

Investment fee Investment Fees (including, where applicable, performance fees). Ranges from 0.20% pa to 2.70% pa (estimated1) depending on the options you are invested in.For the Entrepreneur Managed Fund, the estimated1 investment fee is 0.40% pa.The investment fee of an investment option may include a performance fee. The amount you pay for a specific investment option is shown in the Investment Menu.

• Reflected in the daily unit price for each investment option.

• Varies daily as investment costs change. No maximum.

Administration fee The administration fee is made up of three components, the base administration fee, the Account fee and the additional fee (applicable on Foundation Account only).The percentage applicable is based on the combined account balances you, and any eligible linked investor have in MLC MasterKey accounts.The fee refund is detailed on page 5.

Value of combined account balances

Before fee refund

After fee refund

$0 to less than $200,000 1.53% pa 1.53% pa

$200,000 to less than $400,000 1.53% pa 1.33% pa

$400,000 and over 1.53% pa 1.15% pa

• The base Administration fee is reflected in the daily unit price for each investment option in the Investment Account and Foundation Account.

• Any refund due will be calculated on your monthly account balance and paid quarterly into your Investment Account.

• The additional fee is reflected in the daily unit price for each investment option in the Foundation Account. The unit price for an investment option in the Foundation Account will therefore differ from the unit price for the same investment option in the Investment Account.

• The Account fee is deducted monthly from your account and may increase by CPI each year.

An additional fee of 3.53% pa to 5.88% pa of the value of the Foundation Account applies.Account fee: An Account fee of up to $150 pa may be charged, depending on your circumstances.

Buy-sell spread Nil • There is no buy-sell spread.

Switching fee Nil • There is no Switching fee.

Exit fee Nil

• There is no Exit fee. However, withdrawal fees may apply for the agreed term. The withdrawal fee and information about the agreed term is detailed on page 6. Before you make a decision to withdraw you should call us or check your annual statement to find out if a withdrawal fee applies.

Advice fees relating to all members investing in a particular investment option

Nil • There are no advice fees charged by us. However, if you wish, you can have amounts deducted from your account or contributions, to pay fees to your financial adviser for this product (see page 6).

Other fees and costs For details of the following other fees and costs that may apply and how and when they are paid, please refer to the ‘Additional explanation of fees and costs’ section on page 5:• Government levies• Operational Risk Financial Requirement (Reserve)• Family law costs (if applicable)

• Adviser Service fee• Contribution fee• Withdrawal fee


Additional explanation of fees and costs Taxes and tax benefitA tax benefit may apply to fees charged to your super account. All fees in the fee table on page 4 are before the tax benefit.

We charge the fees shown and then pass the tax benefit back to your super account as a credit, which effectively reduces the fees shown by up to 15% pa.

For further information on taxes see Section 7.

Fee refundThe fee refund is based on the combined account balances you, and any eligible linked investor have in MLC MasterKey accounts. Calculated on your monthly Investment Account balance and paid quarterly into your Investment Account, the fee refund is:

• 0.20% pa for combined account balances of between $200,000 and less than $400,000

• 0.38% pa for combined account balances $400,000 and over.

To receive the fee refund, your account must be open at the time the refund is paid. The fee refund is subject to change. For more details on how this refund is calculated, please contact us.

Investment manager fee rebateSome investment managers provide a rebate on their investment management fee, which we pass entirely back to your account.

The investment fees in this section of the PDS and in the Investment Menu are shown after allowing for this rebate.

Performance feeFor some investment options a performance fee may apply where investment returns exceed a specified level. Where a performance fee applies this will be included in the investment fee charged.

All fees are shown inclusive of GST and net of Reduced Input Tax Credits and stamp duty (where applicable). The information in the fees and costs table can be used to compare costs between different superannuation products.

Example of annual fees and costsThis table gives an example of how the fees and costs for the Entrepreneur Managed Fund for this superannuation product can affect your superannuation investment over a 1 year period. You should use this table to compare this superannuation product with other superannuation products.

Example – Entrepreneur Managed Fund Balance of $50,000

Investment fees 0.401% x $50,000

$200 For every $50,000 you have in the superannuation product you will be charged $200 each year.

Plus Administration fees2 1.53% x $50,000

3.53% x $5,000

$150

$765$177$150

And, you will be charged $1,092 in administration fees.

Plus Indirect costs for the superannuation product

0.23% x $50,000

$115 And, indirect costs of $115 each year will be deducted from your investment.

Equals Cost of product $1,407 If your balance was $50,000, then for that year you will be charged fees of $1,407 for the superannuation product.

Note: Additional fees may apply.

And if you leave the superannuation entity, there will be no Exit fee. You might pay a Withdrawal fee when funds are withdrawn from the Foundation Account. No Buy-sell spread is applied whenever you make a contribution, exit, rollover or investment switch.

1 For the Entrepreneur Managed Fund the investment fee is 0.40%. For more information see the Investment Menu.

2 The Administration fee is comprised of a base administration fee of 1.53% pa, an Account fee of $150 pa and an additional fee of 3.53% pa of your Foundation Account balance. The example assumes that your Foundation Account balance is $5,000 and is invested in the Entrepreneur Managed Fund. The example assumes that your Account fee is $150 pa. This is the highest Account fee and the actual fee varies per member. See your Annual Statement for the fee that applies to you.

MLC MasterKey Superannuation Gold Star – Series 4

Type of fee Amount How and when paid

Indirect cost ratio2 Ranges from Nil to 0.57% pa depending on the options you are invested in.The amount applicable for a specific investment option is shown in the Investment Menu.For the Entrepreneur Managed Fund, the indirect cost ratio is 0.23% pa.

• Reflected in the daily unit price for each investment option and may vary daily as costs change.

1 For the MLC portfolios the estimated investment fees are based on the actual fees incurred for the financial year ended 30 June 2016. For investment options other than MLC portfolios, the estimated investment fees have been provided by the underlying investment managers. The actual investment fees charged may differ from the estimated fees shown.

2 On 1 July 2016, the assets and members of The Universal Super Scheme were transferred to the MLC Super Fund. The indirect cost ratio for each investment option has been determined based on the indirect costs applicable to the corresponding investment option in The Universal Super Scheme for the financial year ended 30 June 2016.

You should read the important information about the definitions of fees in the Fee Definitions Flyer and the fees and costs in the Investment Menu before making a decision. Go to mlc.com.au/pds/mkgsseries4

The material relating to the definition of fees and the fees and costs may change between the time when you read this Statement and the day when you acquire the product.


Where applicable, an estimate of this fee is included separately in the investment fees shown in the Investment Menu.

The actual performance fee charged in future periods may differ from the estimated fee.

Performance related costsFor some investment options there may also be underlying performance related costs, which are separate to any performance fee that may be payable in relation to the investment option. These are underlying costs that may apply where the investment returns of a particular asset held within an investment option exceed a specified target.

An estimate of these costs have been included in the fees and costs in the Investment Menu. For investment options, other than MLC portfolios, you can get more information on performance fees and performance related costs by going to the investment managers’ Product Disclosure Statements available on mlc.com.au

For the MLC portfolios the estimated costs are based on the actual costs incurred for the financial year ended 30 June 2016. For investment options other than MLC portfolios, the estimated performance related costs have been provided by the underlying investment managers. Actual costs incurred may differ from the estimated costs shown.

Indirect costsWhen investing your money, we may incur costs and expenses that won’t be charged to you as a fee but will reduce the net return of the investment option. These indirect costs are reflected in the daily unit price and any reporting on the performance of the investment option, and may include transactional and operational costs. For more information see the fees and costs in the Investment Menu. Indirect costs are not paid to us.

Government leviesThe Government applies levies to super funds, which can vary in different years. To cover these, we may deduct amounts from your account at different times each year. These will be shown on your Annual Statement.

Operational Risk Financial Requirement (Reserve)The Government requires super funds to keep a financial reserve to cover any losses that members incur due to a breakdown in operations. The Reserve has been established in full by the National Australia Bank. We may require members to contribute to the Reserve in the future. If we do, we’ll notify you in advance of any deductions.

Family Law feeThe Family Law Act enables investments to be divided between parties in the event of a breakdown of a marriage or de facto relationship. We may be legally compelled to provide information to other parties in accordance with this legislation.

We may charge a fee for this service.

Fees paid to NAB group companiesWe may use the services of NAB group companies where it makes good business sense to do so and will benefit our customers.

Amounts paid for these services are always negotiated on an arms length basis and are included in all the fees detailed in this PDS.

Adviser remunerationYour financial adviser may receive a payment from us in one or more of the following ways:

• contribution based commission, and/or

• an Adviser service fee.

Any arrangement you have with your financial adviser, including fee arrangements, should be detailed in the Statement of Advice provided by them.

Contribution-based commissionThe Contribution fee is paid to your financial adviser and is calculated as a percentage of your contribution and deducted from your account at the time of each investment. The commission is negotiable with your financial adviser.

Amount How it’s paid

Up to 5.365% (inclusive of GST)

At the time you make a contribution.

Advisers may receive alternative forms of remuneration, such as conferences and professional development seminars that have a genuine education or training purpose. These are paid from the Administration fee and are not an additional cost to you.

Adviser service feeIf you consult a financial adviser, additional fees may be paid to your financial adviser.

If you receive financial advice, you can authorise for the cost of the services provided in relation to MLC MasterKey Superannuation Gold Star – Series 4 to be deducted from your account and paid to your financial adviser. You can amend (by negotiating with your financial adviser) or cancel your Adviser Service Fee at any time but this may impact upon the ongoing services provided

by your financial adviser. This fee will be in addition to the other fees described in this Product Disclosure Statement. We reserve the right to reject or terminate Adviser Service Fee arrangements.

Contribution feeA Contribution fee of up to 5% is charged each time you make a contribution.

Account feeAn Account fee may be charged of up to $150 pa, depending on your individual circumstances. The Account fee is deducted monthly from your account and may increase by CPI each year. Please check your Annual Statement for the Account fee applicable to your account.

Withdrawal fee This fee may be deducted if you withdraw amounts from the Foundation Account before the term that was agreed when you set up the account. The fee will range from 0% to 60% of the amount in the Foundation Account, calculated based on the remaining term and will not apply in the event of death or total and permanent disability. Refer to your last annual statement for the amount you would have been charged as at 30 June of the previous year. You can find out the current figure by contacting us.

Other fees we may chargeFees may be charged if you request a service not currently offered. We’ll agree any additional fee with you before providing the service.

We may charge members or the Fund generally, with actual or estimated costs of running the Fund. These may include costs resulting from Government legislation or fees that are charged by third parties. If the actual costs are less than estimated costs we have deducted from your account, the difference may be retained in the Fund and used for the general benefit of members.

Varying feesWe may vary our fees, costs or fee refunds without your consent but we’ll give you at least 30 days notice of any increase. The only exceptions is for investment fees, which vary daily with investment costs, and Government taxes and charges. Investment managers may vary their investment fees as set out in their PDS available on mlc.com.au/pds/mkgsseries4

Underlying fees and costsTo understand all of the fees and costs that might be payable for an investment, you should read this PDS and the underlying investment’s product disclosure statement or other disclosure document (if applicable). A copy of each underlying disclosure document is available on request, without additional charge, by contacting us.


To invest in MLC MasterKey Superannuation Gold Star you will need to provide your Tax File Number (TFN). If you don’t provide your TFN we’ll hold your money in trust and contact you or your financial adviser to obtain your TFN. If we don’t receive your TFN within 14 days we may return any contributions or rollovers. We will verify your TFN with the ATO. For more information visit ato.gov.au

The product is now closed to new members. Generally, cooling off rights apply to certain members of open products. As this product is closed, cooling off rights to do not apply to you in this product.

As a member of MLC MasterKey Superannuation Gold Star you are bound by the Trust Deed for the MLC Super Fund and this forms the contract between you and the Trustee. Unless told otherwise, we will assume that you’re eligible to contribute or have contributions made on your behalf to the MLC Super Fund.

This section isn’t a comprehensive and complete tax guide and is based on the laws as at 23 September 2016. Tax laws change. To keep up to date, please visit ato.gov.au. Tax on super is complex. This is general information and we recommend you seek advice from a registered tax agent to determine your personal tax obligations. We are not a registered tax agent.

Tax treatments in your account

Contributions Investment earnings

Super • Concessional contributions, such as employer and salary sacrifice contributions, are usually taxed at a rate of 15%. Generally, if your combined income and concessional contributions exceed $300,000 in an income year, an additional 15% tax will apply to your concessional contributions. If your income excluding your concessional contributions is less than $300,000, the additional 15% tax will only apply to your concessional contributions which place you in excess of the $300,000 threshold. This tax applies to you personally.

• Taxes charged within the Fund are deducted from your account as and when required or when you leave the Fund.

• Personal contributions, such as contributions made by you or your spouse for which no personal income tax deduction has been claimed, are not taxed.

Contributions made to your account will count towards your contribution limits. Additional tax and charges may be payable if you exceed these limits. Go to ato.gov.au

Taxed at a rate of up to 15%.Tax paid or payable on investment earnings is reflected in the daily unit price for each investment option.

Note: In the 2016 Federal Budget, the Federal Government announced that the income threshold at which contributions incur an additional 15% tax is proposed to reduce to $250,000 from 1 July 2017. They also announced significant changes to the taxation of superannuation and to the contribution limits. These proposals have not yet been made law. For more information, go to budget.gov.au

Tax treatments on payments to you

Lump sum withdrawals

Tax-free component: Nil.

Taxable component:

• If under the preservation age, tax of up to 22% (including Medicare Levy at 2%).

• If between the preservation age and age 59, tax-free on the first $195,000 (this is a lifetime limit which may be increased periodically).Tax is then paid on the remainder up to 17% (including Medicare Levy at 2%).

• From age 60, tax-free.

Other taxes and Government levies may apply from time to time.

If applicable, we’ll deduct the tax from your account before paying the lump sum.

Preservation age is 55 for those born before 1 July 1960 and will gradually increase to 60 depending on your date of birth. To find out your preservation age, go to ato.gov.au. A different tax treatment applies to superannuation death benefits paid to your beneficiaries or deceased estate. Go to ato.gov.au

How super is taxed7

How to open an account8Any contributions we can’t process will be held in an interest bearing trust account for up to 30 days. If during this time we accept your contribution, any interest earned will be allocated to the Fund investment pool for the general benefit of all members. If we can’t get the information we need, we’ll return the money and any interest earned will be kept by us.

Resolving complaintsWe can usually resolve complaints over the phone on 132 652. If we can’t resolve your complaint or you’re not satisfied with the outcome, please write to us at


We may decide to delay or refuse any request or transaction, including suspending an investment or withdrawal application, if we are concerned that the request or transaction may breach any obligation we have, or cause us to commit or participate in an offence, under law. We will incur no liability to you if we do so.

Temporary residentsIf you’re a temporary resident and your visa has ceased to have effect and you leave Australia permanently, you may be able to claim your superannuation from the Fund as a Departing Australia Superannuation Payment. Withholding taxes may apply to the lump sum payment. However, if you don’t make a claim within six months of the later of your visa expiring or your departure from Australia, we may be required to transfer your superannuation to the ATO as unclaimed super. In these circumstances, relying on relief from ASIC we’re not required to notify you or give you an exit statement and you’ll need to contact the ATO directly to claim your superannuation. For more information go to ato.gov.au

Other information

Contact usFor more information (including to obtain a copy of this PDS and the important information that forms part of the PDS) visit mlc.com.au or call us from anywhere in Australia on 132 652 or contact your financial adviser.

Postal address PO Box 200 North Sydney NSW 2059

Registered office Ground Floor, MLC Building 105–153 Miller Street North Sydney NSW 2060

Keeping you informedEach year, we’ll provide you with the following information so you can stay informed about your investments and any changes that may arise:

• A statement of your account with a summary of all your transactions and investment details for the financial year

• An annual report which provides an overview of the market and industry activity which may affect your investment

• Information in relation to any material changes to MLC MasterKey Superannuation Gold Star, and

• Confirmation of non-routine transactions you make on your account.

We may provide this information to you by mail, email or by making the information available on mlc.com.au We will let you know when information about your account has been made available online. If you prefer to receive updates about your account by mail, please let us know.

Information in this PDS may change from time to time. Updates in relation to information that are not materially adverse will be made available on mlc.com.au but you may not be directly notified of these updates. You may, however, obtain a paper copy of these change communications on request free of charge by contacting us.

Privacy Information We collect your personal information from you directly wherever we can, but in some cases we may collect it from third parties such as your adviser, employer, or doctor in the case of a claim. We do this to determine your eligibility and to administer the product. If personal

information is not provided, we may not be able to provide you the product or a service, or administer it appropriately. Government regulations require some information to be collected, including: company; anti-money laundering; superannuation and tax laws.

We may disclose your personal information to other NAB Group companies, and to external parties for purposes that include: account management, product development and research. For more information refer to mlc.com.au/privacy

We may also need to share your information with organisations outside Australia — a list of those countries is at nab.com.au/privacy/overseas-countries-list. We and other NAB Group companies may use your personal information to contact you about products and for marketing activities. You can let us know at any time if you no longer wish to receive these direct marketing offers by contacting us.

More information about how we collect, use, share and handle your personal information is in our Privacy Policy (mlc.com.au/privacy), including how to access or correct information we collect about you and how to make a complaint about a privacy issue. Contact us for a paper copy or if you have any questions or comments.

Anti-Money Laundering We’re required to comply with our obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and as such, we may need to collect information from you, anyone acting on your behalf or your related parties. All documents we request need to be dated, and must be a certified copy of original document(s) (not a photocopy of a certified copy of original document(s)) and sent to us within three months (not faxed or scanned copies) of the date of certification.

A130817-0916

9

PO Box 200 North Sydney NSW 2059. We’ll work to resolve your complaint as soon as possible. More information is available at mlc.com.au/complaint

If you’re not satisfied with our decision, or your complaint is not satisfactorily resolved within 90 days you can refer your complaint to the Superannuation Complaints Tribunal

by calling 1300 884 114 or emailing [email protected]. More information is available at sct.gov.au

Time limits apply to certain complaints to the Superannuation Complaints Tribunal. If you have a complaint, you should contact the Superannuation Complaints Tribunal to find out if a time limit applies.

If you have a complaint about the financial advice you received, you should follow the complaint resolution process explained in the Financial Services Guide provided by your financial adviser.

NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465. Part of the National Australia Bank Group of Companies. An investment with NULIS Nominees (Australia) Limited is not a deposit or liability of, and is not guaranteed by, NAB.

Contact usFor more information visitmlc.com.auor call us from anywhere in Australia on132652or contact your financial adviser.

This flyer defines the fees shown in theFees and Costs section of the PDS.We’rerequired by law to provide these to you.

There may be other fees and costs thatmay apply, for full details of the amountand how and when they are paid, pleaserefer to the 'Additional explanationof feesand costs' section of the PDS.

Theinformationinthisdocumentformspart of the MLCMasterKeySuperannuation Gold Star - Series 4Product Disclosure Statement (PDS),dated 23 September 2016.

TogetherwiththeInvestmentMenuandPDS, these documents should beconsidered beforemaking a decisionabout whether to invest in or continueto hold the product.

Postal addressPO Box 200North Sydney NSW 2059

Registered addressGround Floor, MLC Building

Information in this document maychange from time to time. Updates inrelation to information that are notThey are available at

mlc.com.au/pds/mkgsseries4105-153 Miller StNorth Sydney NSW 2060materially adverse may be available on

mlc.com.au but you may not be directlynotified of these updates. You may,however, obtain a paper copy of thesechange communications on request freeof charge by contacting us.

Defined fees

Activity fees A fee is an activity fee if:

a. the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee:i. that is engaged in at the request, or with the consent, of a member; orii. that relates to a member and is required by law; and

b. those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an exit fee, anadvice fee or an insurance fee.

Administration fees An administration fee is a fee that relates to the administration or operation of the superannuation entity andincludes costs incurred by the trustee of the entity that:

a. relate to the administration or operation of the entity; andb. are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an

insurance fee.

The Administration fee includes a Plan management fee and Member fee.

Advice fees A fee is an advice fee if:

a. the fee relates directly to costs incurred by the trustee of the superannuation entity because of the provision of financial productadvice to a member by:i. a trustee of the entity; orii. another person acting as an employee of, or under an arrangement with, the trustee of the entity; and

b. those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an exit fee, an activity fee or aninsurance fee.

Buy-sell spreads A buy-sell spread is a fee to recover transaction costs incurred by the trustee of the superannuation entity in relationto the sale and purchase of assets of the entity.

Exit fees An exit fee is a fee to recover the costs of disposing of all or part of members’ interests in the superannuation entity.

The FundIssued by The TrusteePreparation dateMLC Super FundABN 70 732 426 024

NULIS Nominees (Australia) LimitedABN 80 008 515 633 AFSL 236465

23 September 2016

MLC MasterKey Superannuation Gold Star - Series 4 | 1

MLCMasterKeySuperannuation Gold Star - Series 4Fee Definitions Flyer

Indirect cost ratio The indirect cost ratio (ICR) is the ratio of the total of the indirect costs for the MySuper product or an investmentoption offered by a superannuation entity, to the total average net assets of the Fund attributed to the investment option.

Note: A dollar-based fee deducted directly from a member’s account is not included in the indirect cost ratio.

Investment fees An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:

a. fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); andb. costs incurred by the trustee of the entity that:

i. relate to the investment of assets of the entity; andii. are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or

an insurance fee.

Switching fees A switching fee is a fee to recover the costs of switching all or part of a member’s interest in the superannuation entityfrom one class of beneficial interest in the entity to another.

Issu

eNo.

NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465. Part of the National Australia Bank Group of Companies. Aninvestment with NULIS Nominees (Australia) Limited is not a deposit or liability of, and is not guaranteed by or underwritten by NAB.


MLCMasterKeySuperannuation Gold Star - Series 4Fee Definitions Flyer

MLC MasterKeySuperannuation Gold Star - Series 4InvestmentMenu

The FundIssued by The TrusteePreparation dateMLC Super FundABN 70 732 426 024

NULIS Nominees (Australia) LimitedABN 80 008 515 633 AFSL 236465

23 September 2016

This menu gives you information about theinvestmentsavailablethroughMLCMasterKey

Superannuation Gold Star - Series 4.

A financial adviser can help you decide whichinvestment option is right for you.

The information in thisdocument forms part of theMLCMasterKey

4Investing withMLC

5Things to consider before you invest

13Investing inMLC portfolios Superannuation Gold Star -Series 4 Product Disclosure

14Our approach to investing Statement (PDS), dated 23September 2016. Together34Investment Options other thanMLC Portfolioswith theFeeDefinitionsFlyer,these documents should beconsidered before making adecision about whether toinvest or continue to hold theproduct. They are available atmlc.com.au/pds/mkgsseries4.

The information in this document is general information only and doesn't take into account your objectives, financial situation or individual needs. Becauseof that, before acting on this information, you should consider its appropriateness, having regards to your objectives, financial situation and needs. For moreinformation please contact us, speak with your Plan financial adviser or go to the online copy of this document onmlc.com.au.

Information in this document may change from time to time. Updates in relation to information that are not materially adverse may be made available onmlc.com.au but you may not be directly notified of these updates. You may, however, obtain a paper copy of these change communications on request free ofcharge by contacting us.

Please read the latest applicable Product Disclosure Statement and any incorporated materials before making any decision about a product.

References tomlc.com.au in the online copy of this document link directly to the additional information available.

NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 is part of the National Australia Bank Group of Companies (NAB Group). An investmentwith NULIS is not a deposit with or liability of, and is not guaranteed or underwritten by National Australia Bank Limited (ABN 12 004 044 937, AFSL 230686)or by the NAB Group.

Any statement made by a third party or based on a statement made by a third party in this document has been included in the form and context in which itappears with the consent of the third party, which has not been withdrawn as at the date of this document.

Contents

You and your adviser can choose from adiverse range of super, investment andinsurance solutions to help grow andprotect your wealth.

As your needs will change with time, we’llcontinually enhance our products andservices so you can get the best out of yourexperience with us.

Investing with usWe use experts in putting togetherportfolios for people.

Our portfolios have different investmentobjectives because we know everyone hasdifferent ideas about how their moneyshould be managed.

Ourportfoliosmake sophisticated investingstraightforward and are structured to seekto deliver more reliable returns in manypotential market environments.

And, as our assessment of world marketschanges,weevolveourportfolios tomanagenew risks and capture new opportunities.

We use specialist investment managers inour portfolios.We have the experience andresources to find someof thebestmanagersfrom around the world. Our investmentmanagers may be specialist in-housemanagers, external managers or acombination of both.

Importantly, we stay true to the objectivesof our portfolios, so you can keep on trackto meeting your goals.

Selecting investment options

Our InvestmentMenu is regularly reviewedby a committee of experienced investmentprofessionals.

A number of factors are taken intoconsideration when choosing theinvestment options for the InvestmentMenu. These may include the investmentobjective, fees, external research ratingsand the performance of the investmentoptions and our ability to efficientlyadminister the investment option. Theselection of investment options issued bycompanies eitherwholly or partially ownedbyNAB is done on an arm’s-length basis inline with the Trustee’s Conflict Of InterestPolicy.

The Fund Profile Tool

This easy to use, interactive tool willgive you greater insight into how yourmoney is managed including whereyour money is invested, how yourinvestments are performing and theinvestment fees and costs charged.

For the latest information on ourportfolios go tomlc.com.au/fundprofiletool

4 | MLC MasterKey Superannuation Gold Star - Series 4

InvestingwithMLC

Even the simplest of investments comeswith a level of risk.

While the idea of investment risk can beconfronting, it’s a normal part of investing.Without it, youmaynot get the returnsyouneed to reach your financial goals. This isknown as the risk/ return trade-off.

Many factors influence an investment’svalue. These include, but aren’t limited to:

market sentimentchanges in inflationgrowth and contraction in Australianand overseas economieschanges in interest ratesdefaults on loanscompany specific issuesliquidity (the ability to buy or sellinvestments when you want to)changes in the value of the Australiandollar, andchanges in Australian laws and those ofoverseas jurisdictions.

VolatilityThe value of an investment with a higherlevel of risk will tend to rise and fall moreoften and by greater amounts thaninvestments with lower levels of risk, thatis, it is more volatile.

Investments that have often producedhigher returns and growth in value overlong periods tend to bemore volatile in theshort term.

By accepting that volatilitywill occur, you’llbe able to manage your expectations andresist reacting to these short-termmovements. This will help you stay true toyour investment strategy, andkeepon trackto achieve your long-term goals.

When considering your investment, it’simportant to understand that:

its value will vary over timeinvestments with higher returnpotential usually have higher levels ofriskexcept to the extent of the guaranteeson the Accent and Entrepreneur CapitalGuaranteed Funds returns aren’tguaranteed, and you may lose some ofyour moneyprevious returns shouldn’t be used topredict future returns, andyour final super balance may notprovide for an adequate retirement.

Diversify to reducevolatility andother risksDiversification – investing in a range ofinvestments – is a sound way to reduceshort-term volatility and help smooth aportfolio’s returns. That’s because differenttypes of investments perform well in

different times and circumstances. Whensome are providing good returns, othersmay not be.

You can diversify across different assetclasses, industries and countries as well asacross investmentmanagerswithdifferentapproaches.

Themore youdiversify, the less impact anyone investment can have on your overallreturns.

One of themost effective ways of reducingvolatility is to diversify across a range ofasset classes.

Diversification across asset classes isjust one way of managing risk. At MLC,our multi-asset portfolios diversifyacross asset classes and investmentmanagers. Please read more about ourinvestment approach on page 14.

A financial adviser can help you clarifygoals, assist with creating a financialplan which helps you manage risk andconsider issues such as:

howmany years you have to investthe savings you’ll need to reach yourgoalsthe returnyoumayexpect fromyourinvestments, andhow comfortable you are withvolatility.


Things toconsider beforeyou invest

Types of assetsAsset classes are generally grouped as defensive, growth or alternatives (which can be both defensive and growth) because of theirdifferent characteristics.

Multi-asset portfolios include defensive, growth and alternative assets because they generally perform differently. For example,defensive assets may be in a portfolio to provide returns when share markets are weak. And growth assets may be included becauseof their potential to produce higher returns than cash in the long term. However, all types of assetsmay deliver low or negative returnsin some market conditions.

Themain differences between these types of assets are:

AlternativesGrowthDefensive

A very diverse group of assets andstrategies. Some examples includeprivate assets and hedge funds.Because alternatives are diverse, theymay be included in defensive orgrowth assets.

Shares and property securities.Cash and fixed income securities.Assets classesincluded

To provide returns that aren’tstrongly linked with those ofmainstream assets. They may beincluded to stabilise returns or toprovide long-term capital growth.

To provide long-term capital growthand income.

To stabilise returns.How they aregenerally used

Expected to produce returns andvolatility that aren’t strongly linkedtomainstream assets such as shares.

Expected to produce higher returns,and be more volatile, than defensiveassets over the long term.

Expected to produce lower returns,and be less volatile, than growthassets over the long term.

Risk and returncharacteristics



Asset classesAsset classes are groups of similar types ofinvestments. Each class has its risks andbenefits, and goes through its own marketcycle.

A market cycle can take a couple of yearsor many years as prices rise, peak, fall andthenbottomout. Through investing for thelong term, at least through a whole marketcycle, you can improve your chance ofbenefiting from a period of strong returnsand growth to potentially offset periods ofweakness.

Market cycles are different every time soyou need to be prepared for all sorts ofreturn outcomes when investing.

Here are the main asset class risks andbenefits.

CashCash is generally a low risk investment.

Things to consider:

Cash is often included in a portfolio tomeet liquidity needs and to stabilisereturns.The return is typically interest whichmay also be referred to as yield.Cash is usually the least volatile type ofinvestment. It also tends to have thelowest return over a market cycle.The market value tends not to change.However, when you invest in cash,you’re effectively lending money tobusinesses or governments that coulddefault on the loans, resulting in a losson your investment.Many cash funds invest in fixed incomesecurities that have a very short termuntil maturity.

Fixed income(including TermDeposits)When investing in fixed income, you’reeffectively lendingmoney to businesses orgovernments. Bonds are a common formof fixed income securities.

Things to consider:

Fixed income securities are usuallyincluded in aportfolio for their relativelystable return characteristics.Returns typically comprise interestincomeand changes in themarket valueof the security. Interest rates and valuestend to move in opposite directions.Therefore when interest rates rise,market values can fall andwhen interestrates fall, market values can rise.While income from fixed incomesecurities usually stabilises returns, fallsin theirmarket valuemay result in a losson your investment.Market valuesmayfall due to factors such as an increase inrates or concern about defaults on loans.There aredifferent typesof fixed incomesecurities and these will have differentreturns and volatility.Fixed income securities denominatedin foreign currencies will be exposed tomovements in exchange rates.

Property securitiesInvesting in property securities gives yourportfolio exposure to listed propertysecurities inAustralia andaround theworld.These are referred to as Real EstateInvestment Trusts (REITs).

Things to consider:

Property securities are usually includedin a portfolio for their growthcharacteristics.Returns typically comprise distributionincome and changes in REIT values.Returns are driven by many factorsincluding the economic environment invarious countries.Property securities can be volatile.Investing outside Australia meansyou’re exposed to movements inexchange rates.Australian property securities aredominated by only a few REITs andprovide limited diversification.


Australian sharesThis asset class consists of investments incompanies listed on the AustralianSecurities Exchange (and other regulatedexchanges). Shares are also known asequities.

Things to consider:

Australian shares can be volatile and areusually included in a portfolio for theirgrowth characteristics.The Australian share market is lessdiversified than the global marketbecause it is dominated by a fewindustries such as Financials andResources.Returns usually comprise dividendincome and changes in share prices.Dividendsmayhave tax credits attachedto them (known as franking orimputation credits).Returns are driven by many factorsincluding the performance of theAustralian economy.

Global sharesGlobal shares consist of investments incompanies listed on securities exchangesaround the world.

Things to consider:

Global shares can be volatile and areusually included in a portfolio for theirgrowth characteristics.The number of potential investments isfar greater than in Australian shares.Returns usually comprise dividendincome and changes in share prices.Returns are driven by many factorsincluding the economic environment invarious countries.When you invest globally, you’re lessexposed to the risks associated withinvesting in just one economy.Investing outside Australia meansyou’re exposed to movements inexchange rates.

AlternativesThese are a very diverse group of assets.Some examples include private assets,hedge funds, real return strategies,infrastructure, and gold.

Things to consider:

Because alternatives are diverse, theymay be included in a portfolio for theirdefensive or growth characteristics.Alternative investments are usuallyincluded in portfolios to increasediversification andprovide returns thataren’t strongly linked with theperformance of mainstream assets.The investment manager believes thatreturn and diversification benefits ofincluding alternative investments in aportfolio are generally expected tooutweigh the higher costs that tend tobe associated with them.Somealternative strategies aremanagedto deliver a predetermined outcome. Forexample, real return strategies aim toproduce returns that exceed increasesin the costs of living (i.e. inflation).For some alternatives, such as hedgefunds, it can be less obviouswhat assetsyou’re investing in thanwith other assetclasses.Some alternative investments areilliquid, which makes them difficult tobuy or sell.To access alternative investments yougenerally need to invest in a managedfund that, in turn, invests inalternatives.Because most alternative investmentsaren’t listed on an exchange,determining their value for a fund’s unitprice can be difficult and may involve aconsiderable time lag.Alternatives invested outside ofAustralia may expose your portfolio tomovements in exchange rates.



Private assetsInvesting in private assets gives yourportfolio exposure to assets that aren’ttraded on listed exchanges. An example ofthis is an investment in a privately ownedbusiness.

Things to consider:

Private assets are alternative assets thatare usually included in a portfolio fortheir growth characteristics.Returns are driven by many factorsincluding the economic environment indifferent countries.Private assets can be volatile and cantake years to earn a positive return.Private assets may be included in aportfolio to provide higher returns thanshare markets in the long run, and toincrease diversification.Private assets are illiquid which makesthem difficult to buy or sell.To access private assets you generallyneed to invest in a managed fund thatinvests in private assets.Because private assets aren’t listed onan exchange, determining their valuefor a fund’s unit price can be difficultandmay involve a considerable time lag.

Investment approachesInvestment managers have differentapproaches to selecting investments. Thereare generally twobroadapproaches: passiveand active management.

PassivemanagementPassive, or index managers, chooseinvestments to form a portfolio which willdeliver a return that closely tracks amarketbenchmark (or index). Passive managerstend to have lower costs because they don’trequire extensive resources to selectinvestments.

Active ManagementActive managers select investments theybelieve, based on research, will performbetter than a market benchmark.

They buy or sell investments when theirmarket outlook alters or their investmentinsights change.

The degree of activemanagement canvary.More active managers may deliver returnsquite different to the benchmark.

Activemanagershavedifferent investmentstyles and these affect their returns. Somecommon investment styles are:

Bottom-up – focuses on forecastingreturns for individual companies, ratherthan the market as a whole.Top-down – focuses on forecastingbroad macroeconomic trends and theireffect on themarket, rather than returnsfor individual companies.Growth – focuses on companies theyexpectwill have strong earnings growth.Value – focuses on companies theybelieve are undervalued (their pricedoesn’t reflect earning potential).Core – aims to produce competitivereturns in all periods.

Ethical investingInvestment managers may take intoaccount labour standards, environmental,social or ethical considerations whenmaking decisions to buy or sellinvestments.

The Trustee does not actively contemplatethese factorswhen selecting an investmentoption for inclusion on the InvestmentMenu. However, where an investmentoption is marketed by the investmentmanager as a ‘socially responsible’investment, theTrustee considerswhetherthe investment option meets the LonsecEthical SRI Classification before offering

the option to members. Lonsec assessedeach fund’s investment process andprovides a Responsible InvestmentClassification of ‘Light’, ‘Moderate’ or‘Substantial’ for each fund’s depth ofresponsible investment. If you would likefurther information on the LonsecResponsible Investment Classificationplease contact us.

Each investment manager’s approach toethical investingwill vary and is left by theTrustee to the individual discretion of theinvestment manager. This will typicallyinclude, where applicable:

the labour standardsandenvironmental,social and ethical considerations takeninto account by the investmentmanager,the extent to which such labourstandards and environmental, social orethical considerations are taken intoaccount by the investment manager,how adherence to the methodology fortaking labour standards andenvironmental, social and ethicalconsiderations into account will bemonitored and reviewed by theinvestment manager, together with thetime frame for doing so,what will ormay occur if an investmentno longer meets the investmentmanager’s ethical investing policystandards and within what time frame,andinformation about how the investmentmanager measures the extent to whichethical investing objectives are met ismeasured.

More information on the way eachinvestment manager of an investmentoption approaches ethical investing can befound in their PDS onmlc.com.au/findafund


Investment techniquesInvestment managers may use differentinvestment techniques that can change thevalue of an investment. Some of the maininvestment techniquesare explainedbelow.

DerivativesDerivatives may be used in any of theinvestment options. Derivatives arecontracts that have a value derived fromanother source such as an asset, marketindexor interest rate. There aremany typesof derivatives including swaps, options andfutures. They are a common tool used tomanage risk or improve returns.

Some derivatives allow investmentmanagers to earn large returns from smallmovements in the underlying asset’s price.However, they can lose large amounts if theprice movement in the underlying asset isunfavourable.

Investment managers have derivativespolicies which outline how derivatives aremanaged. Information on our derivativepolicy is available onmlc.com.au/derivatives

Howtheother investmentmanagers investin derivatives is included in their PDS onmlc.com.au/findafund

CurrencymanagementIf an investmentmanager invests in assetsin other countries, their returns inAustralian dollars will be affected bymovements in exchange rates (as well aschanges in the value of the assets).

A manager of international assets maychoose to protect Australian investorsagainst movements in foreign currency.This is known as ‘hedging’. Alternatively,themanagermay choose to keep the assetsexposed to foreign currency movements,or ‘unhedged’.

This exposure to foreign currency canincrease diversification in a portfolio.

GearingGearing can be achieved by using loans(borrowing to invest), or through investingin certain derivatives, such as futures.

Gearing magnifies exposure to potentialgains and losses of an investment. As aresult, you can expect larger fluctuations(both up and down) in the value of yourinvestment compared to the sameinvestment which is not geared.

Investment managers can take differentapproaches to gearing. Some change thegearing level to suit different marketconditions. Others maintain a target levelof gearing.

It’s important to understand both thepotential risks of gearing, as well as itspotential benefits. When asset values arerising by more than the costs of gearing,the returns will generally be higher than ifthe investment wasn't geared. When assetvalues are falling, gearing can multiply thecapital loss.

If the fall is dramatic there can be evenmore implications for geared investments.For example, where the lender requires thegearing level to be maintained below apredetermined limit, if asset values falldramatically, the gearing level may riseabove the limit, forcing assets to be soldwhen values may be continuing to fall.

In turn, this could lead to more assetshaving to be sold and more losses realised.Withdrawals (and applications) may besuspended in such circumstances,preventing you from accessing yourinvestments at a time when values arecontinuing to fall.

Although, this is an extreme example,significant market falls have occurred inthe past. Recovering from such falls can

take many years and the gearedinvestment’s unit price may not return toits previous high.

Other circumstances (such as the lenderrequiring the loan to be repaid for otherreasons) may also prevent a gearedinvestment from being managed asplanned, leading to losses.

You need to be prepared for all types ofenvironments andunderstand their impacton your geared investment.

Short sellingShort selling is used by an investmentmanager when it has a view that an asset’sprice will fall. The manager borrows theasset from a lender, usually a broker, andsells it with the intention of buying it backat a lower price. If all goes to plan, a profitismade. The key risk of short selling is that,if the price of the asset increases, the losscould be significant.



ConsideringaninvestmentoptionThe information below explains terms used in the fund profiles for each investment option, starting on page 15.

ExplanationTerms used in fundprofiles

Describes what the investment option aims to achieve over a certain timeframe. Most investment options aim toproduce returns that are comparable to a benchmark (see below for more information on benchmarks). Theperformance of an investment option should be judged against its objective.

Investment objective

Describes how the investment option is structured and managed.Investment approach

Suggestswhyyoumaybe interested in investing in this particular investment option. Your ownpersonal objectivesand circumstances will also affect your decision.

The investment optionmay be suited to you if ...

Investment managers suggest minimum time frames for each investment option. Investing for the minimumsuggested timeor longer improvesyour chances of achieving apositive return.However, investing for theminimum

Minimumsuggestedtimeto invest

time doesn’t guarantee a positive return outcome. Your personal circumstances should determine how long youhold an investment.

Shows the proportion of an investment option that’s invested in each asset class. The range shows the minimumand maximum amount that may be held in each asset class at any time.

Asset allocation

Benchmarks are usually market indices that are publicly available. Shares are often benchmarked against a sharemarket index and fixed income against a fixed incomemarket index. Other benchmarks can be based onparticularindustries (e.g.mining), company size or thewidermarket (e.g. S&P/ASX200or theMSCIWorld Index). Benchmarksfor multi-asset portfolios may be:

Benchmark

made up of a combination of market indices weighted according to the asset allocation (commonly known ascomposite benchmarks), ora single measure, such as inflation. A common index of inflation, which is the rise in the cost of living, is theConsumer Price Index (CPI).

When comparing returns to a benchmark you should consider:

whether the investment option’s return is calculated before or after fees and tax are deducted, andthe period over which the return should be measured.


ExplanationTerms used in fundprofiles

TheTrustee uses the StandardRiskMeasure (SRM) to help you compare the investment risk across the investmentoptions offered. The SRM is based on industry guidance to allow members to compare investment options thatare expected to deliver a similar number of negative annual returns over any 20 year period.

Estimated number ofnegative annual returnsover any 20 year period(Standard RiskMeasure) The SRM is not a complete assessment of all forms of investment risk, for instance it does not detail what the size

of a negative return could be or the potential for a positive return to be less than a member may require to meettheir objectives or the risk of the investment manager not meeting its investment objective. Further, it does nottake into account the impact of administration fees and tax on the likelihood of a negative return.Members should still ensure they are comfortable with the risks and potential losses associated with their choseninvestment option/s. Information on how the SRM is calculated is available onmlc.com.au/srm

Estimated number of negative returns in any 20year period

Risk labelRisk band

Less than 0.5Very low1

0.5 to less than 1Low2

1 to less than 2Low to medium3

2 to less than 3Medium4

3 to less than 4Medium to high5

4 to less than 6High6

6 or greaterVery high7

Shows the fees and costs for investing in each investment option, including investment fees, performance fee (ifapplicable), buy-sell spreads and indirect costs (if applicable). On 1 July 2016, the assets and members of TheUniversal Super Scheme were transferred to the MLC Super Fund. The indirect cost ratio for each option has beendetermined based on the indirect costs applicable to the corresponding option in the Universal Super Scheme forthe financial year ended 30 June 2016.

Fees and costs



We’re experts at designing and managingportfolios for investors.

Whenyou’re invested inourportfolios, yourmoney iswithAustralia’smost experiencedmulti-manager.

MLCmulti-asset portfolios

Everyone has different ideas about howtheir money should be managed, so twosets of multi-asset portfolios have beendeveloped to offer you a range of options:

MLC Inflation PlusMLCHorizon

These portfolios use our approach toinvesting described on page 14.

To help you decide which type of portfoliosuits you, we’ve outlined their key featuresin the table below.

MLC asset class funds

You may decide to tailor your investmentstrategy using our asset class funds.

These funds invest in one asset class andsuit investors looking for a completeinvestment solution for that asset class ora particular investment style.

Cash

We also offer the MLC Cash Fund as a cashoption.

Key features of the MLCmulti-asset portfolios

MLCHorizon portfoliosMLC Inflation Plus portfolios

Aims to deliver returns above theportfolios’ benchmark, anddeliver returns above inflation over a defined timeframe, and reduce risk in the portfoliowhenmarket risk is high.limit the risk of a negative return over that timeframe.

Combination of market indicesInflationBenchmark

May suit you if you value active managementvalue active managementwant to rely on us to deliver returns above inflation,rather than just relying on the market, and

want to rely largely on the market for returns, andwant to know the defensive and growth assets willbe managed within a defined range.expect the asset allocation to change significantly

over time in order to manage risk and achievereturns.

How your portfolio ismanaged

diversified across mainstream asset classes, withsome exposure to private and alternative assets andstrategies

broadly diversified across many asset classes,including private and alternative assets andstrategiesflexible asset allocation, and asset allocationmanagedwithin defined ranges, and

mostly active managers.mostly active managers.

See individual Fund Profile pagesSee individual Fund Profile pagesMore details


Investing inMLC portfolios

For over 30 years, MLC has been designingportfolios using amulti-manager approachto help investors achieve their goals.

The four key aspects of our investmentapproach are:

1. Portfolio designOur portfolios focus on what affectsinvestor outcomes the most — assetallocation. Each asset class has its own riskand return characteristics. We allocatemoney between asset classes based on thefollowing beliefs:

Risk can’t be avoided but can bemanagedTo manage our portfolios’ risk indifferent environments, we considerhow economic and market conditionsmight unfold.Our investment experts then work outthe combination of asset classes thatthey believe will best achieve aportfolio’s objective in the changingconditions.This helps us prepare our portfolios forfuture market ups and downs.Risks and returns vary through timeOur analysis of how economic andmarket conditionsmight develop showsus how the potential risks and returnsof each asset class could change over thenext three to seven years.With this informationwe can adjust ourportfolios’ asset allocations to reducethe risk or improve the return potentialof the portfolios.DiversificationmattersAsset classes perform differently indifferent market conditions.Investing in many asset classes helpsus smooth out the overall portfolioreturns, as we can offset the ups anddowns of each asset class.

2. Managing the portfolioOur portfolios have different investmentobjectives. That’s why our investmentexperts select a differentmix of assets andinvestment managers for each.

Our investmentmanagersmaybe specialistin-house managers, external managers ora combination of both.

We research hundreds of investmentmanagers fromaround theworld and selectfrom the best for our portfolios.

We then combine them in our portfolios sothey complement each other.

This multi-manager approach helps toreduce risk and deliver more consistentreturns.

You can find out about our currentinvestment managers atmlc.com.au

3. Ongoing reviewTo make sure our portfolios are workinghard for our investors, we continuouslyreview and actively manage them.

Wemayadd, close or terminate investmentoptions, as well as change or adjust theinvestmentobjective, investmentapproach,benchmark, asset allocation, investmentstrategies and investmentmanagers at anytime, without prior notice to members.

This is because our assessment of thefuture market environment may havealtered or because we have found betterways to balance risk and return in theportfolios.

4. Portfolio implementationWe deliver better returns by avoidingunnecessary costs. We do this by carefullymanaging cash flows, tax and changes inour portfolios.


Our approachto investing

MLC InflationPlus Portfolios

MLC Inflation Plus - Assertive Portfolio

Aims to deliver a return of 6% pa above inflation, before fees and tax, over 7 year periods by limitingthe risk of negative returns over this time frame.


This careful risk management approach means there may be times when the portfolio doesn’t achieveits return objective. In most circumstances the portfolio is expected to provide a positive return over7 year periods, although there will sometimes be negative returns over shorter periods.

The key aspects of the way the portfolio is managed are:Investment approach

1. Flexible asset allocation – the asset allocation is actively managed in accordance with our changingview of potential risks and opportunities in investment markets.

2. Diversification– the portfolio invests across awide range of assets and strategies. Thesemay includeboth mainstream (eg shares and government bonds) and alternative investments (eg hedge funds)that may not be widely used in other investment funds. To manage the assets and strategies, wecarefully select specialist investment managers from around the world.

3. Strong focus on risk management – the portfolio has the flexibility not to invest in an asset class ifthat would cause toomuch risk of a negative return over 7 years. Thismeans the portfoliomay havelowexposure to growth assets in somemarket conditions.However, the portfolio’s 7 year investmenttime frame means it will usually have a significant investment in growth assets.

We expect that bymanaging the portfolio in this way, movements in the portfolio’s value (both up anddown) should be less significant.The portfolio uses all aspects of our approach to investing, as outlined earlier, are used in the portfolio.In addition, the portfolio uses market-leading Investment Futures Framework to manage risk andidentify opportunities. More information about the Investment Futures Framework is onmlc.com.auTechniques such as gearing, short selling and derivativesmay be used to adjust the portfolio’sexposure toassets.These techniques and their risks are outlined in the InvestmentTechniques section.As at the issue date of this document, the portfolio has a target gearing level of 40%. This means forevery $1,000 you have invested, the portfolio targets borrowings of $400. The actual gearing levelchanges every day as a result of market movements. That’s why we monitor the portfolio’s actualgearing level against its target and regularly move the borrowings back to the target level. To maintainthe target gearing level, we may need to adjust the borrowings as well as its buy and sell assets. Thisincreased trading will incur transaction costs and realise tax gains and losses. The actual gearing levelmay move significantly away from the target, without prior notice to you, for reasons including:

significant market volatilitylegislative changesaccessing borrowings, including any lender imposed requirement to repay borrowings; andchanges to gearing costs.

Current gearing levels are available onmlc.com.au

The investment optionmay besuited to you if ...

you’re focused on achieving a return above inflation over a 7 year periodyou understand the return achieved by the portfolio may be significantly higher or lower than itsobjectiveyou understand that the portfolio’s asset allocation will change significantly over timeyou want to manage investment risk by diversifying across asset classes and strategies, andyou understand the risks of investing in a geared portfolio and are comfortable with our flexiblymanaging the gearing level up to 40%.

7 to 10 yearsMinimum suggested timeto invest


MLC Inflation Plus - Assertive Portfolio

Asset allocation ranges MaximumMinimumThe portfolio will be managedwithin these ranges.

100%0%Cash60%0%Australian fixed income60%0%Global fixed income

The most up to date assetallocations are available atmlc.com.au/fundprofiletool

70%0%Australian shares70%0%Global shares50%0%Property securities17%0%Global private assets50%0%Alternatives40%0%Gearing*120%0%Total fixed income and cash120%0%Total shares and property140%100%Total assets*

This means for every $1,000 you invest, the portfolio may borrow up to $400 (and up to $1,400 isinvested in assets). However, if asset values fall dramatically (such as in unusually adverse marketconditions), the portfolio’s gearing level may rise above 40%.

*

This portfolio is considered a fund of hedge funds by the Australian Securities and InvestmentsCommission because it uses some sophisticated investment techniques. More information aboutthis portfolio is available onmlc.com.au/fundprofiletool

Themeasure of inflation is the Consumer Price Index, calculated by the Australian Bureau of Statistics.Benchmark

6 - High, between 4 and 5 years in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)

Investment fee 1.11Estimated Investment fee (% pa)Actual fees may be different tothe estimates shown.

Indirect cost ratio 0.57Super (% pa)


MLCHorizonportfolios

MLCHorizon 1 Bond Portfolio

Aims to outperform the benchmark, before fees and tax, over 2 year periods. The return is also expectedto be higher than cash investments.


At the same time, the portfolio aims to preserve your investment over 1 year periods.

Investmentmarkets are themain driver of the portfolio’s investment returns. The portfolio’s allocationto investmentmarkets is shown in its benchmark asset allocationbelow. Thebenchmark asset allocationis invested in defensive assets.

Investment approach

We actively look for opportunities to provide better returns, or less risk, than those generated by thebenchmark asset allocation and tomanage the portfolio’s exposure to the risks of investing inmarkets.We do this by:

Researching and selecting a broad range of fixed income sectors and strategies.Adjusting the allocations to the asset classes within the defined ranges shown below.Selecting investmentmanagers fromsomeof thebest in theworld. These active investmentmanagerschoose many securities in Australia and overseas for investment.

The portfolio uses all aspects of our approach to investing, as outlined earlier. In addition, the portfoliouses the market-leading Investment Futures Framework to manage risk and identify opportunities.More information about the Investment Futures Framework is onmlc.com.au


you want a portfolio of fixed income securities that is predominantly investment grade and has anaverage term to maturity that’s normally up to 1.25 yearsyou want an actively managed portfolio that’s diversified across investment managers, types offixed income, countries, and securities, andpreservation of your investment is important.

2 yearsMinimum suggested timeto invest

100%Defensive assets

Asset class Benchmark asset allocation (%)

Ranges (%)

Cash 30% 0–60%

Australian fixed income 42% 20–70%

Global fixed income 28% 15–50%

Total defensive assets 100% 100%

BenchmarkassetallocationandrangesThe portfolio will be managedwithin these ranges. In addition,foreign currency exposures fromglobal fixed income will begenerally substantially hedged tothe Australian dollar.The benchmark asset allocationand rangemaychangeover time.The most up to date informationis available atmlc.com.au/fundprofiletool

A combination of market indices, weighted according to the benchmark asset allocation. Details of theportfolio’s current benchmark are available onmlc.com.au

Benchmark

1 - Very low, less than 1 year in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)


Indirect cost ratio Not applicable


MLCHorizon 2 Capital Stable Portfolio

Aims to outperform the benchmark, before fees and tax, over 3 year periods.Investment objectiveWe aim to achieve this by actively managing the portfolio. This includes changing the portfolio’s assetallocation to reduce risk ifmarket risk is high. As a result of reducing the allocation to higher risk assets,theremaybe smaller losses than the benchmark inweak or fallingmarkets andpotentially lower returnsthan the benchmark in strong markets.

Investmentmarkets are themain driver of the portfolio’s investment returns. The portfolio’s allocationto investmentmarkets is shown in its benchmark asset allocationbelow. Thebenchmark asset allocationhas a strong bias to defensive assets and some exposure to growth assets.

Investment approach


Researching and selecting a broad range of mainstream asset classes, and including some exposureto alternative assets and strategies.Adjusting the allocations to the asset classes within the defined ranges shown below.Selecting investment managers from some of the best in the world. These investment managers,who are mainly active managers, choose many companies and securities in Australia and overseasfor investment.



you want a diversified portfolio that invests mainly in defensive assetsyou want to rely largely on the market for returns, andpreserving your investment is an important but not overriding concern.


70Defensive assets

30%Growth assets


Ranges (%)

Cash 10% 0–20%



Alternatives and other 10% 0–15%

Total defensive assets 70% 65–75%

Australian shares 10% 0–25%

Global shares 13% 0–25%

Global property securities 2% 0–15%

Global private assets 2% 0–10%


Total growth assets 30% 25–35%

BenchmarkassetallocationandrangesThe portfolio will be managedwithin these ranges. In addition,some global assets are hedged tothe Australian dollar. Forbenchmark currency hedginglevels for global assets pleaserefer tomlc.com.au/fundprofiletoolThe benchmark asset allocationand rangemaychangeover time.The most up to date informationis available atmlc.com.au/fundprofiletool

A combination of market indices, weighted according to the benchmark asset allocation. Details of theportfolio’s current benchmark are available on mlc.com.au

Benchmark

3 - Low to medium, between 1 and 2 years in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)


0.11Super (% pa)Indirect cost ratio


MLCHorizon 3 Conservative Growth Portfolio


Investmentmarkets are themain driver of the portfolio’s investment returns. The portfolio’s allocationto investmentmarkets is shown in its benchmark asset allocationbelow. Thebenchmark asset allocationhas an approximately equal exposure to growth and defensive assets.

Investment approach





you want a diversified portfolio that has similar weightings to defensive and growth assetsyou want to rely largely on the market for returnsyou want some long-term capital growth, andyou understand that there can be moderate to large fluctuations in the value of your investment.


52%Defensive assets

48%Growth assets


Ranges (%)

Cash 4% 0–15%













Benchmark

4 - Medium, between 2 and 3 years in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)




MLCHorizon 4 Balanced Portfolio


Investmentmarkets are themain driver of the portfolio’s investment returns. The portfolio’s allocationto investmentmarkets is shown in its benchmark asset allocationbelow. Thebenchmark asset allocationhas a strong bias to growth assets and some exposure to defensive assets.

Investment approach



The portfolio uses all aspects of our approach to investing, as outlined earlier. In addition, the portfoliouses the market-leading Investment Futures Framework to manage risk and identify opportunities.More information about the Investment Futures Framework is onmlc.com.au.


you want a diversified portfolio that invests mainly in growth assetsyou want to rely largely on the market for returnsyou want long-term capital growth, andyou understand and accept that there can be large fluctuations in the value of your investment.


32%Defensive

assets

68%Growth assets


Ranges (%)

Cash 1% 0–10%













Benchmark

5 - Medium to high, between 3 and 4 years in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)




MLCHorizon 5 Growth Portfolio


Investmentmarkets are themain driver of the portfolio’s investment returns. The portfolio’s allocationto investmentmarkets is shown in its benchmark asset allocationbelow. Thebenchmark asset allocationinvests primarily in growth assets with a small exposure to defensive assets.

Investment approach





you want a diversified portfolio that invests predominantly in growth assetsyou want to rely largely on the market for returnsyou want long-term capital growth, andyou understand that there can be large fluctuations in the value of your investment.


19%Defensive

assets

81%Growth assets


Ranges (%)

Cash 0% 0–10%













Benchmark





MLCHorizon 6 Share Portfolio

Aims to outperform the benchmark, before fees and tax, over 5 year periods.Investment objectiveWe aim to achieve this return while keeping volatility (movements up and down in value) at levelssimilar to the benchmark.

Investmentmarkets are themain driver of the portfolio’s investment returns. The portfolio’s allocationto investmentmarkets is shown in its benchmark asset allocationbelow. Thebenchmark asset allocationis invested in growth assets with minimal exposure to defensive assets.

Investment approach





you want a portfolio that invests in growth assets, primarily sharesyou want to rely largely on the market for returnsyou want long-term capital growth, andyou understand that there can be very large fluctuations in the value of your investment.


2%Defensive assets

98%Growth assets


Ranges (%)










A combination of market indices, weighted according to the benchmark asset allocation. Details of theportfolio’s current benchmark are available atmlc.com.au

Benchmark


Investment fee 0.61Investment fee (% pa)Actual fees may be different tothe estimates shown.



MLCHorizon 7 Accelerated Growth Portfolio

Aims to outperform the benchmark, before fees and tax, over 5 year periods.Investment objectiveWe aim to achieve this return while keeping volatility (movements up and down in value) at levelssimilar to the benchmark.

Investmentmarkets are themain driver of the portfolio’s investment returns. The portfolio’s allocationto investment markets and gearing level are shown in its benchmark asset allocation below. Thebenchmark asset allocation is invested in growth assets with minimal exposure to defensive assets.

Investment approach


Researching and selecting a broad range of mainstream asset classes, and including some exposureto alternative assets and strategies.Adjusting the allocations to the asset classes within the defined ranges shown below.Selecting investment managers from some of the best in the world. These investment managers,who are mainly active managers, choose many companies and securities in Australia and overseasfor investment. The portfolio uses all aspects of our approach to investing, as outlined earlier. Inaddition, the portfolio uses themarket-leading Investment Futures Framework tomanage risk andidentify opportunities.More information about the InvestmentFutures Framework is onmlc.com.au

At 30 June 2016, the portfolio has a target gearing level of 30%. This means for every $1,000 you haveinvested, the portfolio targets borrowings of $300. The actual gearing level changes every day as a resultof market movements. That’s whywemonitor the portfolio’s actual gearing level against its target andregularly moves the borrowings back to the target level. To maintain the target gearing level, we mayneed to adjust the borrowings aswell as buy and sell assets. This increased tradingwill incur transactioncosts and realise tax gains and losses. The actual gearing level may move significantly away from thetarget, without prior notice to you, for reasons including:

significant market volatilitylegislative changesaccessing borrowings, including any lender imposed requirement to repay borrowings, andchanges to gearing costs.

Current gearing levels are available onmlc.com.au


youwant to gear a portfolio of growth assets (primarily shares) but don’twant the burdenof obtainingand managing your own loanyou want to rely largely on the market for returnsyou want long-term capital growthyou expect growth in the assets’ value to exceed the costs of gearing, andyou’re comfortable with the risks of gearing including extra volatility and increased risk of capitalloss.


128%Growth assets

2%Defensive assets


Ranges (%)









Gearing* (30%)

*If asset values fall dramatically (such as in unusually adverse market conditions), the portfolio’s gearing level may rise above 30%.



MLCHorizon 7 Accelerated Growth Portfolio

A combination of market indices, weighted according to the benchmark asset allocation. Details of theportfolio’s current benchmark are available atmlc.com.au

Benchmark





MLC Property Securities Fund

Aims to outperform the S&P/ASX 300 A-REIT Accumulation Index, before fees and tax, over 5 yearperiods.


The fund invests primarily in Australian property securities, including listed Real Estate InvestmentTrusts and companies across most major listed property sectors. It doesn’t normally invest in directproperty, but may have some exposure to property securities listed outside of Australia from time totime.

Investment approach

Foreign currency exposures will generally be substantially hedged to the Australian dollar.


you want to invest in an actively managed property securities portfolio that invests in Australia,with some global exposure, and diversifies across property sectors and Real Estate InvestmentTrustsyou want long-term growth in the value of your investment, andyou understand that there can be fluctuations in the value of your investment.


Target asset allocation Australian property securities85-100%Global property securities0-15%

S&P/ASX 300 A-REIT Accumulation IndexBenchmark


Investment fee 0.63Estimated Investment fee (% pa)



MLCAustralian Share Fund

Aims to outperform the S&P/ASX 200 Accumulation Index, before fees and tax, over 5 year periods.Investment objective

The fund invests primarily in companies listed (or expected to be listed) on the Australian SecuritiesExchange (and other regulated exchanges), and is typically diversified across major listed industrygroups. It may have a small exposure to companies listed outside of Australia from time to time.

Investment approach


you want to invest in an actively managed Australian share portfolio that’s diversified acrossinvestment managers, industries and companiesyou want long-term growth in the value of your investment, andyou understand that there can be very large fluctuations in the value of your investment.


100% Australian sharesTarget asset allocation

S&P/ASX 200 Accumulation IndexBenchmark





MLCAustralian Share Value Style Fund(only available to current investors in this investment option)


The fund invests primarily in companies listed (or expected to be listed) on the Australian SecuritiesExchange (and other regulated exchanges). It may have a small exposure to companies listed outsideof Australia from time to time.

Investment approach

Weprimarily use investmentmanagers that have an investment style focusing on companies that theybelieve are undervalued in relation to their earning potential.


youwant to invest in an activelymanaged, value biased, Australian share portfolio that’s diversifiedacross investment managers, industries and companiesyou want long-term growth in the value of your investment, andyou understand that there can be very large fluctuations in the value of your investment.








MLCAustralian Share Growth Style Fund(only available to current investors in this investment option)


The fund invests primarily in companies listed (or expected to be listed) on the Australian SecuritiesExchange (and other regulated exchanges). It may have a small exposure to companies listed outsideof Australia from time to time.

Investment approach

We primarily use investment managers that have an investment style focusing on companies that areexpected to have strong earnings growth.


youwant to invest in an activelymanaged, growthbiased, Australian share portfolio that’s diversifiedacross investment managers, industries and companiesyou want long-term growth in the value of your investment, andyou understand that there can be very large fluctuations in the value of your investment.








MLC IncomeBuilder

Aims to provide an income stream (excluding capital gains) that grows each year, by investing primarilyin Australian shares.


The fund invests primarily in Australian companies that have the potential to provide future growthin dividends.

Investment approach

The fund is expected to generate tax-efficient returns by:

investing in companies expected to have high franking levels, andcarefully managing the realisation of capital gains.

The fund is expected to provide returns consistent with investing in a broad range of Australiancompanies. Income is reinvested in the fund.

You want to invest in shares in Australian companies that are expected to deliver a growing dividendstream over time.

The investment optionmay be suited to you if ...



Not applicableBenchmark

7 - Very high, 6 years in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)


Investment fee 0.03Super (% pa)


MLC Global Share Fund

Aims to outperform the MSCI All Country World Index, before fees and tax, over 5 year periods.Investment objective

The fund invests primarily in companies listed (or expected to be listed) on share markets anywherearound the world, and is typically diversified across major listed industry groups.

Investment approach

Foreign currency exposures will generally not be hedged to the Australian dollar.

The investment option youwant to invest in an activelymanaged global share portfolio that’s diversified across investmentmanagers, countries (developed and emerging), industries and companiesmay be suited to you if ...you want long-term growth in the value of your investmentyou understand that there can be very large fluctuations in the value of your investment, andyou’re comfortable having foreign currency exposure.


100% Global sharesTarget asset allocation

MSCI All Country World IndexBenchmark





MLC Global Share Value Style Fund(only available to current investors in this investment option)


The fund invests primarily in companies listed (or expected to be listed) on share markets anywherearound the world.

Investment approach

Foreign currency exposures will generally not be hedged to the Australian dollar.Weprimarily use investmentmanagers that have an investment style focusing on companies that theybelieve are undervalued in relation to their earning potential.


you want to invest in an actively managed, value biased, global share portfolio that’s diversifiedacross investment managers, countries (developed and emerging), industries and companiesyou want long-term growth in the value of your investmentyou understand that there can be very large fluctuations in the value of your investment, andyou’re comfortable having foreign currency exposure.








MLC Global Share Growth Style Fund(only available to current investors in this investment option)


The fund invests primarily in companies listed (or expected to be listed) on share markets anywherearound the world.

Investment approach

Foreign currency exposures will generally not be hedged to the Australian dollar.We primarily use investment managers that have an investment style focusing on companies that areexpected to have strong earnings growth.


you want to invest in an actively managed, growth biased, global share portfolio that’s diversifiedacross investment managers, countries (developed and emerging), industries and companiesyou want long-term growth in the value of your investmentyou understand that there can be very large fluctuations in the value of your investment, andyou’re comfortable having foreign currency exposure.








CashMLC Cash Fund

Aims to outperform the Reserve Bank of Australia’s Cash Rate Target, before fees and tax, over 1 yearperiods.


The fund invests in deposits with banks (100% National Australia Bank as at 30 June 2016) and mayalso invest in other comparable high quality securities.

Investment approach

You want to invest in a low risk cash portfolio.The investment optionmay besuited to you if ...

NominimumMinimum suggested timeto invest

100% CashTarget asset allocation

Reserve Bank of Australia’s Cash Rate TargetBenchmark

2 - Low, less than 1 year in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)


Indirect cost ratio Not applicable


Investment options otherthanMLC portfolios

These are single asset class investment options from other managers

To recognise some investors want extraoptionswhen it comes tomanaging theirmoney, the investment menu includesoptions from other managers that don’tuse our approach to investing, for youand your financial adviser to choosefrom.

An overview of each manager’sinvestment objective and theirinvestment approach is provided. Youcan find further details on eachinvestment option in themanagers’ PDSonmlc.com.au/findafund. A copy ofeachPDS is available on request,withoutadditional charge, by contacting us at132 652.

The indicative investment fees willinclude any costs incurred by us andrebates from the managers.


Vanguard® Australian Fixed Interest Index Fund

To track the return (income and capital appreciation) of theBloombergAusBondComposite 0+Yr Indexbefore taking into account fund fees, expenses and tax.


The Bloomberg AusBond Composite 0+ Yr Index is a value-weighted index of approximately 500securities (bonds) issued by the CommonwealthGovernment ofAustralia, State Government authoritiesand treasury corporations, as well as investment-grade corporate issuers. Investment- grade issuers

Investment approach

are defined as those rated BBB- or higher by Standard & Poor’s or Baa3 or higher by Moody’s. Bondindices change far more quickly than share indices because bonds have a finite life (maturity). Everymaturity and inclusion of new issues changes the composition of the index and requires Vanguard tomodify the portfolio.

You want a medium-term investment horizon, seeking a steady and reliable income stream.The investment optionmay besuited to you if ...


100% Australian debt securitiesTarget asset allocation

Bloomberg AusBond Composite 0+ Yr IndexMarket Benchmark

5 - Medium to high, between 3 and 4 years in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)

Investment fee 0.31Estimated Investment feeActual fees may be different tothe estimates shown.



Vanguard® International Fixed Interest Index Fund (Hedged)

To track the return (income and capital appreciation) of the Barclays Global Treasury Index hedged intoAustralian dollars before taking into account fund fees, expenses and tax.


TheBarclays Global Treasury Index is a value-weighted index of approximately 1,200 securities (bonds)issued by the governments of approximately 34 countries. Bond indices change far more quickly thanshare indices because bonds have a finite life (maturity). Every maturity and inclusion of new issueschanges the composition of the index and requires Vanguard to modify the portfolio.

Investment approach

Youwant amediumterm investmenthorizon, seeking exposure to a diversifiedportfolio of internationalgovernment fixed interest securities.



100% Global debt securities (hedged)Target asset allocation

Barclays Global Treasury Index Hedged into Australian dollarsMarket Benchmark

4 - Medium, between 2 and 3 years in 20 years.Estimated number ofnegative annual returns(Standard RiskMeasure)




Vanguard® Australian Property Securities Index Fund

To track the return (income and capital appreciation) of the S&P/ASX 300 A-REIT Index before takinginto account fund fees, expenses and tax.


The S&P/ASX 300 A-REIT Index comprises between 20 and 30 property securities (shares) listed onthe Australian Securities Exchange (ASX). The number of securities in the index may vary from time

Investment approach

to time. These securities are Real Estate Investment Trusts and companies that own real estate assetsand derive a significant proportion of their revenue from rental income. The fund will hold all of thesecurities in the indexmost of the time, allowing for individual security weightings to vary marginallyfrom the index from time to time. The fund may invest in securities that have been removed from orare expected to be included in the index.

Youwant long-term capital growth, some tax-effective income, and you have a higher tolerance for therisks associated with share market volatility.



100% Australian property securitiesTarget asset allocation

S&P/ASX 300 A-REIT IndexMarket Benchmark





ArnhemAustralian Equity Fund

To provide investors with capital appreciation over the medium term (five years) by investing inAustralian listed securities.


The fund seeks to be fully invested in 30 to 40 securities listed on the ASX or securities of ASX listedcompanies that are dual listed on other OECDmember countries’ stock exchanges. The fund may alsoinvest in non-exchange traded securities where there is a reasonable expectation of listing on the ASX

Investment approach

within 6 months. The fund is typically invested in the securities of 35 companies. Arnhemmay (butrarely does), when considered worthwhile, use options, futures and other derivatives to reduce risk orgain exposure to physical investments.

You want to invest in an active Australian equities fund.The investment optionmay besuited to you if ...


Target asset allocation Australian shares95-100%Cash and cash equivalents0-5%






Ausbil Australian Emerging Leaders Fund

To provide returns above the benchmark over the medium to long term, before fees and tax.Investment objective

The fund invests in mid and small cap stocks primarily chosen from the S&P/ASX 300 Index, butgenerally excludes securities from the S&P/ASX 50 Leaders Index. At all times the fund will favoursectors and specific companies which it believes will experience positive earnings revisions.

Investment approach

You wish to benefit from the long-term capital gains available from share investments and arecomfortable with fluctuations in capital value in the short to medium term.



Target asset allocation Australian shares90-100%Cash0-10%

70% S&P/ASX Midcap 50 Accumulation IndexBenchmark30% S&P/ASX Small Ordinaries Accumulation Index

6 - High, between 5 and 6 years in 20 yearsEstimated number ofnegative annual returns(Standard RiskMeasure)


Indirect cost ratio (% pa) 0.07Super (% pa)


InvestorsMutual Australian Share Fund

To provide a return (after fees and expenses and before taxes) which exceeds the S&P/ASX 300Accumulation Index, over rolling four year periods.


The Fundwill invest in a diversified portfolio of quality ASX listed Australian &New Zealand industrialand resource shares, where these shares are identified by our investment team as being undervalued.

Investment approach

You want to invest in a portfolio of ASX listed Australian and New Zealand industrial and resourceshares.




S&P/ASX 300 Accumulation IndexMarket Benchmark





MLC-Vanguard Australian Share Index Fund

Aims to match the return of the S&P/ASX 200 Accumulation Index, before taking into account fees,expenses and tax.


A representative sample of shares is selected from the Index to form the portfolio. Individual securityweightings may vary marginally from the Index from time to time. The fund may invest in securitiesthat have been, or are expected to be, included in the Index.

Investment approach


you want to invest in a portfolio of Australian shares that produces similar returns to the marketyou want long-term growth in the value of your investment and some income, andyouunderstand that there canbevery large fluctuations in incomeand thevalue of your investment






Indirect cost ratio (% pa) 0.01Super (% pa)


Perennial Value SharesWholesale Trust

To provide a total return (after fees) that exceeds the S&P/ASX 300 Accumulation Index measured ona rolling three-year basis.


The fund invests in a range of companies listed (or soon to be listed) on the ASXwhich Perennial Value,the investmentmanager, believes have sustainable operations andwhose share prices offer goodvalue.The portfolio will hold in the range of 20–70 stocks.

Investment approach

You have an investment horizon of five or more years and seek exposure to a portfolio of Australian‘value oriented’ companies.




S&P/ASX 300 Accumulation IndexMarket benchmark





PerpetualWholesale Australian Share Fund

Aims to provide long-term capital growth and regular income through investment in quality industrialand resource shares and outperform the S&P/ASX 300Accumulation Index (before fees and taxes) overrolling three-year periods.


Perpetual’s priority is to select those companies that represent the best investment quality and areappropriately priced. Investments are carefully selected on the basis of four key investment criteriaconservative debt levels, sound management, quality business, and for industrial companies shares,recurring earnings.

Investment approach

The Fund invests primarily in shares listed on or proposed to be listed on any recognised Australianexchange, butmayhaveup to20%exposure to shares listedonorproposed tobe listedonany recognisedglobal exchange. Currency hedges may be used from time to time.Derivatives may be used in managing the Fund.

You want to invest in an active Australian shares fund.The investment optionmay besuited to you if ...


Target asset allocation Australian shares90–100%Cash0–10%




Indirect cost ratio Not available


PerpetualWholesale Ethical SRI Fund

Aims to provide long-term capital growth and regular income through investment in quality shares ofsocially responsible companies and outperform the S&P/ASX 300 Accumulation Index (before fees andtaxes) over rolling three-year periods.


Perpetual’s priority is to select those companies that represent the best investment quality and areappropriately priced. Investments are carefully selected on the basis of four key investment criteria:

Investment approach

conservative debt levels, sound management, quality business, and for industrial companies shares,recurring earnings. Perpetual also utilises a strategy for screening ethical and socially responsibleinvestments.The Fund invests primarily in shares listed on or proposed to be listed on any recognised Australianexchange, butmayhaveup to20%exposure to shares listedonorproposed tobe listedonany recognisedglobal exchange. Currency hedges may be used from time to time.Derivatives may be used in managing the Fund.

You want to invest in an Australian shares fund that invests in socially responsible companies.The investment optionmay besuited to you if ...


Target asset allocation Australian shares90–100%Cash0–10%






PerpetualWholesale Smaller Companies FundNo. 2

Aims toprovide long-termcapital growthand income through investment inqualityAustralian industrialand resources shares which, when first acquired, do not rank in the S&P/ASX 50 Index and outperformtheS&P/ASXSmall OrdinariesAccumulation Index (before fees and taxes) over rolling three-year periods.


Perpetual researches companies of all sizes using consistent share selection criteria. Perpetual’s priorityis to select those companies that represent the best investment quality and are appropriately priced.Investments are carefully selected on the basis of four key investment criteria: conservative debt levels,sound management, quality business, and for industrial companies shares, recurring earnings.

Investment approach

TheFundmay invest in shares listed onor proposed to be listed onany recognisedAustralian exchange.Derivatives may be used in managing the Fund.

You want to invest in a smaller companies Australian shares fund.The investment optionmay besuited to you if ...


Target asset allocation Australian smaller companies shares80–100%Cash0–20%

S&P/ASX Small Ordinaries Accumulation IndexMarket benchmark





SchroderWholesale Australian Equity Fund

Aims to outperform the S&P/ASX 200 Accumulation Index after fees over the medium to long term byinvesting in a broad range of companies from Australia and New Zealand.


Schroder’s investment philosophy is corporate value creation or the ability to generate returns on capitalhigher than the cost of capital. This leads to sustainable share price out-performance in the long term.The investment process is a combination of qualitative industry and company competitive positionanalysis, and quantitative financial forecasts and valuations.

Investment approach

You want to invest in an active Australian shares fund.The investment optionmay besuited to you if ...








MLC PlatinumGlobal Fund(only available to current investors in this investment option)

Aims to provide capital growth over the long-term through searching out undervalued listed (andunlisted) investments around the world.


The fund primarily invests in listed securities. The fund will ideally consist of 100 to 200 securitiesthat Platinumbelieves to be undervalued by themarket. Cashmaybeheldwhenundervalued securitiescannot be found. Platinummay short sell indices that it considers overvalued. Platinumdoesn't engagein short selling of securities.

Investment approach

Platinummay use derivatives for risk management purposes to protect the fund from either beinginvested or uninvested, and to take opportunities to increase returns (eg to gain access to markets notreadily available to foreign investors, to build a position in selected companies or issues of securitiesas a short-term strategy to be reversedwhenphysical positions are purchased, and to create short indexpositions).The fund's currency exposure is actively managed.This fund is considered ahedge fundby theAustralian Securities and Investments Commission becauseit uses some sophisticated investment techniques.More information about this fund is available on the Fund Profile Tool onmlc.com.au/fundprofiletool


you believe in the long-term wealth creation potential of share investmentsyou wish to achieve investment diversification by accessing international shares opportunities,andyou accept that returns over the shorter termmay fluctuate and that returnsmay even be negative.


Target asset allocation Global shares65–100%Cash0–35%

MSCI All Country World Net Index (for performance comparisons only)Benchmark



Indirect cost ratio (% pa) Not available


Platinum International Fund

To provide capital growth over the long-term through searching out undervalued listed (and unlisted)investments around the world.


The fund primarily invests in listed securities. The Portfolio will ideally consist of 100 to 200 securitiesthat Platinum believes to be undervalued by the market.

Investment approach

Cash may be held when undervalued securities cannot be found. Platinummay short sell securitiesthat it considers overvalued.The fund will typically have 50% or more net equity exposure. Derivatives may be used for riskmanagement purposes and to increase returns. The underlying value of derivatives may not exceed100% of the Net Asset Value (NAV) of the fund and the underlying value of long stock positions andderivatives will not exceed 150% of the NAV of the fund. Currency exposures are actively managed.This fund is considered ahedge fundby theAustralian Securities and Investments Commission becauseit uses some sophisticated investment techniques. More information about this fund is available in theinvestment manager’s PDS available onmlc.com.au/findafund


you believe in the long-term wealth creation potential of share investments;youwish to achieve investmentdiversificationbyaccessing international sharemarket opportunities;andyou accept that returns over the shorter termmay fluctuate and that returnsmay even be negative.


Target asset allocation Global shares0–100%Cash0–100%

MSCI All Country World Net IndexMarket benchmark





PMCAPITAL Global Companies Fund

To provide long term capital growth and outperform the greater of the MSCI All Country World NetTotal Return Index (AUD) or RBA cash rate over rolling seven year periods. The Fund is not intendedto replicate the index.


PM CAPITAL believes that the best way to preserve and enhance wealth is to ‘buy a good business ata good price’. The Fund will typically hold between 25–45 globally listed equities, and may:

Investment approach

invest in cash (up to 100% of assets) if it cannot find appropriate investments, oruse leverage,use option strategies,hold interest bearing debt securities,use derivatives, andshort sell stocks.

This fund is considered ahedge fundby theAustralian Securities and Investments Commission becauseit uses some sophisticated investment techniques. More information about this fund is available in theinvestment manager’s PDS available onmlc.com.au/findafund

You’re comfortablewith the risks involved in sharemarket investing and are prepared to take a genuinelong-term investment horizon.



Net Asset allocation range (incl. derivatives)Target asset allocationGlobal equities0– 110%Debt securities0–30%Other (MIS, unlisted investments)0–10%Cash0–100%

MSCI World Net Total Return IndexMarket benchmark


Investment fee 1.21Investment fee (% pa)Actual fees may be different tothe estimates shown. 1.49Estimated performance fee

2.70Total



Vanguard® International Shares Index Fund (Hedged)

To track the return (income and capital appreciation) of the MSCI World (ex-Australia) Index (netdividends reinvested), hedged into Australian dollars, before taking into account fund fees, expensesand tax.


The fundmeets its investment objective by investing in theVanguard International Shares IndexFund,forward foreign exchange contracts and futures. Vanguard may, at its discretion, commence investingdirectly in the securities that are, have been or are expected to be in the index.

Investment approach

You are seeking long-term capital growth, some income, international diversification, andwith a highertolerance for the risks associated with share market volatility.



100% Global shares (hedged)Target asset allocation

MSCI World (ex-Australia) Index (net dividends reinvested), hedged into Australian dollarsMarket benchmark





Vanguard Intl Shares Index Fund (Unhedged)

To track the return (income and capital appreciation) of the MSCI World (ex-Australia) Index (netdividends reinvested), in Australian dollars, before taking into account fund fees, expenses and tax.


The fund will hold most of the securities in the Index, allowing for individual security weightings tovary from the Index from time to time. The fund may invest in securities that have been removed, orare expected to be included in the Index. The fund will be fully exposed to the fluctuating values offoreign currencies, as there will not be any hedging of foreign currencies to the Australian dollar.

Investment approach

You are seeking long-term capital growth, some income, international diversification, andwith a highertolerance for the risks associated with share market volatility.




MSCI World (ex-Australia) Index (net dividends reinvested), in Australian dollarsMarket benchmark





Accent Capital Guaranteed Fund(only available to current investors in this investment option)

Aims to provide returns higher than cash over time and a high level of capital security.Investment objective

The fund is actively managed and broadly diversified within asset classes, across asset classes andacross investment managers. These managers invest in many companies and securities around theworld. National Wealth Management Services Ltd guarantees the value of your investment in the fund(before the deduction of fees and tax).

Investment approach

This guarantee has the effect that the unit price, before the deduction of taxes and fees, cannot fall.To smooth out the ups and downs of the rate over time an interest equalisation reserve is maintained.The reserve is topped up when the net earning rate is greater than the declared earnings rate, andamounts are taken out when the net earning rate is below the declared earnings rate. Over time, all netearnings are attributable to continuing capital guaranteed policyholders. NationalWealthManagementServices Ltd maintains the interest equalisation reserve.


you want to invest almost entirely in defensive assets, andyou give priority to preserving your capital.


Benchmark asset allocation

90%Defensive assets

10%Growth assets

Asset classBenchmark asset

allocation (%)

Cash 30%

Fixed income 60%

Total defensive assets 90%

Australian shares 5%

Global shares (hedged) 3%

Global property securities (hedged) 2%

Total growth assets 10%

1 - Very low, less than 1 year in 20 yearsEstimated number ofnegative annual returns(Standard RiskMeasure)




Entrepreneur Capital Guaranteed Fund(only available to current investors in this investment option)

Aims to provide returns higher than cash over time and a high level of capital security.Investment objective

The fund is actively managed and broadly diversified within asset classes, across asset classes andacross investment managers. These managers invest in many companies and securities around theworld. National Wealth Management Services Ltd guarantees the value of your investment in the fund(before the deduction of fees and tax).

Investment approach

This guarantee has the effect that the unit price, before the deduction of taxes and fees, cannot fall.To smooth out the ups and downs of the rate over time an interest equalisation reserve is maintained.The reserve is topped up when the net earning rate is greater than the declared earnings rate, andamounts are taken out when the net earning rate is below the declared earnings rate. Over time, all netearnings are attributable to continuing capital guaranteed policyholders. NationalWealthManagementServices Ltd maintains the interest equalisation reserve.


you want to invest almost entirely in defensive assetsyou give priority to preserving your capital.


Benchmark asset allocation

90%Defensive assets

10%Growth assets

Asset classBenchmark asset

allocation (%)

Cash 30%

Fixed income 60%

Total defensive assets 90%

Australian shares 5%

Global shares (hedged) 3%

Global property securities (hedged) 2%

Total growth assets 10%

1 - Very low, less than 1 year in 20 yearsEstimated number ofnegative annual returns(Standard RiskMeasure)




AccentManaged Fund(only available to current investors in this investment option)

Aims to grow your wealth for a high level of expected risk.Investment objective

The portfolio has a strong bias to growth assets and some exposure to defensive assets.Investment approachThe portfolio is broadly diversified across asset classes and investment managers from around theworld. These managers invest in many companies and securities in Australia and overseas.




Target asset allocation Cash7%Australian fixed income13%Global fixed income6%Alternatives and other (defensive)5%Total defensive assets31%Australian shares28%Global shares (unhedged)16%Global shares (hedged)6%Global property securities (hedged)4%Global private assets (hedged)6%Alternatives and other (growth)9%Total growth assets69%


5 -Medium to high, between 3 and 4 years in 20 yearsEstimated number ofnegative annual returns(Standard RiskMeasure)




EntrepreneurManaged Fund(only available to current investors in this investment option)








5 - Medium, between 3 and 4 years in 20 yearsEstimated number ofnegative annual returns(Standard RiskMeasure)




National Balanced Fund(only available to current investors in this investment option)



• you want a diversified portfolio that invests mainly in growth assetsThe investment optionmay besuited to you if ... • you want to rely largely on the market for returns

• you want long-term capital growth, and• you understand and accept that there can be large fluctuations in the value of your investment.




5 - Medium to high, between 3 and 4 years in 20 yearsEstimated number ofnegative annual returns(Standard RiskMeasure)




INSIDE BACK COVER

Formore information call the Trusteefromanywhere inAustraliaon132652or contact your financial adviser.

Postal address

PO Box 200North Sydney NSW 2059

Registered office

Ground Floor, MLC Building105-153 Miller StNorth Sydney NSW 2060

mlc.com.au

Issu

eNo.

NULISNominees (Australia) LimitedABN80008 515 633AFSL 236465. Part of theNational Australia BankGroupof Companies. An investment with NULIS Nominees (Australia) Limited is not a deposit or liability of, and is notguaranteed by or underwritten by NAB.

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