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1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust). As the Responsible Entity, were responsible for all aspects of operating the Trust, including administration of the assets and investment policy. National Australia Bank Limited (NAB) provides unit registry services to the Trust via its agreement with OneVue Fund Services Pty Ltd (Registry Services). MLC is a member of the National Australia Bank Limited Group of companies (NAB Group). We believe the best way to manage our portfolios is to employ the skills of multiple specialist investment managers. Weve appointed MLC Asset Management Services Limited (MLC Asset Management) to advise on and manage the Trusts investments. Our investment experts have extensive knowledge and experience in designing and managing portfolios using a multi-manager investment approach. Who you go through life with makes all the difference MLC has been looking after the investment needs for generations of Australians. Our experience has taught us investors have different needs, and these change over time. We've created a diverse range of investment solutions so you can grow your wealth the way you want to. And, well continually enhance our products and services to make the most of changing investment opportunities. MLC Wholesale Australian Share Fund Product Disclosure Statement ARSN: 087 447 078 APIR code: MLC0262AU Preparation Date: 16 October 2020 Contents 1 1. About MLC Investments Limited 2 2. How the Trust works 3 3. Benefits of investing in the Trust 3 4. Risks of managed investment schemes 4 5. How we invest your money 5 6. Fees and costs 7 7. How managed investment schemes are taxed 7 8. How to apply 7 9. Other information Important information This Product Disclosure Statement (PDS) summarises significant information about the MLC Wholesale Australian Share Fund ARSN 087 447 078 (Trust). It also contains a number of references to important information in the MLC Investment Trusts Product Guide (Product Guide) marked with an symbol. The Product Guide is a separate document which forms part of this PDS. This PDS and the Product Guide contain important information you should consider before making an investment decision in relation to the Trust. The information provided in this PDS is general information only and does not take into account your personal financial situation or needs. We recommend you obtain financial advice for your own personal circumstances before making any investment decision. These documents are available from mlcam.com.au/MLCWholesale/pds or you can request a copy free of charge by calling us or your investor directed portfolio service, IDPS-like scheme, master trust or wrap operator (collectively referred to as an IDPSin this PDS). To invest directly in the Trust, you must have received the PDS (electronically or otherwise) within Australia or New Zealand and meet the eligibility requirements set out in the accompanying Product Guide. The information in these documents is up to date at the time of preparation and may change from time to time. If a change is considered materially adverse, we will issue a replacement PDS. Information that is not materially adverse to investors can be updated by us and will be published on our website mlcam.com.au/MLCWholesale/pds. A paper copy of any updates will be provided free of charge upon request. You should check you have the most up to date version before making an investment decision. All amounts in these documents are in Australian dollars unless stated otherwise. MLC Investments Limited, the responsible entity of the Trust (Responsible Entity), is a fully owned subsidiary within the National Australia Bank Limited Group of companies (NAB Group). No company in the NAB Group guarantees the capital value, payment of income or performance of the Trust. An investment in the Trust does not represent a deposit with or liability of the NAB Group and is subject to investment risk, including possible delays in repayment and loss of income and principal invested. This Trust is no longer a complying investment under the rules applicable to significant investor visa holders in the Migration Act 1958 (Cth) and the Migration Regulations 1994 (Cth). References in this document to MLC, we, ouror usshould be read as references to MLC Investments Limited in its capacity as Responsible Entity. Issued by: The Responsible Entity, MLC Investments Limited ABN 30 002 641 661 AFSL 230705

MLC Wholesale Australian Share Fund · 1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust)

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Page 1: MLC Wholesale Australian Share Fund · 1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust)

1. About MLCInvestments LimitedMLC Investments Limited (MLC) is theResponsible Entity for the MLC WholesaleAustralian Share Fund (Trust).

As the Responsible Entity, we’re responsiblefor all aspects of operating the Trust,including administration of the assets andinvestment policy.

National Australia Bank Limited (NAB)provides unit registry services to the Trustvia its agreement with OneVue FundServices Pty Ltd (Registry Services).

MLC is a member of the National AustraliaBank Limited Group of companies (NABGroup).

We believe the best way to manage ourportfolios is to employ the skills of multiplespecialist investment managers.

We’ve appointed MLC Asset ManagementServices Limited (MLC Asset Management)to advise on and manage the Trust’sinvestments. Our investment experts haveextensive knowledge and experience indesigning and managing portfolios using amulti-manager investment approach.

Who you go through life withmakes all the differenceMLC has been looking after the investmentneeds for generations of Australians.

Our experience has taught us investors havedifferent needs, and these change over time.

We've created a diverse range of investmentsolutions so you can grow your wealth theway you want to.

And, we’ll continually enhance our productsand services to make the most of changinginvestment opportunities.

MLC Wholesale AustralianShare FundProduct Disclosure StatementARSN: 087 447 078 APIR code: MLC0262AUPreparation Date: 16 October 2020

Contents

11. About MLC Investments Limited

22. How the Trust works

33. Benefits of investing in the Trust

34. Risks of managed investment schemes

45. How we invest your money

56. Fees and costs

77. How managed investment schemes aretaxed

78. How to apply

79. Other information

Important information

This Product Disclosure Statement (PDS) summarises significant information about the MLC Wholesale Australian Share Fund ARSN 087 447 078(Trust).

It also contains a number of references to important information in the MLC Investment Trusts Product Guide (Product Guide) marked withan symbol. The Product Guide is a separate document which forms part of this PDS. This PDS and the Product Guide contain important informationyou should consider before making an investment decision in relation to the Trust. The information provided in this PDS is general informationonly and does not take into account your personal financial situation or needs. We recommend you obtain financial advice for your own personalcircumstances before making any investment decision.

These documents are available from mlcam.com.au/MLCWholesale/pds or you can request a copy free of charge by calling us or your investordirected portfolio service, IDPS-like scheme, master trust or wrap operator (collectively referred to as an ‘IDPS’ in this PDS). To invest directly inthe Trust, you must have received the PDS (electronically or otherwise) within Australia or New Zealand and meet the eligibility requirements setout in the accompanying Product Guide.

The information in these documents is up to date at the time of preparation and may change from time to time. If a change is considered materiallyadverse, we will issue a replacement PDS. Information that is not materially adverse to investors can be updated by us and will be published onour website mlcam.com.au/MLCWholesale/pds. A paper copy of any updates will be provided free of charge upon request. You should check youhave the most up to date version before making an investment decision. All amounts in these documents are in Australian dollars unless statedotherwise.

MLC Investments Limited, the responsible entity of the Trust (Responsible Entity), is a fully owned subsidiary within the National Australia BankLimited Group of companies (NAB Group). No company in the NAB Group guarantees the capital value, payment of income or performance ofthe Trust. An investment in the Trust does not represent a deposit with or liability of the NAB Group and is subject to investment risk, includingpossible delays in repayment and loss of income and principal invested. This Trust is no longer a complying investment under the rules applicableto significant investor visa holders in the Migration Act 1958 (Cth) and the Migration Regulations 1994 (Cth).

References in this document to ‘MLC’, ‘we’, ‘our’ or ‘us’ should be read as references to MLC Investments Limited in its capacity as ResponsibleEntity.

Issued by: The Responsible Entity, MLC Investments LimitedABN 30 002 641 661 AFSL 230705

Page 2: MLC Wholesale Australian Share Fund · 1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust)

Investing with usOur portfolios have different investmentobjectives because we know everyone hasdifferent ideas about how their money shouldbe managed.

Our portfolios make sophisticated investingstraightforward.

Our investment experts use a market-leadinginvestment approach to structure ourportfolios with the aim of delivering morereliable returns in many potential marketenvironments. And, as their assessment ofworld markets changes, our portfolios areevolved to manage new risks and capture newopportunities.

We use specialist investment managers in ourportfolios. Our investment experts researchhundreds of investment managers fromaround the world and select the managers theybelieve are the best for our portfolios. Ourinvestment managers may be specialistin-house managers, external managers or acombination of both.

Importantly, we stay true to the objectives ofour portfolios so you can keep on track tomeeting your goals.

Keeping up to dateThe latest information on the Trust is availableon our Fund Profile Toolat mlcam.com.au/MLCWholesale. It’s an easyto use, interactive tool that gives you insightinto how your money is managed includingwhere your money is invested, currentinvestment managers and how yourinvestments are performing.

2. How the Trust worksThe MLC Wholesale Australian Share Fund isone of MLC’s asset class portfolios. It investsin Australian shares and suits investorslooking for a complete investment solution forthat asset class.

The Trust uses the MLC approach to investingand benefits from the strength of our managerresearch capability, experience and knowledgeof investing.

About the TrustThe Trust operates like most other managedinvestment schemes. Your money is pooledtogether with other investors’ money to buyinvestments which are managed on behalf ofall investors.

When you invest in a managed investmentscheme, such as the Trust, you gain exposureto investments that you may not ordinarilyhave access to, if you invest on your own.

When your money is paid into the Trust, youare issued with units and when money is paidout, your units are cancelled.

The unit price will reflect, among other things,the performance of the underlying assets,which are in turn influenced by movementsin investment markets.

Our unit pricing philosophy is availableat mlc.com.au. For more details on our policiesrelating to unit pricing please contact us.

The Trust is part of a larger suite of wholesaletrusts collectively known as the MLCInvestment Trusts. The PDSs for othertrusts in the suite are availableat mlcam.com.au/MLCWholesale/pds

You should read the relevant PDS beforemaking an investment decision in respect ofthese trusts.

The Trust is governed by its constitution andis registered with the Australian Securities andInvestments Commission (ASIC). ASIC takesno responsibility for this PDS or the operationof the Trust by MLC.

Investing via an IDPSThe most common way to access the Trust isvia an IDPS.

If you invest in the Trust through an IDPS,then you don’t hold units in the Trust and youhave none of the rights of a unitholder.Instead, the IDPS holds units on your behalf.

Investing through an IDPS may result indifferent conditions applying from thosereferred to in this PDS including:

minimum balance requirements

fees and other costs

cooling-off rights

how to transact on your investment

timing of processing of transactions andpayment of distributions and withdrawals,and

provision of statements and otherinformation.

You should contact your financial adviser orIDPS operator for further information.

We authorise the use of this PDS as disclosureto persons who wish to access the Trustthrough an IDPS.

This PDS must be read together with offerdocuments provided by the IDPS operator.

Applications and withdrawalsWe have the discretion to accept or refuse anyinitial application or additional investmentwithout explanation.

You can request a partial or a full withdrawalto a nominated bank account at any time bysending a completed Application/InstructionForm by post or emailing a scanned copy toRegistry Services. The Application/InstructionForm is available on request from uson 1300 738 355.

Generally, withdrawal requests will be actionedby us promptly to enable us to make paymentswithin 10 Business Days. Actioning ofwithdrawal requests and payment may bedelayed, for example, if underlying assets needto be sold. In certain circumstances, such aswhen there are adverse market conditions, wemay suspend withdrawals. We may alsoprocess requests in instalments over a periodof time and may also suspend processing ofrequests we have already accepted. In certaincircumstances we may refuse a withdrawalrequest.

Where withdrawals are delayed, suspended orbeing paid in instalments, the unit prices used

for a withdrawal will be those available on theday the withdrawal takes effect, rather thanthe day of the withdrawal request.

In the unlikely event that the Trust is no longerliquid (as defined in the Corporations Act 2001(Cth)), you may only withdraw your funds inaccordance with any withdrawal offer that wemake.

Income distributionsThe income of the Trust will generally becalculated effective the last Sunday ofSeptember, December and March and 30 Juneeach year. We generally aim to pay incomedistributions within 7 Business Days of thecalculation date.

Distributions are generally calculated basedon the Trust’s net income at the end of thedistribution period divided by the number ofunits on issue.

There may be periods in which nodistributions are made or the Trust may makeadditional distributions.

Our current practice is to generally distributeall of the net taxable income of the Trust toinvestors each financial year (including netcapital gains and any net gains on currencymanagement). As the Trust is an AttributionManaged Investment Trust (AMIT), we havethe discretion to accumulate income (insteadof distributing all of the income) and if we doso, the accumulated income will be reflectedin the unit price. We intend to continue ourcurrent practice to distribute all of the income(including any capital gains) for each year. Wewill notify you if this changes.

Investing directly in the TrustTo invest directly in the Trust you must havereceived this PDS (electronically or otherwise)within Australia and be a ‘wholesale client’ asdefined by the Corporations Act 2001 (Cth). Youalso need to maintain a minimum balance of$500,000. We may accept lower amounts atour discretion. We may redeem yourunitholding if your account balance falls below$500,000.

You must complete and sign the Trust’sapplication forms and send them to us withyour initial application money. You can makeadditional investments by electronic fundstransfer (EFT).

Once your application is accepted, you holdunits in the Trust and have the rights of aunitholder.

New Zealand investors may also be eligible toinvest in the Trust provided they satisfy theeligibility criteria described in the ProductGuide.

You should read the importantinformation about How the Trusts workbefore making a decision. Go to theProduct Guide availableat mlcam.com.au/MLCWholesale/pds

The material relating to How the Trustswork may change between the timewhen you read this statement and theday when you acquire the product.

2 | MLC Wholesale Australian Share Fund Product Disclosure Statement

Page 3: MLC Wholesale Australian Share Fund · 1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust)

3. Benefits of investingin the TrustComplete asset class solutionThe Trust brings together a specificcombination of investment managers and isan easy way to gain access to a sophisticatedAustralian share strategy.

Aims for above-benchmark returnsThe Trust’s performance can be compared toits market benchmark, the S&P/ASX 200 TotalReturn Index.

To achieve above-benchmark returns (beforefees), the Trust is an actively managedportfolio of companies listed (or expected tobe listed) on the Australian SecuritiesExchange (and other regulated exchanges), andis typically diversified across major listedindustry groups. It may have a small exposureto companies listed outside of Australia fromtime to time.

Experience and track recordThe Trust is designed and managed usingMLC’s investment approach. Our investmentexperts have been successfully investing thisway for over 35 years, helping clients achievetheir investment goals.

Multi-manager approachWe use many specialist investment managersto find some of the best investmentopportunities for the Trust.

Extensive diversificationThe Trust is diversified across differentinvestment managers, industries andcompanies to enhance returns and managerisk.

4. Risks of managedinvestment schemesBefore you invest, there are some things youneed to consider. How much risk you'reprepared to accept is determined by variousfactors, including:

your investment goals

the savings you’ll need to reach these goals

your age and how many years you have toinvest

where your other assets are invested

the return you may expect from yourinvestments, and

how comfortable you are with investmentrisk.

Investment riskAll investments come with some risk. Someinvestments will have more risk than others,as it depends on the investment’s strategy andassets.

The value of an investment with a higher levelof risk will tend to rise and fall more often andby greater amounts than investments withlower levels of risk, ie it’s more volatile.

While it may seem confronting, investmentrisk is a normal part of investing. Without ityou may not get the returns you need to reachyour investment goals. This is known as therisk/return trade-off.

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

market sentiment

changes in inflation

growth and contraction in Australian andoverseas economies

changes in interest rates

defaults on loans

company specific issues

liquidity (the ability to buy or sellinvestments when you want to)

changes in the value of the Australian dollar

investments and withdrawals by otherinvestors

changes in Australian and overseas laws,and

a counterparty not meeting its obligationseg when buying securities, the seller maynot deliver on the contract by failing toprovide the securities.

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

its value and returns will vary over time

investments with higher long-term returnpotential usually have higher levels ofshort-term risk

returns aren’t guaranteed and you may losemoney

future returns will differ from past returns,and

laws affecting your investment may changein future.

Investment techniquesOur investment experts and investmentmanagers may use different investmenttechniques that can change the value of aninvestment. Derivatives are an investmenttechnique used in the Trust.

You should read the importantinformation about Risks of managedinvestment schemes before making adecision. Go to the Product Guideavailableat mlcam.com.au/MLCWholesale/pds

The material relating to Risks ofmanaged investment schemes maychange between the time when you readthis statement and the day when youacquire the product.

MLC Wholesale Australian Share Fund Product Disclosure Statement | 3

Page 4: MLC Wholesale Australian Share Fund · 1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust)

5. How we invest your moneyMLC’s multi-manager approach makes sophisticated investing easy to access, so you can get your investment plan into action right away.

You should consider the likely return, risk and your investment timeframe when making your decision. The table in this section sets outthese key aspects of the Trust for your consideration. The terms used in the table below are explained in the Product Guide in the "How weinvest your money section".

MLC Wholesale Australian Share Fund

Aims to outperform the Benchmark, before fees, over 5 year periods.Investment objective:

S&P/ASX 200 Total Return IndexBenchmark:

The Trust 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 industry groups.

How the Trust is managed:

It may have a small exposure to companies listed outside of Australia from time to time.

The Trust may be suited to you if: you want to invest in an actively managed Australian share portfolio that’s diversified across investmentmanagers, industries and companiesyou want long-term growth in the value of your investment and some income, andyou understand that there can be very large fluctuations in income and the value of your investment.

7 yearsMinimum suggested time toinvest:

100% Australian sharesStrategic asset allocation:

Estimate of 6 to 7 negative annual returns in any 20 year period.Risk measure:

SwitchingDirect investors may be able to switch fromthe Trust to another trust in the MLCInvestment Trusts suite. A switch will betreated as a withdrawal from one Trust and aninvestment in another Trust. Buy/ sell spreadsmay apply. If you invest via an IDPS, pleasecontact your IDPS for details of how to switch.

Changes to the TrustWe may make changes to the Trust (and theinformation in this PDS) at our discretionincluding, but not limited to, terminatingthe Trust. Some changes may be made withoutprior notice, including but not limited to,closing the Trust to new applications, andchanges to the investment strategy, assetallocation, investment managers and serviceproviders.

Where possible, we will give direct investorsprior written notice of any materially adversechange. If you invest via an IDPS, you cancontact your IDPS to obtain copies of thesenotices. Changes that are not materiallyadverse will be made available under ‘Fundupdates’at mlcam.com.au/MLCWholesale/pds

You should check the website for the latestinformation or you can obtain a paper copy ofany updated information free of charge onrequest.

You should read the importantinformation about How we invest yourmoney, including Environmental, social,governance and ethical factors beforemaking a decision. Go to the ProductGuide availableat mlcam.com.au/MLCWholesale/pds

The material relating to How we investyour money may change between thetime when you read this statement andthe day when you acquire the product.

4 | MLC Wholesale Australian Share Fund Product Disclosure Statement

Page 5: MLC Wholesale Australian Share Fund · 1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust)

6. 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% overa 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 justifyhigher fees and costs.

You may be able to negotiate to pay lower contribution fees and management costs where applicable. Ask the Trust or your financialadviser.

TO FIND OUT MORE

If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and InvestmentsCommission (ASIC) website www.moneysmart.gov.au has a managed funds fee calculator to help you check out different fee options.

The ASIC managed funds fee calculator can also be used to calculate the effect of fees and costs on account balances.

The fees and costs outlined in this PDS are for the Trust only.

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

If you are investing in the Trust via an IDPS, you will need to consider the fees and other costs of the IDPS when calculating the total cost ofyour investment.

If you consult a financial adviser you may also pay an additional fee that will be set out in the Statement of Advice between you and yourfinancial adviser.

This section shows the fees and other costs that you may be charged in relation to the Trust. These fees and costs may be deducted from yourmoney, from the returns on your investment or from the assets of the managed investment scheme as a whole.

The information in this table can be used to compare fees and costs between different simple managed investment schemes. Taxes are setout under the ‘How managed investment schemes are taxed’ section of this PDS.

All fees are shown inclusive of GST and net of Reduced Input Tax Credits (where applicable).

AmountType of fee or cost

Fees when your money moves in or out of the managed investment product.

NilEstablishment fee The fee to open your investment.

NilContribution feeThe fee on each amount contributed to your investment.

NilWithdrawal feeThe fee on each amount you take out of your investment.

NilExit feeThe fee to close your investment.

Management costs1,2

The fees and costs for managing your investment.

0.78% pa of the Trust’s net asset value. Management fee3

1 An allowance for transactional costs may apply to investments into and withdrawals from the Trust. Please see 'Transactional costs' inthe ‘Additional explanation of fees and costs’ for further details.2 Rounded to two decimal places.3 Wholesale clients (as defined in the Corporations Act 2001 (Cth)) may be able to negotiate this fee by contacting Client Services.

MLC Wholesale Australian Share Fund Product Disclosure Statement | 5

Page 6: MLC Wholesale Australian Share Fund · 1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust)

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

Balance of $500,000 with a contribution of $5,000 during the year1EXAMPLE: MLC Wholesale Australian Share Fund

For every additional $5,000 you put in, you will be charged $0.0%Contribution fees

And, for every $500,000 you have in the Trust you will becharged $3,900 each year.0.78%

PLUSManagement costs

If you had an investment of $500,000 at the beginning of the year andyou put in an additional $5,000 during that year, you would be charged

EQUALSCost of the Trust

fees from:$3,900.What it costs you will depend on the fees you negotiate with theTrust, your IDPS operator or your financial adviser.

1This example assumes the $5,000 additional investment occurs at the end of the year and that value of the Trust does not change for theentire year. Actual fees and costs are based on the value of the Trust which fluctuates daily. This example isn't designed to illustrate anytransactional costs that may apply to you, such as a buy/sell spread.

Additional explanation of fees andcosts

Management costsThe management costs are fees and costs forinvesting the Trust’s assets.

The management costs include themanagement fee and does not include buy/sellspreads or transactional costs.

Management feeThe Responsible Entity receives amanagement fee for managing the assets ofthe Trust and overseeing the day to dayoperations of the Trust. The ResponsibleEntity will pay out of its management fee anyfees paid to investment managers appointeddirectly by the Responsible Entity, and othercosts and expenses incurred in operatingthe Trust ('operational costs'), such as custodycosts, registry costs, auditing fees and taxreturn fees.

Transactional costsTransactional costs are the costs incurredwhen assets in the Trust or in underlyinginvestments are bought or sold and includescosts such as brokerage, stamp duty andsettlement costs. Transactional costs may alsobe incurred when the market processfor trading assets causes the price paid orreceived to be different from the value of theassets immediately after the transaction, forexample, where bid/ask spreads are incurred.

The estimated transactional costs for thefinancial year to 30 June 2020 wereapproximately 0.14% of the Trust’s net assetvalue. Of this amount, we estimate that0.04% was recovered through buy/sell spreadswith the remaining 0.10% being an estimateof the amount of transactional costs thatreduced the return of the Trust.

These costs are not included in themanagement costs and are an additional costto you. No part of the transactional costs arepaid to us or any investment managers.

Buy/sell spreadsYou incur the buy/sell spread when you buyor sell units in the Trust.

The buy spread is added to the unit price whenyou buy units. The sell spread is deducted fromthe unit price when you sell units. The buy/sellspread is not a fee and no part of the buy/sellspread is paid to us or to any investmentmanagers. The buy/sell spread is retained inthe Trust to cover the estimated transactioncosts incurred as a result of investorapplications and redemptions.

As at the date of this PDS, the buy/sell spreadsare:

Buy spread: 0.25% of each amount youinvest into the Trust.

Sell spread: 0.25% of each amount youwithdraw from the Trust.

This means that for every $5,000 youcontribute to the Trust you will incur costs of$12.50 and for every $5,000 you withdrawfrom the Trust you will incur costs of $12.50.

Buy/sell spreads may change from time totime. Increases (and decreases) may besignificant.

The latest buy/sell spreads can be found onour website at mlcam.com.au/MLCWholesale.Investors may not be notified of changes, andshould check current buy/sell spreads beforemaking any investment decision.

Changes to fees and costsWe may vary fees or introduce new fees up tothe maximums described in the constitution,without your consent.

Under the constitution the maximum feespayable to the Responsible Entity are:

a management fee of 1.5% pa of the Trust’scurrent value (as defined under theconstitution), and

a contribution fee of 6% of the subscriptionamount (currently not charged).

We are entitled to recover expenses directlyfrom the Trust. Currently we pay them out ofthe management fee. If this changes we willnotify you. For more information see‘Reimbursable expenses’ in the Product Guide.

If you invest directly in the Trust we will giveyou 30 days’ notice of any increase in fees. Noprior notice will be given in respect of changesto transactional costs or buy/sell spreads. Forupdated details goto mlcam.com.au/MLCWholesale

You should read the importantinformation about Fees and costs beforemaking a decision. Go to the ProductGuide availableat mlcam.com.au/MLCWholesale/pds

The material relating to Fees and costsmay change between the time when youread this statement and the day whenyou acquire the product.

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Page 7: MLC Wholesale Australian Share Fund · 1. About MLC Investments Limited MLC Investments Limited (MLC) is the Responsible Entity for the MLC Wholesale Australian Share Fund (Trust)

7. How managedinvestment schemes aretaxedInvesting in a managed investment schemeis likely to have tax consequences. Becausethis PDS and the Product Guide are not taxguides and tax laws are complex and changefrom time to time, we strongly recommendthat you obtain professional tax advice inrelation to your own personal circumstances.This applies whether you are an Australianresident or a non-resident for tax purposes.

Australian taxation informationThe general comments below only relate to thetax consequences arising to Australianresidents. The Trust itself should not be liablefor tax on its net earnings. Managedinvestment schemes do not pay tax on behalfof resident investors. Rather investors shouldinclude their proportion of the Trust's taxableincome as income in their tax returns.Investors are assessed for tax on any incomeand capital gains generated by the Trust. Anynet losses are retained by the Trust andpotentially used to offset future matchinggains.

The unit price of units issued before adistribution will include income accumulatedin the Trust. The income that has beenaccumulating will generally be distributed. Youmay potentially have taxation liabilities onthat income.

Depending on an investor’s circumstances, arevenue or capital gain or loss may arise whenunits in the Trust are sold, switched orredeemed.

You should read the importantinformation about How managedinvestment schemes are taxed beforemaking a decision. Go to the ProductGuide availableat mlcam.com.au/MLCWholesale/pds

The material relating to How managedinvestment schemes are taxed maychange between the time when you readthis statement and the day when youacquire the product.

8. How to applyInvesting directlyTo invest directly, you must complete and signthe application forms for the Trust and sendthem to us with your application money andidentification documentation as applicable.Contact us to obtain the application forms.

Investing via an IDPSTo invest in the Trust via an IDPS, you willneed to contact your IDPS operator andcomplete the relevant IDPS application formand any other documentation required by theIDPS operator. You will also need to contactyour IDPS operator in relation to makingadditional contributions to your investment.

You should contact your IDPS about anycomplaint you have. Your IDPS will work withus to assist you in resolving any complaintsrelating to your investment in the Trust.

The remaining information in this section onlyapplies to direct investors in the Trust. If youinvest via an IDPS, and require furtherinformation you should contact your IDPSoperator.

No cooling off rightsThe right to ‘cool off’ does not apply to directinvestments in this Trust.

PrivacyWe collect and hold information necessary toprovide you with the relevant services andinformation related to your investment. If youdo not provide your personal information wemay not be able to provide you with theseservices. We are subject to the NAB Group’sPrivacy Policy which is available by contactingClient Services or visiting our website atmlc.com.au/privacy. We may disclose yourpersonal information within the NAB Groupand to others. More information about how wecollect, use, share and handle your personalinformation is in our Privacy Policy, includinghow you may access or correct yourinformation, the countries we may send yourinformation to and how you may make acomplaint about a privacy issue.

Anti-Money LaunderingWe are required to comply with the Anti-MoneyLaundering and Counter-Terrorism FinancingAct 2006 (Cth) and as such we may need tocollect information from you or anyone actingon your behalf, and your related parties, tocomply with our obligations.

Foreign Account Tax Compliance Act(FATCA) and Common ReportingStandard (CRS)We are required to collect information aboutyour tax residency status, including whetheryou are a US citizen or resident for US taxpurposes, and other relevant information todetermine your reporting status under theFATCA and the CRS rules. If you identifyyourself as a foreign resident for tax purposes,your account information may be reported tothe relevant tax authorities.

Resolving complaintsOur Client Services team can usually resolvecomplaints over the phone. If we can’t oryou’re not satisfied with the outcome, thenyou will need to write to us (address detailsare at the end of this PDS). We will work toresolve your complaint as soon as possible. Ifyou are a retail client (as defined in theCorporations Act 2001 (Cth)) and you are notsatisfied with the outcome of your complaint,you can refer the matter to the AustralianFinancial Complaints Authority on 1800 931678. See afca.org.au for more information.

9. Other informationYou should read the importantinformation about Email terms andconditions, Investor Online and AdviserOnline, Notice to residents of NewZealand and Keeping you informedbefore making a decision. Go to theProduct Guide available atmlcam.com.au/MLCWholesale/pds

The material relating to Email terms andconditions, Investor Online and AdviserOnline, Notice to residents of NewZealand and Keeping you informed maychange between the time when you readthis statement and the day when youacquire the product.

Contact detailsIf you invest via an IDPS you should contactyour IDPS for all enquiries.If you invest directly, the contact details are:

Registry ServicesNational Australia Bank LimitedC/- OneVue Fund Services Pty LtdGPO Box 804Melbourne VIC 3001 Australia

Client ServicesLevel 21255 George StreetSydney NSW 2000 AustraliaTelephone: 1300 738 355Email: [email protected]

Responsible EntityMLC Investments Limited105-153 Miller StreetNorth Sydney NSW 2060 Australia

Websitemlcam.com.au/MLCWholesale

MLC Wholesale Australian Share Fund Product Disclosure Statement | 7