Benefits

Experience and track record: We use a market-leading investment approach to design and manage the Trust. Our investment experts have been successfully managing portfolios for over 30 years, helping clients achieve their investment goals.

Risk-management focus: The Trust's risk is actively managed using a unique Investment Futures Framework (Framework), which guides our forward-looking approach to managing risk. In an unpredictable and constantly changing world, the Framework helps continually identify the very wide range of potential market scenarios - good and bad - that could occur. The Framework also helps our investment experts analyse how these scenarios could affect the risks and returns of the asset classes in the Trust. The insights from this analysis are used to work out the combination of asset classes that will best achieve the Trust's objective. This helps prepare the Trust for future market ups and downs.

Defined asset allocation: We manage the Trust's growth and defensive assets within defined ranges. See Benchmark asset allocation and ranges' in section 5 of the PDS.

Multi-manager approach: We use many specialist investment managers from around the world to find some of the best investment opportunities for the Trust and to manage risk.

Extensive diversification: The Trust is diversified across a wide range of both mainstream and alternative assets and strategies and investment managers to enhance returns and manage risk. Our specialist investment managers invest widely across countries, industries and companies.

Investor suitability

The Trust may be suited to you if:

• you want a portfolio that invests in growth assets, primarily shares

• you want to rely largely on the market for returns

• you want long-term capital growth, and

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

Investor suitability

The Trust may be suited to you if:

• you want a portfolio that invests in growth assets, primarily shares

• you want to rely largely on the market for returns

• you want long-term capital growth, and

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

About the Fund

The Trust operates like most other managed investment schemes. Investors’ money is pooled to buy investments which are managed on behalf of all investors.Clients gain exposure to investments that they may not ordinarilyhave access to. When money is paid into the Trust, they
are issued with units and when money is paid out, the 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. For unlisted assets wehave policies and guidelines to manage asset valuations including valuation lags. Our unit pricing philosophy is availableat mlc.com.au. For more details on our policiesrelating to unit pricing please contact us.

The Trust is governed by its constitution and is registered with the Australian Securities and Investments Commission (ASIC). ASIC takes no responsibility for this PDS or the operationof the Trust by MLC

How we invest your money

Investment markets are the main driver of the Trust's investment returns. The Trust's allocation to investment markets is shown in its benchmark asset allocation and ranges below. The benchmark asset allocation is invested in growth assets with minimal exposure to defensive assets.

Our investment experts actively look for opportunities to provide better returns, or less risk, than those generated by the benchmark asset allocation and to manage the Trust's exposure to the risks of investing in markets. Our investment experts do this by:

• Researching and selecting a broad range of mainstream asset classes, and including some exposure to alternative assets and strategies.

• Adjusting the allocations to the asset classes within the defined ranges shown below.

• Researching hundreds of investment managers from around the world and selecting the managers they believe are the best for the Trust. These investment managers, who are mainly active managers, choose many companies and securities in Australia and overseas for investment.

The Trust uses all aspects of MLC's approach to investing, outlined in the Product Guide.

Benchmark asset allocation and ranges

(Asset class: Benchmark asset allocation / Ranges)

• Cash: 0% / 0%-15%

• Defensive alternatives and other: 2% / 0%-7%

Total defensive assets: 2% / 0%-7%

• Australian shares: 40% / 30%-55%

• Global shares: 46% / 30%-60%

• Listed property securities: 2% / 0%-15%

• Growth alternatives and other: 10% / 0%-15%

Total growth assets: 98% / 93%-100%