MLC MasterKey Unit Trust

1 MLC MasterKey unit TrustProduct Disclosure Statement (PDS) ABN 30 002 641 661 AFSL 230705 Issued byMLC Investments Limited (MLCI)Preparation date1 October 2021 Contents4 Investing with us5 About the MLC MasterKey unit Trust6 Things to consider before you invest13 Understanding your investment options15 Investing in MLC investment options49 Additional information you need to know53 Fees and other costsThe purpose of this ProductDisclosure Statement is to giveyou the information you needwhen investing in one or moreof the MLC MasterKey UnitTrust investment you re investing through MLCM asterKey Investment Service,MLC MasterKey InvestmentService Fundamentals or anyother Investor DirectedPortfolio Service, you ll need toread the correspondingFinancial Services document is prepared on behalf of MLC Investments Limited, ABN 30 002 641 661, AFSL 230705 (MLCI), as the Responsible Entityof MLC MasterKey unit Trust . MLCI is part of the group of companies comprising IOOF Holdings Ltd ABN 49 100 103 722 and its relatedbodies corporate (IOOF Group).

2 The information in this PDS is general in nature and doesn t take into account your objectives, financial situation or individual acting on any of this information you should consider whether it is appropriate for you. You should consider obtaining financialadvice before making any decisions based on this to we , us or our are references to MLCI, unless otherwise Limited uses the MLC brand under licence. MLC Limited is part of the Nippon Life Insurance Group and is not a part of the offer is made in Australia in accordance with Australian Asset Management Services Limited, ABN 38 055 638 474, AFSL 230687 (MLC Asset Management) and each referenced investmentmanager have given written consent to be named in the PDS and to the inclusion of statements made by them. As at the date of thePDS, these consents have not been some cases, information in this PDS has been provided to us by third parties. While it is believed the information is accurate andreliable, the accuracy of that information is not guaranteed in any information in this PDS may change from time to time.

3 Any updates or changes that aren t materially adverse will be available You also can obtain a paper copy of these updates at no additional cost by contacting online copy of this PDS is available at MLC MasterKey unit Trust Product Disclosure Statement | 3 MLCI is the responsible entity for all theinvestment options in the MLC MasterKeyUnit the responsible entity, we reresponsible for all aspects of operation,including administration of the assets andinvestment ve appointed MLC Asset Managementto advise on and manage our investmentoptions. Our investment experts, at MLCA sset Management, have extensiveknowledge and experience in designingand managing portfolios using amulti-manager investment offer multi-asset portfolios that investacross multiple asset classes and optionsthat invest in a single asset Wealth1has $ billion fundsunder administration (as at 30 June 2021),on behalf of individual and corporateinvestors in provides super, pension, investmentand insurance solutions and works closelywith you and your financial adviser tohelp grow and protect your you go through life withmakes all the differenceOur experience has taught us the rightsolution for each investor is unique andtheir needs change over 've created a diverse range ofinvestment solutions so you can growyour wealth the way you want , we ll continually enhance ourproducts and services to make the mostof changing investment with MLCOur portfolios have different investmentobjectives because we know everyone hasdifferent requirements about how theirmoney should be portfolios make sophisticatedinvesting investment experts, at MLC AssetManagement, structure our portfolios todeliver more reliable returns in manypotential market environments.

4 And, astheir assessment of world marketschanges, our portfolios are evolved tocapture new opportunities and managenew risks. MLC Asset Management uses specialistinvestment managers in our research hundreds of investmentmanagers from around the world andselect the managers they believe are thebest for our portfolios. These investmentmanagers may be specialist in-housemanagers, external managers or acombination of , we stay true to the objectivesof our portfolios, so you can keep on trackto meeting your Fund Profile ToolThis easy to use, interactive tool willgive you insight into how your moneyis managed including where yourmoney is invested, how yourinvestments are performing and theinvestment fees and costs information on the investmentoptions goto more informationPlease go to the How to Guide to MLCI, NULIS Nominees (Australia) Limited, ABN 80 008 515 633, AFSL 236465 and Navigator Australia Limited, ABN 45 006 302 987, AFSL236466 as part of the IOOF | MLC MasterKey unit Trust Product Disclosure Statement Investing with usWhether investing for the long or shortterm, the MLC MasterKey unit Trust helpsbring your goals to your needs, our extensive rangeof investments means you can build theportfolio you out for your interestsIn this document we outline how wemanage your money, the benefits andrisks of investing and the fees you ll will help you decide whether theinvestment you re considering is right you need any further details, pleasespeak with your financial adviser or callus on 132 can investYou can only invest in the MLC MasterKeyUnit Trust if you re.

5 An existing investor invested directlyin an MLC investment optionan existing MLC MasterKey InvestmentService investor, orapplying for the MLC Cash Fundthrough the MLC MasterKeyInvestment Service Global FundAdditional information on theMLC-Platinum Global Fund is provided inaccordance with ASIC s Regulatory Guide240. The additional information isincluded in the Investment Portfoliosection on pages 41 to investment optionsThe investment options below are categorised as the MLC investment investment optionsMLC Horizon portfolios (pages 17-34)MLC asset class funds (pages 35-47)MLC Cash Fund (page 48)The investment options are Registered Managed Investment Schemes governed by their respective constitutions. The investmentoptions may access investment managers via other funds operated by us and through other managers pooled investment options may also hold direct assets. MLC MasterKey unit Trust Product Disclosure Statement | 5 About the MLCM asterKey unit TrustBefore you invest, there are some things you need to much risk you're prepared to acceptis determined by various factors,including:your investment goalsthe savings you'll need to reach thesegoalsyour age and how many years you haveto investwhere your other assets are investedthe return you may expect from yourinvestments, andhow comfortable you are withinvestment riskAll investments come with some investment options will have morerisk than others, as it depends on anoption s investment strategy and 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, ieit s more it may seem confronting,investment risk is a normal part ofinvesting.

6 Without it you may not get thereturns you need to reach yourinvestment goals. This is known as therisk/return 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 Australiandollarinvestments and withdrawals by otherinvestorschanges in Australian and overseaslaws, anda counterparty not meeting itsobligations eg when buying securities,the seller may not deliver on thecontract by failing to provide of volatility can be unsettling andmay occur regularly. You may find itreassuring to know that ofteninvestments that produce higher returnsand growth over long periods tend to bemore volatile in the short accepting that volatility will occur,you ll be better able to manage yourreaction to short-term movements.

7 Thiswill help you stay true to your long-terminvestment choosing your investment, it simportant to understand that:its value and returns will vary over timeassets with higher long-term returnpotential usually have higher levels ofshort-term riskreturns aren t guaranteed and you maylose money, and future returns will differ from | MLC MasterKey unit Trust Product Disclosure Statement Things to considerbefore you investDiversify to reduce volatility andother risksDiversification investing in a range ofinvestments is a sound way to reducethe short-term volatility of a portfolio sreturns. That s because different types ofinvestments perform well in differenttimes and circumstances. When some areproviding good returns, others may can be diversified acrossdifferent asset classes, industries,securities and countries, as well as acrossinvestment managers with more you diversify, the less impactany one investment can have on youroverall of the most effective ways ofreducing volatility is to diversify across arange of asset across asset classes isjust one way of managing risk.

8 Ourmulti-asset portfolios diversify acrossasset classes and investmentmanagers. Please refer to 'Approach toinvesting' in the 'Investing in MLCinvestment options' section for financial adviser can help you clarifygoals and assist with creating afinancial plan which helps you managerisk and consider issues such as:how many years you have to investthe savings you'll need to reach yourgoalsthe return you may expect fromyour investments, andhow comfortable you are withvolatility. MLC MasterKey unit Trust Product Disclosure Statement | 7 Types of assetsAsset classes are commonly grouped as defensive or growth, based on their different assets, such as cash and fixed income, may help provide positive returns in a portfolio when share markets are weak. On theother hand growth assets, such as shares and property, may be included in a portfolio because of their potential to produce higher returnsthan cash in the long term. Multi-asset portfolios are usually invested across both defensive and growth assets because their risk and return characteristics tendto be diverse.

9 However in some market conditions, all types of assets may move in the same direction, delivering low or negative returnsat the same main differences between defensive and growth assets are:GrowthDefensiveTo provide long-term capital growth and stabilise returns and generate they are generally usedExpected to produce higher returns, and be morevolatile, than defensive assets over the long to produce lower returns, and be lessvolatile, than growth assets over the long and return characteristicsAsset classesAsset classes are groups of similar types of investments. Each class has its risks and benefits, and goes through its own market market cycle can take a couple of years or many years as prices rise, peak, fall and stabilise. Through investing for the long term, atleast through a whole market cycle, you can improve your chance of benefiting from a period of strong returns and growth to offsetperiods of illustration below shows indicative returns and volatility for the main asset classes over a whole market cycle.

10 However, each marketcycle is different, so unfortunately it isn t possible to accurately predict asset class returns or their volatility. Depending on the conditionsat the time, actual returns could be significantly different from those volatilityLowerHigherHigherSharesFixed incomeIndicative returnsCashIndi cative returns and volatility over a market cycleAlternativesPropertySource: MLC Asset ManagementSource: MLC Asset Management8| MLC MasterKey unit Trust Product Disclosure Statement Things to consider before you investHere are the main asset class risks is generally a low risk to consider:Cash is often included in a portfolio tomeet liquidity needs and return is typically all income andis referred to as interest or is usually the least volatile type ofinvestment. It also tends to have thelowest return over a market value of an investment in highquality cash securities tends not tochange. However, in extreme marketenvironments cash interest rates oryields could become negative, resultingin a gradual decline in the value of yourinvestment over cash funds invest in fixed incomesecurities that have a very short termuntil incomeWhen investing in fixed income you reeffectively lending money to businessesor governments.