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MLC Global Share Fund
MLC Annual Review
June 2009
MLC Investment Management
Level 12, 105 –153 Miller Street
North Sydney NSW 2060
1
Important information
This information has been provided by MLC Limited (ABN 90 000 000 402) a member of the National Group, 105-153 Miller Street,
North Sydney 2060. This material was prepared for advisers only.
Any advice in this communication has been prepared without taking account of individual objectives, financial situation or needs.
Because of this you should, before acting on any information in this communication, consider whether it is appropriate to your
objectives, financial situation and needs. You should obtain a Product Disclosure Statement or other disclosure document relating to
any financial product issued by MLC Investments Limited (ABN 30 002 641 661) and MLC Nominees Pty Ltd (ABN 93 002 814 959) as
trustee of The Universal Super Scheme (ABN 44 928 361 101), and consider it before making any decision about whether to acquire or
continue to hold the product. A copy of the Product Disclosure Statement or other disclosure document is available upon request by
phoning the MLC call centre on 132 652 or on our website at mlc.com.au.
An investment in any product offered by a member company of the National group does not represent a deposit with or a liability of the
National Australia Bank Limited ABN 12 004 044 937 or other member company of the National Australia Bank group of companies
and is subject to investment risk including possible delays in repayment and loss or income and capital invested. None of the National
Australia Bank Limited, MLC Limited, MLC Investments Limited or other member company in the National Australia Bank group of
companies guarantees the capital value, payment of income or performance of any financial product referred to in this publication.
Past performance is not indicative of future performance. The value of an investment may rise or fall with the changes in the market.
Please note that all return figures reported are before management fees and taxes, and for the period up to 30 June 2009, unless
otherwise stated.
The specialist investment management companies are current as at 30 June 2009. Funds under management figures are as at 30
June 2009, unless otherwise stated. Investment managers are regularly reviewed and may be appointed or removed at any time
without prior notice to you.
Page 2
Contents
MLC Investment Management Team Recent Comments,
Updates and Articles
Market Overview
Global Share Commentary
Appendix: Table of Investment Manager Returns
5
6-8
9-12
13
Page 3
This review provides
insights on the
performance of the
MLC Global Share Fund.
It also provides an
update on our recent
research and
publications with the
latest views on
investment issues and
market events, and the
activity the research
team has undertaken
on your behalf.
Page 4
MLC Investment
Management Team
Recent Comments,
Updates and Articles
 The recent financial market chaos
and plunge in liquidity of credit
assets has helped focus
mainstream attention on the risk
posed by exposure to illiquid
assets. This is particularly
relevant to many Australian
Superannuation investors in
Industry Super funds with a high
degree of illiquid exposure (eg
Direct property, Infrastructure and
private equity).
Over the past 12 months, MLC
Investment Management has
undertaken 529 manager meetings.
The broad asset class breakdown of
these manager meetings is outlined in
the below chart.
160
140
120
100
80
60
40
20
Ot
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De
bt
Ma
rk e
ts
erg
i ng
Em
l as
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ali
an
Pr
op
er
ty
Au
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as
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y
0
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 Amanda Heyes, MLC Investment
Specialist, puts 'The Chaser'
under the microscope and finds
that the power of compound
interest over long periods of time
can have an incredible impact on
your clients wealth.
Manager meetings and
reviews
Mu
l ti-
 A summarized client friendly
commentary on the key drivers of
performance for the range of MLC
Multi-Manager funds over the year
to June 2009 is on the client
MarketWatch site.
 MLC Investment Management’s
views and analysis on 7 year
return potential for asset classes
and the range of MLC’s diversified
portfolios has been updated to
reflect end June 2009 market
valuations.
 Don't forget to have a look at the
Marketwatch site for an update on
the impacts of the financial crisis
and economic downturn on recent
income distributions for the MLC
MasterKey Investment Trust, Unit
Trust and Investment Service and
helping clients through tough
times.
Sh
ar
es
ali
an
Sh
ar
es
G lo
ba
lP
ro
pe
rty
 A fully scripted ‘Performance
Preview Pack’ for the year ended
30 June 2009 to help facilitate
more meaningful client
conversations around fund
performance in challenging
market environments, The pack
“lifts the lid” on the key drivers of
the current economic
environment, how this has
affected investment markets and
what this means for your clients.
 The Lottery Effect of Volatility –
MLC does not believe volatility
should be seen as the definitive
measure of risk. Risk, to clients, is
the likelihood they will not achieve
their financial objectives.
However, the dispersion of returns
(volatility) does impact whether
clients achieve their financial
objectives. This paper examines
the contribution the dispersion of
returns has on outcomes.
 Kerry Napper, MLC's Capital
Markets Research Analyst, looks
at what history can tell us about
the effect of banking crises on
developed and emerging
economies.
G lo
ba
l
Some of our recent updates include:
MLC has always taken the issue
of liquidity and equitable pricing
seriously, to ensure we provide
our investors with daily access to
their unit linked funds. To ensure
we can provide this access, MLC
has a formal approach to the
assessment of liquidity and
equitable pricing. For more
information on this issue please
refer to MLC’s White Paper
entitled: ”Liquidity and
Equitable Unit Pricing – March
2009”.
Au
s tr
Your investment
specialists
regularly
produce
commentary and
articles on
topical
investment
issues. These
are available on
mlc.com.au
 Traditional portfolio construction
approaches have been under
intense scrutiny throughout the
recent financial crisis. In his article
- The do's and don'ts of
portfolio construction, John
Owen, Senior Investment
Specialist for Australian shares
and global property provides
some insights on how NOT to
make the same mistakes.
Page 5
Market overview
Comments by Brian Parker
Investment returns over the past 12
months were very poor, with the
typical balanced fund likely to have
posted a -11% return for the year.
REIT and share markets were the
main culprits, while Government
bonds posted solid returns as
investors continued to seek safety,
and the world’s central banks drove
official interest rates down to
unprecedented levels. Within the
bond universe, the dispersion of
returns among the various subclasses was truly remarkable. While
Government nominal bonds in the
developed markets performed well,
every other debt securities sub-class
performed poorly in the December
2008 quarter. Corporate bond
spreads widened dramatically,
particularly after the failure of the US
investment bank Lehman Brothers in
mid-September 2008. Deflation fears
meant that markets had little interest
in inflation protection, and
consequently inflation protected
securities also performed extremely
poorly.
However the unbridled pessimism that
characterised market sentiment in late
2008 abated during 2009, and
markets became less pessimistic
about the outlook for the global
economy. The functioning of world
money and credit markets has
progressively normalised. The result
has been sharply higher share prices,
higher commodity prices, much tighter
credit spreads and higher
Government bond yields.
Economic conditions in the world
economy deteriorated over the course
of the year. All the world’s major
developed economies are now firmly
ensconced in recession. In the case
of Japan and the UK, the recession is
as severe as any in living memory.
Aust bonds
Global bonds
Cash
Global shares (unhedged)
Aust shares
Aust REITs
Global REITs (AUD hedged)
-50
-40
-30
-20
-10
0
10
20
Returns (%) for year to end-June 2009
The chart shows both the steep declines in Australian
and world share prices during the last half of 2008, and
also the solid recovery that has occurred since early
March 2009 in the case of the developed markets and
October 2008 in the case of emerging share markets.
Selected share price indices
110 End-June 2008 equals 100
100
90
80
70
60
Source: MSCI, Datastream
50
40
30
Jun-08
Sep-08
Dec-08
Australia
Developed markets
Here in Australia, economic growth
has slowed to a crawl over the past
year, and the economy has almost
certainly fallen into recession, despite
the fact that economic data released
in recent months have tended to
surprise on the upside. Retail
spending seems to have been
supported by the Government’s cash
hand-outs. Housing finance has
picked up – particularly for new
housing construction – spurred on by
extremely low interest rates, and the
Government’s grants to first home
buyers. However, we have yet to see
the full effect of the global recession
on exports or business investment.
Mar-09
Jun-09
Emerging markets
Moreover, every leading indicator of
employment is pointing to sharply
higher unemployment rates over the
coming year.
Hopes that the major emerging
market economies of China and India
could sail through this crisis relatively
unscathed appear to have been
dashed. Chinese growth in particular
slowed significantly – industrial output
growth fell to its slowest pace in a
decade. However, more recent data
out of China suggest that some pickup in growth may be underway.
Page 6
Trade and production data in some of
the world’s most trade dependant
economies – including Japan, nonJapan Asia, and Germany – have
been notably worse than elsewhere in
the last few months. Much of this
weakness appears to reflect the
collapse of trade finance activity, and
indeed world trade, in the wake of the
Lehman Brothers failure (see charts
below). There remains considerable
debate as to whether the Lehman
Brothers failure represents an
unavoidable consequence of the
financial crisis or a policy blunder. We
lean towards the latter interpretation.
The chart shows
industrial output in
highly trade dependant
economies:
The chart shows industrial
output in less trade
dependant economies:
In March 2008, another US
investment bank, Bear Sterns, was
facing failure, and because of the
institution’s pivotal role in the US and
global financial system, the US
Treasury and Federal Reserve
engineered a bail-out of the institution
by JP Morgan, under which the
business of Bear Sterns was
absorbed into JP Morgan, and the
troubled assets of the institution were
taken on and guaranteed by the
Federal Reserve. In the wake of that
operation, market participants felt that
the rules of the game were
reasonably clear: viz, any institution
that occupied such a pivotal position
in the system would have the support
of US Treasury and Federal Reserve
if it faced difficulties. As a
consequence, market participants felt
relatively confident in acquiring the
short-term debt obligation of such
entities, continuing to utilise them as
counterparties for a range of
transactions, and holding their equity.
By allowing Lehman to fail, the rules
of the game appeared to collapse,
and with it, confidence in the system.
The failure of Lehman Brothers
followed a period where key US
institutions such as the investment
bank Merrill Lynch, the world’s largest
insurer AIG, and key US mortgage
lenders Fannie Mae and Freddie Mac
had been taken over, nationalised, or
sent into bankruptcy. Institutions in
the UK and Europe have faced similar
difficulties. It is now clear that during
the aftermath of the Lehman Brothers
failure, the world financial markets
and economy stood on the edge of an
abyss. Flows of credit that are the
lifeblood of the world economy in
many cases ceased. For exporters
and importers, trade finance was
extremely difficult to obtain. Corporate
debt markets became dysfunctional,
and in the case of high yield
securities, there was no market to
speak of. Interbank lending markets
were severely restricted, and cost of
funding for the world’s banks soared.
In response, the world’s monetary
authorities stepped up their injections
of liquidity and asset purchases. Later
in the year, further capital injections
were made into US banks by the US
Treasury, and by year’s end, the
major US car makers were in line for
emergency funding from the same
program that had been set-up to aid
troubled financial institutions.
President Obama’s much anticipated
$789 billion stimulus package passed
through the US Congress in February.
Additionally, a $275 billion housing
plan aimed at preventing foreclosures
and attempting to stabilise the
housing sector was introduced.
During the past year, policymakers
have continued to take steps to
address this crisis that are
unprecedented in both their nature
and scope. Fiscal policy measures
have been taken in many countries,
including here in Australia. The
world’s central banks have reduced
official interest rates aggressively, and
injected huge amounts of liquidity into
the financial system in a bid to get
money and credit markets working
again. These efforts are critical,
because in the absence of properly
functioning markets for credit, and
financial institutions willing to lend,
traditional monetary policy is close to
impotent, and generating a
sustainable recovery in private
demand will be close to impossible.
At the time of writing, conditions in
money and credit markets have
continued to improve, although they
have yet to return to anything that
might be described as normal trading
conditions. Share prices, while still
sharply higher than their recent lows,
have fallen across the globe. While
there has been some improvement
evident in the economic data released
across the world so far this year, the
recession is far from over. Share
markets seem to have gotten ahead
of themselves in the latter stages of
the financial year, and consequently,
their partial retreat appears entirely
justified.
Page 7
At MLC, we spend a good deal of time
assessing the medium to longer-term
outlook for economies and investment
returns. Before this rally began in
early March, prospective investment
returns for domestic and global
shares, and for non-Government
securities looked very favourable –
significantly higher than historical
averages. Given the size and speed
of the recovery so far, those
prospective returns have come down
sharply, but are still reasonably
favourable.
In the short term, we believe the
pathway towards sustainable recovery
– both in the economy and investment
returns – remains highly uncertain.
What kind of news would we need to
hear, what questions need to be
answered and what developments
would we like to see in order to
become more optimistic?
Here is a list, but by no means an
exhaustive one.
 So far, the loan and securities
losses faced by banks and other
financial institutions have mostly
been related to the US housing
market collapse. Just how bad will
the non-housing credit losses be in
this recession, and do the banks
have enough capital to cushion
against those losses? The US
Federal Reserve suggests that the
major US banks need to raise
relatively little capital to provide
that cushion. For our part, we
think US banks need to raise
considerably more capital than the
$75 billion or so identified by the
Fed.
 In the US and elsewhere in the
English speaking world,
households have increased their
saving. In Australia, this has been
achieved (so far) with very little
weakness in consumer spending,
but the US and UK have not been
so lucky, and consumer spending
in those economies has fallen
sharply. Sharply lower household
wealth has triggered higher rates
of saving – a reversal of the trend
of the past decade or more. It
remains unclear how far this trend
has to go – we have no way of
knowing in advance just how high
the saving rate will need to rise in
these economies (and hence how
weak, and for how long, consumer
spending will be).
 While the problems in the world’s
banking system have restrained
the supply of credit, the demand
for credit from the private sector
has been very weak. We need to
see signs of a pick-up in credit
demand. Just when will the private
sector’s appetite for credit improve
– not the kind of voracious,
unsustainable appetite for credit
that led the world to financial
obesity, just normal, garden variety
demands for credit for home
building and business investment?
Thankfully for world bond markets,
this lack of appetite for debt has
allowed Governments to have the
field all to themselves when it
comes to borrowing money. Even
after their recent sell-off, long bond
rates are still very low historically.
At some point however, the
competition for funds between
Governments and a resurgent
private sector is likely to be
problematic for bond markets.
At the end of the day, the share
market is a snapshot of the
businesses that comprise the
economy. Over time, those
businesses profit from meeting the
needs of their customers, pay
dividends, and reinvest in order to
grow. Share markets mostly reflect
that reality. Extended periods where
share markets fail to deliver are rare,
but they have happened.
Consequently, not everybody can or
should have all their eggs in the
basket labelled ‘shares’.
Our best defence against not knowing
the unknowable is to diversify our
investments as widely as possible,
take enough risk in our portfolios to
enable us to meet our clients’ return
objectives and, to as much as
possible, fully understand the risks
attached to every investment we
make.
Page 8
Global Share
Commentary
Executive Summary:
It has been a
remarkable and
challenging year
for global share
investors.
Despair has given way to muted signs
of stabilisation. The reaction of
markets since it reached its low on
March 9 has been remarkable with a
significant rebound in perhaps the
component perceived to be the
riskiest in the market – financials.
 The rally was mostly felt in
Emerging markets which leapt
ahead with increasing investor risk
appetites. We suspect
macroeconomic news will continue
to surprise on the downside in the
developed world. Positive
earnings news and a continued
rally would be inextricably linked to
a pick up in the four key variables
most integral to the economy's
performance: employment,
production, personal income, and
sales.
 Your MLC Global Share strategy
returned -19.6% underperforming
the MSCI All Country World Index
(ACWI) which returned -15.6% for
the year. Your strategy
underperformed due to the drag
caused by companies bought by
two managers –Bernstein and
Alliance. These managers were
terminated during the strategy
enhancement implemented in
March 2009. The four new
managers (Sands Capital, Harding
Loevner, Tweedy Browne and
Mondrian) are performing the roles
they were appointed to fulfil,
although it is too early to comment
on their market relative
performance. Overall, returns from
both old and new managers
remained mixed.
The table outlines performance of MLC Global Share
Strategy
Performance Overview
to 30 June 2009
5 years
3 years
1 years
3
Months
MLC Global Share Strategy,
Gross
-2.1% pa
-10.5% pa
-19.6%
5.7%
MSCI All Countries World
Index
-1.4% pa
-9.1% pa
-15.6%
5.3%
MLC Wholesale Global
Share Fund, Net
-3.1%pa
-11.0%pa
-19.3%
6.1%
Median (Mercer IDPS – Global
Shares)
-2.7% pa
-10.9% pa
-19.2%
5.6%
Quartile Ranking (Mercer
IDPS Global Share)
3rd
3rd
2nd
2nd
Percentage of time above
Median (IDPS universe, since
inception)
38
27
43
N/Av
Note: Inception is February 1998.
 Given the sharply divergent sector
returns for the year, it was
interesting to see that selections in
capital goods, consumer services
and information technology added
value to your portfolio. Notable
detractors were from materials,
energy and food sectors.
The global share strategy is
expected to outperform the MSCI
All Countries World Index over
rolling 5 year periods. However, as
we are focused on growing your
wealth, we won’t chase risky
returns when markets are very
strong which means we are likely
to underperform in strong markets.
At other times, and particularly
when markets are weak, we expect
to outperform the market.
Page 9
Notwithstanding the recent dip in
performance, the strategy has
consistently outperformed the market
benchmark over most periods (as can
be seen above). The last decade was
host to two of the worst asset
bubbles, and encapsulated narrowly
lead markets for significant periods.
Such markets make it difficult to show
value in active stock selection, as
good stock selections aren’t rewarded
above how the ordinary market
performs.
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
-15.0
3 Year Rolling Excess Return
Jun-09
Jun-08
Dec-08
Jun-07
Dec-07
Jun-06
Dec-06
Jun-05
Dec-05
Jun-04
Dec-04
Jun-03
Dec-03
Jun-02
1 Year Rolling Excess Return
Dec-02
Dec-01
Jun-01
Jun-00
Dec-00
Jun-99
-20.0
Dec-99
Disappointingly, while index relative
returns have historically been quite
strong, they have recently fallen
below market, as illustrated in the
graph below which shows rolling 1, 3
and 5 year market relative returns.
This is especially the case given
recent poor markets, a time when we
would expect to outperform. The
recent performance drag was driven
by sector selections in 2008 by
Bernstein and Alliance. The quantum
of underperformance which saw your
portfolio decline in value over the next
year, should take some time recover.
% in excess of index*
Market Relative Returns
The graph outlines the rolling excess returns of the MLC
Global Share Strategy to 30 June 2009.
5 Year Rolling Excess Return
*The index for your strategy is the MSCI All Country World Index (ACWI), which includes both
developed and emerging markets. However, it was the MSCI World Index (developed
markets) prior to September 2002.
Your Managers
In what has been a difficult time for
managers, their performance
continues to vary. Of the managers
who are continuing in the strategy
after the recent changes:
Dimensional enjoyed a reversal of
fortunes during the rally of 2Q09,
which was driven primarily by the
riskier, deep value and growth
oriented segments of the market. The
Emerging markets mandate with
Dimensional continued to add value
through participation in the emerging
markets rally. These two events lead
to their performance being almost on
par with the index.
Walter Scott continues to impress for
the year. They did however give back
some of the gains during the latest
market rally, which favored the more
risky parts of the market at the
expense of quality companies.
Wellington lost out on their calls on
the Materials sector, although they too
enjoyed a reversal of fortunes through
bottom-up stock selection during the
rally of 2Q09.
Capital International detracted from
your portfolio due to calls in a few
sectors including materials. At a stock
level, Potash, which has been a
winner for the previous few years, had
their share price halved during the
broad market sell off in 2008.
Page 10
A summary of your appointed managers is in the table.
Manager
Tailored
mandate?
Style
Key role in
strategy
Capital International
130 stock portfolio
with a mid-large cap
GARP bias
New (MLC seed
investor)
Through the cycle
performance
Materials and Consumer
staples hurt at a sector
level. Potash and Nintendo
were the key stock
detractors.
Dimensional
Harding Loevner
Mondrian
Sands Capital
Tweedy, Browne
Walter Scott
Wellington
Management
Key performance
points
500 stock portfolio
with a small-mid cap
deep value bias
Tailored
Volatile market
relative performance
Deep value style was back
in favour 2Q09, which
helped performance
almost match the
benchmark. Outperforming
in emerging markets
continued.
50 stock portfolio with
a mid-large cap
quality growth bias
No
Volatile market
relative performance
New to strategy
90-100 stock portfolio
with a large cap value
(dividend) bias
No
Capital preservation
New to strategy
25-50 stock portfolio
with a mid-large cap
secular growth bias
New (MLC seed
investor)
Upside participation
New to strategy
30-50 stock portfolio
with a mid-large cap
value bias
Tailored
Capital preservation
New to strategy
50 stock portfolio with
a small-mid cap real
return bias
No
Capital preservation
Focus on quality
companies with low debt
levels
50 stock portfolio with
a mid-large cap
GARP bias
New (MLC was seed
investor)
Upside participation
Scaled back materials and
positioned defensively in
Q109
* These are our judgements and the actual outcomes may differ to this. It is difficult to explain the role of any manager in a few words. Details
of overall expectations were discussed in our Strategy Enhancement document.
Page 11
2%
Wellington
Management
Walter Scott
Tweedy
Browne,
Company
Sands Capital
Mondrian
-4%
Harding
Loevner
Dimensional
0%
-2%
-6%
-8%
5 year
3 year
1 year
The two graphs below show global sector excess
returns.
Excess Return vs. MSCI All Country Word Index (Unhedged) - July 1, 2008 to March 9, 2009
20.0%
15.0%
10.0%
5.0%
Utilities
Information
Technology
Financials
Health Care
Telecommunication
Services
-10.0%
Consumer Staples
Consumer
Discretionary
Industrials
0.0%
-5.0%
-15.0%
Excess Return vs. MSCI All Country Word Index (Unhedged) - March 10, 2009 to June 30, 2009
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
Utilities
Information
Technology
Financials
Health Care
Telecommunication
Services
-15.0%
Consumer Staples
-10.0%
Consumer
Discretionary
0.0%
-5.0%
Industrials
Potash Corporation (a fertilizer-maker
based in Canada) was the largest
detractor of value. Gazprom (the
world’s largest natural gas extractor
based in Russia) and Xstrata (a
diversified mining group) also
detracted, as commodity prices
tumbled along with other assets
during the year.
4%
Materials
The key contributors to performance
continue to include Genentech
(considered the pioneers of
biotechnology) and General Electric
(a large diversified industrial group
based in the US). Las Vegas Sands,
a casino resort company also
contributed positively. The
importance of you having access to
emerging market companies were
shown in the contribution BM&F
Bovespa in Brazil, which is one of the
largest stock exchanges in the world,
made to your returns.
6%
Materials
Stock level
8%
Capital
International
Your portfolio too managed to
participate in the rally. Your sector
attribution was driven by the
managers who are part of your
portfolio and the way they are
blended. Sands, a new appointee
participated in the rally exactly as we
anticipated them to, with returns
driven from many sectors in the final
quarter. Capital goods, consumer
services along with technology
hardware & equipment sub sectors
contributed the most towards your
returns for the year. Energy,
materials and banks were amongst
the leading detractors of value from
your portfolio.
10%
Energy
But there was marked increase in risk
appetites with financials making a
significant comeback since 10 March
to 30 June 2009, as shown in the
bottom graph to the right.
12%
Energy
Global sector returns had two marked
sessions. The first to March 9, 2009
was dominated by defensive sectors
such as health care and consumer
staples, as shown in the middle graph
to the right.
The managers’ performance compared to market
benchmark (many of which have not been in the
portfolio for 1 or 5 years), is illustrated in the graph
(to 30 June 2009.
Excess Returns (%)
Sector and Regional
exposures
-20.0%
Page 12
Appendix: Table of Investment
Manager Returns
Investment
Manager
15 year
% pa
10 year
% pa
7 year
% pa
5 year
% pa
3 year
% pa
1 year
3
months
Gross Total Returns for periods ended 30 June 2009
Global Share Managers
Capital - ACWI
mandate
7.37
0.12
-1.02
-1.23
1.99
Capital Emerging
Markets
n/a
7.77
11.11
Wellington
n/a
n/a
n/a
Walter Scott
n/a
n/a
Harding Loevner
n/a
Sands Capital
-8.53
-19.08
13.31
3.33
-10.25
15.00
n/a
-10.21
-21.93
5.79
n/a
n/a
-4.11
-4.06
1.40
n/a
n/a
n/a
n/a
n/a
4.62
n/a
n/a
n/a
n/a
n/a
n/a
16.45
Mondrian
n/a
n/a
n/a
n/a
n/a
n/a
3.12
Tweedy Browne
n/a
n/a
n/a
n/a
n/a
n/a
3.07
DFA - Composite
n/a
n/a
n/a
n/a
-9.75
-15.57
13.99
Note all total returns quoted above are before the deduction of fees & taxes and are to periods ended
30 June 2009.
Page 13
MLC Investment Management
For more information call
MLC on 132 652 8am-6pm EST
Monday to Friday, or contact
your financial adviser.
For details on MLC’s range of
products and services visit our
website mlc.com.au
Page 14