Key features and benefits

Opportunity for high levels of after tax income
MPIF’s investment objective is to deliver high levels of after tax income and moderate levels of capital
growth over time.

After tax income is derived from a combination of:

■ distributions from investments including any tax deferred income or capital gains
from those investments; and
■ interest expense from the Fund’s gearing reducing the taxable income of the Fund.

MPIF seeks to amplify returns by gearing its exposure to Property Securities. By combining Investors’
equity with borrowings, MPIF offers Investors a larger exposure to the Property Securities market than would otherwise be possible.

Potential for high after tax income
MPIF’s net income (if any) is distributed on a quarterly basis and any net realised capital gains
are paid in the June quarter distribution.

The Fund’s objective to deliver high levels of after
tax income is supported by:

■ a multi-manager approach – investing in more than one Property Securities Fund reduces the
reliance on the performance of any one manager;
■ portfolio diversifi cation – the Fund invests in a wide range of underlying Property Securities, reducing MPIF’s reliance on the performance of any one
listed trust, geographical location, industry sector, building or tenant; and
■ quality of underlying assets and covenants listed Property Securities funds typically invest
in high grade assets that are leased to quality corporate and government tenants on long
leases, underpinning stable rental returns. Some leases feature structured rental increases (e.g. in line with CPI).

Gearing
MPIF provides Investors with a geared exposure to the Property Securities sector without the burden
of arranging loan fi nance or the risk of a personal margin call. Investors also need not spend their time researching the market and selecting individual stocks. Instead, experienced Property Securities fund managers do this on the Fund’s behalf. Investors should note that gearing will amplify the gains and losses of MPIF.