MA Credit Portfolio Note

1. Target return is over a rolling 12-month period and is pre-tax and net of Management Fees and costs. Refer to the Fund’s Product Disclosure Statement for further information on target returns and Fund details. Current target return as at 1 October 2025.  
2. Traditional benchmarks refer to the Bloomberg AusBond Credit 0+ Yr Index (BACR0), a benchmark used to measure performance of the Australian traded debt market. While the Manager recognises there is not a widely used index for Australian private credit, the Manager considers the AusBond benchmark, representative of the performance of a diversified portfolio of publicly traded debt, to be an appropriate basis for comparison of the performance of the diversified portfolio of private debt represented by MA Financial’s flagship private credit strategies. Fund returns are based on FSC re-investing distributions as at October 2024 for the underlying MA Financial credit funds. The performance for the MA Master Credit Trust – Class C, which incepted in November 2024, is calculated based on the performance of the aggregate portfolio of the existing Class A & Class B of the Master Credit Trust, adjusted for differences in fees, costs and structure. The performance for the MA Specialty Credit Income Fund, which incepted in July 2024, is calculated based on the historical performance of associated funds that held the seed portfolio of the MA Specialty Credit Income Fund before the latter was incepted and which shared the same underlying strategy (in particular, the MA USD Master Credit Trust incepted in September 2021 and the MA Global Private Credit Fund incepted in July 2023), adjusted for fees, costs, structure and hedging. The MA Credit Income Fund (Wholesale) return is based on current target allocation percentages of the underlying MA Financial credit funds that the Fund obtains its investment exposure, being: MA Master Credit Trust – Class C (57%), MA Secured Loan Series Fund – Class A (20%), MA Secured Loan Series Fund – Class B (20%) and MA Specialty Credit Income Fund (3%) based on the earliest available data following the inception of all underlying MA Financial credit funds. Past performance is not a reliable indicator of future performance.
3. Subject to liquidity.
4. Refer to the Product Disclosure Statement for details of all fees and costs associated with this product.

Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the MA Credit Income Trust ARSN 681 002 531 ("the Fund").  Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).

This webpage has been prepared by MA Investment Management Pty Ltd (“MA”) as a representative of MAAM RE Ltd AFSL 335783 (“MAAM RE”) to provide you with general information only. In preparing this webpage, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Because of that, before making an investment decision you should consider the appropriateness of this information having regard to those objectives, situation and needs. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither MA, Equity Trustees nor any of their related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement (“PDS”) and Supplementary PDS (“SPDS”) available at mafinancial.com/invest/private-credit/ma-credit-income-trust/ and Target Market Determination (“TMD”) available at www.eqt.com.au/insto/ and consider the PDS, SPDS and TMD before making a decision about whether to invest in this product.  

Neither the Responsible Entity nor any MA Financial group entity guarantees repayment of capital or any particular rate of return from the Fund. All opinions and estimates included in this document constitute judgments of MA as at the date of this webpage and are subject to change without notice. Statements contained in this webpage that are not historical facts are based on expectations, estimates, projections, opinions and beliefs of MA as at the date of this webpage. Such statements involve known and unknown risks, uncertainties and other factors, and should not be relied upon in making an investment decision. Any references in this webpage to targeted or projected returns of the Fund are targets only and may not be achieved. Investment in the Fund is subject to risk including possible delays in payment or loss of income and principal invested. This information is intended for recipients in Australia only. 

The address and telephone details for MA and MAAM RE are Level 27, Brookfield Place, 10 Carrington Street, Sydney NSW 2000 and +61 2 8288 5594. The Responsible Entity’s address and telephone details are Level 1, 575 Bourke Street, Melbourne VIC 3000 and +61 3 8623 5000. MA's directors and employees and associates of each may receive remuneration in respect of advice and other financial services provided by the Responsible Entity in relation to the Fund. The Responsible Entity has entered into various arrangements with MA in connection with the management of the Fund. In connection with these arrangements MA may receive remuneration or other benefits in respect of the financial services it provides, including a management fee of 0.90% per annum of the portfolio value of the Fund attributable to direct credit investments. MA Financial group entities also receive management and performance fees of up to 1.35% per annum from managing the underlying investment vehicles indirectly invested into by the Fund.  

This document is issued by the Responsible Entity on a confidential basis and no part of this material may be reproduced or disclosed, in whole or in part without the prior written consent of the Responsible Entity.