Product Disclosure Statement (‘PDS’)

This Product Disclosure Statement (‘PDS’) provides a summary of significant information relating to iTrust Investment Fund (‘iTrust ’). This PDS is issued by Stapleton Asset Management Limited (“SAML”, “Responsible Entity”, ‘We”). This PDS includes references to important additional information contained in the Additional Information Document, which forms part of this PDS.

You should consider both the information in this PDS and the Additional Information Document before deciding to invest in iTrust . A reference to “this PDS” or “the PDS” includes, unless the context requires otherwise, a reference to both the PDS and the Additional Information Document.

The information contained in the Additional Information Document may change between the day you receive this PDS and the day you apply for units in iTrust . You must ensure that you have read the Additional Information Document, current at the date of your application.

The information in this PDS is general information only and does not consider your personal financial situation or needs. Before making an investment decision based on this PDS, you should consult a licensed financial adviser to obtain financial advice that is tailored to suit your personal circumstances.

The information in this PDS is subject to change from time-to-time. Information that is not materially adverse information can be updated by us.

Investments in iTrust can only be made by someone receiving this PDS (including an electronic version) in Australia. If you are in possession of this PDS outside Australia, you should seek advice about restrictions on investing. Failure to comply with relevant restrictions may violate laws.

Target Market Determination (‘TMD’)

The Target Market Determination sets out the target market for the product, distribution conditions, reporting obligations and triggers to review the target market. It forms part of SAML’s design and distribution framework for iTrust.