top 20 holders, page-9

A lot of people do not seem to understand the make up of the holdings in these nominee companies. An increase of 151m shares by National Nominees does not mean that NAB has made a large direct investment in SDL. The bank owns many investment companies including their largest MLC who within them have a myriard of different investment trusts and superannuation funds through which their clients can finish up investing in SDL. I have 270k SDL shares through an MLC Masterkey fund, and my shares like those of all other NAB subsiduary companies clients end up in the National Nominees bucket. .... JR