A wholesale managed fund generally has higher minimum investment amounts and lower costs. The
larger amounts invested generally mean fewer investors and greater economies of scale in operations,
and this is reflected in a lower management expense ratio.

Wrap accounts and other investment platforms also access wholesale managed fund investments,
although in different ways to direct wholesale investment. This affects the cost structure and the way in
which the fund may be offered to investors and the MER. Managed funds accessed in this way are
commonly referred to as a mezzanine funds because they offer access to wholesale funds at a cost
between retail and direct wholesale rates.

Wholesale managed funds can be accessed directly from the fund manager with information on the
fund available from the Product Disclosure Statement.

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