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Fees and taxes

ME Investment Funds, unlike many other investment or managed funds, don't charge any establishment or exit fees for opening or closing your account. No commissions are paid to financial planners, which means more of your money is working for you.

Fees which do apply are stated below:

Management costs

Management costs can be separated into the following 2 components.

Component 1: Management costs that are deducted directly from your account

These cover the ongoing administration and investment management costs of the Funds. They do not include transaction costs, which are disclosed later in this section.

They are calculated for each Fund as listed below and will depend on your account balance at the end of each month. Your month end account balance will be calculated using the next unit price struck after the end of the month. For further information on unit prices please refer to page 24 of the Product Disclosure Statement.

They are charged by way of a redemption of units from your account for each Fund. Units are redeemed at the same unit price that is used to determine your month end account balance.

The Responsible Entity's management fees are higher than the net management costs charged to investors’ account. RITC accounts for the difference.

	Up to the first $50,000	Up to the next $50,000	Balance over $100,000
ME Secure Fund	1.00% p.a	0.85% p.a	0.70% p.a
ME Income Plus Fund	1.34% p.a	1.19% p.a	1.04% p.a
ME Growth Fund	1.54% p.a	1.39% p.a	1.24% p.a
ME High Growth Fund	1.54% p.a	1.39% p.a	1.24% p.a
ME Australian Share Fund	1.54% p.a	1.39% p.a	1.24% p.a
ME International Share Fund	1.54% p.a	1.39% p.a	1.24% p.a
ME Property Fund	1.44% p.a	1.29% p.a	1.14% p.a

Component 2: Management costs that are deducted from the Fund before unit prices are struck

These are based on operational expenses that may be incurred during the year with respect to each of the Funds. The Constitution of each Fund entitles us to recover these expenses. These expenses include audit fees, government taxes & charges, regulatory fees & charges and direct legal charges incurred with respect to each Fund.

Expenses paid by each Fund are detailed in the Annual Financial Statements, which are made available to unit holders. No limit is placed on the amount of ongoing operating expenses that can be paid from each Fund.

The table below shows the estimated expenses as a percentage of the estimated average net asset value of each Fund for the year.

	Estimated Management costs that are not deducted directly from investors' accounts
ME Secure Fund	0.04% p.a.
ME Income Plus Fund	0.03% p.a.
ME Growth Fund	0.03% p.a.
ME High Growth Fund	0.12% p.a.
ME Australian Share Fund	0.02% p.a.
ME International Share Fund	0.03% p.a.
ME Property Fund	0.04% p.a.

We undertake to notify all investors of any increase in fees and charges at least 30 days before the change takes effect. We may increase fees and charges without your consent. The circumstances which may cause us to increase fees and charges include, without limitation, Government changes to legislation, increased costs, significant changes to economic conditions and/or the imposition or increase of processing charges by third parties.

Transaction Costs

Transaction costs are charged to ensure that costs associated with buying and selling assets are met by those investors transacting only. They are not a fee paid to the Trustee, however they are paid to the external investment managers.
Covers costs such as brokerage, government taxes/duties/levies, bank charges and account transaction charges when assets are bought and sold.
Applies when you invest, switch or withdraw all or part of your investment.

Investment fund	Buy costs*	Sell costs*
Secure	0.09%	0.10%
Income Plus	0.15%	0.15%
Growth	0.17%	0.17%
High Growth	0.19%	0.19%
Australian Share	0.15%	0.15%
International Share	0.25%	0.25%
Property	0.15%	0.15%

*The transaction costs above may differ from what is disclosed in the current Product Disclosure Statement (PDS) issued 2 May 2011.

The above transaction costs are current as at 7 December 2011.

Transaction costs may be changed at anytime without notice. Investors will be notified of any changes as soon as practicable after the change and in any event, via the next communication.

Taxation

Investing in the ME Investment Funds might have tax implications. Tax can be very complex and is particular to your personal circumstance. We recommend that all potential investors to seek independent professional taxation advice. For more information, please read page 21 in the Product Disclosure Statement, or call us on 1300 655 286.

We will send you the following documentation at the end of the financial year to assist you with the preparation of your tax return:

your Distribution Information Statement (including your portion of the Fund's taxable income, imputation credits and foreign tax credits (any amounts of capital profits distributed);
your Capital Gains Taxation (CGT) Information Statement; and
a Tax Guide to help you fill out your the income tax return form.