Common use of Taxation of the Fund Clause in Contracts

Taxation of the Fund. The Fund is subject to a subscription tax at an annual rate of 0.05 on its net assets, accrued daily and payable quarterly. However, the Fund is not subject to this tax on the portion of its assets that are invested in the Underlying Funds incorporated in Luxembourg liable for such tax during the year under review. Capital gains, dividends and interest may be subject to withholding taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Fund or its Unitholders.

Taxation of the Fund. The Fund is subject to a subscription tax at an annual rate of 0.05 0.05% on its net assets, accrued daily and payable quarterly. However, the Fund is not subject to this tax on the portion of its assets that are invested in the Underlying Funds incorporated in Luxembourg liable for such tax during the year under review. Capital gains, dividends and interest may be subject to withholding taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Fund or its Unitholders.

Taxation of the Fund. The Fund is subject to a subscription tax at an annual rate of 0.05 0.05% on its net assets, accrued daily and payable quarterly. However, the Fund is not subject to this tax on the portion of its assets that are invested in the Underlying Funds Fund incorporated in Luxembourg liable for such tax during the year under review. Capital gains, dividends and interest may be subject to withholding taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Fund or its Unitholders.