A Management Fee is payable to Montaque Securities International by the Fund under the Management Protocol dated 14 October, 1994. The maximum Management Fee chargeable is 2.5% per annum of the net asset value of the Fund, payable on a monthly basis, i.e . 0.21% monthly charge. MSI reserves the right to decrease the Management Fee in certain circumstances.
Effective July, 1998 a redemption Fee of 1% is applicable only to shares redeemed from the Fund in the first year of the investment.
Preliminary expenses of the Fund, as well as on-going marketing expenses and professional fees, are being absorbed by the Fund Manager, at no cost to the Fund, except in respect of any assessment of business license fees which may be offset for the benefit of the Fund. Except for the Management Fee, no amount shall be payable to MSI as sponsor of the Fund.
The cost of any irregular transaction required by a shareholder will be charged directly to the investment account of that shareholder. The Fund reserves the right to charge proportionately to each shareholder any unforeseen or unquantifiable imposition of tax, levy, or business license fees by the Government which may affect this investment fund. Shareholders will be advised of any such charge.
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