Ongoing charges (Total Expense Ratio, TER. The total of ongoing charges before performance-dependent expenditures, if any (total expense ratio before performance fee; TER) is calculated ac- cording to general, code-of-conduct principles and with the exception of transaction costs encompasses all costs and charges that are deducted from the assets of the UCITS on an ongoing basis. The TER of the UCITS or of the re- spective unit class shall be indicated in the semi-annual and annual reports and, when the next semi-annual or annual report is published, on the website of the LAFV Liechtenstein Investment Fund Association at xxx.xxxx.xx. In conjunction with transactions for the account of the UCITS, the manage- ment company or its agents may receive monetary benefits (broker re- search, financial analyses, market and price information systems) that are deployed in the interest of the investors when investment decisions are made. The management company does not receive any refunds from remuneration and reimbursement of expenditures that are deducted from the assets of the UCITS and paid to the depositary and third parties. As a rule, the management company passes on portions of its remuneration to referring parties. These portions may also be considerable; in certain cases, they can amount to as much as 100% of the issue premium and/or the man- agement fee. Details are available to investors from the management com- pany on request.
