What is pricing NAV?
On any valuation date, the Pricing NAV of the Fund is equal to: the NAV of the Fund at that date plus the balance of the issue costs of the Fund on that date, which would remain unamortized on that date if such issue costs of the Fund that were incurred on or after July 1, 2003 were to be amortized on a straight-line basis over five years from the date of issuance of the applicable shares. Since issue costs are associated with the raising of capital that the Fund will typically have available for at least five years, the Board of Directors has determined that it is appropriate to spread such costs equally, in the case of those incurred on or after July 1, 2003, over five years from the date of issuance of shares in respect of the issuance for which they were incurred. The five-year term was selected because investors cannot generally redeem their shares prior to having held such shares for at least five years.
