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      "In the case of the Brandywine Global Opportunistic Fixed Income Fund, gains derived from fixed interest investments will generally be taxed on an accruals basis.",
      "In the case of the Brandywine Global Opportunistic Equity Fund, capital gains derived by PIEs in relation to New Zealand and most listed Australian companies are not subject to tax; investments in certain offshore equities are taxed under the Fair Dividend Rate (FDR) method, with a deemed annual return of 5% of the market value, prorated over the days that the particular equity is held during the year.",
      "If an Investor does not provide their PIR to FundRock they will automatically be taxed at the maximum default rate of 28%.",
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      "Under the FDR calculation, the benefit of tax deductibility of fees incurred within the Underlying Fund is minimal because of the dilution effect of calculating taxable income based on 5% of market value.",
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      "If there is a tax loss or excess tax credits allocated to an Investor, these will generally be available to Investors with a PIR other than 0% in the form of a rebate, re-invested by purchasing Units or included in net proceeds on full withdrawal.",
      "Investors will not pay tax on distributions (if any) paid to Investors from the Funds.",
      "The indemnity for the Manager and Supervisor covers personal liability including PIE tax incurred by or on behalf of the Funds."
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      "The Investment Manager's association with the other Franklin Templeton funds could influence it to invest the assets of the Funds into other Franklin Templeton funds instead of into direct assets or investment funds managed by third parties.",
      "The Equity Fund currently invests through an Underlying Fund. The Underlying Fund may have foreign withholding tax deducted from income that it receives. However, withholding tax or income received by the Underlying Fund is not recognised under New Zealand tax law and therefore cannot be utilised against any PIE tax liability related to investments in the Equity Fund."
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