Tax information

The following information is a summary only. You should refer to the prospectus dated August 25, 2005 and your financial or tax advisor for more detailed information in relation to US Federal Income Tax Considerations.

Click here to go to the SEC website for a copy of the Fund's prospectus (note: you will be leaving the MGU website).

General tax information

The Fund anticipates that taxable distributions paid on the Common Shares will generally consist of:

• income that under current law may qualify as tax-advantaged 'qualified dividend income' for US federal income tax purposes (such dividends generally include dividends from taxable US corporations and dividends from certain non-US corporations—for example, generally, non-US corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or non-US corporations the stock of which is readily tradable on an established securities market in the United States)
• long-term capital gains (gains from the sale of a capital asset held longer than 12 months)
• investment company taxable income (other than qualified dividend income), including non-qualified dividends, interest income, short-term capital gains and income from certain hedging and interest rate transactions. Distributions paid on the Common Shares may also consist of return of capital.

For individuals, the current maximum US federal income tax rate is 15 per cent on qualified dividend income and long-term capital gains and 35 per cent on investment company taxable income (other than qualified dividend income).

Under current law, these tax rates apply for taxable years beginning before January 1, 2009. To the extent the Fund incurs any non-US income and withholding taxes, Stockholders will be eligible to claim their pro rata share of such taxes as a foreign tax credit provided that more than 50 per cent of the value of the Fund’s total assets at the close of the taxable year consists of stock or securities of foreign corporations and the Fund meets certain other requirements under the US Internal Revenue Code of 1986, as amended (the Code).

A Stockholder’s ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by the Fund may be limited under the Code. There can be no assurance as to the percentage of distributions paid on the Common Shares, if any, that will consist of qualified dividend income and long-term capital gains, the tax rates that will apply to the various types of income in future years or the amount, if any, of non-US income and withholding taxes that may be claimed as foreign tax credits. See 'US Federal Income Tax Considerations' in the Fund's prospectus.