MANAGEMENT

Detailed explanation-1: -These include political, regulatory and economic instability in some countries, changes in currency rates and market inefficiencies. The laws of some foreign countries may limit the Portfolio’s ability to invest in securities of certain issuers organized under the laws of those countries.

Detailed explanation-2: -Domestic and foreign economic developments play a prominent role in this regard, while movements in equity markets, uncertainty, commodity prices, and the international interest rate environment are also significant drivers.

Detailed explanation-3: -Studies examining cross-border flows suggest that on average, FDI decreases by 3.7% following a 1 percentage point increase in the tax rate on FDI. But there is a wide range of estimates, with most studies finding decreases in the range of 0% to 5%.