This paper attempts to give a thorough treatment of the performance limitation of a linear time invariant multivariable system in tracking a reference signal which is a linear combination of a step signal and several sinusoids With different frequencies. The tracking performance is measured by an integral square error between the output of the plant and the reference signal. Our purpose is to find the fundamental limit for the attainable tracking performance, under any control structure and parameters, in terms of the characteristics and structural parameters of the given plant, as well as those of the reference signal under consideration. It is shown that this fundamental limit depends on the interaction between the reference signal and the nonminimum phase zeros of the plant and their frequency-dependent directional information.