Distribution for the period to 30 June 2008 has been made of USD4.83524 resulting in an additional 1.167932 units per unit held on 30 June. Please refer to the Explantory Memorandum distribution policy.
The Fund calculated its first distribution for the period to 30 June 2008. This distribution was made and in turn was automatically reinvested into more Units in the Fund at the ex-distribution Unit Price on 2 July 2008. The value of the distribution was approximately US$4.83524 or 116.7932% per unit.
As a result of the distribution, the following occurred:
the 30 June 2008 Unit Price went from the reported “cum distribution” price of US$9.2616 to an “ex distribution” unit price of US$4.4264; and
to compensate for the above move in Unit Price, the number of units held by each investor on the register at 30 June 2008 increased by a factor of approximately 2.167932 when the distribution was reinvested into more units in the Fund at the 2 July 2008 “ex distribution” unit price of US$4.140.
Investors have been allocated additional units as a result of the distribution and subsequent reinvestment. To calculate the return from 30 June 2008 to 2 July 2008, the unit price on 2 July 2008 needs to be grossed up by the distribution factor (i.e. compare US$9.2616 for 30 June 2008 to an adjusted 2 July 2008 price of US$4.140 x 2.167932 = US$8.9752). Using these unit prices, the return from 30 June 2008 to 2 July 2008 was actually -3.0919%.
The NAV table highlights the reinvested price which takes into consideration the effect of the additional Units allocated as a result of the dividend payment.
Investment involves risks, in particular, special risks associated with investments in emerging and less developed markets. Past performance is not necessarily a guide to future performance. The value of investments and the income from them can fluctuate and is not guaranteed. Please refer to the Explanatory Memorandum for the Fund for details.
Other than Macquarie Bank Limited ABN 46 008 583 542 (MBL), any Macquarie Group entity noted on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
