Ann: Magellan Global Fund Partnership Offer Opens, page-4

Thanks for that explanation. I hold MGOC open units which has been a very good investment.

So in the short term there is a return or bonus of about 1.5% which could be realised by selling some units.

Taking up the options is discretionary, but again are available at a 7.5% discount.

I do not understand what is meant by funds being "trapped" in the closed class units, the units can be sold on the ASX.

Finally, despite reading the PDS multiple times I do not understand why there is such a difference between the open units ($2.42 up 2c today) and closed units (1.645 down 4c today) as they both use the same investment base. Further, since Dec the open units have dropped by about 4.7% and the closed units by17%.

At the moment I do not intend to invest further in something I do not understand

Any help would be appreciated