Ann: Daily Fund Update, page-2

The distribution has been steadily declining the last six months, a trend not arrested with the most recently announced distribution: .012 cents is significantly lower than the.017 cents received in December/January, i.e., distribution values one would expect from this sort of fund with the cash rate at 4.35%. Also, over the last 21 days of June, the NTA has increased from $2.1406 to 2.1486, which corresponds to an annualised increase of (.008 / 21) * 365 = 13.90 cents, or an earnings yield of 6.49% (13.90 / 2.1406). It can't be fully explained by the raising of capital, as MXT, which also raised capital relatively recently, has not suffered the same sort of decrease in distributions over the same time period. Finally, MXT (9%) is currently holding more cash than MOT (5%).

If my calculations are correct, there are question marks over the performance of MOT in recent times. Unfortunately, the monthly reports include zero commentary.