Fund Overview
	Fund Assets
	Performance & Financial Information
	Unit Prices
	Distributions

 

ACF Update

The RFM Australian Cotton Fund (ACF) is invested solely in Lachlan Farming Limited (LFL), owning 45.7% of LFL shares on issue. LFL made a profit in the 2009/2010 financial year and is thus required to pay tax. Paying the first distribution to LFL shareholders 1 July 2010, and the subsequent distribution to ACF unitholders 2nd July 2010, ensured any franking credits will flow through to investors. The next distribution to ACF investors is expected to be paid 2nd July 2011, with the final distribution to be paid by 31 December 2011.

Please find details of the 1 July 2010 distribution below:

* The income amount will include a franking component. Confirmation of the franked amount and any corresponding franking credits will be confirmed in the ACF Tax Statement issued as soon as possible following the end of the 2011 Financial Year. The 2011 Taxation Statement will contain the final distribution information and Unitholders will therefore need to wait for the Taxation Statement to be issued in order to correctly complete their 2011 Tax Return.

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Fund Overview

The RFM Australian Cotton Fund was established in February 2002 in order to provide investors with competitive risk adjusted returns through select investments in cotton operations.

The ACF is invested solely in LFL, an unlisted public company, which was involved in large-scale cotton farming in the Hillston district of central New South Wales. For more information about LFL, please see the LFL webpage.

The ACF is closed to new investment.

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Fund Assets

ACF's sole asset, its investment in LFL, is also managed by RFM. LFL has recently completed an asset realisation process, with the sale of the final asset, Mooral Station, being sold to RFM RiverBank for $13.782m via vendor finance. Please see the LFL website for more information.

Following the sale of Mooral, ACF will use the funds received by LFL to return capital to ACF investors. This process, which is forecast to result in a return of approximately $1.39 per unit, began in July 2010 and is expected to conclude in December 2011.

Expected timetable of forecasted payments to Unitholders:

 

Please find detailed information on the 1 July 2010 distribution under ACF Update.

Table 1: ACF Assets

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Performance & Financial Information

Table 2: ACF Financial Year Returns

Returns inclusive of Franking Credits.
Past performance is not a reliable indicator of future performance.

 

Table 3: ACF Rolling Annual Returns

Unit Prices

Click here for historical unit price information

Table 4: ACF Unit Price History

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Distributions

Table 5: ACF Distribution History

Payment Date	Record Date	Australian Cotton Fund Distributions Paid (per unit)
27/01/2005	31/12/2004	$0.0400
26/08/2005	30/06/2005	$0.0400
02/07/2010	01/07/2010	$0.8720

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• Offer Documents
• Newsletters
• Half Year Report

  31 December 2009

• Annual Report

  30 June 2009

• Investor Update Letter

  11 February 2010