Q: I don't really understand what happened to the $5 special distribution. I know it was consolidated into the existing share count, but I do not see any benefit. Can you please explain. Thanks
5i Research Answer:
This is known as a 'phantom' distribution, where no cash is paid out but the distribution is still taxable. As noted in the link, the distribution raises the adjusted cost base of the units. In AP's case it consolidates units simulataneously with the distribution so that there is no change in unit price.