Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund's fiscal year. The Gambia and Ghana met the target, but Ethiopia was among the countries that did not.The authors of Income Inequality Trends in sub-Saharan Africa argued that poverty reduction efforts do not necessarily bridge the inequality gap, which was a conceptual underpinning of the MDGs.To achieve the 2030 Agenda for Sustainable Development, an offshoot of the MDGs, experts hope countries will embrace a range of policies that tackle various forms of inequalities, not just poverty.“Policies that help reduce poverty are not necessarily the same as those that help reduce income inequality,” writes Abdoulaye Dieye, director of UNDP’s regional bureau for Africa, in the preface to the report.Quality education may dent poverty but will not close the inequality gap unless accompanied by “progressive taxation [tax rate increases with increases in taxable amount] and well-targeted social protection,” Mr. Dieye further explains.Also, countries need to focus on growth pattern rather than growth rate, because inequality falls when growth is in labour-intensive sectors, such as agriculture, manufacturing, and construction, and it rises when growth is in sectors high in capital and the use of skilled labour, such as mining, finance, insurance and real estate, according to the UNDP economists.Currently most African countries allocate a significant share of their national budgets to recurrent overheads and/or debts, leaving little or nothing for other projects.Corruption, mismanagement and illicit financial flows (IFFs) also deplete state coffers.According to a 2015 report by a high-level African Union panel on IFFs headed by former South African president Thabo Mbeki, Africa loses up to $50 billion annually to illicit financial flows.
The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. There is no assurance that the Fund will achieve its investment objective. The Distribution Policy may also negatively affect the Fund's investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution.
Past performance does not guarantee future results.If you wish to receive this information electronically, please contact Estimated Amounts of Current Monthly Distribution per share ($)Estimated Amounts of Current Monthly Distribution per share (%)Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share ($)Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)Average Annual Total Return on NAV for the 5 Year Period Ending 06/30/2020Current Fiscal Period's Annualized Distribution Rate on NAVCopyright © 2020 PR Newswire Association LLC. A decrease in the Fund's net assets may cause an increase in the Fund's annual operating expense ratio and a decrease in the Fund's market price per share to the extent the market price correlates closely to the Fund's net asset value per share. Your Fund's distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.
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