What a member gets from an income or expense during the course of the year is determined by the member’s share of the club on the given day, which is based on the number of Valuation Units the member has on that day.
For example: From January to July there were two club members, Ann and Betty, who each owned 49% of the club while a third member, Cindy, owned only 2%. In July, Cindy deposited more money so that she has the same number of units the Ann and Betty have, and they each then have 33% of the club from July to December.
Now, say that there are two sets of proceeds from stock sold during that year, one in June and one in November, each for $100. The proceeds from the sale in June go 49% to Ann, 49% to Betty and 2% to Cindy. The proceeds from the sale in November go 33% to each of the three. Ann and Betty would each end up with more than 33% of the earnings of the club at the end of the year. In this case, of the $200 distributed, Ann and Betty each get $82 and Cindy gets $35.
That is why the members' percentages of the year end distribution do not, and are not meant to, equal their percentages of ownership at year end.