Unit pricing in unlisted funds is based on the net asset value (NAV) of the fund.

Net asset value (NAV) is calculated by:

• Adding up the value of all assets held by the fund (such as property, cash and other investments)
• Subtracting the fund’s liabilities
• Dividing the result by the number of units on issue

This calculation determines the value of one unit at a specific point in time.

When investors buy or sell units, the unit price may be adjusted for transaction costs associated with buying or selling underlying assets.

This means:

• The entry price (when investing) may include costs
• The exit price (when withdrawing) may reflect selling costs

These adjustments are often referred to as buy and sell spreads.

Asset values used in unit pricing may include independently valued property assets and are calculated in line with the fund’s constitution and Product Disclosure Statement (PDS). Unit prices are updated regularly, depending on the fund.

Because asset values and costs change over time, unit prices can rise or fall, and the value of an investment in an unlisted fund will vary.