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Calculating unit prices
The way in which we calculate entry and exit prices for a product is set out in that product's Trust Deed, Constitution or Life Policy. The overall effect is that prices are based on the net value of the particular Fund's or Portfolio's assets generally, as next calculated by us after each cut-off time.
Domestic
Entry and exit prices will normally be calculated for the business day on which we receive the request using asset valuations available for that day. For an application or withdrawal request received before 4.00 p.m. on a business day, we will generally determine the entry or exit price using the market closing price in the afternoon of that day for Australian assets. Entry and exit prices will also include a spread reflecting the costs of buying or selling assets in the fund as a result of the application or withdrawal. Entry and exit prices for the fund are calculated in accordance with the fund's constitution.
International
Entry and exit prices will normally be calculated for the business day on which we receive the request using asset valuations available for that day. For an application or withdrawal request received before 4.00 p.m. on a business day, we will generally determine the entry or exit price using market closing prices on the morning of the following day for international assets (other than Asian assets) and the market closing price in the afternoon of that day for Australian and Asian assets. Entry and exit prices will also include a spread reflecting the costs of buying or selling assets in the fund as a result of the application or withdrawal. Entry and exit prices for the fund are calculated in accordance with the fund's constitution.The BT Natural Resources Fund differs from the above in respect of International and Asian Securities, for this fund market closing prices issued prior to the close in Australia on that day are used.
Diversified/balanced
Entry and exit prices will normally be calculated for the business day on which we receive the request using asset valuations available for that day. For an application or withdrawal request received before 4.00 p.m. on a business day, we will generally determine the entry or exit price using market closing prices on the morning of the following day for international assets (other than Asian assets) and the market closing price in the afternoon of that day for Australian and Asian assets. Entry and exit prices will also include a spread reflecting the costs of buying or selling assets in the fund as a result of the application or withdrawal. Entry and exit prices for the fund are calculated in accordance with the fund's constitution.
The above text does not apply to the BT Cash Management Trust, BT Premium Cash Fund, Westpac Cash Management Trust or the BT Cash Investment Fund, which are designed to have a unit price of $1.