Hi there, I was just wondering if there was an optimal time to buy into a growth driven unlisted managed fund such as a microcap or smallcap fund. The problem I can imagine is that if I was to buy prior to the end of the financial year (eg in June) I might be responsible for paying tax on a capital gain at the end of June that I did not derive any significant value out of (e.g. it was a capital gain that the fund accumulated over many years that Idid not really partake in). Conversely, I do realise that I might get lucky and be the recipient of a capital loss but from the information I have read from the funds Ive researched this is highly unlikely. So, is it best for me to wait until the beginning of the next financial year and enter in the first week of July instead of buying just prior to 31st of June ? Also, Is there any way I can obtain the knowledge necessary to determine which capital gains and losses an individual fund has made in the current financial cycle ? How does a funds unit price adjust once a distribution has been made (is it just per unit average deduction of the distribution proceeds) ? Cheers.