The Australian Securities and Investments Commission (ASIC) issued Regulatory Guide 46 (RG 46) in September 2008 which outlines eight disclosure principles for unlisted property schemes. In addition to APN Funds Management Limited (APN FM) regular disclosure, clear and prominent disclosure of this information will help retail investors compare the relative risk and return of investments in unlisted property schemes and decide whether these investments are suitable for them. The purpose of this document is to provide information on the application of the eight disclosure principles for the funds operated by APN FM that are required to comply with RG 46.