Forager Australian Shares Fund is an Australian managed closed-ended investment scheme structured as a unit trust. The Fund’s objective is to outperform the Standard & Poor (S&P)/ Australian Stock Exchange (ASX) all ordinaries accumulation index over a rolling five year period. The Fund offers investors exposure to a portfolio of securities that has been purchased by the Fund at prices the Manager believed were below the value of the securities. The Fund invests predominately in securities listed on ASX. The Fund may also invest in securities that are likely to be listed on ASX in the future and Australian denominated cash. The Fund will not invest more than 10% of the portfolio in investments that are not listed.