The Manager is only permitted to invest the Company's funds in the following investments:

• listed securities, being any security listed on ASX or any other recognised securities exchange, including (but not limited to) shares, units, notes or futures which are fully paid or partly paid, preference or preferred, redeemable, convertible or converting;
• unlisted securities issued by an entity listed on ASX or any other recognised securities exchange;
• unlisted securities which the Manager expects will be listed on ASX or any other recognised securities exchange within a reasonable timeframe;
• options, warrants, futures or any other derivatives over any permitted investment;
• units or other interests in unit trusts or managed investment schemes;
• cash and interests in cash management trusts;
• bills of exchange, promissory notes or other negotiable instruments accepted, drawn or endorsed by any bank;
• participation in sub-underwriting of permitted investments; and
• other financial products as permitted by the Manager's AFSL.

Pursuant to the Management Agreement, the Manager is permitted to undertake investments without Board approval, provided they are within the written guidelines set by the Board from time to time. The Manager must seek approval from the Board to undertake investments outside these written guidelines.

Investment Objectives | Investment Strategy | Investment Process | Portfolio Construction | Permitted Investments

• Investment Objectives
• Investment Strategy
• Investment Process
• Portfolio Construction
• Permitted Investments