The Fund gains its investment exposure indirectly through its investment in the Underlying Fund.

The Underlying Fund employs a global long/short equity investment approach to construct a portfolio with an emphasis on companies that operate in global industries such as technology, healthcare, consumer and industrials/cyclicals.

The investments held in the Underlying Fund may include long and short publicly listed global equities, cash and derivatives.

Geographically, the Underlying Fund invests in North America, Asia, and Europe, with some emerging markets exposure, and invests across all market capitalisations.

The Fund’s investment objective is to provide investors with risk adjusted, absolute returns through diversified exposure to global equities over 3 to 5 years

Benefits of investing in the Apis Global Long/Short Fund

Access to investment opportunities and overseas markets

• Investment in the Fund provides exposure to a fundamental, global long/short equity strategy across multiple geographical regions and industry sectors. A pooled investment allows access to a diverse range of global companies that would not normally be accessible to individual retail investors in Australia and New Zealand.

Professional management

• The investment team at Apis Capital has a strong track record of absolute returns and market outperformance over various market cycles. The highly experienced team manages the underlying strategy using a disciplined investment approach aimed at delivering attractive long-term returns.

Access to the Underlying Fund, managed by Apis Capital

• The Fund provides you with the opportunity to access the Underlying Fund through an Australian domiciled fund.

An investment in the Fund is best suited to investors who seek returns primarily through a combination of long and short equity positions and accept the risk that these returns can bevolatile. There is a risk that investors may lose some or all of their investment. Investments mayfluctuate in the short term. This Fund may not be suitable for you if you are seeking regular andconsistent income distributions.

About the Fund

The Apis Global Long/Short Fund's objective is to provide investors with risk adjusted, absolute returns through diversified exposure to global equities over 3 to 5 years.

Apis Capital conducts their own fundamental, bottom-up, investment research with a borderless approach to stock selection to identify unique, high conviction opportunities. The strategy's geographic focus is primarily North America, Asia and Europe and, while generalist in its sector focus, Apis Capital targets globally-oriented industries such as technology, healthcare, industrials/cyclicals, and consumer.

Investment strategy

The Fund gains its investment exposure indirectly through its investment in the AUD share 5 class of Apis Offshore Capital, Ltd. ('Flagship Fund' or Underlying Fund'). The Underlying Fund employs a global long/short equity investment approach to construct a portfolio with an emphasis on companies that operate in global industries such as technology, healthcare, consumer and industrials/cyclicals. The investments held in the Underlying Fund may include long and short publicly listed global equities, cash and derivatives. Geographically, the Underlying Fund invests in North America, Asia, and Europe, with some emerging markets exposure, and invests across all market capitalisations.

About Apis Capital

The Responsible Entity has appointed Apis Capital as the investment manager for the Fund.

Established in New York in 2004, Apis Capital is a highly experienced team of international stock pickers who have managed a well-established investment strategy through various market conditions and global crises. Apis Capital leverage an extensive global network of relationships with companies across multiple sectors, resulting in a differentiated portfolio, opportunity set and investment approach. Apis Capital's founding partners, Daniel Barker and Eric Almeraz, have been investing as a team since 2002.

How we invest your money

The Fund operates as a fund-of-fund' and gains its investment exposure through its indirect investment in the Underlying Fund. The Underlying Fund employs a global long/short equity investment approach to construct a portfolio with an emphasis on companies that operate in global industries such as technology, healthcare, consumer and industrials/cyclicals.

The Investment Manager invests in long and short positions, with an expectation of producing above average returns. The long position purchases are typically securities that the Investment Manager believes to be undervalued, with improving business fundamentals, and the short position purchases are typically securities with deteriorating fundamentals that the Investment Manager believes to be overvalued.

Geographically, the Underlying Fund invests in North America, Asia, and Europe, with some emerging markets exposure, and invests across all market capitalisations.

The Fund aims to be fully invested in the Underlying Fund, subject to holding only sufficient cash to meet Fund expenses and withdrawals.

In considering the Fund's investment strategy, the Responsible Entity has undertaken due diligence in relation to the operations and management of the Underlying Fund, including the Investment Manager and the use of leverage, derivatives and short selling in respect of the investment strategy of the Underlying Fund.

Investment philosophy and process

The Apis Capital strategy is formulated on the belief that important information is lost or mispriced when it crosses country borders. This inefficiency is the result of investments being allocated into geographic silos while industries and companies have become significantly more global. Apis Capital's strategy is to take advantage of this mismatch by using the information it gathers on an industry in one geography to find investment opportunities in another geography. Typically, this occurs along supply chains, customers or competitors within the industry.

Due to the nature of the strategy, there are no fixed diversification requirements or specific limitations as to the types of securities or other instruments, industries, sectors, countries or asset classes in which the Underlying Fund invests.

Asset allocation

• Underlying Fund: 95%-100%

• Cash: 0%-5%

For details of the Underlying Fund's investments, refer p9 of the PDS.