Forager Australian Shares Fund (the Fund) is an Australia-based investment trust. The Fund invests in small to mid-cap stocks in Australia with focus on long-term value investing. The Fund’s investment objective is to outperform all ordinaries accumulation index over a rolling five year period and produce long-term returns irrespective of short-term price movements. The Fund invests in securities listed on the Australian Securities Exchange (ASX) and investments that are likely to be listed on the ASX in the future and Australian denominated cash. The Fund may also invest up to 20% of its assets in securities that are listed on the New Zealand Exchange (NZX) in accordance with the product disclosure statement and the provisions of the Fund's constitution. The Fund's goal is to produce superior long-term returns from a select number of underlying investments, irrespective of short term price movements. The investment manager of the Fund is Forager Funds Management Pty Ltd.