Pallas Senior Income Fund

The Pallas Senior Income Fund is an open-ended Australian wholesale unit trust that invests in Qualifying Lenders which in turn make or hold commercial real estate loans to SME borrowers in Australia and New Zealand, each supported by a registered first mortgage. The Fund does not hold those mortgages directly: it invests in the Qualifying Lenders, and its own notes or units may rank behind other notes or units issued by the same Qualifying Lender, which may affect recoverability. The Fund aims to generate a target pre-tax return, net of all fees, equal to a 5.0% per annum margin over the RBA Cash Rate on a rolling 12 month basis. This is a net target only, not a forecast, the Fund may not be successful in achieving these returns, and no described return or distribution amount is guaranteed. Net cash income is generally distributed monthly in arrears. Units are issued by Pallas Funds Pty Ltd as Trustee, with Pallas Capital Pty Ltd as Investment Manager and BNY Trust Company of Australia Limited as Custodian. An investment in the Fund involves risks and may result in a loss of capital and/or anticipated returns. The offer is open to Wholesale Investors only, with a minimum subscription of $50,000.