Investment focus and approachIn order to achieve its investment objective, UAPREIF will invest primarily in units of REITs listed in the Asia Pacific region (including Japan, Australia and New Zealand), as well as securities related to units of such REITs such as rights and warrants. In addition, UAPREIF may from time to time invest up to 30% of its net asset value in debt securities and convertible bonds issued by such REITs where the Managers are of the opinion that valuations of such securities are justifiable relative to units of such REITs. UAPREIF may also invest in other investment vehicles focused on real estate, such as business trusts, property trusts, stapled trusts and/or other collective investment schemes. The investments of UAPREIF shall be subject to the provisions of the Code.The Managers aim to construct a diversified portfolio of REITs in the Asia Pacific region (including Japan, Australia and New Zealand). The investment process involves firstly a top-down allocation across the various key regions to determine the relative weights in each region and then the bottom-up selection of securities.In the top-down allocation, the economic fundamentals of each