Investment Objective:    The investment objective of the Managed Balance Class of Shares is to seek long term capital appreciation, measured in Dollars, through investment in offshore mutual funds, exchange traded funds, and individual offshore managed accounts that implement long-only non leveraged investment strategies where other investment vehicles are not available.

This Class may also invest in cash or debt instruments without limitation as to amount, as a defensive measure if investments opportunities in equity markets appear less favourable.

Investment Risks Specific to this Class:    The Company is exposed to a variety of financial instruments risks: credit, liquidity and market risks (including interest rate risk, currency risk and other price risk).  The level of risk to which this Class is exposed depends on the investment objective and the type of investments the Class holds.  The value of investments within a portfolio can fluctuate daily as a result of changes in prevailing interest rates, economic and market conditions and company specific news related to investments held by this Class.

The other market risk for this Class is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate or currency risk).  The value of each investment is influenced by the outlook of the issuer and by general economic and political conditions, as well as industry and market trends.  The price risk of this Class is related primarily to a balanced portfolio of international stocks, bonds and commodities and therefore is sensitive to changes in general economic conditions as represented by the HFRIFOF Index. All securities present a risk of loss of capital.  Except for forward foreign exchange contracts, the maximum risk resulting from financial instruments is equivalent to their fair value.  Possible losses from forward foreign exchange contracts can be unlimited.