Centennial Absolute Return

Fund SP (Series E)

Fund Investment Objectives

The investment objective of the Fund is to achieve an attractive rate of return, relative to the level of risk assumed. The Fund is a "multi-strategy fund" that allocates substantially all of its assets to Sub-Managers that pursue various alternative investment strategies. The Fund ordinarily allocates its assets to Sub-Managers by investing in Sub-Funds managed by Sub-Managers. However, the Fund may from time to time allocate its assets to Sub-Managers by opening Managed Accounts with Sub-Managers. Centennial may, but is not required to, cause the Fund to make (either directly or indirectly) investments designed to hedge against risk in the Fund's position. The Fund expects to achieve a degree of diversification by holding interests in several Sub-Funds and/or Managed Accounts. In seeking a risk/return mix more likely, in Centennial's estimation, to achieve the Fund's investment objective, Centennial periodically rebalances the allocation of the Fund's investments by withdrawing the Fund's assets from any Sub-Fund or Managed Account, reallocating the Fund's capital among Sub-Funds and/or Managed Accounts and committing additional capital to any Sub-Fund or Managed Account, in each case without notice to investors. As of 5/2013 AUM no longer being reported