Centennial Global Macro Fund

SP (Series D)

Fund Investment Objectives

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 a portion of its assets by investing in Pooled Investment Vehicles and the remainder of its assets to Managed Accounts. Centennial may, but it is not required to, cause the Fund to make (either directly or indirectly) investments designed to hedge against risk in the Fund's positions. The Fund expects to achieve a degree of diversification by holding interests in several Pooled Investment Vehicles and Managed Accounts. In seeking a risk/return mix more likely, in Centennial's estimation, to achieve the Fund's investment objective, Centennial expects that it will periodically rebalance the allocation of the Fund's investments by withdrawing the Fund's assets from one or more Pooled Investment Vehicles or Managed Accounts, reallocating the Fund's capital among Pooled Investment Vehicles and/or Managed Accounts and committing additional capital to one or more Pooled Investment Vehicles or Managed Account, in each case without notice to investors. As of 5/2013 AUM no longer being reported