Fund Investment Objectives

The investment objective of the Fund is to achieve superior long-term capital appreciation while minimizing the risk of capital loss. The Fund is value-oriented, and will seek to take advantage of differences in the market prices of various securities and their respective underlying value (breakup or net asset value) and/or intrinsic value. The Fund may invest in long and short positions in common and preferred stocks, bonds, notes, options, index securities, hedging instruments such as futures, derivatives and currency contracts, private equity and mezzanine securities and any other financial instrument that the investment manager believes offers attractive risk adjusted returns. Redemption Fees: 90 days prior written notice at no charge, 60 days prior written notice subject to a 1% penalty. Furthermore, a penalty of 5% if redeemed within the first 6 months, and a penalty of 3% if redeemed in 6-12 months. AUM provided May 2011 going forward.