Permal Investment Partners,


Fund Investment Objectives

The Fund's investment objective is to produce investment returns that have lower risk and less volatility than traditional investment returns and over time produce above market returns compared to traditional investments. The investment strategy of the Fund may be considered that of a fund of funds or multi-manager investing. Portfolio Managers may employ any investment strategy or technique and may invest in securities of any region or country. The strategies of Portfolio Managers may include, but are not limited to: equity long/short, equity long only, equity short only, global macro, statistical arbitrage, fixed income, fixed income arbitrage, convertible arbitrage, event driven, emerging markets, and high yield/distressed. Traditional investment strategies (i.e., long only) may also be pursued in seeking to achieve the investment objective. In general, Portfolio Managers may invest and trade in quoted common and preferred stocks, warrants, debt securities, convertible securities, options, futures, forwards, currencies and other derivatives. Additionally, Portfolio Managers may also invest in securities that are not publicly traded and may utilize futures for hedging and/or non-hedging purposes. The Fund may also participate indirectly through underlying funds or directly through Managed Accounts in securities classified as new issues as that term is defined under FINRA Rule 5130.