William Blair All Terrain

Fund L.P.

Fund Investment Objectives

The William Blair All Terrain Fund, L.P. is a multi-manager hedge fund vehicle that provides exposure to a broad range of hedge fund strategies. The fund seeks to produce steady long-term capital appreciation with low volatility and low correlation to stocks. The Fund invests in a diversified portfolio of hedge funds that invest in: non-directional, hedged equity, managed futures and opportunistic strategies. The Fund generally will maintain strategy allocations within the following ranges: 25-50% to absolute return strategies, 15-40% to long-biased long-short equity strategies, 10-25% to managed futures strategies, and 10-35% to aggressive return strategies.