1. Market and Currency Risk

The investments of the Trust are subject to normal market fluctuations and other risks inherent in investing in securities and there can be no assurance that any appreciation in value will occur. The value of investments and the income from them can fall as well as rise and beneficiaries may not realise the same amount that they invest. Changes in exchange rates between currencies may also cause the value of an investment to diminish or increase.

2. Unlisted Securities

Not all securities invested in by the Trust will be listed or rated and consequently liquidity may be low. Moreover, the accumulation and disposal of holdings in some investments may be time-consuming and may need to be conducted at unfavourable prices.

3. Restricted Securities

Investments by the Trust in securities with temporarily restricted transferability may require disclosure and bear increased risks which under certain circumstances may lead to a total loss of the investment. Such securities may not be trading during restriction periods and even upon the expiration of such restriction periods, the markets for such securities may allow only for limited tradability wherefore investments in such securities may be extremely volatile.

4. Limited Liquidity

An investment in the Trust provides limited liquidity since the interests are not freely transferable and may be redeemed only at the end of each month. Furthermore, distribution of proceeds upon an Investor's withdrawal may be subject to liquidity restrictions on withdrawals under the terms of the underlying investment vehicles in or pursuant to which the Trust's assets are invested.

5. Trading is Leveraged

The Trust may buy and sell securities on margin, increasing the volatility of the Trust's securities positions. Trading securities on margin, unlike trading in futures (which also involves margin), will result in interest charges to the Trust and, depending on the amount of trading activity, such charges could be sustained. In this case, the Trust may not borrow more than 30 % for its trading on margin activities.

The Trust may undertake short-term borrowing in order to make payment of redemption proceeds in situations in which the Investment Manager believes the immediate disposition of the investments will not be in the best interests of the Trust or of their beneficiaries.

6. Liquidity of Futures Contracts

Futures positions may be illiquid because certain futures exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuations" or "daily limits". This could prevent the Investment Manager from promptly liquidating unfavourable positions and subject the Trust to substantial losses.

7. Option Trading

Investments by the Trust in options bear increased risks, which under certain circumstances may subject the Trust to substantial losses. Option positions may be extremely volatile and subject the Trust to substantial losses.

8. Forward Trading

Forward Trading used to hedge against foreign exchange risk has certain risks. Forward contracts and options thereon, unlike futures contracts, are not traded on exchanges and are not standardised; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward and "cash" trading is substantially unregulated. There is no limitation on daily price movements and speculative position limits are not applicable. The principals who deal in the forward markets are not required to continue to make markets in the currencies and commodities they trade and these markets can experience periods of non-liquidity, sometimes of significant duration. In addition, disruptions can occur in any market traded by the Investment Manager due to unusually high trading volume, political intervention or other factors. The imposition of controls by government authorities might also limit such forward (and futures) trading to less than that which the Investment Manager would otherwise recommend, to the possible detriment of the Trust. Market non-liquidity or disruption could result in significant losses to the Trust.