Asset Allocation Fund

The Asset Allocation Fund is a multi-strategy fund whose investment objective is to seek significant total investment returns, consisting of a combination of interest income, dividend income, currency gains and capital appreciation by investing in the following five discrete groups of investments: (i) equity securities generally; (ii) fixed income securities generally; (iii) commodity forwards and futures contracts and options thereon, and other over-the-counter traded derivatives instruments and commodities; (iv) equity and fixed income securities of real estate companies; and (v) cash and cash equivalents. The underlying value of the Fund’s aggregate positions in derivatives entered into for non-hedging purposes (determined as at the time of acquiring a position in a derivative) will not exceed the value of the fund’s holdings of cash and cash equivalents.