On 31st December, 2007 and 8th April, 2008, the Fund amended its prospectus to reflect the following material changes:

(a) an increase in the minimum initial subscription from US$50,000 to US$100,000;

(b) a reduction in the notice period for redemption requests to 14 days which is not prejudicial to investors;

(c) an amendment in the NAV principles for listed securities to their last reported mid-market, closing or bid prices. This change was approved by the Participating Shareholders of the Fund on 16th November 2007;

(d) the removal of the investment restriction which prohibited pledging the assets of the Fund and the references to not hedging currency exposure. These changes were approved by the Participating Shareholders of the Fund on 1st April 2008 and 8th April 2008; and

(e) an update of the number of shares held by the directors and their immediate families.

Signed:

Desmond Kinch, CFA

Managing Director