On 31st December, 2007 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;

Signed:

Desmond Kinch, CFA

Managing Director