Prospective investors should understand that the Company may compete with other investment vehicles including funds and accounts managed by SkyBridge , as well as investment and commercial banking firms, which have substantially greater resources, in terms of financial resources and research staffs, than may be available to the Company. Income loss from investment operations:. At the same time, the Company would continue to pay its own advisory fees and other expenses. The determination to categorize or recategorize a particular Investment Fund within one of these investment strategies is in the sole discretion of the Adviser, which also may choose to redefine, add or subtract strategy descriptions from time to time. ETNs also incur certain expenses not incurred by their applicable reference instrument. Credit Sensitive Mortgage Backed Securities.

Revisions to the gain and loss calculations of each Investment Fund therefore will be an ongoing process, and no net capital appreciation or depreciation figure can be considered final as to an Investment Fund until its annual audit is completed. The Adviser considers a theme to be a market or economic development believed by the Adviser as likely to drive profits, typically because the Adviser believes that the impact of the chosen theme on the pricing of particular market instruments or segments is not fully appreciated. In such cases, an Investment Fund or the Company may incur a loss. The Investment Funds may use leverage, which also entails risk. To the extent the price relationships between such positions remain constant, no gain or loss on the position will occur. First, particular investments may experience outright losses, as in the case of an interest-only security in an environment of faster-than-expected actual or anticipated prepayments.

The Company may, as determined by the Company or its designated agents, repurchase the Shares held by a Prospecyus or other person acquiring Shares from or through a Shareholder, if:. Marie Noble born The Adviser employs tehsis ongoing risk management optika. A market-neutral strategy requires both a long and short position. The Company and the Investment Funds may, pursuant to government regulations or rules of futures exchanges or boards of trade, be subject to limits on the size of positions that they may take in particular futures contracts, which would hinder the Company or the Investment Fund from achieving its investment objective.

In addition, the insolvency of entities that generate receivables fhnd that utilize the underlying assets may result in a decline in the value of the underlying assets as well as costs and delays. It is not anticipated that Shares will be listed on any securities exchange or traded in other markets, and Shares will be subject to substantial restrictions on transfer. Sinceseveral prominent financial market participants have failed or nearly failed to perform their contractual obligations when due—creating a period of great uncertainty in the prosoectus markets, government intervention in certain markets and in certain failing institutions, severe credit and liquidity contractions, early terminations of transactions and related arrangements, and suspended and failed payments and deliveries.


Directors will not contribute to the investment capital of the Company in their capacity as Directors, but may subscribe for Shares, subject to the eligibility requirements described in this Prospectus.

It may take a number of years for the market price of such securities to reflect their intrinsic value. Dependence on Key Personnel. The Company, in its discretion, may permit the withdrawal of tenders at any time prior to the Valuation Date. Federal Reserve Bank, Funv Central Bank and other central banks injected significant liquidity into markets and otherwise made significant funds, guarantees and other accommodations available to certain financial institutions, eventual withdrawal or reduction of those governmental supports is in process and could drive a orospectus to elevated levels of market stress, volatility, impaired liquidity, funding and credit.

Availability of Investment Opportunities. Thhesis shifts of this nature may cause unexpectedly rapid losses in the value of positions held by the Investment Funds. The Directors believe that Mr.

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Derivatives are financial instruments that derive their performance, at least in part, from the performance of an underlying asset, index or interest rate. Investment Funds may lend their securities to brokers, dealers and other financial institutions needing to borrow securities to complete certain transactions. The riskier portions are the residual, equity and subordinate tranches, which bear some or all of the risk of default by the bonds or loans in the trust, and therefore protect the other, more senior tranches from default in all but the most severe circumstances.

The investment objective of the Company is to seek capital appreciation. The following table illustrates the direct and indirect fees and expenses that an investor may pay if the investor buys and holds Shares of the Company. As noted above, the Investment Managers generally conduct their investment programs through Investment Funds primarily unregistered investment funds, and to a limited extent, registered investment companies that have investors other than the Company.

No assurance can be given that the Company will be able to identify and complete attractive investments in the future or that it will be able to invest fully its subscriptions. Distressed securities strategies involve investments in obligations of companies experiencing financial difficulties, including companies which may be subject to or threatened with bankruptcy, reorganization or liquidity proceedings, companies in default prosppectus outstanding obligations to creditors and companies experiencing decreasing revenues or earnings and investments in securities that are priced at a higher thesid over their counterparts that are perceived to be safer.


Under the terms of the administrative and investor services agreement entered into between the Company and SkyBridge, SkyBridge is responsible, directly or through its agents, for, among other things, certain compliance, board administration, regulatory, general business and operational matters.

This volatility risk is difficult prosppectus hedge since the strike price and often the maturity of the implied option are unknowns. BNYM has been authorized by the Board of Directors, in the administration, accounting and transfer agent services agreement entered into between the Company and BNYM, to provide various administrative, transfer agency, accounting and investor services to tehsis Company. The Investment Advisory Agreement between the Company and the Advisor will continue in effect from year to year only if the continuance is approved annually by the Board of Directors including a majority of the Independent Directorswhile the New Investment Advisory Agreement, when put in place, would also be subject to an initial two 2 year term.

thesis optima fund prospectus

The Adviser is also the investment adviser to other investment funds and accounts that invest in hedge funds. The Adviser has access to a number of hedge fund databases as well as market information sources.

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In addition, as the investment program of the Company changes or develops optlma time, it may be subject to risk factors not described in this Prospectus. Second, particular investments may underperform relative to hedges that the Investment Funds may have entered into for these investments, resulting in a loss to the Investment Fund. Investment Managers may also seek to either hedge out or take on hhesis credit risk and interest rate risk. Legal, tax and regulatory changes adversely affecting the Investment Funds could occur.

thesis optima fund prospectus

Once owned, the individual shares comprising each creation unit are traded on an exchange in secondary market transactions for cash. The Company also may invest in other registered investment companies.