Investment Program¹

The Fund is designed as a fund of managers/fund of funds in that Offit Hall Capital Management (the "Adviser") intends to (i) recommend third-party investment managers (each a Sub-Adviser) to invest the Fund's assets directly on the Fund's behalf and (ii) invest the Fund's assets directly in public mutual funds and private investment funds managed by third parties (each public mutual fund and private investment fund is referred to as a Portfolio Fund). Under normal market conditions, the Fund's assets will be invested in a variety of securities which will include U.S. and international stocks, bonds, public mutual funds and private investment funds including funds commonly known as "hedge funds."

Principal Fund Investments and Investment Strategies:

Under normal market conditions, the Fund's assets will be invested in a variety of securities, which will include U.S. and non-U.S. equities and fixed income instruments and Portfolio Funds that are mutual funds, private investment funds and Hedge Funds. In addition, the Fund may also invest in derivative securities, equity-related instruments, currencies, financial futures, debt-related instruments and Portfolio Funds that are private equity/venture capital funds, real estate funds and funds that invest in commodities.

In response to changes in the securities markets generally, or pending investment or to maintain necessary liquidity, the Fund may invest in high-quality, fixed-income securities, cash or cash equivalents from time to time (or in Portfolio Funds that invest in such instruments).

The Fund's assets will be allocated among a variety of Sub-Advisers and Portfolio Funds that invest in a variety of asset classes and investment strategies in an effort to limit the negative impact on the risk and return targets of the overall portfolio if any Sub-Adviser, Portfolio Fund, asset class or investment strategy should perform below expectations. Furthermore, the Fund will not allocate more than 10% of its assets to any single Sub-Adviser or Portfolio Fund, measured at the time of investment, except from time to time to certain Portfolio Funds that are money-market funds, broad-based index funds or fixed-income funds, or Sub-Advisers engaged in similar strategies on behalf of the Fund. In addition, the Fund will not invest more than 35% of its assets in hedge funds and it will not invest more than 50% of its assets in Portfolio Funds that are not mutual funds. These limits may be exceeded as a result of the relative performance of a Sub-Adviser or Portfolio Fund, and the Fund will not be required to adjust the allocations in such event.

The investments proposed to be made and strategies proposed to be employed by Sub-Advisers on behalf of the Fund or portfolio managers on behalf of their respective Portfolio Funds may include those described below.

Cash and Fixed Income.

Cash and fixed income allocations will be invested in money markets and high quality government, municipal and corporate bonds. Normally, the Adviser will implement this strategy by allocating the Fund's assets to a Sub-Adviser that has entered into an investment Advisery agreement with the Fund or by investing in a Portfolio Fund.

U.S. Equity.

U.S. equity strategies might include investments in common stocks, preferred stocks, REITS and other equities. In addition, such strategies may be "active" or "passive." Passive, in this context, means a strategy that is intended to replicate the performance of a broad-based securities index, such as the S&P 500 or Russell 3000, by investing in the securities that comprise the index. Active, on the other hand, are all non-passive strategies. Normally, the Adviser will implement this strategy by allocating the Fund's assets to a Sub-Adviser that has entered into an investment Advisery agreement with the Fund or by investing in a Portfolio Fund.

International Equity.

International equity strategies include investments in global equity markets in both developed and emerging countries. Securities might be purchased and sold on U.S. or international stock markets and may be transacted in dollars or local currencies. Dedicated emerging markets strategies invest in equity and debt of companies in non-developed economies, such as parts of Asia, Africa and South America. Normally, the Adviser will implement this strategy by allocating the Fund's assets to a Sub-Adviser or by investing in a Portfolio Fund.

Absolute Return.

Absolute return funds seek to generate positive annual returns with low volatility in all market environments. Investment managers in this asset class invest in a wide array of securities including equity, debt, derivatives and futures. Examples of absolute return sub-strategies include event-driven arbitrage, fixed income arbitrage, equity market neutral and distressed equity and debt. Normally, the Adviser will implement this strategy by investing in hedge funds.

Equity/ Global Hedge.

Equity hedge investments typically buy and sell short U.S. and global equities. These investments tend to have a greater allocation of capital to long investments than short and are thus more correlated to equity markets than absolute return strategies. Normally, the Adviser will implement this strategy by investing in hedge funds.

Private Equity, Real Estate and Commodities.

Strategies may include venture capital funds, buyout funds, funds that invest in corporate restructurings and other private investments, private real estate funds and funds investing in commodities such as lumber, oil or minerals. The Adviser will implement this strategy by investing in Portfolio Funds, which, in the case of commodities are referred to as "commodity pools."