Investment Risk Disclosure
An investment in the Fund entails a significant degree of risk and is suitable only for persons who can bear the economic risk of loss of their investment, who have limited need for liquidity in their investment and who are either sophisticated persons in connection with financial and business matters or are represented by such a person. The short-term performance of the Fund's investments may fluctuate significantly. The Fund is, therefore, not suitable for short-term investments. Certain risk factors are further explained in the Confidential Offering Memorandum for the Fund, which should be carefully considered by prospective investors before making an investment in the Fund.

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Commodity Futures Contracts
Trading in commodity interests may involve substantial risks. Commodity markets are highly volatile and are influenced by factors such as changing supply and demand relationships, governmental programs and policies, national and international political and economic events and changes in interest rates. The low margin or premiums normally required in such trading may provide a large amount of leverage, and a relatively small change in the price of a security or contract can produce a disproportionately larger profit or loss. There is no assurance that a liquid secondary market will exist for commodity futures contracts or options purchased or sold, and the Fund may be required to maintain a position until exercise or expiration, which could result in losses.

Futures positions may be illiquid because, for example, most United States commodity exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits". Once the price of a contract for a particular future has increased or decreased by an amount equal to the daily limit, positions in the future can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Futures contract prices on various commodities or financial instruments occasionally have moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Fund from promptly liquidating unfavorable positions and subject the Company to substantial losses. In addition, the Fund may not be able to execute futures contract trades at favorable prices if trading volume in such contracts is low. It is also possible that an exchange or the CFTC may suspend trading in a particular contract, order immediate liquidation and settlement of a particular contract or order that trading in a particular contract be conducted for liquidation only. In addition, the CFTC and various exchanges impose speculative position limits on the number of positions that may be held in particular commodities. Trading in commodity futures contracts and options are highly specialized activities which may entail greater than ordinary investment or trading risks.

Trading may occur on exchanges located outside the U.S. Trading on such markets is not regulated by any U.S. government agency and may involve certain risks not applicable to trading on U.S. exchanges. Some non-U.S. exchanges, in contrast to U.S. exchanges, are principal markets in which performance is the responsibility only of the individual member with whom the trader has entered into a futures contract and not of an exchange or clearing corporation.

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Currency Exchange Rates
A portion of the Fund’s assets may be invested, directly and indirectly, in currencies other than the U.S. dollar and in instruments denominated in currencies other than the U.S. dollar or whose prices are determined with reference to non-U.S. currencies. Apex Capital may determine not to hedge all or any portion of the foreign currency exposure of the Fund. To the extent unhedged, the value of the assets of the Company will fluctuate with U.S. dollar exchange rates as well as the price changes of the Fund’s investments in the various local markets and currencies. Thus, an increase in the value of the U.S. dollar compared to the other currencies will reduce the effect of increases and magnify the effect of decreases in the prices of the non-dollar denominated instruments owned by the Fund. Conversely, a decrease in the value of the U.S. dollar will have the opposite effect on the non-U.S. dollar instruments owned by the Fund.

Performance Information

 

Limitations of Hypothetical Performance and Underlying Assumptions

This material includes illustrative return information that is hypothetical. Hypothetical performance is not necessarily indicative of future results. The actual past results of an investment under the assumptions upon which the hypothetical returns are presented might well have been different.

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HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

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Disclosures With Respect to Historical Returns
The historical returns were obtained using systems different from those currently used by, and trading different markets than those currently traded by, Apex Capital Management.

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PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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Comparisons To Indices, Third Party Data
The S&P 500 Index is an index of large cap U.S. equity securities. The Newedge CTA Index and Barclays CTA Index are indices of commodity trading advisors. The HFRI indices are indices of hedge funds. The Barclays US Aggregate Bond Index is a broad-based index often used to represent investment-grade bonds being traded in the United States. Indices do not represent actively managed portfolios and no fees are paid on returns on indices. Apex invests in instruments and strategies not represented in the HFRI Composite and does not invest in other hedge funds or commodity trading advisors. The returns of the indices and all third-party data presented herein were obtained from publicly available sources which are believed to be reliable.

Sources: Bloomberg

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THIS INFORMATIONAL DOCUMENT DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, AN INTEREST IN ANY FUND OR PARTNERSHIP. SUCH AN OFFER OR SOLICITATION MAY ONLY BE MADE BY DELIVERY OF A CONFIDENTIAL OFFERING MEMORANDUM THAT CONTAINS A MORE DETAILED DESCRIPTION OF THE MATERIAL TERMS OF SUCH AN INVESTMENT, INCLUDING A DISCUSSION OF CERTAIN SPECIFIC RISK FACTORS AND OTHER MATTERS RELEVANT TO ANY PROSPECTIVE INVESTOR. BEFORE MAKING SUCH AN INVESTMENT, PROSPECTIVE INVESTORS ARE REFERRED TO THE RESPECTIVE FUND’S OR PARTNERSHIP’S CONFIDENTIAL OFFERING MEMORANDUM, WHICH WILL BE SENT TO THEM UPON REQUEST. THIS DOCUMENT IS NOT INTENDED TO CONSTITUTE LEGAL OR TAX ADVICE AND IS NOT AN INVESTMENT RECOMMENDATION. THIS DOCUMENT IS CONFIDENTIAL, IS INTENDED ONLY FOR THE PERSON TO WHOM IT HAS BEEN DELIVERED, AND ITS CONTENTS MAY NOT BE DISCLOSED OR DISTRIBUTED TO ANY OTHER PERSON.