2011 Report - Fortress Mutual Fund Ltd

Investment Objectives & Fund DetailsThe Fund’s primary objective is capital growth over the long term.The Manager uses a value approach to invest primarily in Caribbean and international equities.All income, including interest, dividends and capital gains earned by the Fund, is automatically reinvestedand this income is reflected in the quoted net asset value (NAV) of the shares. The Funddoes not pay dividends.FUND NAME:Fortress Caribbean Growth FundLAUNCH DATE: December 9, 1996LAUNCH PRICE:$1.00 per shareMINIMUM INVESTMENT: $100.00$100.00 for subsequent investments$ 50.00 for monthly savings planNET ASSET VALUE PER SHARE – 09/30/2011 $4.4756NET ASSETS – 9/30/2011 $324,280,343MANAGEMENT EXPENSES:Investment Manager:Administrator:Custodian:1.75% per annum on the net assets0.10% per annum on the first $30 million of net assets0.0875% per annum on the remaining balance of net assets0.0875% per annum on the first $30 million of the net assets0.075% per annum of the remaining balance of net assetsINITIAL CHARGES: 2%REDEMPTION CHARGES:INVESTMENT MANAGER& ADMINISTRATOR:CUSTODIAN:FUND VALUATIONS:NAV QUOTATIONS:NoneFortress Fund Managers LimitedCIBC FirstCaribbean International Bank (Barbados) LimitedWealth Management DivisionWeekly on FridaysInternet: www.fortressfund.comLocal Barbados newspapersLipper Overseas Fund Table2