Fund Description

The fund seeks positive total return relative to the Bloomberg Commodity Index Total Return, combining capital appreciation and income. It invests directly and indirectly in commodity-linked derivative instruments, including commodity-linked notes, futures, options and swap agreements, alongside fixed income securities. Commodity exposure is obtained through a wholly owned Cayman Islands subsidiary (up to 25% of total assets) and structured notes linked to the BCOM Index, other commodity indices, or specific commodities or futures. The subsidiary generally holds derivatives plus fixed income, primarily as collateral and to earn income. The fund's fixed income portfolio typically targets average duration of one year or less and emphasizes investment-grade securities, and it expects active, frequent derivatives trading.