Fund Description

The fund seeks to achieve its investment objective by generally investing in allowable commodity-linked derivative instruments and fixed income investment opportunities. It gains commodity exposure through derivatives such as structured notes linked to commodities or commodity indices, swap agreements, and other commodity-linked instruments, including futures on individual commodities or indices. Up to 25% of total assets may be invested in a wholly owned Cayman Islands subsidiary with the same objective and a derivatives-focused strategy, and the fund expects to use derivatives extensively. Fixed income holdings include U.S. and foreign government and agency obligations, bank obligations, commercial paper, repurchase agreements, money market funds, investment grade debt, U.S. dollar-denominated foreign issuer securities not trading in the U.S., and supranational obligations; it may hold more than 25% in U.S. Treasuries and federal agency obligations. Fixed income generally matures within five years and targets a weighted average duration of three years or less. The fund may hedge foreign currency exposure with forwards, use credit default swaps, and buy or sell futures and options for hedging or other purposes, and it may lend securities to generate income.