Fund Description

The fund seeks long and short exposure to global equity, bond, currency and commodity markets through derivatives and direct investments. Under normal market conditions, the subadviser makes extensive use of derivative instruments, including futures, forward contracts and swaps on global equity and fixed-income securities, securities indices, currencies and commodities, and may also invest in instruments such as certificates of deposit. It seeks to generate absolute positive returns rather than track the performance of any particular index of hedge fund returns, uses quantitative models to estimate market exposures and seeks to add value through dynamic allocation among exposures and volatility management, and may employ strategies such as merger arbitrage and trend-following. It will not invest directly in hedge funds, may invest and trade outside the U.S. and in non-U.S. currencies, and may use a Cayman Islands subsidiary for commodity-related investments.