Fund Description

The fund seeks to maintain substantial economic exposure to commodities markets, primarily by investing up to 25% of total assets in a wholly owned Cayman Islands subsidiary advised by the investment adviser and sub-advised by CoreCommodity Management, LLC. Through the subsidiary, it invests in commodity-linked instruments such as swaps, futures, exchange-listed commodity forwards, options on commodity futures, and commodity-linked notes, providing long and/or short exposure to real-asset returns without direct investment in physical commodities. It is actively managed versus the Bloomberg Commodity Index Total Return (Gross, USD, Unhedged), using roll-timing and weighting differences, and may use non-index commodities. Collateral may include U.S. Treasuries or short-term investments; derivatives may manage duration. It may use forwards, futures, and swaps for hedging or non-hedging and invest up to 35% in foreign securities.