Fund Description

The fund is a feeder fund that invests substantially all assets in a master portfolio with a substantially identical objective and similar strategies, and may also invest in other master portfolios, other funds, or directly in securities. It uses active allocation across debt, equity, and commodities to seek a real return over an economic cycle, consistent with an appropriate level of risk. Under normal circumstances it may invest up to 70% of total assets each in debt and equity, and up to 25% of net assets in commodities, including via a subsidiary using commodity-linked derivatives. Debt may include inflation-indexed, corporate, mortgage- and asset-backed, bank loans, and government obligations, with up to 20% below investment-grade; no target maturity or duration. Equity may include common/preferred stock and REITs of domestic and foreign issuers of any size. It may use derivatives and a tactical, tail risk, and real return overlay.