Fund Description

The fund seeks to achieve its investment objective by investing in commodity-linked derivative instruments backed by an actively managed, low-volatility portfolio of fixed income instruments, and it may also invest directly in commodities. It gains exposure through swap agreements, futures, options on futures, commodity options, and commodity index-linked notes, and through a wholly owned Cayman Islands subsidiary that may invest without limitation in commodity-linked derivatives and commodities; the fund may invest up to 25% of total assets in the subsidiary. Target allocations may use proprietary quantitative models and may be long, short, or neutral. Assets may also be invested in fixed income (including derivatives) and through techniques such as dollar rolls, forward commitments, and short sales.