Fund Description

The fund seeks its objective by investing, under normal circumstances, in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed income instruments issued by U.S. and non-U.S. public- or private-sector entities. It gains commodity exposure primarily through swaps, futures and options on futures, and through a wholly owned Cayman Islands subsidiary (up to 25% of total assets) that may invest without limitation in commodity-linked derivatives; it does not invest directly in physical commodities. It may use quantitative models and take long, short or no positions, and may invest in structured notes, commodity-related equities, and convertible securities. The fixed income portion's duration generally is not expected to exceed ten years, and may invest up to 10% of total assets in high yield securities, up to 30% of total assets in securities denominated in foreign currencies, and up to 10% of total assets in securities and instruments economically tied to emerging market countries; the fund will normally limit its net foreign currency exposure to 20% of total assets. It may use dollar rolls, when-issued trading and short sales.