Investment Objective

The Fund's investment objective is to seek positive absolute returns and income with lower volatility than global capital markets and traditional investment strategies.

Fund Profile

The Fund employs a variety of alternative investment styles including arbitrage, credit, and event-driven and value. In order to create a portfolio that results in a differentiated risk/return profile, the Fund seeks to invest in situations that may be overlooked by other market participants.

The Fund's portfolio is managed from a global perspective and seeks to be well-diversified. Positions are proactively reviewed by the investment team from a bottom-up and top-down approach, combining both individual security analysis and macro overview. The investment team will discuss new trade opportunities and increase, reduce, or exit different positions to take into account ongoing analysis and changes in our market outlook.

The Fund's portfolio managers endeavor to preserve capital in volatile markets, and through a disciplined approach to managing risk will strive to control the use of leverage. The Firm has a Risk Management Working Group with the responsibility of assessing that risk at a firm and portfolio level is identified, monitored, and managed.

^^The Advisor has contractually agreed to waive certain fees or reimburse expenses through 12/31/2015.