The Mercury International Fund - Class Equities will primarily but not exclusively invest in Brazilian or Brazil-related public equities issued or guaranteed by state or private entities in the local or international markets, seeking medium and long-term capital appreciation. This class may use hedging strategies in order to avoid losses caused by depreciation of currency exchange rate. To achieve its objective, the Fund will invest, both long and short, in common stock of large, medium and small-cap companies and, to a lesser extent, other securities and instruments, including without limitation, fixed income securities, forward stock contracts and stock futures contracts, call and put options on stocks and fixed income securities, forward currency contracts and currency futures contracts, as well as call or put options on foreign currency, interest rate hedging transactions such as interest rate futures contract, interest rate swaps and interest rate caps and floors, and any other derivative instrument, all in accordance with the Fund's primary objective. The investment strategy is to combine different equity techniques and approaches aimed at maximizing returns. The Investment Manager will rely mostly on fundamentalist analysis of companies and equity markets, including, without limitation, earnings, cash flow, asset values and dividend-paying ability in choosing the class portfolio of securities. The Investment Manager intends to purchase equity securities of companies that are, in its view, underpriced in relation to a combination of such companies' long-term earnings prospects, growth rate, free cash flow and/or dividend-paying ability. Please contact firm for prior performance and AUM.