Class Brazil

Equities Hedge

Fund Investment Objectives

The Mercury International Fund - Class Macro Hedge will primarily but not exclusively invest in fixed income securities and instruments, seeking medium and long-term capital appreciation. In addition to pursuing its own strategies, the Fund may also invest in the same assets and pursue the same strategies as Class Hedged Equities. To achieve its objective, the Fund will invest in a wide range of fixed income securities and instruments including, inter alia, corporate bonds and notes, government securities, treasury obligations, commercial paper and other short-term corporate obligations and asset-backed and receivables-backed securities mostly denominated in US dollars or any other currency perceived to be strong by the Investment Manager. The securities held by the Fund may vary from time to time depending upon the judgment of the Investment Manager as to prevailing conditions in the economy and the securities markets and the prospects for interest rate changes among different categories of fixed income securities.