Gems Low Volatility Portfolio is Gems' bond-alternative investment fund designed to achieve stable, consistent, absolute returns in both bull and bear markets. The Portfolio invests with prominent risk-averse managers who specialize in low-risk, sophisticated hedged strategies. Strategies include fixed income arbitrage, convertible securities arbitrage, index options arbitrage, discretionary active trading, mergers and acquisitions arbitrage, senior bank loans, distressed securities, special situations and other value-related strategies. The underlying investments span a broad range of asset classes and geographical regions. AUM reflects the aggregate of the various share classes and is only provided through December 2012.