The Gems Low Volatility Portfolio seeks to achieve superior, risk adjusted performance over the long term. Gems Low Volatility is a broadly diversified portfolio, consisting mainly of hedge funds. It is also able to use a wide range of other vehicles and instruments for the expression of Gems' investment views. The portfolio is designed to be flexible and liquid, taking advantage of relative value opportunities in the global capital markets. Strategies include event driven, multi-strategy arbitrage, mergers and acquisitions arbitrage, CTAs/managed futures, macro, credit and volatility arbitrage and a variety of equity and credit relative value strategies. The Portfolio avoids illiquid asset classes, managers and instruments, as well as highly leveraged strategies. AUM reflects the aggregate of the various share classes and is only provided through December 2012.