Energy Fund

Fund Investment Objectives

The objective of the Fund is to maximize total returns by capitalizing on trading opportunities in global energy markets. The Fund's core portfolio is expected to be comprised of equity securities of companies engaged in the global energy sector, with an overlay of energy related financial derivative instruments designed to hedge downside risk, take specific directional positions, and enhance portfolio returns. The Fund may leverage its capital by borrowing. The Fund may borrow up to 75% of Net Asset Value (excluding for this purpose transactions in index futures and other derivatives entered into to hedge the Fund's equity exposure). The Fund expects to normally have 25 to 35 core long positions and up to 15 core short positions at any one time. Equity securities that will comprise the Fund's core portfolio may include common stocks (both listed and unlisted), preferred stocks, securities convertible into common stocks and preferred stocks, American Depository Receipts (ADRs), swaps, options on equity securities, rights and warrants. Energy related financial derivative instruments that will comprise the overlay may include commodity futures and options, index futures and options, index/basket swaps and options, interests in Exchange Traded Funds (ETFs) and contracts for difference (CFDs), and other derivative instruments. In addition to the core portfolio, the Fund may invest in smaller sub-portfolios dedicated to specific themes, including but not limited to the Asian energy sector and renewable energy (such as solar, wind, hydroelectric, tidal wave, geothermal, biomass and biofuels).