PAF Commo I

USD

Fund Investment Objectives

The Commo Fund is a Fund of Hedge Funds specializing in commodities-related strategies, which seeks to generate absolute returns while maintaining moderate directional exposure to commodity markets. The Fund invests predominantly in commodity trading managers and to a lower extent in commodity-related long/short equity managers. The Fund's mandate broadened in April 2008 to better capture uptrend opportunities in commodity markets by adding directional managers to account for up to 20% of NAV. AUM reflects the aggregate of the various share classes and is denominated in CHF.