The PILGRIM ASIAN MACRO FUND aims to achieve its investment objectives by primarily employing two strategies across a range of products, with an emphasis on currencies and index futures. The two strategies are Thematic Trades and Relative Value and Short Term Opportunistic Trades. The Fund may also invest in Underlying Hedge Funds from time to time, including Underlying Hedge Funds that are managed or advised by the Manager. In the event that the Fund invests in Underlying Hedge Funds that are managed or advised by the Manager (other than the Master Fund), the Fund will, where possible, invest in such Underlying Hedge Fund on terms as shall be appropriate to ensure that the Manager does not become eligible for additional management fees and performance fees in respect of such investment. The Fund may also hold cash reserves in its bank accounts maintained with the Administrator, JP Morgan Chase Bank, N.A. Singapore Branch, and any other banker to the Fund from time to time and in such amount as is necessary in order to meet redemption requests by the Shareholders. There is no limit on cash holdings. AUM reflects the aggregate of the various share classes and is denominated in USD.