QUEEN ANNE'S GATE GLOBAL MACRO FUND: Under ordinary circumstances, the Fund will invest with a medium to long-term investment horizon, and primarily through futures and other financial instruments offering exposure to commodities, interest rates and currency exchange rates. The Fund's portfolio will typically express four or five fundamental themes through fifteen to twenty-five core positions across asset classes. Positions may be net long or net short and may be established for both directional and relative value investments. Non-core positions may be established to reduce volatility. The Fund invests primarily in highly liquid markets and using exchange-traded futures and options. The Fund generally does not intend to invest in equity securities or corporate debt. The Fund is a discretionary global macro hedge fund with a commodity focus. AUM reflects the aggregate of the onshore and offshore funds.