The Fund is a local currency emerging markets hedge fund. The Fund seeks to generate superior risk-adjusted returns through investment in a diversified portfolio consisting primarily of exposure to local currencies and interest rates of emerging markets. Emerging market currencies and local interest rates are defined to be currencies and sovereign debt of countries that are outside the G7 countries (Canada, France, Germany, Great Britain, Italy, Japan and the United States). The Fund employs quantitative and fundamental research on countries, currencies, interest rates and securities to develop investment themes and strategies. The Fund uses a broad array of hedging techniques, involving both emerging markets and G7 securities, to reduce volatility and enhance returns. The Investment Manager applies a rigorous and comprehensive approach to risk management specifically tailored to the emerging markets and monitored by an investment committee.