The Global Long/Short Equity Strategy is a hedge fund of funds program that makes allocations to a diversified group of long/short and market neutral equity managers focused mainly on the United States, Europe and Asia. The Fund is designed to participate in market advances, enhance returns in directionless periods and protect capital during equity market declines. The Fund is expected to exhibit a low beta relative to the S&P 500 Index and other world equity benchmarks. The Fund employs a top-down approach to asset allocation by accentuating the exposure to strategies that may benefit from the current global macroeconomic environment. Diverse trading styles are employed across global equity markets and capitalization ranges. The Fund will typically maintain allocations to long/short, market neutral, opportunistic and event-driven styles. Managers are selected based upon quantitative and qualitative assessments of expertise in their respective strategies. From a tactical perspective, shifts among managers, styles and geographic exposure will be undertaken periodically to optimize the fund asset allocation in a manner consistent with our macroeconomic outlook. The SSARIS Investment Committee has ultimate responsibility for investment decisions including strategic and tactical allocations. The Fund will limit its exposure to managers focusing on less liquid and difficult to price securities. SSARIS has historically selected managers with strong business models and infrastructures capable of growing with market opportunity.