The SSARIS Relative Value multi-manager strategy allocates to event-driven, relative value, capital structure arbitrage and other hedge fund strategies. This strategy is primarily comprised of convergent or value seeking strategies that trade multiple asset classes in an effort to produce consistent positive returns with low volatility and correlation to traditional asset classes. We believe, a bias toward relative value investing gives the strategy the ability to perform well in most economic environments. The strategy also includes managers who incorporate directional or divergent trading into their investment strategies. In our experience, convergent strategies tend to perform best during periods of relative calm in which the markets process all available information in an effort to determine assets that are over-valued or under-valued. Conversely, during periods of rising volatility and uncertainty, divergent strategies seek to take advantage of serial price movement in a marketplace where pricing impetus comes from non-economic forces. When combined, the portfolio's diversified strategies seek to exploit fundamental price differences, special situations and capital structure/corporate structure arbitrage opportunities. We believe the strategy's geographic diversification is effective in gaining exposure to global market opportunities. The strategy seeks to minimize its exposure to illiquid and difficult to price securities, and its investments are transparent, monitored, and rebalanced on a regular basis.