Yankee Advisers, an investment adviser founded in 1992, specializes in fund of hedge funds investment management for both U.S. and international investors. Our primary goal is to provide our clients with attractive risk-adjusted returns with a specific focus on preservation of capital. We strive to outperform major asset classes over a market cycle with significantly less volatility and with low market correlation. Diversification of hedge fund strategies and styles is core to our philosophy and should help to mitigate risk in various stress scenarios. Generally, the Multi-Manager Fund will invest in 20 hedge fund managers across a range of hedge fund strategies AUM combines both the onshore and offshore funds and are reported in strategy. We believe that a thorough, integrated and disciplined investment process is the key to investing in hedge funds. The Yankee Advisers investment strategy is based on what we believe is a best in class process to identify established and emerging hedge fund managers and to incorporate them into the portfolio so as to achieve desired investment objectives and risk parameters. The investment process is ongoing and incorporates portfolio management, research and risk management disciplines. Given the fluidness of the process, the portfolio is dynamic and changes with market conditions and manager performance expectations. Generally, changes are made on an incremental basis on a quarterly basis. AUM is reported in Strategy.