Strategy. The Fund allocates its assets among four macro or broad asset classes (equities, fixed income, commodities and currencies) by taking long and/or short positions in futures contracts based on instruments in each asset class. The Fund may seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodity futures contracts. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up … Show more… The Fund allocates its assets among four macro or broad asset classes (equities, fixed income, commodities and currencies) by taking long and/or short positions in futures contracts based on instruments in each asset class. The Fund may seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodity futures contracts. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by RQSI. A futures contract is an agreement between two parties whereby one party agrees to sell and the other party agrees to buy a specified amount of an underlying instrument at an agreed upon price and time. Agreeing to buy the underlying instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying instrument is called selling a futures contract or taking a short position in the contract. As the owner of a long position in a futures contract, the Fund will benefit from an increase in the price of the underlying instrument, and, as the owner of a short position, the Fund will benefit from a decrease in the price of the underlying instrument. Through its investments in futures contracts (both directly and indirectly through the Subsidiary), the Fund will principally have exposure to (i) large-cap equity markets, (ii) investment-grade government securities of any maturity, (iii) interest rates, (iv) commodities and (v) currencies. Under normal conditions, the Fund will have exposure to the equity markets, government securities, interest rates or currencies of at least three countries, including the United States, and will have exposure to non-U.S. equity markets, government securities, interest rates and currencies (measured on a gross basis) equal to at least 40% (or, if conditions are not favorable, at least 30%) of its total assets. From time to time, the Fund may focus its investments in a particular geographic region, such as Europe or Asia. In addition, the Fund will have exposure to commodities including in the energy sector, metals sector, grains sector and meats and softs sector (i.e., agricultural commodities that are not included in the grains sector). All of the commodity positions are held in futures contracts that are denominated in US Dollars. The Fund purchases and sells futures contracts based on trading and sizing signals generated by a proprietary systematic global asset allocation (GAA) investment model designed by the Adviser that combines various quantitative investment strategies (e.g. econometric, technical and relative value) to seek to generate returns across asset classes and investment timeframes. The Funds use of futures contracts will have the economic effect of financial leverage. Financial leverage magnifies the exposure to the swings in prices of an instrument underlying a futures contract and results in increased volatility, which means that the Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund did not use futures contracts. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Funds exposure to an instrument and may cause the Funds net asset value (NAV) to be volatile. A decline in the Funds assets due to losses magnified by futures contracts may require the Fund to liquidate portfolio positions to satisfy its obligations, or to meet redemption requests when it may not be advantageous to do so. In order to earn income, the Fund may hold significant amounts of cash and cash equivalents. When taking into account instruments with a maturity of one year or less at the time of acquisition, the Funds strategy will result in frequent portfolio trading and high portfolio turnover. The Fund is classified as non-diversified, which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Show less