ISMF

ISMF is actively managed and seeks to maximize total return through a managed futures strategy. It invests primarily in futures contracts and futures-related instruments, including forward contracts, across equity fixed income, currency, and commodity markets. Investments are determined using a proprietary model, which identifies trends across securities and markets. The fund takes long and short positions based on positive or negative trend outlook. It may utilize other derivatives, including options, swaps, inverse floating-rate securities, and foreign currency derivatives, to hedge against currency exchange rates, interest rates, and market movements. Under normal market conditions, the fund expects to hold at least 75% of its assets in money market instruments for collateral. The fund may gain exposure to commodity markets by investing up to 25% of its assets, inclusive of leverage, in a wholly owned Cayman Islands subsidiary.