Summary

-INVESTMENT PHILOSOPHY The Alpha Enhanced Equity program invests in the S&P 500 equity index and systematically manages a long/short global asset (alpha) overlay to provide excess return and reduce correlation, and cash management to enhance total return. The US Dollar program creates its exposure using an S&P 500 stock index futures or swap contract and overlays the position with a long/short global asset overlay to add alpha and diminish the programâ??s correlation, thereby lowering the portfolioâ??s beta to the S&P 500 Index. Its efficiency should exceed that of the stock market. In total, the strategy is designed to track an equity benchmark while producing competitive returns, slightly reduced beta and positive alpha.