Fund Objective: The Fund aims to increase the value of your investment over the long term. The Fund invests in commodities using derivatives (complex instruments). Commodities are physical materials such as oil, agricultural products, and metals. Derivatives are used to take long positions (which will directly reflect market movements) and short positions (which will respond positively when markets go down) in diversified commodity indices to create under and overweight positions in individual commodities and commodity sectors, as well as alter the location of that weight on the curve. It is not intended that the use of derivatives will result in any net short positions in commodities. The use of derivatives may create leverage. Where leverage is created, the net asset value of the Fund may experience more fluctuation than if there were no leverage. The Fund may also use derivatives for hedging purposes or to manage the Fund more efficiently. The Fund may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the Bloomberg Commodity Index. The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index.