The stated objective of the equity funds is to deliver long-term growth of capital. For our Alternative Strategies fund the goal is achieve attractive absolute and relative long-term returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. For the High Income Alternatives Fund, the goal is to generate a high level of current income from diverse sources, consistent with capital preservation. For all funds we seek to out-return relevant benchmarks over the long run, which we define as at least five years. Taken further, we seek to outperform in the vast majority of rolling five-year time periods. There is no guarantee that these objectives will be met.