SCHONFELD STRATEGIC ADVISORS LLC

The Advisor does not adhere to specific allocation criteria or formulas when selecting brokers. They weigh various criteria and are not obligated to seek the lowest commission cost. They may select brokers with higher commissions if they provide valuable research or other services. The Advisor makes a good faith determination that the commission amount is reasonable. In 2019, the Advisor and its affiliates entered into agreements with a large U.S. public financial services company. The Advisor purchased two asset management companies in Asia specializing in a fundamental equity investment strategy. As part of the purchase price, an affiliate of the Financial Services Company shares in certain revenue related to management fees and performance-based compensation. The Advisor also has an Executive Committee, a Global Investment Committee, and a Global Operating Committee.

The Advisor's investment strategy aims for capital appreciation through various methods. The primary strategies include Fundamental Equity/Relative Value, Global Quantitative/Statistical Arbitrage (including Systematic Macro), Market Neutral, Tactical Trading (Risk/Merger Arbitrage, Volatility Arbitrage, and Special Situations/Event Driven Trading), and Discretionary Macro and Fixed Income (Credit, Volatility, Global Macro, Specialist and Relative Value). Certain Portfolio Managers may also invest in equity and debt securities of unaffiliated private companies. The Portfolio Managers are expected to make leveraged bets across multiple markets, sectors, instruments and trading conditions as the macro conditions so dictate. Investments may be based on forecasts of changes in interest rates, currency markets, equity markets and global political and economic policies. The Fund and the Portfolio Investments may take positions in distressed securities, make bets on merger situations and seek arbitrage opportunities in fixed-income markets.

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