The document summarizes the statistical arbitrage track record of a fund compared to the S&P 500 from inception on March 31, 2011 through December 8, 2011. The fund has underperformed the S&P 500 since inception with returns of -4.68% versus -6.90% for the S&P 500. The fund aims to achieve positive returns with lower risk than the market as evidenced by its lower beta, volatility, correlation and maximum drawdown compared to the S&P 500.