Generally, this fund allocates its capital across futures agreements tied to commodities, foreign exchange rates, and U.S. government debt under typical market circumstances. The fund's manager seeks to profit from discernible trends, whether positive or negative, in the pricing of these derivative instruments. In addition, the fund maintains highly liquid assets, including short-dated U.S. Treasury notes or other high-grade, short-term debt instruments. These serve either as direct investments or as security for its futures commitments. The portfolio is not broadly diversified.