| 5. |
NET ASSET VALUE AS FAIR
VALUE |
A summary of
fair value by strategy type alongside the remaining unfunded
commitments and ability to redeem such investments as of
June 30, 2015 is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Strategy
|
|
Fair
Value |
|
|
Unfunded
Commitments |
|
|
Redemption
Frequency
(if currently
eligible) |
|
Redemption
Notice
Period |
|
Diversified
Instruments
|
|
$ |
26,569 |
|
|
$ |
— |
|
|
(a) |
|
(a) |
|
Credit Driven
|
|
|
280,204 |
|
|
|
— |
|
|
(b) |
|
(b) |
|
Event Driven
|
|
|
66,327 |
|
|
|
— |
|
|
(c) |
|
(c) |
|
Equity
|
|
|
247 |
|
|
|
— |
|
|
(d) |
|
(d) |
|
Commodities
|
|
|
2,749 |
|
|
|
— |
|
|
(e) |
|
(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
376,096 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Diversified Instruments
include investments in funds that invest across multiple
strategies. Investments representing 56% of the fair value of the
investments in this category may not be redeemed at, or within
three months of, the reporting date. The remaining 44% of
investments in this category are redeemable as of the reporting
date. |
| (b) |
The Credit Driven category
includes investments in hedge funds that invest primarily in
domestic and international bonds. Investments representing 36% of
the fair value of the investments in this category may not be
redeemed at, or within three months of, the reporting date.
Investments representing 60% of the fair value of the investments
in this category are redeemable as of the reporting date.
Investments representing 4% of the total fair value in the credit
driven category are subject to redemption restrictions such as the
investee fund manager’s ability to limit the amount of
redemptions. |
| (c) |
The Event Driven category
includes investments in hedge funds whose primary investing
strategy is to identify certain event-driven investments.
Withdrawals are not permitted in this category. Distributions will
be received as the underlying investments are
liquidated. |
| (d) |
The Equity category
includes investments in hedge funds that invest primarily in
domestic and international equity securities. Withdrawals are
generally not permitted for the investments in this category.
Distributions will be received as the underlying investments are
liquidated. |
| (e) |
The Commodities category
includes investments in commodities-focused funds that primarily
invest in futures and physical-based commodity driven strategies.
Withdrawals are generally not permitted for the investments in this
category. Distributions will be received as the underlying
investments are liquidated. |
|