the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security. Bank Loans. The Partnership's investment program may include investments in bank loans and participations. These obligations are subject to unique risks, inclu

erse publicity and investor perceptions surrounding an issuer's "distressed" financial situation may decrease the value and liquidity of its debt. Bank Loans. An Underlying Fund may acquire interests in bank loans and other debt obligations either directly (by way of sale or assignment) or indirectly (by

% 2.5% 7.7% 7.7% 8.7% 9.6% 7.1% 7.9% 7.6% Diversifying Assets US Fixed Inc International Fixed Inc High Yield Opportunistic Fixed Inc [Bank Loans, Distressed] EM Debt Absolute Return * Average Forecast of Several Major Pension Consulting Firms 6.17. 7.3% 5.5% 6.6% Inflation Hedging Ass