Historical Performance of the Advisor. Click here to download.
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Each prospective investor will be required to complete a Feeder Fund's subscription agreement ("Subscription Agreement") and satisfy the investor eligibility standards set forth therein in order to be permitted to invest in the Feeder Fund.
An investment in the Feeder Fund involves risks and it is possible that an investor may lose some or all of its investment. In addition, an investment in the Feeder Fund is not liquid and investors should provide for adequate liquidity outside of their investment in the Feeder Fund to meet their foreseeable liquidity needs. Before making an investment decision, an investor and/or its adviser should (i) consider the suitability of this investment with respect to its investment objectives and personal situation and (ii) consider factors such as its personal net worth, income, age, risk tolerance, and liquidity needs. See "General Risks" and "Additional Risks." Short-term investors and investors who cannot bear the loss of some or all of their investment and/or the risks associated with a lack of liquidity should not invest in the Funds.
Generally, the Subscription Agreement requires that an investor certify that it is an "accredited investor" as defined in Regulation D under the 1933 Act and a "qualified client" within the meaning of Rule 205-3 under the Advisers Act. An "accredited investor" includes, among other investors, an individual who has: (i) a net worth (or a joint net worth with that person's spouse), immediately prior to the time of purchase, in excess of $1 million, excluding the value of the primary residence; or (ii) income in excess of $200,000 (or joint income with the investor's spouse in excess of $300,000) in each of the two preceding years and has a reasonable expectation of reaching the same income level in the current year. A "qualified client" means an individual or company (other than an investment company) that has a net worth (or in the case of an individual a joint net worth with the individual's spouse) of more than $1,500,000, or that meets certain other qualification requirements set forth in the form of Subscription Agreement attached hereto in Appendix A. Other categories of "accredited investor," "qualified client" or other eligible investor standards applicable to companies and other investors are set forth in the Subscription Agreement. Additional requirements are set forth in the form of Subscription Agreement. Investors who meet the qualifications set forth in the form of Subscription Agreement are referred to in this Prospectus as "eligible investors."
The Morgan Creek Global Equity Long/Short Fund is a global long/short equity manager-of-managers
fund that seeks to generate attractive long-term investment returns relative to
traditional equity indices. The Fund is diversified across multiple investment managers
within the long/short equity asset class who vary by geography, sector and strategy,
with no underlying manager comprising more than 10% of assets. Morgan Creek has
leveraged its extensive network of relationships to assemble a portfolio that consists
of top-tier investment managers.
Returns1 (shown net of all fees and expenses)
The Fund is a recently formed entity and has a limited operating history upon which investors can evaluate its potential performance. Investors should take this into consideration and carefully assess all factors such as risks, investment objectives and fees in conjunction with performance history before investing in the Fund. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the perforrmance data cited.
Global Long/Short Equity Manager
15-30 underlying managers
<10% of NAV allocated to a single manager at the time of investment
Investment Objective: The Fund seeks to generate attractive long-term investment returns relative to traditional equity indices employing a global long/short equity strategy.
Manager Selection: Morgan Creek leverages its extensive network of relationships to assemble a portfolio that consists of top-tier investment managers.
Portfolio Construction: The Fund seeks to invest across multiple geographies, sectors, and strategies within the long/short equity asset class.
Diversified Portfolio: The Fund is diversified across multiple investment managers who vary by geography, sector, strategy, with no underlying manager compromising more than 10% of assets.
Notes: Totals may not add to 100% due to rounding. The information provided represents
the percentage of Fund’s assets allocated per investment theme as of 01/01/13. Allocations
are subject to change at the sole discretion of the manager in accordance with the
investment guidelines contained in the prospectus.
is shown as of month-end for a new eligible investor, since inception, net of all
fees and expenses.
2 MSCI World Index figures are reflective of price returns. 3 Data as of 01/01/13.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Performance is shown as of month end for a new eligible investor, since inception, and is net of expenses. The investment management fee and total expense ratio (as a percentage of average net assets for the Fund) is 1.00% and 1.82%, respectively. The total expense ratio for all funds (the Fund and underlying funds that the Fund invests directly or indirectly in) is 5.54%. The Adviser has contractually agreed to pay certain operating expenses of the Fund in order to maintain certain expenses of the Fund at or below 1.35%, excluding amortization of acquired fund fees and expenses of the Fund's average net assets until December 31, 2012. Returns are calculated by determining the percentage change in net asset value with any distribution reinvested. Additional fees such as sales charges and advisory fees may apply. Please see the Fund prospectus for complete information on Fund fees or consult your financial advisor. The Fund’s prospectus contains more complete information about the product, including its investment objective, style and risks, and its advisory fee, distribution charges and other expenses. Please read the prospectus carefully before you invest. You may access a copy of the prospectus by visiting www.morgancreekfunds.com and clicking on the prospectus link or by calling 855-MCFUNDS (623-8637). You may also receive a paper copy of the prospectus at no charge by contacting your financial advisor or Morgan Creek directly. Please see “Disclosures” section for detailed descriptions of the risks associated with investing in this Fund.