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The investment objective of the sub-fund is to provide Shareholders with a return linked to the performance of the Synthetic Managed Basket. The Basket seeks to construct a diversified portfolio dedicated to event driven opportunities. The areas of investment include merger arbitrage, event arbitrage, distressed investing, and special situations both long and/or short and through both debt and equity. The primary objectives of the Basket is capital preservation, low correlation to the broad markets, and minimal downside volatility. Paulson uses direct and market hedges to minimize market correlation and drawdowns.