The fund seeks to achieve long and short exposure to global equity, bond, currency and commodity markets through a wide range of derivative instruments and direct investments. Normally, the adviser typically will make extensive use of derivative instruments, in particular futures, forward contracts and swaps on global equity and fixed-income securities, securities indices, currencies, commodities and other instruments.

Nasdaq

GAFYX

Under normal market conditions, the fund will invest at least 80% of its net assets in equity securities and related derivatives of U.S. and foreign companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations (collectively, "Merger Transactions"). The types of equity securities in which the fund primarily invests include common stocks and preferred stocks of any size market capitalization.

GAKAX

The investment seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. The fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. Writing index call options is intended to reduce the fund's volatility, provides steady cash flow and is an important source of the fund's return, although it also reduces the fund's ability to profit from increases in the value of its equity portfolio.

GATEX

The investment seeks total return with less risk than U.S. equity markets. The fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in equity securities. It ordinarily invests in a broadly diversified equity portfolio, while also writing (selling) index call options with an aggregate notional value approximately equal to the market value of the equity portfolio. The fund may invest in foreign securities traded in U.S. markets (through ADRs or stocks traded in U.S. dollars). It may enter into repurchase agreements and/or hold cash and cash equivalents.

GCPYX

The fund implements a trend-following strategy that takes long and/or short positions in a wide range of asset classes, including equities, fixed income, commodities and currencies, among others, to seek long-term absolute return. It seeks to achieve its investment objective by investing primarily in a portfolio of equities, equity index futures, bonds, bond futures, equity swaps, interest rate swaps, currency forwards and non-deliverable forwards, options, exchange traded funds ("ETFs"), and structured securities.

GFIRX

The fund pursues its investment objective by utilizing "alternative" or non-traditional principal investment strategies, managed by the fund's investment sub-advisers ("Sub-Advisers") under the ultimate supervision of GuideStone Capital Management, LLC (the "Adviser"). The principal strategies, when combined, are intended to result in obtaining absolute (i.e., positive) returns with both lower volatility than and low correlation with traditional equity and fixed income markets.

GFSYX

Under normal market conditions, the fund seeks exposure to various asset classes, which may vary significantly over time but is generally expected to include exposure to equity markets, bond markets, interest rates, commodities, and currencies. The sub-advisor uses proprietary quantitative models to identify price trends in equity, fixed income, and currency and commodity instruments across time periods of various lengths.

GIFMX

The fund generally seeks to achieve its investment objective by allocating its assets among multiple investment managers who are unaffiliated with the Investment Adviser and who employ one or more non-traditional and alternative investment strategies including, but not limited to, Equity Long Short, Dynamic Equity, Event Driven and Credit, Relative Value, Tactical Trading, and Opportunistic Fixed Income Strategies.

GIMMX

The fund uses a trend-following strategy to invest in various asset classes such as equities, fixed income, commodities, and currencies, with the goal of achieving long-term absolute returns. Their investment portfolio includes equities, bonds, futures, swaps, forwards, options, ETFs, and structured securities.

GMSAX

The fund's Investment Adviser believes that hedge funds derive a large portion of their returns from exposure to sources of market risk and "Trading Strategies" involving long and/or short positions in Market Exposures and/or individual securities or baskets of securities. It uses a dynamic investment process to seek to identify the appropriate weights to Market Exposures and Trading Strategies that approximate the return and risk patterns of specific hedge fund sub-strategies.

GSRTX

GTEYX

The investment seeks long-term capital appreciation and option premiums consistent with reasonable risk to principal. Under normal market circumstances, at least 80% of the value of the Portfolio's total assets (including borrowings for investment purposes) will be subject to secured option strategies, which are written covered call and/or secured put options on stock index ETFs, stock indices and/or individual stocks held by the Portfolio.

GTSOX

The fund normally invests at least 80% of the value of its total assets (net assets plus the amount of any borrowings for investment purposes) in securities of companies that are involved in publicly-announced mergers (including mergers through takeovers and tender offers, so long as tender offers are being used to effect a merger) ("Merger Transactions") or companies that the Adviser believes may be involved in Merger Transactions. It engages in risk arbitrage strategies, particularly merger arbitrage strategies, in order to achieve its investment objective.

HMEZX

Under normal circumstances, the fund seeks to achieve its investment objective by investing primarily in long and short futures and call and put options on futures on the S&P 500 Index; futures contracts on the Cboe Volatility Index; and cash and cash equivalents. It may also invest in securities that represent the return of a securities index; volatility exchange traded funds; and income securities of any maturity or credit quality, and investment companies that invest in such income securities (including affiliated and unaffiliated investment companies).

HMXIX

The fund's investment adviser seeks to achieve the fund's investment objective by investing in a broadly diversified portfolio of equity securities (the "Equity Portfolio"), while seeking to generate income, hedge volatility and reduce the downside risk of the Equity Portfolio by buying and selling put and call options (the "Options Portfolio"). The Equity Portfolio typically focuses on investing in individual stocks. The Options Portfolio will generally consist of options "collars".

HNDRX

The fund invests primarily in long and short call and put options on futures contracts on the Standard & Poor's 500 Index, and in cash, and cash equivalents. It achieves its investment objective in three ways: (1) Premium Collection - the fund collects premiums on options it sells; (2) Volatility Trading - the fund may enter into positions designed to hedge or profit from either an increase or a decrease in index volatility; and (3) Trend following - the fund may increase or decrease the balance of puts and calls based on trending market direction.

HRSTX

The fund's primary strategy consists of selling and purchasing put and call options on equity indexes and exchange traded funds. The sale of put options generates income for the fund, but exposes it to the risk of declines in the value of the underlying assets. The risk in purchasing options is limited to the premium paid by the fund for the options. The sale of call options generates income for the fund, but may limit the fund's participation in equity market gains. The fund's investment adviser seeks to reduce the overall volatility of returns by managing a portfolio of options. It is non-diversified.

IPSAX

IRONX

The investment seeks long-term growth of capital. The fund allocates its assets among other affiliated and unaffiliated underlying funds, including exchange-traded funds (ETFs), that emphasize alternative or nontraditional asset categories or investment strategies such as international small-cap stocks, emerging-market equity, commodities, market neutral (long/short), global real estate, natural resources, TIPS (Treasury Inflation-Protected Securities), global bonds, high yield, bank loans, foreign currency trading strategies, absolute return strategies, managed futures, arbitrage strategies, tactical investment strategies, and emerging-market debt.

JAAAX

The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. issuers or investments that provide exposure to equity securities of U.S. issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. It will seek to achieve its objective by combining a long equity strategy with an options hedging strategy that seeks to provide protection during significant equity market downturns.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
GAFYX	AlphaSimplex Global Alternatives Fund	Multistrategy	Sep 29, 2008	1.24%	6.92%	2.00%	4.73%
GAKAX	AXS Merger Fund	Event Driven	Jun 28, 2012	1.75%	0.85%	4.12%	6.03%
GATEX	Gateway Fund	Options Trading	Dec 6, 1977	0.93%	5.47%	4.90%	0.61%
GCPYX	Gateway Equity Call Premium Fund	Options Trading	Sep 29, 2014	0.68%	7.24%	—	0.86%
GFIRX	Goldman Sachs Managed Futures Strategy Fund	Systematic Trend	Feb 28, 2012	1.33%	4.85%	4.55%	0.00%
GFSYX	GuideStone Funds Strategic Alternatives Fund	Multistrategy	Jun 29, 2017	1.15%	2.83%	—	12.67%
GIFMX	GuidePath Managed Futures Strategy Fund	Systematic Trend	Jan 18, 2016	1.21%	8.03%	—	0.36%
GIMMX	Goldman Sachs Multi-Manager Alternatives Fund	Multistrategy	Apr 29, 2013	1.93%	-6.85%	0.78%	3.68%
GMSAX	Goldman Sachs Managed Futures Strategy Fund Class ...	Systematic Trend	Feb 29, 2012	1.54%	4.78%	4.28%	0.00%
GSRTX	Goldman Sachs Absolute Return Tracker Fund	Multistrategy	May 29, 2008	0.75%	4.31%	3.77%	2.58%
GTEYX	Gateway Fund Class Y Shares	Options Trading	—	0.70%	5.56%	5.16%	0.84%
GTSOX	Glenmede Secured Options Portfolio	Options Trading	Jun 29, 2010	0.85%	4.54%	5.98%	0.16%
HMEZX	NexPoint Merger Arbitrage Fund	Event Driven	Aug 18, 2016	1.50%	2.26%	—	5.05%
HMXIX	AlphaCentric Premium Opportunity Fund	Options Trading	Sep 29, 2016	1.99%	3.95%	—	0.00%
HNDRX	Horizon Defined Risk Fund	Options Trading	Dec 27, 2017	1.04%	5.71%	—	0.19%
HRSTX	Rational Tactical Return Fund	Options Trading	Apr 30, 2007	1.99%	1.48%	0.26%	5.52%
IPSAX	IPS Strategic Capital Absolute Return Fund	Options Trading	Apr 14, 2016	1.50%	6.89%	—	0.00%
IRONX	Ironclad Managed Risk Fund	Options Trading	Oct 14, 2010	1.25%	5.83%	24.29%	4.89%
JAAAX	John Hancock Funds Alternative Asset Allocation Fu...	Multistrategy	Jan 1, 2009	0.72%	3.38%	2.50%	1.66%
JDIEX	Easterly Hedged Equity Fund	Options Trading	Jul 30, 2015	1.26%	6.65%	—	0.21%

Alternatives Mutual Funds List

Risk vs. Return Scatterplot