The prospectus states the Fund operates as a fund of hedge funds. Its objective is a diversified portfolio of hedge fund strategies generating attractive risk-adjusted returns relative to traditional asset classes, with returns not highly correlated to equity markets. It invests substantially all assets in unregistered Portfolio Funds run by third-party managers across equity long/short, credit long/short, distressed credit, macro, managed futures, structured credit, statistical arbitrage and multi-strategy. It generally expects above 30% in multi-strategy and up to 30% each in equity and credit strategies. Portfolio Funds may use leverage, short sales and derivatives without limit.