The prospectus states the Fund seeks long-term capital appreciation as a fund of hedge funds. Under normal conditions it allocates at least 80% of net assets to private investment vehicles run by multiple third-party managers pursuing relative value, credit, global macro, long/short equity, event driven, multi-strategy and mortgage strategies. Up to 20% may sit in cash, liquid fixed income, public equities, funds and derivatives for liquidity or hedging. The underlying funds may use leverage and short sales without limit and are not required to disclose holdings.