The prospectus states the Fund seeks capital appreciation by investing substantially all assets in private investment funds (hedge funds) run by unaffiliated managers using absolute-return strategies: relative value, security selection, specialist credit, global macro/CTA and directional. The Adviser typically limits one strategy to under 35% and one fund to 15% of gross assets. The Fund may borrow up to the 1940 Act asset coverage limit and may use swaps, options and futures, expecting no more than 25% of exposure via derivatives.