The Prospectus states the Fund's investment objective is to seek attractive long-term risk adjusted returns. The Fund is a fund of funds that invests substantially all of its assets in Portfolio Funds, generally private hedge funds managed by independent Portfolio Fund Managers, across long/short equity, event driven, relative value, global asset allocation and multi-discipline strategies. The Sub-Adviser selects and monitors managers and seeks capital appreciation while seeking to limit risk through a varied portfolio. The Fund does not borrow for investment leverage; Portfolio Funds may use leverage without a Fund-level limit.