Disclaimer

In general, alternative investments, including hedge funds involve a high degree of risk, that may involve potential loss of principal; can be highly illiquid and can charge higher fees, which may offset any trading profits. Alternative investments are not subject to the same regulatory requirements as registered investment products, often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, in many cases the underlying investments are not transparent and are known only to the investment manager, and may involve complex tax structures and delays in distributing important tax information. The performance of alternative investments can be volatile and an investor could lose all or a substantial amount of his or her investment. There is no secondary market for fund interests and transfers of interests are subject to limitations.

A substantial portion of a fund's trades may take place on foreign exchanges that may not offer the same regulatory protection as U.S. exchanges. Specific sector investing can be subject to different and greater risks than more diversified investments.

A hedge fund of funds invests in other funds and fees are charged at both the fund and sub-fund level. Thus, the overall fees you will pay will be higher than you would pay by investing directly in the sub-funds.

Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets.

This summary of certain risks is not a complete list of the risks involved in investing in alternative investments and is subject to more complete disclosures contained in a specific alternative investment's respective offering documents, which must be reviewed carefully.