We believe that over the long term investors benefit from a diversified portfolio that includes an exposure to hedge funds. Hedge funds offer unique diversification properties and, especially in the case of a hedge fund-of-funds approach, can offer equity-like returns with less risk by providing exposure to multiple managers and strategies. Hedge funds also can provide access to some of the most talented investment managers who are otherwise unavailable to private investors. Before investing in hedge funds, however, it is important to understandwhat a hedge fund is, how it differs from other investment opportunities, and some of the unique characteristics that define this asset class.

. What is hedge fund? . Hedge funds vs. traditional investments? . Investment considerations?......