Hedge Funds are unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors.  There are substantial risks in investing in Hedge Funds.  You should note carefully the following: Hedge Funds represent speculative investments and involve a high degree of risk.  An investor could lose all or a substantial portion of his/her investment.  Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in a Hedge Fund. An investment in a Hedge Fund should be discretionary capital set aside strictly for speculative purposes. An investment in a Hedge Fund is not suitable or desirable for all investors.  Only qualified eligible investors may invest in Hedge Funds. Hedge Fund offering documents are not reviewed or approved by federal or state regulators. Hedge Funds may be leveraged (including highly leveraged) and a Hedge Fund’s performance may be volatile. An investment in a Hedge Fund may be illiquid and there may be significant restrictions on transferring interests in a Hedge Fund.  There is no secondary market for an investor’s investment in a Hedge Fund and none is expected to develop. A Hedge Fund may have little or no operating history or performance and may use hypothetical or pro forma performance which may not reflect actual trading done by the manager or advisor and should be reviewed carefully. Investors should not place undue reliance on hypothetical or pro forma performance. A Hedge Fund’s manager or advisor has total trading authority over the Hedge Fund. A Hedge Fund may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk. A Hedge Fund (for example, a fund of funds or multi-manager fund) and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be fully disclosed to investors. A Hedge Fund may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors. A Hedge Fund’s fees and expenses−which may be substantial regardless of any positive return− will offset the Hedge Fund’s trading profits. Hedge Funds are not required to provide periodic pricing or valuation information to investors. Hedge Funds and their managers/advisors may be subject to various conflicts of interest. The above summary is not a complete list of the risks and other important disclosures involved in investing in a Hedge Fund and is subject to the more complete disclosures