Advent Hedged Convertible

Fund

Fund Investment Objectives

The Advent Convertible Arbitrage Fund seeks to produce high returns consistent with a relatively risk-averse, low leverage, market-neutral style. The fund takes long positions in theoretically cheap convertible securities while simultaneously taking short positions in the underlying common stock. The maximum leverage is 2:1. The fund is structured as a master feeder fund and is offered as a domestic and an offshore fund.