Private Advisors Alternative

Strategies Master Fund

Fund Investment Objectives

The Fund expects to invest in hedge funds managed by Portfolio Managers who have proven investment management experience and who invest in the hedge funds they manage alongside their clients. The Fund anticipates that the investment strategies employed by the Portfolio Managers selected will include credit, event-driven, distressed, global macro, income, long/short equity and relative value/arbitrage strategies (i.e., strategies where returns are not necessarily correlated to traditional stock and bond indices).