The primary investment objective of the fund is to provide long-term capital appreciation primarily through investment in a diversified portfolio of equity and equity-related securities of international issuers which are believed to be undervalued relative to their perceived growth potential while hedging against changes to the exchange rates between the Canadian and major foreign currencies. Equity-related securities include convertible preferred shares, convertible debt obligations and warrants. The fund also may invest in other mutual funds. The portfolio adviser will not invest in Canadian or US issuers. Any change to the investment objectives must be approved by a majority of the votes cast by unitholders at a meeting called to consider the change.