The investment seeks capital appreciation. The fund normally invests its assets in equity securities and equity related derivative instruments, including special purpose acquisition vehicles, of companies that are or may be involved in publicly announced or reported merger or re-organization events (including pre-definitive and definitive takeovers, buyouts, liquidations, corporate simplifications, spin offs, and other similar corporate transactions and reorganizations), including stock-for-stock, cash, and mixed consideration mergers and acquisitions, or companies that the Adviser believes may be involved in merger transactions. It is non-diversified.