The investment seeks capital appreciation. The fund invests primarily in arbitrage opportunities by investing in equity securities of companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate re-organizations and in equity securities of companies that the Sub-Adviser believes are likely acquisition targets within 12 to 18 months. The fund may invest in companies of any size and from time to time may invest in companies with small, mid and large market capitalizations. It also may invest up to 20% of its assets in foreign securities, including those in emerging markets.