Fund Description

The fund's investment objective is capital appreciation by investing primarily in equity securities of companies believed to be likely acquisition targets. It may also pursue arbitrage in equities of companies involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other reorganizations, including buying or increasing positions in target companies and at times buying or selling short acquirers. It may hold significant cash, invest across market caps, mainly in U.S. companies with flexibility for foreign and emerging markets, use derivatives to enhance returns or hedge risks, and invest in common and other securities, including below-investment-grade convertibles and debt. The fund is expected to engage in active or frequent trading, and these generally short-term investments may increase portfolio turnover and brokerage and other transaction expenses.