Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in equity securities of spin-off companies, companies subject to other forms of corporate restructuring, as defined by the fund's criteria (including specified spin-off and carve-out events within five years of the fund's investment), and parent companies after public disclosure of a planned restructuring, as well as publicly traded shareholder activist holding companies that have driven such transactions. It is non-diversified and may invest across U.S. and foreign developed and emerging markets, market caps, and financially distressed companies. Up to 20% may be in potential candidates. It may gain crypto exposure, including bitcoin, indirectly through a Delaware statutory trust (Grayscale Bitcoin Trust ETF (GBTC)) and through other pooled investment vehicles that provide exposure to crypto assets, and may use a wholly owned Cayman subsidiary, subject to legal and tax limits.