Fund Description

Under normal market conditions, the fund invests at least 80% of total assets principally in common and preferred stock and, occasionally, warrants of companies involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. It seeks to profit from the arbitrage spread tied to transaction completion rather than overall market performance, and may hedge through short sales, options and other derivatives for hedging, duration or volatility management, or to adjust exposures. It may invest significantly in SPACs, corporate debt (including convertible, defaulted and distressed), U.S. and foreign securities of any size, other investment companies, lend securities, and hold substantial cash or short-term investments.