Ancora Merger

Arbitrage Fund

Fund Investment Objectives

The investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The Partnership will seek to achieve its objective by investing primarily in merger arbitrage transactions, including appraisal rights and, to a lesser extent, in other arbitrage opportunities, including share class arbitrage. The General Partner believes that blending traditional merger arbitrage for announced deals with share class arbitrage opportunities should produce absolute returns in excess of short-term interest rates with less volatility than the returns typically associated with conventional equity investing.