Fund Investment Objectives

The Fund's investment objective is to achieve attractive risk-adjusted returns. The Fund seeks to accomplish its objective by investing and trading in securities and obligations of companies that are involved in or likely to be involved in a balance sheet or other event-driven situation. Balance sheet events include all business combinations, such as mergers, cash tender offers, and leveraged buy-outs and all restructurings, such as bankruptcies, recapitalizations, exchange offers, spin-offs and liquidations. The Fund may invest in securities of companies involved in proxy contests, unusual litigation, stock buybacks and those operating under the threat of reorganization where the uncertainty of the non-operating event creates investment opportunities. The Fund may also buy and sell securities that the Investment Manager perceives are mispriced. An investment in the Fund is designed only for experienced and sophisticated persons who are able to bear the risk of the substantial impairment or loss of their investment in the Fund and who have limited need for liquidity. There can be no assurances that the Fund will achieve its investment objective.