The Fund employs an opportunistic approach that entails the continuous evaluation of existing strategies as well as the search and development of new strategies. Strategy risk assessment is undertaken to measure sensitivity to macro factors such as realized volatility, equity returns, investment/non-investment grade spreads, government rates, and market liquidity. The trading strategies utilized by the Fund and the corresponding markets in which it trades may involve the following; relative value arbitrage: under this strategy the Fund will trade primarily in preferred equities, listed convertible preferred equities, shares of close-end funds and warrants, another strategy utilized may involve structural arbitrage whereas the Fund will trade primarily in preferred equities, shares of close-end funds, warrants and listed options. Distribution arbitrage: under this strategy, the Fund will trade in equities and equity options through buy-backs, spin-offs and reorganizations. Special situations: under this strategy, the Fund will trade a variety of equities, equity options and futures, including, for instance, shares of REITs, VIX equity options and futures and exchange traded funds. It will do so by evaluating REIT price-to-book ratios volatility spreads, ETF rebalancing positions and other relevant factors.