The primary objective of the Fund is to seek consistent positive returns in rising or falling markets (absolute returns) with the overriding objective of preserving capital. We will engage primarily in the business of investing in convertible securities, high-yield securities, distressed instruments, equity securities, options and other company obligations. Investment Strategies include: Convertible Arbitrage, Credit Arbitrage, Capital Structure Arbitrage, Volatility/Options/Warrants, and Special Situations among others. Management selects investments for which it expects superior risk-adjusted returns by maintaining the flexibility to move capital among different investment strategies. We use a common sense philosophy in choosing investments. Black Boxes (or models) are merely tools in the process of assessing potential investments. Depending upon the strategy under review, we may rely on fundamental research and bottom-up analysis. Alternatively, fundamental analysis may play no part in an investment and the progress or profitability of an individual company may have little to do with the success of the investment.