Strategy. Employing a merger arbitrage strategy that seeks to generate returns from discrepancies in asset pricing before and after merger or reorganization events. Executing the fund's merger arbitrage strategy through investments in equity securities and equity related derivative instruments, including special purpose acquisition vehicles ("SPACs"), of companies that are or may be involved in publicly announced or reported merger or re-organization events (including pre-definitive and definitive takeovers, buyouts, liquidations, corporate simplifications, spin offs, and other similar corporate transactions and reorganizations), including stock-for-stock, cash, and mixed consideration mergers and acquisitions ("a Merger Transaction"), or companies that the Adviser believes may be involved in Merger Transactions. Utilizing other types of securities such as debt securities (including unrated debt securities and lower-quality debt securities … Show more… Employing a merger arbitrage strategy that seeks to generate returns from discrepancies in asset pricing before and after merger or reorganization events. Executing the fund's merger arbitrage strategy through investments in equity securities and equity related derivative instruments, including special purpose acquisition vehicles ("SPACs"), of companies that are or may be involved in publicly announced or reported merger or re-organization events (including pre-definitive and definitive takeovers, buyouts, liquidations, corporate simplifications, spin offs, and other similar corporate transactions and reorganizations), including stock-for-stock, cash, and mixed consideration mergers and acquisitions ("a Merger Transaction"), or companies that the Adviser believes may be involved in Merger Transactions. Utilizing other types of securities such as debt securities (including unrated debt securities and lower-quality debt securities of less than investment grade-quality, also referred to as high yield debt securities or junk bonds), convertible securities (including synthetic convertible securities), and options to employ merger arbitrage strategies. Investing both long and short in equities directly and through the use of derivatives (options, swap agreements and other derivative instruments). Investing in securities of domestic and foreign issuers. Using fundamental analysis of factors such as each issuer's financial condition, industry position, likelihood of merger completion, timeline to completion as well as market and economic conditions to select investments. Engaging in transactions that may have a leveraging effect on the fund, including: directional (long and short) investments in derivatives - such as swaps, forward contracts, futures, and options - to seek to hedge risks such as event completion and time-to-close event risk; for efficient portfolio management; or to enhance the returns of the fund. The Adviser may invest in U.S. Government securities, short-term investment funds, ETFs, other fixed income instruments, cash, and cash equivalents for investment purposes and to maintain collateral to cover derivatives positions. Show less