The prospectus states the Fund seeks an attractive absolute return on invested capital, largely independent of benchmarks for traditional asset classes, by allocating among a select group of portfolio managers that use a variety of arbitrage strategies, mainly through private Portfolio Funds (hedge funds) and occasionally Portfolio Accounts. Strategies at 7/31/2026: event-driven 54.5%, fixed income 22.5% and convertible arbitrage 13.2% of capital, in eight Portfolio Funds. Up to 40% of total assets may go to one Portfolio Fund or manager. Fund borrowing is limited by 300% asset coverage; Portfolio Funds may use more leverage.