equity securities having the characteristics of common stock (such as depositary receipts). The Fund may
invest in any size company, including small- and medium-sized companies, and further may invest in
companies which are financially distressed.
The Fund may invest up to 20% of its assets in companies that, for a variety of reasons, the Fund's
Investment Adviser believes may have the potential to be subject to a spin-off or corporate restructuring
within a reasonable period of time; for example, a similar company may have recently announced a spin-
off; the company may be under investor pressure to consider strategic alternatives; or the current
segments of the company may not have a synergistic fit, and as a result the company's stock trades at a
discount to that of its closest peers. The Fund may invest in potential spin-off and corporate restructuring
companies that the Fund's Investment Adviser believes may, based on its in-house research, have the
most favorable risk/reward characteristics.
The Fund may invest in crypto assets, including bitcoin or BTC, indirectly through other investment
vehicles. The Fund will not invest directly in bitcoin or other crypto assets. Certain of these vehicles
may not be registered under the Investment Company Act of 1940, as amended (the "1940 Act") and do
not receive the protections of the 1940 Act. The Fund may contribute a portion of its indirect holdings in
crypto assets to a wholly-owned and controlled subsidiary organized under the laws of the Cayman
Islands (a "Subsidiary"). The amount of the Fund's investment in crypto assets may be limited by law or
by tax considerations. The Fund will not invest in private investment vehicles beyond the limits of the
1940 Act.
The Fund may invest indirectly in bitcoin through a Delaware statutory trust, Grayscale Bitcoin Trust
ETF ("GBTC") and through other pooled investment vehicles that provide exposure to crypto assets.
GBTC is a Bitcoin ETF that enables investors to gain exposure to bitcoin in the form of a security while
avoiding the challenges of buying, storing, and safekeeping bitcoin, directly.
In the future, the Fund may seek to gain additional exposure to crypto assets that may not produce
qualifying income for the Fund under the Internal Revenue Code of 1986, as amended (the "Code") if
held directly.
The Subsidiary invests primarily in investment vehicles that provide the Fund with exposure to crypto
asset investments. The Fund will invest in its Subsidiary in a manner that is consistent with the limitations
of the federal tax laws, rules and regulations that apply to the Fund as a "regulated investment
company" ("RIC") under Subchapter M of Subtitle A, Chapter 1, of the Code ("Subchapter M"). The
Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital
structure and leverage, respectively, on an aggregate basis with the Subsidiary. The Subsidiary also
complies with Section 17 of the 1940 Act, relating to affiliated transactions and custody, and the
Investment Adviser complies with Section 15 of the 1940 Act, relating to investment advisory contracts
with respect to the Subsidiary. Unlike the Fund, the Subsidiary does not, and will not, seek to qualify as a
RIC. The Fund is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be
offered or sold to other investors. The Subsidiary includes entities that engage in investment activities in
securities or other assets that are primarily controlled by the Fund. The Fund does not intend to create or
acquire primary control of any entity which primarily engages in investment activities in securities or
other assets other than entities wholly-owned by the Fund.
The Fund may maintain during a temporary period, which could be for a short period or a longer period
lasting several years or more, of abnormal conditions, a significant portion of its total assets in cash and
securities, generally considered to be cash and cash equivalents, including, but not limited to: high
quality, U.S. short-term debt securities and money market instruments. The Investment Adviser will
invest in such short-term cash positions to the extent that the Investment Adviser is unable to find
sufficient investments meeting its criteria and when the Adviser believes the purchase of additional equity