The Special Opportunity Strategy is generally equities, although certain straight debt and/or convertibles may qualify) which offer substantial returns with corresponding greater risks.

Examples of companies in which Ancora may invest include:

(i) companies which have lost significant market value, if Ancora believes the fortunes of these companies may be more favorable in the future, ii) companies which are undergoing financial restructuring or which may be repositioning themselves in the marketplace for their products or services, and (iii) companies having products or services which are new and untested or which may gain wider acceptance in the future. Securities will tend to be of companies with "micro" and small capitalizations, but this will not be a requirement