The investment seeks long-term capital appreciation.
To pursue its investment objective, the fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in long or short positions in equity securities. While the adviser expects to invest primarily in U.S. equity securities (including common stocks, preferred stocks, warrants, American Depositary Receipts ("ADRs"), Master Limited Partnerships ("MLPS"), royalty trusts and debt instruments that are convertible into equity securities). It may also invest in foreign equity securities, and securities of issuers of any capitalization or style.
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