The investment seeks to provide long term capital appreciation.
The fund takes long and short positions in equity securities, selecting from a universe of mid- to large capitalization stocks. The equity securities the fund invests in will have market characteristics and capitalizations similar to those included in the Russell 1000 and/or S&P 500 Index at the time of purchase. The fund's net long equity market exposure normally will not exceed 50% and its net short equity market exposure will not exceed 20%. Further, the fund's gross equity market exposure is limited to 200%.