The investment seeks long-term capital appreciation.
The fund employs a long-short equity strategy by investing its assets in long and short positions in equity securities selected from a universe of mid- to large capitalization stocks with market characteristics and capitalizations similar to those included in the Russell 1000® Index and/or the S&P 500® Index at the time of purchase. Its net equity market exposure will typically range from approximately 20% to 40%. The fund's net long equity market exposure will not exceed 60% and its net short equity market exposure will not exceed 20%. Further, the fund's gross equity market exposure is limited to 200%.