The investment seeks long-term capital appreciation.
The fund's sub-adviser employs a long-short equity strategy by investing the fund's assets in long and short positions in equity securities selected from a universe of mid- to large capitalization stocks. The equity securities will have market characteristics and capitalizations similar to those included in the Russell 1000® Index1 and/or the S&P 500® at the time of purchase. Under normal market conditions, 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%.