Strategy. In pursuing its investment objectives, the Fund seeks to invest at least 80% of the value of its net assets (which include borrowings for investment purposes) in equity securities such as common stocks, warrants and rights. The Fund employs a strategy of taking long and short positions in equity securities publicly traded in the U.S. and in foreign developed markets. The Fund buys securities long that Allspring Global Investments, LLC (Allspring or the Sub-Advisor), the Funds sub-advisor, believes will outperform the equity market, and sells securities short that the Sub-Advisor believes will underperform the equity market. The Funds long-short exposure will vary over time based on the Sub-Advisors assessments of market conditions and other factors. The Fund may invest in … Show more… In pursuing its investment objectives, the Fund seeks to invest at least 80% of the value of its net assets (which include borrowings for investment purposes) in equity securities such as common stocks, warrants and rights. The Fund employs a strategy of taking long and short positions in equity securities publicly traded in the U.S. and in foreign developed markets. The Fund buys securities long that Allspring Global Investments, LLC (Allspring or the Sub-Advisor), the Funds sub-advisor, believes will outperform the equity market, and sells securities short that the Sub-Advisor believes will underperform the equity market. The Funds long-short exposure will vary over time based on the Sub-Advisors assessments of market conditions and other factors. The Fund may invest in equity securities of U.S. and foreign issuers of any market capitalization. The Sub-Advisor anticipates that, in general, the portfolio of the Fund will not be more than 100% long or short on a net basis. The Funds investment strategy involves active and frequent trading. The Funds strategy seeks to provide favorable performance while seeking to reduce certain risks relative to a portfolio comprised of only long positions in the same or substantially similar securities, but there can be no guarantee that its strategy will be successful in this regard. The Fund may also invest from time to time in futures, swaps and options contracts on securities, and securities indices. The Fund may also enter into options on futures contracts. The Fund may purchase or write options in combination with each other (i.e., simultaneously writing call options and purchasing put options) to adjust the risk and return of its overall investment positions. The Fund may employ the types of derivatives referenced above in order to obtain short or long exposures to securities. The Fund will not count its derivatives positions for purposes of determining whether it holds at least 80% of the value of its net assets (including investment-related borrowings) in equity securities. Under normal market conditions, the Fund will invest in at least three different countries, with at least 40% of its net assets invested in securities of issuers located outside the United States. The Funds investments in foreign securities may include investments through American, European and Global Depository Receipts (ADRs, EDRs and GDRs, respectively). Hamilton Lane Advisors, L.L.C. (Hamilton Lane or the Advisor), the Funds advisor, considers foreign securities to include (i) securities of issuers that are organized under the laws of a foreign country; (ii) securities that are traded principally in a foreign country; or (iii) securities of issuers that, during the issuer's most recent fiscal year, derived at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed outside of the United States or that have at least 50% of their assets in countries outside of the United States. The Fund considers a developed market to include countries included in the Morgan Stanley Capital International developed market indices or other comparable indices. Show less