Strategy. The Fund seeks to provide capital appreciation through participation in the equity markets while hedging overall market exposure relative to traditional long-only equity strategies. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities of Nasdaq listed companies. The Fund seeks to achieve its investment objective by investing in an actively managed portfolio of equity securities, including securities in the Nasdaq-100 Index (the Index). The Fund can invest in both large cap and mid cap companies. The Fund may also invest in other equity securities not included in the Index. Currently, many of the equity securities in the Funds portfolio will be technology … Show more… The Fund seeks to provide capital appreciation through participation in the equity markets while hedging overall market exposure relative to traditional long-only equity strategies. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in equity securities of Nasdaq listed companies. The Fund seeks to achieve its investment objective by investing in an actively managed portfolio of equity securities, including securities in the Nasdaq-100 Index (the Index). The Fund can invest in both large cap and mid cap companies. The Fund may also invest in other equity securities not included in the Index. Currently, many of the equity securities in the Funds portfolio will be technology companies or companies that rely heavily on technological advances. The Fund will also purchase and sell exchange-traded put options and sell exchange-traded call options, employing an options overlay known as a put/spread collar strategy. The options may be based on the Index or on exchange-traded funds (ETFs) that replicate the Index (Nasdaq 100 ETFs). The combination of the portfolio of equity securities, the downside hedge from long index put options, and the income from the short index call options is intended to provide the Fund with a portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies. Specifically, the Fund seeks to provide a competitive risk-adjusted return over a full market cycle relative to the Index with lower volatility than traditional long-only equity strategies. The put/spread collar strategy is designed to provide a continuous market hedge for the portfolio (i.e., to minimize loss). The Funds combination of an equity portfolio, with the put/spread collar options overlay strategy is designed to provide greater market protection than other equity investments, but may not always do so, particularly in rising equity markets when the Fund may underperform traditional equity strategies. In addition, as a result of the structure of the options overlay strategy, the Fund is not expected to provide market protection during times of low market volatility; during such periods, the Fund is expected to perform in line with broad equity markets. The Fund may use futures contracts, primarily futures on indices, to more effectively gain targeted equity exposure from its cash positions and to hedge the Funds portfolio if it is unable to purchase or write the necessary options for its overlay strategy. The Fund is a non-diversified fund, as defined in the Investment Company Act of 1940, as amended (the 1940 Act), and may invest more of its assets in fewer issuers than diversified mutual funds. Show less