Fund Description

The fund invests at least 80% of its net assets plus any borrowings for investment purposes in large-cap equity securities and derivatives with similar economic characteristics, with large cap defined by the market-cap range of the Russell 1000 Index. It primarily invests in common stock and may also invest in preferred stock, IPOs, and convertible securities. It may use options, futures, swaps (including total return swaps and contracts for difference) and forward contracts to enhance returns, hedge currency, interest-rate and market risks, and manage cash flows. It may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and in investment vehicles such as exchange-traded funds that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical commodities. Proprietary quantitative return-forecast models guide over- and under-weights while seeking to control incremental risk.