The investment seeks long-term capital appreciation. The fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity securities. The adviser will invest a portion of the assets in securities included in the S&P 500® Index but not necessarily in the same weightings within the index. It will also have additional exposure to a long/short portfolio, consisting of long and short positions in securities listed in the index, but may invest in other large capitalization companies, generally selected from the largest 500 - 700 U.S. companies based on market capitalization.