The investment seeks to provide long-term capital appreciation. In seeking long-term capital appreciation, the fund will invest at least 80% of its net assets plus borrowings for investment purposes in equity securities of U.S. based companies, and in derivatives and other instruments that have economic characteristics similar to such securities, and ETFs and other registered investment companies investing in equity securities of U.S. based companies. Its investments in equity securities of U.S. based companies typically consist primarily of common stocks, including initial public offerings (“IPOs”), but may also include preferred stocks of such companies.