The investment seeks to achieve long-term capital appreciation. The fund pursues its investment objective by investing primarily in reinsurance-related securities, including event-linked bonds and shares or notes issued in connection with quota shares and, to a lesser extent, shares or notes issued in connection with industry loss warranties, event-linked swaps and equity securities and the derivatives of equity securities of companies in the reinsurance and insurance industry. Under normal circumstances, it will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in reinsurance-related securities.