| Investment Objective: |
The Fund uses a multi-pronged approach to total return, sourced from dividends, options premium and capital appreciation. The Fund seeks to achieve this objective by (1) creating an actively managed portfolio of equity securities and (2) by selling call options with exposure to the Index, primarily through options on exchange-traded funds that replicate the Index (S&P 500 ETFs). The Fund seeks to provide investors with total return while exposing investors to less risk through lower volatility than the broad U.S. large cap market. The Fund invests primarily in large, well-established companies, which are companies with market capitalizations similar to those within the universe of the Index at the time of purchase. The Fund seeks a lower volatility level than the broader U.S. large cap market. In order to reduce volatility and provide a diversified source of total return, the Fund will write call options based on the Index or on S&P 500 ETFs. Such options will be at a strike price that is out-of-the-money. The premiums generated from the written call options are an important source of the Fund's diversified return stream and will not generally be paid as income. Selling call options may also reduce volatility. |
