Min Initial Investment

2,500

Min Initial Investment, IRA

1

Min Initial Investment, AIP

1

Min Subsequent Investment

100

Min Subsequent Investment, IRA

1

Min Subsequent Investment, AIP

1

Normally, the fund invests at least 80% of its assets in equity securities and equity-related instruments, in long and short positions of U.S.-listed equity securities of any capitalization. Its investments may include securities of U.S. and foreign issuers, including securities of issuers in emerging market countries and securities denominated in a currency other than the U.S. dollar. The fund may invest in derivative instruments, such as options or futures, as an alternative method to take a short position consistent with the fund's investment strategy described herein. It is non-diversified.