The investment seeks capital appreciation. The fund's secondary investment objective is to seek current income. Under normal circumstances, the fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, in (1) U.S. large-cap equity securities and ETFs that track U.S. large-cap equity indices and (2) options on such securities or on indices that track U.S. large-cap securities. For purposes of the foregoing, the managers define large-cap equity securities as securities of companies having a market capitalization exceeding $10 billion. The fund is non-diversified.