The fund invests in long positions of equities that are believed to be undervalued, in short positions of equities that are believed to be overvalued and in equity-related derivative instruments. It will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and in derivatives and other instruments that have economic characteristics similar to such securities. The fund invests primarily in equity securities and other investments that have exposure to U.S. large capitalization issuers.