SPD

The adviser seeks to achieve the fund's investment objective by investing primarily in equity securities of U.S. companies and applying a downside convexity option overlay strategy to the equity investments. Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, primarily by purchasing exchange-traded funds ("ETFs"). The downside convexity option overlay strategy includes purchasing exchange-traded and over-the-counter ("OTC") put options on the S&P 500 Index or an S&P 500 Index ETF.