The investment seeks long-term growth of capital.
The fund typically invests in stocks of between 20-100 companies at one time. It is flexibly managed so that it can invest in equity securities in a variety of industries as well as in foreign companies. The fund may invest in companies of any size, but primarily invests in companies with market capitalizations of more than $5 billion. If market conditions so warrant, it may establish short positions in specific securities or stock indices. The fund is non-diversified.
The investment seeks to replicate, net of expenses, the CBOE S&P 500 BuyWrite Index.
The index is designed to measure the total rate of return of a hypothetical “buy-write”, or “covered call”, strategy on the S&P 500 Index. This strategy consists of a hypothetical portfolio consisting of a “long” position indexed to the S&P 500 Index and the sale of a succession of one-month, at- or slightly out-of-the-money
S&P 500 Index call options that are listed on the Chicago Board Options Exchange.
The investment seeks to replicate, net of expenses, the SPECTRUM Large Cap U.S. Sector Momentum Index.
The index tracks the value of a notional portfolio composed of the ten sub-indices of the S&P 500. It is based on the relative weights of the sub-indices within the index. The weights of the sub-indices that outperform the S&P 500 Total Return Index are increased in the index, which weights of the sub-indices that underperform are reduced.