Overlay Shares Hedged Equity 

Under normal circumstances, at least 80% of the fund’s net assets, plus borrowings for investment purposes, will be invested, directly or indirectly through ETFs, in equity securities. For purposes of this policy, the managers define “equity securities” to mean common and preferred stocks, rights, warrants, depositary receipts, equity interests in real estate investment trusts, and master limited partnerships. It is non-diversified.