Normally investing at least 80% of assets in equity securities. Investing in common stocks of companies with market capitalizations generally similar to companies in the S&P 500® Index. Using a disciplined approach designed to construct an equity portfolio with similar risk-return characteristics to the S&P 500® Index. Employing a disciplined options-based strategy designed to provide downside protection in certain market conditions (i.e., offset or mitigate a decrease in the value of the fund's investments). The extent of this protection will be determined primarily based on the cost of the put options in the marketplace. Managing the options positions in a way that provides diversification of options strike prices and expirations.