The Fund's investment objective is to provide stockholders with premium income and capital appreciation.

Investment Strategy

The Fund pursues its investment objective principally through a two-part strategy. First, the Fund will invest, under normal circumstances, substantially all of its net assets in a portfolio of investments (the "NASDAQ Investment Portfolio") designed to closely track the performance, before fees and expenses, of the NASDAQ 100® Index. The NASDAQ Investment Portfolio may include stocks which are members of the Index, stocks which are not members of the Index, and other investments that have economic characteristics similar to the securities that constitute the Index. These other investments may include futures, forwards, swaps, option contracts based on the Index and options on futures and swaps, as well as investment funds or baskets of securities with a composition similar to all or a portion of the Index. Second, in attempting to generate premium income and reduce the volatility of the Funds returns, with the intent of improving the Fund's risk-adjusted returns, the Fund will write (sell) call options on the Index (the "Written Options") which are fully collateralized by the NASDAQ Investment Portfolio. Under normal circumstances, the notional value of the Written Options is not expected to exceed 50% of the Fund's net assets.