Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in small cap growth equity securities of U.S. issuers and derivatives providing exposure to such securities or related market risk factors. Equity investments primarily include common stock and preferred stock, as well as securities or other instruments whose price is linked to the value of common stock, such as derivatives, and may include convertible securities. From time to time, the fund may invest in shares of companies through initial public offerings (IPOs). It uses proprietary quantitative return forecast models and model-based optimization for portfolio construction and rebalancing. The fund may use options, warrants, futures, swaps and forward contracts to enhance return, hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets, and manage cash flows, and may use indexed or inverse securities.