Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in equity securities of small-cap companies within the market-cap range of the Russell 2000 Index, including common and preferred stock, convertible securities, depositary receipts, structured notes, real estate-related securities (including REITs), partnership interests, rights and warrants, private placements, and IPOs. It may invest up to 20% in foreign securities and up to 20% in convertibles, and may hold up to 20% in high-quality money market instruments and repurchase agreements. It may use derivatives for exposure, hedging, risk management, and to increase the fund's return, invest in other investment companies including ETFs, and lend securities up to 33 1/3% of total assets. The sub-adviser uses a multi-style, bottom-up process combining fundamental analysis and proprietary ranking, with limited deviations from index weights, and integrates ESG considerations without limiting the investable universe.