Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in equity securities of U.S. small- and mid-cap companies and in derivatives with similar economic characteristics. It primarily targets securities that are components of, or have characteristics similar to, those in the Russell 2500 Index, but may invest in issuers of any market capitalization. Holdings mainly include common stock and may include preferred stock, convertible securities, and shares purchased through new issues or IPOs. It may use options, futures, swaps and forward contracts to enhance returns, hedge, and manage cash flows, and may trade actively and frequently.