Fund Description

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap growth companies, with qualifying derivatives counted toward the 80% policy. The fund considers a company to be a mid-cap growth company if its securities are represented in the Russell Midcap Growth Index, or represented in an appropriate third-party growth-oriented index and its market capitalization falls within the market capitalization range of companies in the Russell Midcap Index, MSCI USA Mid Cap Index, or MSCI World Mid Cap Index (after systematically removing any companies that cannot reasonably be considered a mid-cap company from the high and low ends of the range of each index). It may buy some large- and small-cap stocks with similar qualities. Stock selection combines fundamental bottom-up analysis and top-down quantitative strategies, looking for companies with a demonstrated ability to consistently increase revenues, earnings, and cash flow, capable management, attractive business niches, and a sustainable competitive advantage, while also considering valuation measures such as a company's P/E ratio relative to the market and its own growth rate. It typically limits high-yielding stocks. At times, the fund may have a significant portion of its assets invested in the same economic sector.