Fund Description

The fund invests in common stocks of companies generally within the capitalization range of the underlying index and in derivative instruments, primarily equity index swaps, futures contracts, and options on securities, futures contracts, and stock indices, whose performance is expected to correspond to that of the underlying index, which is composed of constituents that exhibit strong growth characteristics measured by sales growth, ratio of earnings change to price, and momentum. Under normal circumstances, it invests at least 80% of net assets plus borrowings in index securities and related instruments; derivatives may be OTC and can create leverage, increasing volatility and potentially requiring liquidation. It may hold short-term U.S. government securities or cash equivalents as collateral, may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets, may be industry-concentrated, and is non-diversified.