Fund Description

The fund, under normal circumstances, invests at least 80% of its assets in small- and mid-cap equity securities, including common and preferred stocks, warrants, convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities, MLP and REIT securities, depositary receipts, and other equity-like instruments. It seeks favorable long-term total return by investing in securities the adviser believes have significant long-term capital appreciation potential. Small- and mid-cap are based on the Russell 2500 Index range. It uses quantitative models to build the portfolio and manage risk versus the benchmark. The fund may also purchase and sell futures, options, swaps and other equity derivatives to carry out its investment strategies.