Mergers and acquisitions: More volume on the horizon?

The views expressed represent the Manager’s assessment of the Fund and market environment as of January 2014, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.

Capacity utilization refers to the relationship between actual output that is actually produced with the installed equipment, and the potential output which could be produced with it, if capacity was fully used.

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe.

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectuses and their summary prospectuses, which may be obtained by visiting or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.


Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Mergers and acquisitions (M&A) refers to two types of transactions: (1) mergers, in which two or more companies are combined and one of the companies survives as a legal entity; and (2) acquisitions, in which one company takes a controlling interest in another company (but the acquired company continues operating as a separate entity).