Fund Description

The fund was incepted in March 2001 and is managed by Alliance Capital Management L.P. The objective of the fund is to seek long-term growth capital. The fund invests at least 80% of its net assets in a diversified portfolio of equity securities of companies with small market capitalizations. The fund may invest up to 15% of its total assets in securities issued by non-U.S. companies. Typically the fund invests in 60-90 companies. The fund's investment strategy emphasizes investment in companies that are determined by the management to be undervalued. There is no fixed schedule for the distribution of dividends and capital gains.