Fund Description

The fund invests at least 80% of net assets (including borrowings for investment purposes) in equity securities of small-cap companies, generally those with market capitalizations within the range of the Russell 2000 Index at initial purchase, and will not change this policy without 60 days' notice to shareholders. Eligible equity securities include ADRs, convertible securities, foreign and domestic common and preferred stocks, rights, and warrants. While there is no limit on foreign securities, it does not expect them to exceed 20% of total assets. The adviser uses a bottom-up GARP approach and may, from time to time, hold a significant amount of securities of companies within a single sector.