Fund Description

The fund invests at least 80% of its net assets (plus any borrowings) in equity securities of small capitalization companies that the adviser believes have sound growth potential. Small-cap companies are defined as those with market capitalizations less than or equal to the largest company in either the Russell 2000 Index or the MSCI USA Small Cap Index, measured on a rolling 24-month basis, with market cap measured at purchase. It primarily invests in common stocks and ADRs, may invest up to 25% in foreign securities, and uses fundamental research focused on management and business models with earnings upside. It may actively trade and may at times concentrate in certain sectors.