Fund Description

Under normal circumstances, the fund invests at least 80% of net assets (including borrowings for investment purposes) in common stocks of small capitalization companies and shares of registered investment companies that invest primarily in small-cap stocks. It seeks significant capital appreciation through bottom-up fundamental research, targeting companies with above-average long-term earnings growth potential or those viewed as undervalued. Criteria include earnings growth, valuation, management, balance sheet strength, free cash flow, capital allocation, and returns on invested capital. Small-cap is $300 million to $7 billion. The fund may emphasize particular issuers or sectors, invest in special situations, invest in RICs, including mutual funds and ETFs, to increase exposure to the broad market or to industry sectors without purchasing a large number of individual securities, and may invest in ETFs that invest primarily in common stocks of foreign companies, including regional and/or country specific ETFs, and invest up to 30% in foreign issuers.