Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in equity securities of small-cap companies; the portfolio managers consider small-cap companies to be companies having a market capitalization that falls within or below the range of companies in the Russell 2000 Index, or below the three-year average maximum market cap of companies in the Index as of December 31 of the three preceding years. Up to 20% may be invested in larger companies. It may invest up to 25% of total assets in foreign securities, including emerging markets, and in U.S. dollar-denominated foreign securities such as depositary receipts. It may invest in ETFs and publicly traded REITs. Selection relies on fundamental research, a quality focus, disciplined valuation, and seeks to manage investment risk by maintaining broad issuer and industry diversification among the fund's holdings; holdings may be sold based on valuation, fundamentals, or opportunity.