Fund Description

The fund invests primarily in the common stocks of small companies that are traded on national security exchanges, the NASDAQ stock market and on the over-the-counter market. Small companies are defined as companies with market capitalizations that are between the lowest and highest market capitalizations, as measured on a rolling basis over the most recent 36-month period, in either the Russell 2000 Index, the S&P Small Cap 600 Index, or the MSCI USA Small Cap Index. It normally invests at least 80% of net assets in small-company investments and may hold stocks that grow beyond the range. Up to 30% may be in foreign securities and up to 15% in illiquid securities; it may loan up to 30% of total assets. The process is bottom-up and growth-oriented, and it may invest in fixed income, ADRs, derivatives, and hybrid instruments.