Fund Description

The fund was incepted in December 1988 and is managed by Southeastern Asset Management, Inc. The fund seeks long-term capital growth. The fund normally invests in a limited number of companies whose market capitalizations at the time of purchase are within the range of companies in the Russell 2000 Index, the S&P Small-Cap 600 Index, or the Wilshire Small-Cap 1750 Index. These companies are believed to be significantly undervalued. The fund may invest up to 30% of its assets in foreign securities and 15% of its assets in non-registered or illiquid securities. Dividends and capital gains are distributed annually.