Fund Description

The fund normally invests at least 80% of its net assets, including the amount of any borrowings for investment purposes, in growth companies. Growth companies are companies that the adviser believes have above average potential with respect to the rate and duration of earnings growth compared to other companies. Growth potential may be assessed using index inclusion, third-party classifications, and issuer characteristics such as historical and/or projected growth rates; such companies often have stock prices high relative to earnings, dividends, book value, or other measures. It primarily invests in equity securities such as common stocks and depositary receipts, primarily invests in securities of companies with large capitalizations, may invest in foreign securities, may invest significantly in a single industry or sector, and is non-diversified. Management uses an active, bottom-up approach based primarily on fundamental analysis, with quantitative screening tools also considered.