Fund Description

The fund normally invests at least 80% of net assets in common stocks of small-cap companies, defined at purchase as those within the market-cap range of the Russell 2000 Index, and invests primarily in domestic securities but may also buy foreign companies. Using qualitative, bottom-up research, it targets underappreciated companies with growth catalysts and durable business models and/or proficient management. Investments may be categorized as Core, Turn, or Tactical. It diversifies across many companies, sectors, and industries, may emphasize certain sectors, monitors holdings, follows a disciplined sell process, and may trade actively and frequently; changes to the 80% policy require 60 days' notice.