Fund Description

The fund normally invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks of small companies, with qualifying derivatives counted toward this policy as applicable. It defines small-cap companies as those with market capitalizations below the maximum in the Russell 2000 Index, MSCI USA Small Cap Index, or MSCI World Small Cap Index, after systematically removing any companies that cannot reasonably be considered a small-cap company from the high end of the range of each index. The adviser seeks capable management, attractive niches, pricing flexibility, sound practices, consistent growth potential, and catalysts. It is widely diversified, may use growth or value approaches, may concentrate by sector, invests mainly in U.S. common stocks, may invest abroad, and may invest in privately held companies and companies that began to trade publicly.