Fund Description

The fund seeks investments whose price will increase over time, normally investing at least 80% of its investable assets in equity and equity-related securities of small, less well-known companies the subadviser believes are relatively undervalued. Investable assets are net assets plus any borrowings for investment purposes. Small companies are those with market capitalizations below the largest company in the Russell 2500 Index at the time of investment. The portfolio is diversified and typically includes stocks across all Russell 2500 sectors, though it may at times hold a significant portion in a single economic sector. Stock selection blends value and growth and looks for stocks it believes have attractive valuations and should experience superior earnings growth on an intermediate term basis, based on proprietary forecasts for periods greater than one year.