Fund Description

The fund pursues long-term capital appreciation in the small-capitalization market while seeking to incur less risk than the small-capitalization market. Under normal circumstances, it invests at least 80% of its assets in common stocks of small market capitalization companies, defined at initial purchase as those with market capitalizations generally within the range of companies included in the Russell 2000 Index on a rolling three-year basis. It invests in a select group of companies the subadviser believes have sustainable competitive advantages at attractive prices and generally invests in approximately 20 to 40 securities at any given time. It invests primarily in U.S. companies but may invest in foreign securities and depositary receipts.