Fund Description

The fund was incepted in November 1996 and is managed by Pilgrim Baxter & Associates. The fund seeks long-term growth of capital. Under normal market conditions, the fund, a non-diversified fund, invests at least 65% of its assets in equity securities of a limited number (i.e., no more than 20 stocks) of large capitalization companies that, in the adviser's opinion, have a strong business momentum, earnings growth outlook and potential for capital appreciation. These companies generally have market capitalizations similar to the market capitalizations of the companies in the Russell 1000 Growth Index at the time of the fund's investment. Dividends and capital gains are distributed at least once a year, if available.