Fund Description

The fund invests primarily in a diversified group of small, emerging growth companies, preferably early in their corporate life cycle before they become widely recognized. It may also invest in companies with potential for accelerating earnings growth due to rejuvenated management, new products, or structural economic changes, and may continue holding companies that have grown beyond the developing stage if they still meet its criteria. The adviser looks for effective management, fertile growth areas, innovation, efficient service, pricing flexibility, and sound financial and accounting policies, and may at times concentrate significantly in a single sector. While most assets are typically invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with its objectives. The fund's investments may include holdings in privately held companies and companies that have only recently begun to trade publicly.