Fund Description

The fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization issuers. The principal type of equity securities in which the fund invests is common stock. The fund considers an issuer to be a small-capitalization issuer if it has a market capitalization no larger than the market capitalization of the largest capitalized issuer included in the Russell 2000 Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. It may invest up to 15% in REITs and up to 25% in foreign securities. Sector exposure is calibrated relative to the Russell 2000 as a guide without seeking to replicate it, and security selection uses fundamental, valuation, and timeliness analysis.