Fund Description

Incepted in November 1991, the fund is managed by The Consulting Group, a division of Smith Barney Fund Management LLC. The fund seeks above average capital appreciation. The fund invests, under normal market conditions, at least 80% of its net assets in the equity securities of small capitalization value companies, defined as those with market capitalizations below the maximum market capitalization permitted for a stock in the Russell 2000 Value Index. The fund may also invest a portion of its assets in common stocks of companies with total market capitalizations of $550 million or less at the time of purchase. The fund distributes dividends and capital gains annually.