Fund Description

The fund invests primarily in growing micro-cap companies. Under normal market conditions, the fund will invest at least 80% of the fund's net assets (plus borrowings for investment purposes) in the equity securities, typically common stock, of micro-capitalization companies whose market capitalization at purchase is less than the larger of $1.5 billion or the market cap of the largest company in the Russell Microcap Index. It may invest up to 30% of total assets at purchase in equity securities of foreign companies. It uses bottom-up fundamental analysis, seeks to purchase stocks at prices believed to be reasonable relative to the fund's projection of a company's long-term earnings growth rate, may invest in IPOs, and may invest a large percentage of its assets (greater than 5%) in a particular region or market and may invest a large percentage of its assets (greater than 5%) in a few sectors.