The fund's portfolio manager goes to great lengths to uncover information about the companies he selects. Before investing in companies for the portfolio, management and/or research analysts frequently:

• Meet the company's management, evaluate their roles and capabilities, review the company's policies and procedures and consider other factors that may affect its success
• Look for companies with a positive catalyst for growth, such as a new product, acquisition, divestiture, restructuring or change in the marketplace

The fund is not limited to investing in companies in specific sectors, industries or of a specific market capitalization. However, management favors investments in companies whose market capitalization is between $1 billion and $16 billion.

A Word about Risk

Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, investors may punish the stocks excessively, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. Investing in small- and mid-cap stocks may involve greater risks than investing in larger, more established companies. These companies often have narrow markets and more limited managerial and financial resources. The companies engaged in the technology industry are subject to fierce competition and their products and services may be subject to rapid obsolescence. The values of these companies tend to fluctuate sharply.