The investment seeks long-term capital appreciation. Under normal circumstances, the fund manager invests at least 80% of the portfolio’s net assets in equity securities of small-capitalization value companies. To the extent the portfolio uses derivatives, when such instruments provide investment exposure to the investments set forth in the first bullet above or exposure to one or more market risk factors associated with such investments, the portfolio may include such derivatives in complying with the 80% requirement set out in this bullet.