Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of issuers with small market capitalizations (the 80% Policy). The Fund considers issuers with small market capitalizations to be those that, at the time the Fund makes an investment, have market capitalizations that qualified them for inclusion in the Russell 2000 Growth Index in the last 36 months. Such definition will be applied at the time of investment and the Fund will not be required to sell a stock because a company has grown outside the market capitalization range of small capitalization stocks. The Russell 2000 Growth Index is a stock market index that measures … Show more… Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of issuers with small market capitalizations (the 80% Policy). The Fund considers issuers with small market capitalizations to be those that, at the time the Fund makes an investment, have market capitalizations that qualified them for inclusion in the Russell 2000 Growth Index in the last 36 months. Such definition will be applied at the time of investment and the Fund will not be required to sell a stock because a company has grown outside the market capitalization range of small capitalization stocks. The Russell 2000 Growth Index is a stock market index that measures the performance of approximately 2,000 small capitalization U.S. companies. The Fund may satisfy its 80% Policy by investing in securities of other open-end or closed-end investment companies, including exchange-traded funds (ETFs) that invest primarily in securities of the types in which the Fund may invest directly. The Funds investments primarily consist of equity and equity-related securities, including, without limitation, exchange-traded and over-the-counter common and preferred stocks, U.S. dollar-denominated American Depositary Receipts ( ADRs ), warrants to acquire common stock, securities convertible into common stock and shares of other investment companies (including ETFs and real estate investment trusts ( REITs )). The Funds investments may include investments in non-U.S. securities and securities issued by companies organized or headquartered in foreign countries and/or doing significant business outside of the United States. The Funds sub-adviser, Granahan Investment Management, LLC (the Sub-Adviser or GIM ), pursues the Funds investment objective by using in-depth, bottom-up, fundamental research and analysis to uncover what it believes are compelling investment opportunities in all areas of the U.S. small cap market. In addition, the Sub-Adviser employs a proprietary LifeCycle investment program to assist it with diversifying the Funds holdings and seeking to mitigate portfolio risks. Pursuant to this program, each company in which the Sub-Adviser might invest is placed into one of three categories: (i) Core Growth, (ii) Pioneer, or (iii) Special Situation. Although the Sub-Adviser retains flexibility in selecting the LifeCycle category for each prospective investment, the Sub-Adviser generally intends to allocate approximately 25?-?45% of the Funds assets to Pioneers; 20?-?35% of the Funds assets to Core Growth; and 30?-?45% to Special Situations. The general characteristics of each category are described below. ? Pioneers . Pioneers are companies that the Sub-Adviser believes are creating new markets or disrupting established industries. Pioneer companies frequently do not have earnings at the time of the Sub-Advisers investment. The Funds investments in pioneer companies may be concentrated in businesses operating in the biotechnology, medical technology and information technology sectors. The Funds investments in companies in the biotechnology, medical technology and information technology sectors are subject to substantial risks, which are described in Health Care Sector Risk and Information Technology and Technology-Related Sectors Risk below. ? Core Growth . Core growth companies are generally those that the Sub-Adviser believes have solid records of growth, recurring revenues and good visibility on earnings. ? Special Situations . Special situation companies are typically those that have unimpressive histories and new dynamics that could drive earnings growth. The Funds investments in special situation companies may be concentrated in industrial and cyclical growth companies. The Sub-Adviser believes that each of these LifeCycle categories has distinct performance drivers and that investing in companies in each category provides diversity in the Funds portfolio. Once the Sub-Adviser has classified a prospective Fund investment, it focuses on stock selection as the primary means to add value for the Fund. The Sub-Adviser aims to select investments across the three LifeCycle categories that are market leaders (or are taking market share) and exhibit potential for strong and/or accelerating growth. The Sub-Adviser uses an investment management approach whereby portfolio managers with distinct expertise manage portions of the Funds portfolio that relate to such expertise. The Sub-Adviser believes that this approach mitigates some of the volatility of a sole-managed portfolio and allows for direct accountability for results of the Fund by each portfolio manager. The Fund is actively-managed and, accordingly, it may have a high portfolio turnover rate. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. The Fund is classified as diversified under the Investment Company Act of 1940, as amended (the 1940 Act ). Show less