OVERVIEW (as of 12/31/2011 )
 
Investment Objective:The fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

Investment Strategy:The fund is actively managed and invests mainly in a diversified portfolio of smaller size U.S. companies with the range of the Russell 2000® Index. The fund is diversified with respect to stocks possessing both value and growth investments.

Investment Suitability:This fund may be suitable for investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value, want to invest in stocks of small to medium-size U.S. companies and would like to diversify their portfolio by adding a potentially higher return, higher risk option of stocks. Small company stocks are subject to greater risk than large company stocks due to more volatility and less liquidity. To the extent that the investment advisor misjudges current market conditions, the fund’s volatility may be amplified by its use of short sales and derivatives, and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the fund’s portfolio to have disproportionately large effects or cause the NAV of the fund generally to decline faster than it would otherwise.