• Seeks to invest in small-cap stocks that the manager feels exhibit solid fundamentals and excellent growth potential.
• The Fund's emphasis on long-term growth has enabled it to produce solid returns over time, despite the short-term volatility of small-cap stocks.
• Small-cap stocks typically offer greater growth potential in a recovery environment than their larger capitalization counterparts.

Small-Cap Growth Potential

After having their performance eclipsed in the late 1990s by that of large-cap stocks, small-cap stocks have staged a comeback. Investors are recognizing the strong growth potential of this asset class, where many of tomorrow's market leaders-especially in the technology area-can be found today.

Expert Management

The Fund is managed by Michael Corelli. Management utilizes an in-depth fundamental investment analysis, searching for correct, non-consensus information regarding the growth prospects of small-capitalization companies.

Performance

While past performance is no guarantee of future results, The Fund has delivered competitive results for its shareholders over the long-term. For a complete display of the Fund's returns choose the Performance tab at the top of this page. For more information on The Fund, choose any of the profile features at the top of this page. Or, if you prefer to have literature mailed to you, click on the Literature tab above to complete an order form.

• Define universe-Starting with a universe of companies with a market capitalization between $100 million and $2 billion, the manager seeks to narrow the list by applying quantitative and qualitative screens.
• Apply quantitative screens-The manager rules out companies that do not exhibit: sustainable 20% growth; reasonable valuation; potential earnings surprise; and an acceptable cash flow.
• Apply qualitative screens-The manager also rules out those companies that do not have: a supportive secular trend; significant management ownership; product leadership; favorable industry characteristics; and investor interest.
• Create portfolio-From the remaining candidates, the manager seeks to develop a portfolio of 70-110 high quality, small-cap growth stocks. Without introducing any industry bias, the manager tries to lessen the portfolio's risk exposure by not allowing any one position to account for more than 5% of the portfolio at market value.

Mr. Corelli is a Portfolio Manager at Oppenheimer Capital. Prior to joining the firm, he spent six years at Bankers Trust working on the small and mid cap growth strategies. Mr. Corelli holds a BA from Bucknell University.

Mr. Sartorius is Vice President of Oppenheimer Capital and senior research analyst for Oppenheimer Capitals Small Cap Growth strategy. Prior to joining the firm in 2001, he spent two years as a research associate covering the technology sector at Fred Alger Management. He is a CFA charterholder and holds a BA from Williams College.

New York, NY

Oppenheimer Capital (OCC) provides a broad range of innovative equity investment strategies for both institutional and individual investors. The firm’s disciplined approach to money management is focused on delivering alpha to investors’ portfolios through proprietary, bottom-up research that results in differentiated insights.