The investment seeks long-term capital appreciation. Under normal market conditions, the fund will invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities issued by mid- and small-capitalization companies that BFA believes have above-average earnings growth potential. It may invest in shares of companies through initial public offerings (IPOs). The fund may invest up to 25% of its assets in securities of foreign companies, including companies located in emerging markets. It is non-diversified.