Fund Description

The fund normally invests at least 80% of its net assets in equity securities of small to mid-cap companies, defined as those within the capitalization range of the Russell 2500 Index or with market capitalization of $10 billion or less at the time of investment. Equity securities include common and preferred stocks, warrants, securities convertible into common or preferred stocks, and other equity-like interests. The advisor seeks undervalued smaller-company securities using measures such as price-to-earnings, price-to-book, and price-to-cash flow ratios, and may invest in restructurings, spin-offs, temporarily mispriced firms, or underfollowed companies. It uses analyst input and quantitative analysis, and sells on deteriorating fundamentals, target price achievement, or better opportunities.