Fund Description

Under normal circumstances, the fund invests at least 80% of net assets, plus any borrowings for investment purposes, in common stocks of small- to mid-sized companies, generally those with market capitalizations not greater than either that of the largest company in the Russell 2500 Value Index or $12 billion, whichever is greater at the time of initial purchase. Using a fundamental, relative value approach, the adviser builds a diversified portfolio security by security, assessing quality, valuation, value-creation catalysts, and risk-reward, and managing risk through research plus limits on position sizes and sector allocations. Holdings may be reduced or sold when targets are met, limits reached, or fundamentals change.