Fund Description

The fund invests primarily in U.S.-traded equity securities of small- and medium-market capitalization companies, including common stock, preferred stock and convertible securities, and may invest in foreign equities through American Depositary Receipts. Small- and mid-cap companies are defined as those with market capitalizations below that of the largest company in the Russell 2500 Index at the time of initial purchase, though it may also invest in larger companies and market caps may vary with conditions. It seeks long-term capital appreciation while minimizing volatility and risk, using a "Quality Value" approach focused on high-quality companies it views as undervalued relative to expected long-term free cash flows. The fund is non-diversified, may concentrate in one or more economic sectors, and will not invest 25% or more of assets in any one industry.