Fund Description

The fund invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall U.S. market, normally allocating at least 80% of net assets to equity securities of small- and mid-capitalization companies generally within the lowest 25% of total U.S. equity market capitalization (excluding companies under $10 million). It may invest in any company or industry and in any type of equity security with capital appreciation potential, including foreign securities. It invests in well-known and established companies and in new and less-seasoned companies, emphasizing improving financial results and favorable earnings outlooks using fundamental and quantitative analysis. It may also invest in preferred stocks, ETFs, rights and warrants (up to 20% of total assets), and derivatives such as options, futures, forwards and swaps to manage risk and to seek to generate additional returns.