Fund Description

The fund primarily invests in equity securities of small-cap companies, defined as those with market capitalizations similar to companies in the Russell 2000 Value Index at the time of investment. Using fundamental, bottom-up research and a multi-factored valuation method, the portfolio manager seeks stocks believed to be undervalued, focusing on earnings, cash flows and/or assets not accurately reflected in market value, and may consider dividend and/or interest-paying history and expected continuation. It typically buys and holds until prices reflect perceived fair value, seeks capital preservation in down markets, and diversifies across value-oriented investments. Under normal circumstances, it invests at least 80% of net assets in equity securities of U.S. small-cap companies, including common stock, convertible securities, equity REITs and MLPs, and may invest in high grade government bonds, overweight certain sectors, and engage in active trading with relatively high portfolio turnover.