Fund Description

The fund normally invests primarily in common stocks and normally invests at least 80% of assets in low-priced stocks. Low-priced stocks are priced at or below $35 per share or have an earnings yield at or above the median for the Russell 2000 Index. For convertible preferred stocks, the adviser may consider the price of the security itself or the price of the security into which it is convertible, and certain securities contributed in kind representing redemption proceeds from a substantially similar strategy are deemed low-priced. It may also invest in stocks not considered low-priced and invests in domestic and foreign issuers, holding growth stocks, value stocks, or both based on fundamental analysis and market and economic conditions.