Fund Description

The fund, under normal market conditions, invests at least 80% of its net assets in small- and mid-cap companies, defined as those with market capitalizations not exceeding the higher of the highest market capitalization in the Russell 2500 Index or its 12-month average at the time of purchase. It generally invests in equity securities-predominantly common stocks-believed by the manager to be undervalued and to have potential for capital appreciation, and may also invest in REITs. It may invest in companies that are out of favor, facing challenges, temporary setbacks, mismanagement or undermanagement, or financial stress. Up to 25% of total assets may be invested in foreign securities, and it may at times hold significant sector positions, including industrials, financial services, consumer discretionary, and technology.