Fund Description

The fund, under normal circumstances, invests at least 80% of its assets in equity securities of small- to mid-capitalization companies, defined as those with market capitalizations at the time of purchase within the range of companies included in the Russell 2500 Index; the size of companies in the index changes with market conditions and the composition of the index. The adviser seeks companies that appear undervalued based on financial measurements of intrinsic net worth or business prospects, using a value-oriented approach focused on securities offering value with improving investor sentiment. The fund may invest up to 25% in foreign securities, including ADRs and GDRs, and may focus on sectors such as financials and industrials.