Fund Description

The fund, under normal circumstances, invests at least 80% of its assets in equity securities of micro-capitalization companies, defined as companies with market capitalizations at the time of purchase lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000 Index. The adviser uses a value-oriented approach, seeking companies viewed as undervalued based on financial measures of intrinsic net worth or business prospects and emphasizing value with improving investor sentiment. The fund primarily holds domestic securities but may invest up to 25% in foreign securities, including ADRs and GDRs. From time to time, due to changes in sector weights of the benchmark index, the fund's investments can be more focused in one or more economic sectors, such as the financials and industrial sectors.