Fund Description

The fund invests at least 80% of net assets plus borrowings (measured at purchase) in small-capitalization securities, primarily in common stocks of small-capitalization U.S. companies that the adviser selects using a research-driven, value-oriented investment strategy; this policy may change with 60 days' prior written notice. Small-cap is based on the Russell 2000 Index market-cap range over the most recent 12 months. It typically holds 20-30 niche-dominant, attractively valued companies and may invest in firms with substantial non-U.S. ties whose equity trades on U.S. exchanges. It may hold cash/cash equivalents (normally up to 20%), may allocate more to a particular sector such as industrials, generally seeks to buy and hold stocks for the long-term, and is non-diversified.