Under normal market conditions, the Fund invests at least 80% of its net assets in investments of microcap companies. For purposes of this investment strategy, the Fund considers microcap companies as companies with a total market capitalization (share price times the number of shares of common stock outstanding) up to $1 billion, or a total market capitalization within the bottom 40% of the Russell 2000 Value Index (i.e., less than approximately $1.9 billion as of December 31, 2023), whichever is higher, at the time of purchase. The Fund may invest up to 20% of its net assets in equity securities of companies with market capitalizations greater than companies the Fund considers to be microcap companies, consistent with its goal.

The Fund generally invests in equity securities of companies that the Fund’s investment manager believes are undervalued at the time of purchase and have the potential for capital appreciation. The Fund invests predominantly in common stocks. A stock price is undervalued when it trades at less than the price at which the investment manager believes it would trade if the market reflected all factors relating to the company’s worth. The Fund may also invest in real estate investment trusts (REITs).

The types of companies the Fund may invest in include, among other things, those that may be considered out of favor due to actual or perceived cyclical or secular challenges, or are experiencing temporary setbacks, diminished expectations, mismanagement or undermanagement, or are financially stressed.

The Fund may invest up to 25% of its total assets in foreign securities.

The Fund, from time to time, may have significant positions in particular sectors, such as industrials and financial services companies.