The investment seeks capital appreciation. The advisor intends to pursue its investment objective by investing in equity securities of companies with small or mid-sized market capitalizations. Under normal market conditions, the fund will invest no less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks and other equity type securities (including preferred stock, convertible debt securities and warrants) of "small cap" or "mid cap" companies, which the Adviser currently defines as securities within the range of the Russell 2500® Value Index at the time of investment.