The SMID value style is an extension of our small cap value strategy and began in 2005. The SMID value strategy applies the same fundamental, bottom-up stock selection process that is utilized in our other strategies to a universe of approximately 2,000 with a market capitalization between $750 million and $7.5 billion. The portfolio will consist of 30-40 companies in which we believe the catalyst ensures the highest likelihood of the company closing the valuation gap and producing superior returns over a 2-3 year period.