Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. and foreign mid-capitalization companies, principally common stocks and ADRs traded on major U.S. exchanges, and may invest up to 15% of total assets in foreign equities. Mid-cap is defined by the market-cap range of the Russell Midcap Growth Index at purchase. The advisor emphasizes growth prospects using quantitative techniques and fundamental research to maximize expected return while controlling risk, guided by "PRIME" factors. It typically holds fewer than 60 companies across at least 20 industries; no security will represent more than 5% of total assets at purchase; and it may sell on valuation targets, thesis changes, or deterioration.