Fund Description

The fund primarily invests in equity securities of U.S. mid cap companies, defined as those with market capitalizations similar to companies in the Russell Midcap Value Index at the time of investment. Using fundamental, bottom-up research, the portfolio manager applies a multi-factored valuation method to identify stocks believed to be undervalued, focusing on earnings, cash flows and/or assets not reflected in market values, considering ratios such as price-to-earnings and price-to-book, and whether the companies' securities have a favorable dividend and/or interest-paying history and whether such payments are expected to continue. It seeks to preserve capital in down markets, diversify across traditional and relative value-oriented investments, and may overweight certain sectors. The fund invests at least 80% of its net assets in equity securities of U.S. mid cap companies, including common stocks, convertible securities, equity REITs and MLPs, and may also invest in high grade government bonds.