Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies, defined at purchase as those within the market-cap range of the Russell Midcap Value Index. The fund's sub-adviser identifies potential investments through extensive quantitative and fundamental research and focuses on individual stock selection (a bottom-up approach), emphasizing relative value, business health, and business momentum. In constructing the fund's portfolio, the fund's sub-adviser uses an opportunistic value approach to identify stocks trading at a large discount to intrinsic worth or expected value when a catalyst is present, and typically sells as valuation nears assessed worth, fundamentals deteriorate, the catalyst is impaired, or a better risk/reward opportunity emerges.