Fund Description

The fund normally invests at least 80% of assets in securities of value companies with medium market capitalizations, generally similar to those in the Russell Midcap Index or the S&P MidCap 400 Index. Value companies are those the adviser believes are undervalued, based on measures such as inclusion in a third-party value benchmark, vendor classification, free cash flow yield, enterprise value relative to earnings, or price-to-book or projected price-to-earnings ratios versus the equity market median. It normally invests primarily in common stocks, may invest in smaller or larger companies, and invests in domestic and foreign issuers. Derivatives providing related exposure are included in the 80% policy.