Fund Description

Under normal market conditions, the fund invests at least 80% of its net assets in U.S. mid-cap companies, defined by market capitalizations not exceeding the highest market capitalization in the Russell Midcap Index or the 12-month average of that highest market capitalization, whichever is greater, at the time of purchase. It primarily invests in equity securities (including convertible securities) of U.S. companies the investment manager believes trade below fundamental value, with holdings primarily in common stock, and it may also invest in REITs. The fund may invest up to 20% in foreign securities and may hedge currency risk using derivatives such as currency and cross-currency forwards and currency futures. Sector exposure may be significant at times.