Fund Description

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