Fund Description

The fund primarily invests in equity securities the sub-adviser believes are undervalued at purchase and offer potential for capital appreciation, income, or both. Under normal circumstances, it invests at least 80% of net assets (plus borrowings for investment purposes) in equity securities of mid-sized U.S. companies, defined by market capitalizations similar to those in the Russell Midcap Index or the S&P MidCap 400 Index. Holdings may include U.S. common and preferred stocks, selected through a bottom-up, fundamental value approach assessing factors such as market position, management quality, balance sheet strength, free cash flow, and catalysts.