Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-sized companies, defined by market capitalizations within the range of the Russell Midcap Index at the time of purchase. It targets companies the portfolio management team believes are undervalued and selling at reasonable prices relative to assessed potential or intrinsic value. Eligible holdings include common and preferred stocks, equity interests in trusts (including REITs and privately offered trusts), partnerships and similar vehicles, and convertible or exercisable instruments. It may invest up to 20% in foreign securities, including emerging markets and depositary receipts. It may sell holdings based on market environment or fundamentals and may use temporary defensive strategies.