Fund Description

The fund, under normal circumstances, invests at least 80% of its assets in equity securities of mid-capitalization companies. Mid-capitalization companies are those with market capitalizations at the time of purchase within the range of companies included in the Russell Midcap Index, and the size of companies in the index changes with market conditions and the composition of the index. It may invest up to 25% of assets in foreign securities, including ADRs and GDRs. The adviser uses a value-oriented approach, seeking undervalued companies based on measures of intrinsic net worth or business prospects, and emphasizing value with improving investor sentiment. The fund may at times focus on one or more sectors, including industrials.