Fund Description

The fund was incepted in July 2003 and is managed by Pilgrim Baxter & Associates, Ltd. The fund seeks to provide investors with above-average total return over a 3 to 5 year market cycle, consistent with reasonable risk. The fund invests at least 80% of its assets in equity securities, such as common stocks, issued by companies with market capitalizations similar to the market capitalizations of companies in the S&P MidCap 400 Index at the time of the fund's investment. The equity securities in the fund are primarily common stocks that the management believes have sustainable long-term growth prospects but are currently trading at modest relative valuations given certain financial measurements, such as their price-to-earnings ratios, dividend income potential and earnings power. The fund pays dividends and capital gains annually.