Fund Description

The fund invests in a select group of medium market capitalization growth companies the subadviser believes are undervalued relative to their future growth potential. The strategy emphasizes companies believed to have a sustainable competitive advantage, strong management and low financial risk, and the ability to grow over market cycles. Under normal circumstances, it invests at least 80% of assets in equity securities of medium market capitalization companies, which are generally those that, at the time of initial purchase, have market capitalizations within the range of companies included in the Russell Midcap Index on a rolling three-year basis. It typically holds about 25 to 50 securities, invests primarily in U.S. companies, and may invest in foreign securities and depositary receipts.