Fund Description

Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of mid-capitalization companies, which may include American Depositary Receipts (ADRs). In selecting investments for purchase and sale, the subadviser chooses companies it believes are undervalued relative to their industry sector and their own valuation history, and evaluates potential catalysts that may lead to an upward re-rating of the stock's valuation. Portfolio turnover may be 100% or more, and the fund may focus investments in one or more sectors. Common stocks purchased generally pay dividends at purchase or are expected to soon after.