Fund Description

The fund invests at least 80% of net assets in equity securities of medium-capitalization companies, defined at purchase as those within the market-cap range of the Russell Midcap Index, and may invest up to 25% of total assets in equity securities of foreign issuers through ADRs and similar investments. It seeks companies with prospects for strong sales and earnings growth, competitive advantages, and effective management, emphasizing innovative "right side of change" businesses that may be mispriced in public equity markets. Price objectives are determined based on industry-specific valuation methodologies, including relative price-to-earnings multiples, price-to-book value, operating profit margin trends, enterprise value to EBITDA and free cash flow yield. Holdings are monitored, and may be sold if growth prospects weaken, target prices are reached, or better opportunities arise.