Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of medium market capitalization companies with growth characteristics. Medium-cap companies have market capitalizations between $1 billion and the largest company in the Russell Midcap Index. The sub-advisor uses fundamental research, focusing on year-over-year earnings per share or sales growth rates, and considers a company to have growth characteristics if its year-over-year earnings per share growth rate or sales growth rate is in the top 20% of such rates for companies in the Russell Midcap Index. Holdings include U.S. common stocks and U.S. dollar-denominated foreign stocks traded on U.S. exchanges, and may also include small- and large-cap stocks. The fund may at times hold significant positions in particular sectors, including Information Technology, may invest cash in other investment companies, including a government money market fund advised by the Manager, and may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.