Fund Description

The fund invests at least 80% of the sum of its net assets and any borrowings for investment purposes in equity securities of mid-capitalization value companies. It primarily targets equity securities of medium-sized domestic companies, as defined by the Russell Midcap Value Index, that its adviser believes appear undervalued based on an evaluation of potential worth. It assesses value using comparative criteria such as historical valuations, valuations of comparable securities, and financial ratios including price-to-earnings, price-to-book, free cash flow, debt-to-capital and, to a lesser extent, dividend yield. The fund may invest up to 20% of assets in foreign investments and may use futures, options, swaps and other equity derivatives.