Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of mid-cap companies with value characteristics, generally those represented in an appropriate third-party value-oriented index; derivatives providing such exposure may count toward the 80% policy. Mid-cap is defined by the market capitalization range of companies in the Russell Midcap Index, MSCI USA Mid Cap Index, or MSCI World Mid Cap Index, after systematically removing any companies that cannot reasonably be considered a mid-cap company from the high and low ends of the range of each index. The adviser seeks companies whose stock prices do not appear to reflect underlying values and may concentrate in a sector.