The fund normally invests at least 80% of its net assets in equity securities of mid-capitalization companies, which the fund manager defines as those with a total market capitalization within the market capitalization range of the Russell Midcap® Value Index at the time of purchase. The fund's strategy consists of using a bottom-up, fundamental research driven approach to identify stocks of companies that are trading below the portfolio manager's estimate of their intrinsic value and that he believes have the potential for appreciation over time.