| Investment Objective: |
The Fund invests principally in common stocks and other equity securities of U.S. mid-capitalization companies. Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of mid-cap companies, which the Fund defines as those with market capitalizations that fall within the range of the Russell Midcap Index (the "Index"), provided that the upper end of the capitalization range of that Index equals or exceeds $15 billion. If the upper end of the Index's capitalization range falls below $15 billion, the Fund will continue to define those companies with market capitalizations between the lower end of the range of the Index and $15 billion as mid-cap companies. The Subadvisor employs a disciplined investment approach that seeks to identify companies that, in the Subadvisor's view, demonstrate strong business fundamentals, such as revenue growth, strong profit margins, manageable debt and strong cash flow, and earnings prospects that are not recognized by the market as a whole and therefore not reflected in the companies' current market valuations. |
