Investment Objective The investment seeks capital appreciation.
The fund's investment strategy is based on the manager's belief that stock prices fluctuate around the true value of a company. It invests the majority of its assets in the common stock of medium-sized companies. The manager considers medium-sized companies to be issuers with a market capitalization, at the time of initial purchase, of greater than $1 billion and less than or equal to the market capitalization of the largest company in the Russell Midcap Index. The fund may invest in securities issued by non-U.S. companies, which securities may be denominated in U.S. dollars or foreign currencies.