Strategy. The Fund invests, under normal market conditions, in a portfolio of common stocks, preferred stocks and convertible securities. The Fund may invest in securities of issuers of any market capitalization; however, under normal market conditions, it invests a substantial portion of its assets in securities of mid-capitalization issuers. The Fund considers a mid-capitalization issuer to be one that has a market capitalization, at the time of purchase, within the range of market capitalizations included in the Russell Midcap Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. An issuers market capitalization is the value of its outstanding stock. The Fund is not required to sell a security if the … Show more… The Fund invests, under normal market conditions, in a portfolio of common stocks, preferred stocks and convertible securities. The Fund may invest in securities of issuers of any market capitalization; however, under normal market conditions, it invests a substantial portion of its assets in securities of mid-capitalization issuers. The Fund considers a mid-capitalization issuer to be one that has a market capitalization, at the time of purchase, within the range of market capitalizations included in the Russell Midcap Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. An issuers market capitalization is the value of its outstanding stock. The Fund is not required to sell a security if the issuers capitalization moves outside of the Funds capitalization definition. The Fund may invest up to 10% of its net assets in real estate investment trusts (REITs). The Fund may invest up to 25% of its net assets in securities of foreign issuers, including securities of issuers located in emerging market countries, i.e., those that are generally in the early stages of their industrial cycles, and depositary receipts. The Fund can invest in derivative instruments including forward foreign currency contracts, futures contracts and options. The Fund can use forward foreign currency contracts to seek to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated or otherwise manage exposure to foreign currency exchange risk. The Fund can use futures contracts, including index futures, to seek exposure to certain asset classes. The Fund can use options to seek investment return or to mitigate risk and to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. As a result of the Funds stock selection process, a significant portion of the Funds assets may be invested in companies within the same industries or sectors of the market. The Fund emphasizes a value style of investing and the portfolio managers seek to invest in undervalued companies they believe possess the potential for capital growth. In selecting securities, the portfolio managers emphasize the following characteristics, although not all investments will have these attributes: ? Buy businesses trading at a significant discount to the portfolio managers estimate of intrinsic value. The portfolio managers believe intrinsic value represents the fair economic worth of the business. ? Emphasize quality businesses with potential to grow intrinsic value over time. The portfolio managers primarily seek issuers that they believe have solid growth prospects, the ability to earn an attractive return on invested capital and a management team that exhibits intelligent capital allocation skills. The portfolio managers will consider selling a security if a more attractive investment opportunity is identified, if a security is trading near or above the portfolio managers estimate of intrinsic value or if there is a fundamental deterioration in business prospects that results in inadequate upside potential to estimated intrinsic value. The portfolio managers seek to achieve strong long-term performance by constructing a diversified portfolio that they believe offers value content greater than the broad market, as measured by the portfolios aggregate discount to the portfolio managers estimated intrinsic value of the portfolio. The investment process is fundamental in nature and focused on individual issuers as opposed to macroeconomic forecasts or specific industry exposure. The portfolio construction process is intended to preserve and grow the estimated intrinsic value of the Funds portfolio rather than mirror the composition or sector weights of any benchmark. Show less