The investment objective of the Mid Cap Value strategy is capital appreciation and current income. This strategy normally invests its assets in common stocks of mid capitalization U.S. companies whose stocks we consider to be undervalued. We currently consider mid cap companies to be those with market capitalizations, at the time of purchase, consistent with the capitalization range of the Russell Midcap® Value Index.
The Mid Cap Value strategy may also invest in stocks with high cash dividends or payout yields relative to its broader index. However, it may also invest in stocks that do not pay dividends, have growth potential unrecognized by the market or have undergone changes in business or management that indicate growth potential.