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We assess
the performance of the Value fund in comparison with
the performance of the Russell 3000 Value Index. This
broad based index measures the performance of companies
included in the Russell 3000 Index with lower price-to-book
ratios and lower forecasted growth rates. The Russell
3000 Index measures the performance of the 3,000 largest
U.S. companies based on market capitalization, which
represents approximately 98% of the investable U.S.
equity market. We also compare the fund's performance
with that of the Lipper Multi-Cap Value Index, which
measures the performance of equity mutual funds that
invest in a variety of market capitalization ranges
without concentrating 75% or more of their assets in
any one market capitalization range over an extended
period of time. Lipper categorizes Value Funds as those
that seek long-term growth of capital by investing in
companies that are considered to be undervalued relative
to a major unmanaged stock index based on a price-to-earnings,
price-to-book value, asset value or other factors.
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