Value stocks are stocks that tend to trade at a price that is lower than its fundamentals (i.e. earnings, book value, Debt-Equity). It is common for some investors to invest in value funds for the income or yield. However, not all value funds are comprised solely of companies that primarily use their earnings to pay dividends. Investors interested in choosing value funds for yield, should be sure to check the mutual fund yield. The mutual fund yield is the dividend payments divided by the value of the mutual fund’s shares. Meanwhile, mid-cap funds are ideal investment options for investors looking for high return potential that comes with lower risk than small-cap funds. Mid-cap funds are not very susceptible to volatility in broader markets, making it an ideal bet given that the macroeconomic conditions have generally offered a roller-coaster ride in recent years.

Below we will share with you 5 top mid cap value mutual funds. Each has earned either a Zacks #1 Rank (Strong Buy) or a Zacks #2 Rank (Buy) as we expect these mutual funds to outperform their peers in the future. To view the Zacks Rank and past performance of all mid cap value funds, investors can click here to see the complete list of funds.

Neuberger Berman M/C Intrinsic Value Trust (NBREX - MF report) seeks capital appreciation over the long run. NBREX invests a lion’s share of its assets in companies having market capitalizations similar to those included in the Russell Midcap Value Index. NBREX uses "bottom-up" approach to invest in companies that are believed to be undervalued and have impressive growth prospect. Neuberger Berman M/C Intrinsic Value Trust fund has a three-year annualized return of 20.3%.

Michael C. Greene is the fund manager and has managed this fund since 2011.

Transamerica Partners Mid Value (DVMVX - MF report) invests a major portion of its assets in equity securities of companies having market cap size identical to those listed in the Russell Midcap Value Index. The fund may also consider companies having market capitalizations within the range of $1 billion to $20 billion for investment. Transamerica Partners Mid Value fund has a three-year annualized return of 18.3%.

As of March 2015, DVMVX held 164 issues with 1.82% of its assets invested in CME Energy Corp.

TIAA-CREF Mid-Cap Value Premier (TRVPX - MF report) seeks a high level of total return over the long run. TRVPX invests heavily in equity securities of mid cap companies that are believed to be undervalued according to Teachers Advisors, Inc. TRVPX focuses on acquiring equities of companies that are located in the U.S. and have market capitalizations within the range of the Russell Midcap Value Index. TIAA-CREF Mid-Cap Value Premier fund has a three-year annualized return of 17.8%.

TRVPX has an expense ratio of 0.58% as compared to category average of 1.23%.

Touchstone Mid Cap Value A (TCVAX - MF report) invests a large chunk of its assets in medium size companies as defined by the Russell Midcap Index. As of Dec 31, 2014, market cap range of the index was between $275 million and $33.457 billion. TCVAX seeks capital growth by investing in "value" stocks of companies. Touchstone Mid Cap Value A fund has a three-year annualized return of 17.1%.

Jay C. Willadsen is one of the two fund managers and has managed this fund since 2014.

MassMutual Select Mid-Cap Value A (MLUAX - MF report) seeks long-term capital appreciation by investing heavily in undervalued mid cap companies. Advisors define mid cap companies as those having market cap size between $500 million and $10 billion or those having market capitalizations similar to those included in the Russell Midcap Value Index. MassMutual Select Mid-Cap Value A fund has a three-year annualized return of 15.1%.

As of March 2015, TCVAX held 144 issues with 1.59% of its assets invested in CBRE Group Inc.

To view the Zacks Rank and past performance of all mid cap value mutual funds, investors can click here to see the complete list of funds.

About Zacks Mutual Fund Rank

By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward. Pick the best mutual funds with the Zacks Rank.