Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of mid-capitalization companies. The Fund currently considers mid-cap companies to be those with market capitalizations at the time of acquisition within the capitalization range of the Russell Midcap Index (between $ 2 billion and $ 58.5 billion as of April 30, 2025 , the date of the latest reconstitution of the Index (implemented by the Index June 27 , 2025 )). This capitalization range will change over time. The Fund may continue to hold securities of a portfolio company that subsequently drops below or appreciates above this capitalization range. Because of this, the Fund may have … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of mid-capitalization companies. The Fund currently considers mid-cap companies to be those with market capitalizations at the time of acquisition within the capitalization range of the Russell Midcap Index (between $ 2 billion and $ 58.5 billion as of April 30, 2025 , the date of the latest reconstitution of the Index (implemented by the Index June 27 , 2025 )). This capitalization range will change over time. The Fund may continue to hold securities of a portfolio company that subsequently drops below or appreciates above this capitalization range. Because of this, the Fund may have less than 80% of its net assets in securities of mid-cap companies at any given time. The Fund invests primarily in equity securities that River Road Asset Management, LLC, the subadviser to the Fund (River Road or the Subadviser), believes are undervalued. Value investing involves buying stocks that River Road believes are out of favor and/or undervalued in comparison to their peers or their prospects for growth. The Fund may invest in real estate investment trusts (REITs), convertible securities, preferred securities, and foreign securities (directly and through depositary receipts). The Fund may also invest in common stock of companies with market capitalizations that are above or below that of the Russell Midcap Index at the time of acquisition. The Subadvisers investment philosophy is based upon its proprietary Absolute Value approach, which seeks to generate attractive, sustainable returns over the long term, with an emphasis on minimizing downside portfolio risk. The Subadviser builds the Funds portfolio from the bottom up, making security-specific research central to the Subadvisers process. At the core of the Subadvisers Absolute Value approach is a systematic method for assessing the risk-to-reward characteristics of an investment. The goal of the research process is to formulate two outputs from which an investment decision is made conviction rating (risk) and discount to value (reward). The Subadviser combines a stocks conviction rating with its discount to value in an effort to determine not only whether the stock qualifies for investment, but also how the stock will be sized within the Fund. The Subadviser employs a balanced approach to diversification and a structured sell discipline that seeks to reduce portfolio volatility and the risk of permanent loss of capital. Show less