Strategy. The Fund principally invests in a portfolio of equity securities of U.S. and non-U.S. companies and may invest in securities of all market capitalizations. Under normal conditions, the Fund intends to invest its assets in the equity securities of a limited number of issuers. In pursuing its investment strategy, the Fund will primarily invest in common stocks, real estate investment trusts (REITs) and publicly traded partnerships (PTPs), including, but not limited to, master limited partnerships (MLPs). The Fund may invest in non U.S. companies through depositary receipts or by directly investing in securities listed on foreign exchanges. The investment philosophy of River Road Asset Management, LLC, the subadviser to the Fund (River Road or the Subadviser), is based upon its … Show more… The Fund principally invests in a portfolio of equity securities of U.S. and non-U.S. companies and may invest in securities of all market capitalizations. Under normal conditions, the Fund intends to invest its assets in the equity securities of a limited number of issuers. In pursuing its investment strategy, the Fund will primarily invest in common stocks, real estate investment trusts (REITs) and publicly traded partnerships (PTPs), including, but not limited to, master limited partnerships (MLPs). The Fund may invest in non U.S. companies through depositary receipts or by directly investing in securities listed on foreign exchanges. The investment philosophy of River Road Asset Management, LLC, the subadviser to the Fund (River Road or the Subadviser), 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. In managing the Fund, the Subadviser employs an all-cap strategy that focuses on a limited number of securities representing the Subadvisers best ideas across all of its core strategies. These best ideas are the result of the Subadvisers risk/reward assessment, which is based on the Subadvisers conviction about a company and opinion about the companys discount to valuation. To seek to manage risk, the Subadviser employs a structured sell discipline. The Subadvisers investment strategy is highly opportunistic and may result in high portfolio turnover. The Fund is classified as non-diversified. Show less