Strategy. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of mid-capitalization companies. The Fund primarily invests in common stocks of U.S. companies. The Fund may also invest in real estate investment trusts (REITs). The Funds advisor considers mid-capitalization companies to be companies with market capitalizations within the range of those companies included in the Russell Midcap Index at the time of purchase. Because mid-capitalization companies are defined by reference to an index, the range of market capitalization of companies in which the Fund invests may vary with market conditions. As of March 31, 2025, the market capitalizations of companies included in the Russell Midcap Index were … Show more… Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of mid-capitalization companies. The Fund primarily invests in common stocks of U.S. companies. The Fund may also invest in real estate investment trusts (REITs). The Funds advisor considers mid-capitalization companies to be companies with market capitalizations within the range of those companies included in the Russell Midcap Index at the time of purchase. Because mid-capitalization companies are defined by reference to an index, the range of market capitalization of companies in which the Fund invests may vary with market conditions. As of March 31, 2025, the market capitalizations of companies included in the Russell Midcap Index were between $130.24 million and $192.20 billion. Investments in companies that move above or below the capitalization range of the companies comprising the Russell Midcap Index may continue to be held by the Fund in the Fund advisors sole discretion. The Fund will be managed pursuant to a focused strategy whereby the Funds investment advisor will typically invest the Funds assets in the equity securities of a small number of issuers. Generally, the Fund expects to hold the equity securities of approximately 40 or less issuers. Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. The Funds advisor uses a bottom-up approach that seeks to identify companies trading at significant discounts to their intrinsic value. The Funds advisor seeks to determine a companys intrinsic value through disciplined financial analysis. The Funds advisor believes that equities purchased at prices substantially below their intrinsic value may afford capital protection from permanent loss and may result in substantial appreciation if the market recognizes the companys intrinsic value. The advisors investment process seeks companies that are industry leaders with sustainable competitive advantages; corporate cultures emphasizing strong, quality and experienced management; little or no debt; and attractive relative valuations. In selecting securities, the Funds advisor also considers other factors including, among others, political risk, monetary policy risk, and regulatory risk. Show less