Strategy. The Portfolio will normally invest at least 80% of its total assets in equity securities of companies whose stock market capitalizations fall within the range of the capitalizations in the Russell Midcap Index at the time of purchase. The market capitalization range of the Russell Midcap Index at September 30, 2025 was $132.82 million to $105.82 billion. The Russell Midcap Index is reconstituted annually in June of each year. Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. The Portfolio invests in securities of companies that are believed by the Adviser to be undervalued, thereby offering above-average potential for capital appreciation. The Portfolio may also invest in equity securities of foreign companies. The Adviser invests … Show more… The Portfolio will normally invest at least 80% of its total assets in equity securities of companies whose stock market capitalizations fall within the range of the capitalizations in the Russell Midcap Index at the time of purchase. The market capitalization range of the Russell Midcap Index at September 30, 2025 was $132.82 million to $105.82 billion. The Russell Midcap Index is reconstituted annually in June of each year. Equity securities include common stocks, preferred stocks, securities convertible into common stocks and warrants. The Portfolio invests in securities of companies that are believed by the Adviser to be undervalued, thereby offering above-average potential for capital appreciation. The Portfolio may also invest in equity securities of foreign companies. The Adviser invests in medium capitalization companies with a focus on total return using a bottom-up value-oriented investment process. The Adviser seeks companies with the following characteristics, although not all of the companies it selects will have these attributes: ? companies earning a positive economic margin with stable-to-improving returns; ? companies valued at a discount to their asset value; and ? companies with an attractive dividend yield and minimal basis risk. In selecting investments, the Adviser generally employs the following strategy: ? value-driven investment philosophy that selects stocks selling at attractive values based upon business fundamentals, economic margin analysis, discounted cash flow models and historical valuation multiples. The Adviser reviews companies that it believes are out-of-favor or misunderstood; ? use of value-driven screens to create a research universe of companies with market capitalizations of at least $1 billion; and ? use of fundamental and risk analysis to construct a portfolio of securities that the Adviser believes has an attractive return potential. Under adverse market conditions, the Portfolio may also make temporary investments in investment grade debt securities. Such investment strategies could result in the Portfolio not achieving its investment objective. Show less