The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in companies whose market capitalization (number of shares outstanding multiplied by share price), at the time of purchase, falls within the range of the companies in either the S&P MidCap 400 Index or the Russell Midcap Value Index. As of December 31, 2023, the market capitalization ranges for the S&P MidCap 400 Index and the Russell Midcap Value Index were approximately $2.39 billion to $35.12 billion, and $270.19 million to $73.32 billion, respectively. The market capitalization of the companies in the fund’s portfolio and the S&P and Russell indices changes over time; the fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization grows or falls outside these ranges.

In taking a value approach to investment selection, the adviser seeks to identify companies whose stock prices do not appear to reflect their underlying values. In selecting investments, the adviser generally favors companies with one or more of the following:

·demonstrated or potentially attractive margins, profits, and/or cash flow;

·sound balance sheet;

·experienced and capable management;

·management/employee stock ownership; and/or

·low stock price relative to earnings, cash flow, sales, net assets, book value, or private market value.

At times, the fund may have a significant portion of its assets invested in the same economic sector.

While most assets are typically invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with its objective(s).