p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"The Fund primarily invests in equity securities span style="-keep: true"that/span its investment sub-adviser, Corbyn Investment Management, Inc. (the “Corbyn Sub-Adviser” or “Sub-Adviser”), believes are undervalued at the time of purchase and have the potential to provide capital appreciation, income, or a combination of both. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of mid-sized capitalization U.S. companies (“mid cap companies”) at time of purchase which, for the purposes of the Fund, are those companies with market capitalizations similar to the market capitalizations of companies listed in the Russell Midcapsup®/sup Index or the Samp;P MidCap 400sup®/sup Index. The Fund’s equity securities investments may include common and preferred stocks of United States companies. As of March 31, span style="-keep: true"2026/span, the market capitalization of companies in the Russell Midcapsup®/sup Index ranged from approximately $0.3 billion to $198 billion and the market capitalization of companies in the Samp;P MidCap 400sup®/sup Index ranged from approximately $1.2 billion to $18.5 billion. The companies in which the Fund may invest are those the Sub-Adviser believes provide an attractive risk/reward value and are undervalued span style="-keep: true"or inefficiently priced./span The Sub-Adviser utilizes a span style="-keep: true"research-intensive,/span bottom-up, fundamental “value” investing approach. The Sub-Adviser considers several factors, including, but not limited to, a company’s market position, management quality, balance sheet strength, free cash flow generation, and industry or company-specific catalysts. The Sub-Adviser may sell a security for a variety of reasons, including, but not limited to, when the Sub-Adviser’s analysis indicates that (1) continued investment in the security no longer represents a favorable risk-reward relationship; (2) a new security is determined to have a more attractive valuation; (3) the current business, future outlook or management of a particular company’s security has deteriorated; or (4) general market conditions favor a sale./p