Strategy. Under normal market conditions, the Fund will invest at least 80% of net assets (plus any borrowings for investment purposes) in stocks of mid capitalization companies (mid-cap companies) (the Name Rule Policy). The Fund considers a company to be a mid-cap company if it has a market capitalization within the collective range of the Russell MidCap Index and the S&P MidCap 400 Index. As of September 30, 2025, this range was approximately $1.1 billion to $127.2 billion. The market capitalization range of these indices changes over time. Subject to the Name Rule Policy, securities of companies whose market capitalizations no longer fall within this collective range after purchase may continue to be held by the Fund. The Fund may invest … Show more… Under normal market conditions, the Fund will invest at least 80% of net assets (plus any borrowings for investment purposes) in stocks of mid capitalization companies (mid-cap companies) (the Name Rule Policy). The Fund considers a company to be a mid-cap company if it has a market capitalization within the collective range of the Russell MidCap Index and the S&P MidCap 400 Index. As of September 30, 2025, this range was approximately $1.1 billion to $127.2 billion. The market capitalization range of these indices changes over time. Subject to the Name Rule Policy, securities of companies whose market capitalizations no longer fall within this collective range after purchase may continue to be held by the Fund. The Fund may invest in common stocks issued by U.S. and foreign companies. The Fund may also invest in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). Depositary receipts represent interests in foreign securities on deposit by banks. The Fund may also invest in U.S. and foreign real estate investment trusts (REITs), which are companies that own and/or manage real estate properties. The sub-advisers normally invest the Funds assets across different sectors, but from time-to-time a significant percentage of the Funds assets may be invested in issuers in a single sector, and the Funds assets may be invested in a smaller number of issuers than other more diversified funds. The sector weightings of the Fund are likely to change over time. The Fund incorporates a mix of investment styles and philosophies, targeting a balance of growth and value over time. The Adviser is responsible for developing, constructing and monitoring the asset allocation and portfolio strategy for the Fund. The Adviser believes the Funds reward and risk characteristics can be enhanced, using a manager of managers approach, by employing a select group of sub-advisory firms with distinct and complementary investment styles and approaches for the Fund. When determining the allocation of the Funds assets among sub-advisers, the Adviser uses proprietary qualitative and quantitative research, considering factors including, but not limited to, sub-adviser experience and investment approach, expected risk and return potential, portfolio characteristics, and costs. Sub-adviser asset allocations are determined by the Adviser and the Adviser may increase or decrease a sub-advisers asset allocation as deemed appropriate by the Adviser. The strategies for each sub-adviser are described as follows: Boston Partners Global Investors, Inc. The sub-adviser invests in mid-cap companies and uses bottom-up fundamental analysis to make investment decisions. The strategy is designed to identify companies with attractive valuation, sound business fundamentals, and improving business momentum . EARNEST Partners, LLC The sub-adviser invests in U.S. mid-cap companies, using an industry-specific screening process to identify stocks with the greatest excess return potential. The team uses rigorous bottom-up analysis to build a portfolio of high-quality businesses with an emphasis on limiting downside risk. Kayne Anderson Rudnick Investment Management, LLC The sub-adviser invests in mid-cap companies, using bottom-up research to build a high conviction portfol io, a focused group of stocks that it believes has the best performance potential, o f businesses it believes are high-quality, such as those with durable competitive advantages, excellent management and lower financial risk. Show less