Strategy. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. The fund currently considers mid-cap companies to be those companies with market capitalizations, at the time of purchase, within the market capitalization range of companies comprising the Russell Midcap Value Index. As of November 30, 2025, the market capitalizations of the smallest and largest companies included in the index were approximately $1 billion and $115 billion, respectively, and the weighted average and median market capitalizations of the index were approximately $28 billion and $12. billion, respectively. Newton Investment Management North America, LLC, the fund's sub-adviser, identifies potential investments through extensive quantitative and fundamental … Show more… To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-cap companies. The fund currently considers mid-cap companies to be those companies with market capitalizations, at the time of purchase, within the market capitalization range of companies comprising the Russell Midcap Value Index. As of November 30, 2025, the market capitalizations of the smallest and largest companies included in the index were approximately $1 billion and $115 billion, respectively, and the weighted average and median market capitalizations of the index were approximately $28 billion and $12. billion, respectively. Newton Investment Management North America, LLC, the fund's sub-adviser, identifies potential investments through extensive quantitative and fundamental research. The fund focuses on individual stock selection (a "bottom-up" approach), emphasizing three key factors: relative value, business health, and business momentum. In constructing the fund's portfolio, the fund's sub-adviser uses a value approach to identify stocks whose current market prices trade at a large discount to their intrinsic value, determined by the sub-adviser's assessment of fundamentals, valuation and catalyst(s). The value style attempts to benefit from valuation inefficiencies and underappreciated fundamental prospects present in the marketplace. Items such as free cash flow, earning power, controversy assessment, growth prospects and identification of competitive advantages may be used to help assess a stock's intrinsic value. The strategy invests in stocks priced in the market at a discount to their intrinsic value which have a catalyst present to enable higher revaluation. The fund typically sells a stock when, in the sub-adviser's view, it approaches intrinsic value, a significant deterioration of fundamental expectations develops, the revaluation catalyst becomes impaired based on subsequent events or a better risk/reward opportunity is presented in the marketplace. Show less