Strategy. The Fund seeks to achieve its objective by investing primarily in the common stock of large-cap U.S. companies undervalued relative to the market. The Funds investment advisers (Adviser) investment strategy utilizes a large-cap value approach by selecting most of its investments from companies listed in the Russell 1000 Value Index, an index that measures the performance of those companies with lower price-to-book ratios and lower forecasted growth values within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. The Fund considers large-cap companies to be those within the range of companies listed in the Russell 1000 Value Index. As of February 28, 2025, companies in the Russell 1000 Value Index ranged … Show more… The Fund seeks to achieve its objective by investing primarily in the common stock of large-cap U.S. companies undervalued relative to the market. The Funds investment advisers (Adviser) investment strategy utilizes a large-cap value approach by selecting most of its investments from companies listed in the Russell 1000 Value Index, an index that measures the performance of those companies with lower price-to-book ratios and lower forecasted growth values within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. The Fund considers large-cap companies to be those within the range of companies listed in the Russell 1000 Value Index. As of February 28, 2025, companies in the Russell 1000 Value Index ranged in market capitalization from $0.1 billion to $1.1 trillion. As more fully described in this Prospectus, the Funds investments primarily include the following: equity securities of domestic issuers and real estate investment trusts (REITs). As the Funds sector exposure approximates the Russell 1000 Value Index, the Fund may, from time to time, have large allocations to certain broad market sectors, such as financials, healthcare and industrials. Although the Funds investments are primarily selected from companies listed in the Russell 1000 Value Index, the Fund is not designed to track the overall composition or returns of the Russell 1000 Value Index and the Adviser actively manages the Funds investment strategy using the Funds quantitative model. The Adviser implements its strategy using a quantitative model driven by fundamental and technical stock selection variables. This process seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk relative to the Funds benchmark, the Russell 1000 Value Index. The process also takes into account trading costs in an effort to ensure that trades are generated only to the extent they are expected to be profitable on an after-trading-cost basis. Additionally, risk is controlled through diversification constraints which limit exposure to individual companies as well as to groups of correlated companies. The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in a mix of large-cap and value investments. For purposes of this policy, large-cap investments will be defined as companies with market capitalizations within the range of companies in the Russell 1000 Value Index and value investments will be defined as companies with value characteristics that meet the applicable parameters for inclusion in the Russell 1000 Value Index. The Fund will notify shareholders at least 60 days in advance of any change in its investment policies to normally invest less than 80% of its net assets (plus any borrowings for investment purposes) in a mix of large-cap and value investments. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate and increase the Funds trading costs, which may have an adverse impact on the Funds performance. An active trading strategy will likely result in the Fund generating more short-term capital gains or losses. Short-term gains are generally taxed at a higher rate than long-term gains. Any short-term losses are used first to offset short-term gains. Show less