Strategy. The adviser seeks to meet its objective by investing primarily in equities, including common stock, preferred securities and bonds which are convertible to common stock, that the adviser identifies to be attractively valued given their growth potential over a long-term time horizon. The securities held by the Fund will predominantly be of companies with market capitalizations similar to those within the universe of the Russell 1000 Value Index (which includes both large cap and mid cap companies). As of the reconstitution of the Russell 1000 Value Index on September 30, 2025, the market capitalizations of the companies in the index ranged from approximately $97.79 million to $925.41 billion. The Fund may also invest significantly in depositary receipts. Depositary receipts are … Show more… The adviser seeks to meet its objective by investing primarily in equities, including common stock, preferred securities and bonds which are convertible to common stock, that the adviser identifies to be attractively valued given their growth potential over a long-term time horizon. The securities held by the Fund will predominantly be of companies with market capitalizations similar to those within the universe of the Russell 1000 Value Index (which includes both large cap and mid cap companies). As of the reconstitution of the Russell 1000 Value Index on September 30, 2025, the market capitalizations of the companies in the index ranged from approximately $97.79 million to $925.41 billion. The Fund may also invest significantly in depositary receipts. Depositary receipts are financial instruments representing a foreign companys publicly traded securities. A depository receipt trades on a stock exchange in a country different from the companys local market. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will mainly use futures contracts to more effectively gain targeted equity exposure from its cash positions. Investment Process: The adviser invests in companies whose securities are, in the advisers opinion, undervalued when purchased, but which have the potential to increase the intrinsic value per share. The intrinsic value of a stock is an expression of what the adviser believes to be the stocks true worth. The adviser employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. The advisers analysis includes a review of proprietary data, information self-reported by companies, data from third-party vendors and internal fundamental research. The portfolio managers leverage the advisers U.S. Value strategy and the advisers Large Cap Value strategy to construct a portfolio for the Fund. The Funds portfolio managers each manage one of these other strategies and will draw on the insights from the other strategies in managing the Fund. While the Funds portfolio holdings will overlap with these strategies, the Funds strategy is unique and its holdings and performance will be different from an investment in each of these other two strategies directly. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The advisers assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Funds investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. The adviser may sell a security for several reasons. A security may be sold due to a change in the companys fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. The Funds investment strategies may involve active and frequent trading resulting in high portfolio turnover. Show less