Strategy. The Fund takes long and short positions in different securities, selecting from a universe of mid- to large-capitalization stocks with characteristics similar to those of the Russell 1000 and/or Standard & Poors 500 (S&P 500) Indexes, in an effort to insulate the Funds performance from the effects of general stock market movements. As of December 31, 2025, the market capitalization of the companies in the Russell 1000 Index ranged from $939 million to $4.53 trillion. As of December 31, 2025, the market capitalization of the companies in the S&P 500 Index ranged from $5.82 billion to $4.53 trillion. In rising markets, the Fund expects that the long positions will appreciate more rapidly than the short positions, and in declining markets … Show more… The Fund takes long and short positions in different securities, selecting from a universe of mid- to large-capitalization stocks with characteristics similar to those of the Russell 1000 and/or Standard & Poors 500 (S&P 500) Indexes, in an effort to insulate the Funds performance from the effects of general stock market movements. As of December 31, 2025, the market capitalization of the companies in the Russell 1000 Index ranged from $939 million to $4.53 trillion. As of December 31, 2025, the market capitalization of the companies in the S&P 500 Index ranged from $5.82 billion to $4.53 trillion. In rising markets, the Fund expects that the long positions will appreciate more rapidly than the short positions, and in declining markets that the short positions will decline faster than the long positions. The Fund expects that this difference in rates of appreciation, along with any returns on cash generated by short sales, will generate a positive return; the Fund pursues returns exceeding those of 90-day U.S. Treasury Bills. The Fund purchases securities that it believes are undervalued and sells short securities that it believes are overvalued. The long and short positions are matched on a variety of risk characteristics in order to limit exposure to macroeconomic factors. In each sector in which the Fund invests, it balances the dollars invested in long and short positions to remain sector neutral. In attempting to neutralize market and sector risks, the Fund emphasizes stock selection as the primary means of generating returns. 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. The Fund will use futures contracts to more effectively gain targeted equity exposure from its cash positions. Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The research findings allow the adviser to rank the companies according to what it believes to be their relative value. The greater a companys estimated worth compared to the current market price of its stock, the more undervalued the company. The valuation rankings are produced with the help of a variety of models that quantify the research teams findings. 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 Fund buys and sells securities according to its own policies, using the research and valuation rankings as a basis. In general, the team selects securities that are identified as undervalued and considers selling them when they appear overvalued. Along with attractive valuation, the team often considers a number of other criteria: ? catalysts that could trigger a rise in a stocks price ? impact on the overall risk of the portfolio relative to the benchmark ? temporary mispricings caused by market overreactions The Funds investment strategies may involve active and frequent trading resulting in high portfolio turnover. Show less