Strategy. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of small- and mid-market capitalization companies (80% policy). This policy may be changed only upon 60 days prior notice to shareholders. For purposes of this Fund, small-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell 2000 Value Index, and mid-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell Midcap Value Index. As of June 30, 2025 , the Russell 2000 Value Index had a market capitalization range between approximately $2 million and $8.6 … Show more… Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of small- and mid-market capitalization companies (80% policy). This policy may be changed only upon 60 days prior notice to shareholders. For purposes of this Fund, small-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell 2000 Value Index, and mid-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell Midcap Value Index. As of June 30, 2025 , the Russell 2000 Value Index had a market capitalization range between approximately $2 million and $8.6 billion , and the Russell Midcap Value Index had a market capitalization range between approximately $831 million and $89.2 billion . The market capitalization ranges for these indices will change on a periodic basis. A companys market capitalization is based on its current market capitalization or its market capitalization at the time of the Funds investment. Companies whose market capitalization no longer meets the respective definition above after purchase continue to be considered either small- or mid-capitalization companies, as applicable, for purposes of this 80% policy. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell is a trademark of Frank Russell Company. The Fund intends to invest primarily in common stocks of US companies, but it may also invest in other securities that a sub-advisor believes provide opportunities for capital growth, such as preferred stocks, warrants, and securities convertible into common stocks. In keeping with the Funds investment objective, the Fund may also invest in foreign securities, including American depositary receipts (ADRs) and other depositary receipts and shares; derivatives, including futures and options; and fixed income securities, including those rated below investment grade. The Manager has selected LSV Asset Management (LSV) and Wellington Management Company LLP (Wellington) to serve as the Funds sub-advisors. Each sub-advisor is responsible for the day-to-day investment management of the portion of the Funds assets that the Manager allocates to the sub-advisor. The Manager may change the allocation at any time. The relative values of each sub-advisors share of the Funds assets also may change over time. Each sub-advisor selects investments for its portion of the Fund based on its own investment style and strategy. In managing its portion of the Funds assets, LSV uses a quantitative investment model to make investment decisions for its sleeve of the Fund. LSV relies extensively on its quantitative investment model regarding the advisability of investing in a particular company. Any investment decisions are generally made based on whether a buy or sell signal is received from the proprietary quantitative investment model. The investment model ranks securities based on fundamental measures of value (such as the price-to-earnings ratio) and indicators of near-term appreciation potential (such as recent price appreciation). The investment model selects stocks to buy from the higher-ranked stocks and selects stocks to sell from those whose rankings have decreased, subject to overall risk controls. In managing its portion of the Funds assets, Wellington seeks to provide long-term returns above the Russell 2500 Value Index over a market cycle. The approach seeks to add value through bottom-up, fundamentally-driven security selection and employs a contrarian style of stock selection, favoring securities that appear to be misunderstood or undervalued in the marketplace. Portfolio holdings will represent the top investment ideas from Wellingtons SMID Opportunistic Value investment approach. In response to market, economic, political, or other conditions, a sub-advisor may temporarily use a different investment strategy for defensive purposes. If a sub-advisor does so, different factors could affect the Funds performance and the Fund may not achieve its investment objective. The Funds investment objective is nonfundamental and may be changed without shareholder approval. However, the Funds Board of Trustees (Board) must approve any changes to nonfundamental investment objectives, and the Funds shareholders would be given at least 60 days notice prior to any such change. Show less