Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets , plus the amount of any borrowings for investment purposes , in equity securities of small- and mid-capitalization companies. The Fund considers a company to be a small- to mid-capitalization company if it has a market capitalization (stock market worth), at the time of investment, between $1 billion and the market capitalization of the largest company in the Russell 2500 Index, which was $36.47 billion as of September 30, 2024. The Fund will invest primarily in U.S. common stocks of companies that the Funds investment sub-advisor, Shapiro Capital Management LLC (Shapiro), believes are priced below intrinsic value. Shapiro defines intrinsic value as the price at which a … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets , plus the amount of any borrowings for investment purposes , in equity securities of small- and mid-capitalization companies. The Fund considers a company to be a small- to mid-capitalization company if it has a market capitalization (stock market worth), at the time of investment, between $1 billion and the market capitalization of the largest company in the Russell 2500 Index, which was $36.47 billion as of September 30, 2024. The Fund will invest primarily in U.S. common stocks of companies that the Funds investment sub-advisor, Shapiro Capital Management LLC (Shapiro), believes are priced below intrinsic value. Shapiro defines intrinsic value as the price at which a strategic or financial buyer would be willing to buy the entire company. Shapiro uses several different metrics to arrive at intrinsic value including, but not limited to, price to cash flow, price to sales and free cash flow yield. Although the Fund will invest principally in small- and mid-capitalization companies, the Fund may invest in companies of all market capitalizations. ?The Fund may have significant exposure to the Information Technology sector. However, as the sector composition of the Funds portfolio changes over time, the Funds exposure to the Information Technology sector may be lower at a future date, and the Funds exposure to other market sectors may be higher. The Funds investment sub-advisor, Shapiro, seeks to achieve ?the Funds ?investment objectives by implementing an intensive fundamental research process to select a focused portfolio of approximately 20 to 35 stocks, including dividend-paying stocks to generate income. ? Shapiro uses ?this investment approach to identify companies with substantial operations, a high return on invested assets, ?products or services with a minimized chance of obsolescence and franchise-like characteristics ?with significant barriers to entry, and sound management with equity interest in the company. The Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager receives a management fee. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions. Show less