Strategy. To seek to achieve its investment objective, the Funds sub-adviser, Intech Investment Management LLC (the Sub-Adviser or Intech), primarily invests the Funds assets in common stocks of companies included in the S&P 1000 Index (the Index), which combines the S&P MidCap 400 Index and the S&P SmallCap 600 Index. Intech uses a quantitative process to construct a portfolio that seeks to outperform the Index (i.e., produce alpha) by improving diversification relative to the Indexseeking more balanced contributions of risk and returnand systematically rebalancing the portfolio. For the purposes of this Prospectus, diversification refers to the Funds approach to balancing risk and return contributions across holdings, meaning the Fund seeks to capture gains and manage risk across a broad range of … Show more… To seek to achieve its investment objective, the Funds sub-adviser, Intech Investment Management LLC (the Sub-Adviser or Intech), primarily invests the Funds assets in common stocks of companies included in the S&P 1000 Index (the Index), which combines the S&P MidCap 400 Index and the S&P SmallCap 600 Index. Intech uses a quantitative process to construct a portfolio that seeks to outperform the Index (i.e., produce alpha) by improving diversification relative to the Indexseeking more balanced contributions of risk and returnand systematically rebalancing the portfolio. For the purposes of this Prospectus, diversification refers to the Funds approach to balancing risk and return contributions across holdings, meaning the Fund seeks to capture gains and manage risk across a broad range of stocks, instead of relying on one or a few positions that could disproportionately impact performance . 1. Find Diverse Risk and Return Sources: Intech analyzes each stocks price movements (volatility), how it moves compared to other stocks (correlation), and fundamental characteristics like profitability and valuations. This analysis seeks to identify stocks contributing to a more balanced and diversified portfolio. 2. Construct a Diversified Portfolio: Using the analysis in Step 1, Intech sets target weights for each stock to diversify both risk and return across the portfolio, seeking to balance the impact of any single stock, sector, industry, or market factor on the Funds performance. 3. Rebalance to Stay on Track: As stock prices change, some holdings drift from their target weights set in Step 2, becoming either too large or too small. Intech rebalances the portfolio, typically on a weekly basis, selling stocks that exceed their targets and buying more of those that fall below their targets. Rebalancing helps maintain a diversified portfolio and offers the potential to enhance returns by capitalizing on price changes as stocks move relative to their target allocations. More detail about the process is available in the Additional Information About the Funds section of the Prospectus. Under normal market circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in small and mid-cap U.S. companies. The Fund considers U.S. companies to be small-cap or mid-cap if they are included in the then current market capitalization range of the S&P 1000 Index. As of January 31, 2025, the market capitalizations of companies in the S&P 1000 Index ranged between $373.5 million and $26.7 billion. The Fund may, from time to time, invest in securities that are not included in the Index. Such investments are intended to help manage specific risks, improve liquidity, or refine diversification across the Funds portfolio, while seeking to maintain a high correlation to the Index. Non-Index securities are selected for their ability to complement the Funds overall holdings, supporting the pursuit of diverse contributions of risk and return. The Funds exposure to individual securities may be adjusted based on shorter-term factors, such as changes in market conditions or liquidity needs. Market conditions refer to economic or financial factors that influence asset prices and availability, such as interest rates, economic growth trends, or overall market volatility and liquidity. The Funds investment strategy involves periodic rebalancing, which will result in a high annual portfolio turnover rate potentially exceeding 100% in a calendar year. This turnover rate reflects the periodic rebalancing required to maintain the Funds intended risk and return profile and target weights, rather than a complete change in portfolio. Show less