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The fund seeks to achieve its investment objective by the fund investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a variety of small cap value strategies, sometimes referred to as "sleeves," managed by five unaffiliated investment managers. Principal investment strategies are Congress Small Cap Value Strategy, Cooke & Bieler Small Cap Value Equity Strategy, WCM Small Cap Value Strategy, Reinhart Genesis PMV Strategy and River Road Small-Mid Cap Value II (SMID II) Strategy.