Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of small‑cap companies. Small‑cap companies are companies whose market capitalizations at the time of investment are similar to market capitalizations of companies in the Russell 2000 Index, which varies due to market conditions and the composition of the index. Securities of companies that no longer meet this definition after purchase by the fund will still be considered to be securities of small‑cap companies for purposes of the fund’s 80% investment policy. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. As of February 29, 2024, the median market capitalization of the Russell 2000 Index was approximately $0.936 billion and the market capitalization of the largest company included in the Russell 2000 Index was approximately $45.683 billion.

Generally the fund invests in securities that the fund’s subadviser believes are undervalued, defined as trading for less than intrinsic value or asset value. To determine intrinsic value of a potential investment, the subadviser will examine a company’s financials, management, competition and earnings cycle as well as its industry’s short-term and long-term trends. The fund will typically acquire securities if the subadviser believes their intrinsic value is greater than their current market valuation and their inclusion would be beneficial to the overall portfolio.

Equity securities in which the fund may invest include common stock, preferred securities, convertible securities, warrants, options, and securities of other investment companies (including exchange-traded funds (“ETFs”)) and of real estate investment companies (“REITs”).

The fund may invest up to 25% of its net assets in equity securities of foreign issuers. An issuer is considered to be a foreign issuer if it is organized under the laws of, or has a principal office (i.e., is headquartered) in, a country other than the United States, if its securities trade primarily on a non‑U.S. stock exchange or if a majority of its assets or operating income is derived from markets other than the United States. The fund may invest in foreign securities issued by issuers located in developed or emerging market countries.