The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in the stocks of large-cap U.S. companies.

The fund defines a large-cap company as one whose market capitalization is larger than the median market capitalization of companies in the Russell® 1000 Index. As of December 31, 2023, the median market capitalization of the Russell 1000® Index was approximately $13.84 billion. The market capitalizations of the companies in the fund’s portfolio and the Russell index change over time; the fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization falls below the median market capitalization of companies in the Russell index.

The fund uses fundamental, bottom-up research and takes a core approach to stock selection, which includes both growth and value styles of investing. Because the fund has the flexibility to look for stocks with either growth or value characteristics, stocks will be selected that the adviser believes have the most favorable combination of company fundamentals, earnings potential, and valuation.

Sector allocations are largely the result of the fund’s focus on bottom-up stock selection. At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the information technology sector.

In selecting stocks, the adviser typically seeks out companies with one or more of the following characteristics:

·experienced and capable management;

·above-average earnings growth, cash flow growth, or profit margins;

·leading or improving market position or proprietary advantages;

·attractive business niche with the potential to sustain earnings momentum even during times of slow economic growth;

·attractive valuation relative to a company’s peers or its own historical norm;

·low stock price relative to a company’s underlying asset values; and/or

·potential to conduct share repurchases.

Through fundamental, bottom-up analysis, the fund seeks to identify the most attractively valued large U.S. companies with capital appreciation potential, by placing less emphasis on economic trends, business cycles, or the industry in which the company operates.