Strategy. Under normal market conditions, the Fund will invest at least 80% of net assets (plus any borrowings for investment purposes) in common stocks of small capitalization companies (small-cap companies) (the Name Rule Policy). The Fund defines small-cap companies as companies with market capitalizations within the collective range of the Russell 2000 Index and S&P SmallCap 600 Index. As of September 30, 2025, this range was approximately $24 million to $25.2 billion. The market capitalization range of these indices changes over time. Subject to the Name Rule Policy, securities of companies whose market capitalizations no longer fall within this collective range after purchase may continue to be held by the Fund. The Fund may invest in common stocks issued by U.S. … Show more… Under normal market conditions, the Fund will invest at least 80% of net assets (plus any borrowings for investment purposes) in common stocks of small capitalization companies (small-cap companies) (the Name Rule Policy). The Fund defines small-cap companies as companies with market capitalizations within the collective range of the Russell 2000 Index and S&P SmallCap 600 Index. As of September 30, 2025, this range was approximately $24 million to $25.2 billion. The market capitalization range of these indices changes over time. Subject to the Name Rule Policy, securities of companies whose market capitalizations no longer fall within this collective range after purchase may continue to be held by the Fund. The Fund may invest in common stocks issued by U.S. and foreign companies. The Fund may also invest in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). Depositary receipts represent interests in foreign securities on deposit by banks. The Fund may also invest in U.S. and foreign real estate investment trusts (REITs), which are companies that own and/or manage real estate properties. The sub-advisers normally invest the Funds assets across different sectors, but from time-to-time a significant percentage of the Funds assets may be invested in issuers in a single sector, and the Funds assets may be invested in a smaller number of issuers than other more diversified funds. The sector weightings of the Fund are likely to change over time. The Fund incorporates a mix of investment styles and philosophies, targeting a balance of growth and value over time. The Adviser is responsible for developing, constructing and monitoring the asset allocation and portfolio strategy for the Fund. The Adviser believes the Funds reward and risk characteristics can be enhanced, using a manager of managers approach, by employing a select group of sub-advisory firms with distinct and complementary investment styles and approaches for the Fund. When determining the allocation of the Funds assets among sub-advisers, the Adviser uses proprietary qualitative and quantitative research, considering factors including, but not limited to, sub-adviser experience and investment approach, expected risk and return potential, portfolio characteristics, and costs. Sub-adviser asset allocations are determined by the Adviser and the Adviser may increase or decrease a sub-advisers asset allocation as deemed appropriate by the Adviser. The strategies for each sub-adviser are described as follows: Boston Partners Global Investors, Inc. (WPG Partners division) The sub-adviser invests in a high conviction portfolio, a focused group of stocks that the sub-adviser believes has the best performance potential. The sub-adviser uses fundamental research to uncover stocks selling at prices the sub-adviser believes are below long-term intrinsic value with a near-term positive catalyst and upside potential that outweighs its downside risk. Driehaus Capital Management LLC The sub-adviser invests in small-cap companies, using a combination of fundamental, technical, and behavioral analysis to identify companies experiencing positive fundamental changes and growth inflections, often initially sourced through positive earnings surprises and earnings revisions. Neuberger Berman Investment Advisers LLC The sub-adviser combines two complementary strategies focused on small-cap companies: one seeks to invest in undervalued companies whose current market shares and balance sheets are strong and the other seeks to invest in companies trading below the portfolio managers estimate of their intrinsic value due to complexity, cyclicality, or interrupted growth and that they believe have the potential for appreciation over time. Vaughan Nelson Investment Management, L.P. The sub-adviser invests in small-cap companies trading at valuations below the sub-advisers assessment of their long-term intrinsic value. The strategy employs fundamental research to identify companies with undervalued earnings growth, assets, or dividend yield. Show less