Strategy. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of equity securities issued by foreign, small market capitalization companies. The Fund invests in companies that GW&K Investment Management, LLC, the subadviser to the Fund (GW&K or the Subadviser), believes have the ability to grow earnings or asset value over the long term. Using its fundamental research process, GW&K seeks to identify quality companies trading at attractive prices, often under-researched or under-owned by other institutional investors, and possessing one or more of the following characteristics: ? Stable and visible earnings or cash flow growth with a high-quality business franchise; ? Under-appreciated growth potential trading at a discounted valuation; ? Attractive assets with possible catalysts to unlock … Show more… The Fund seeks to achieve its investment objective by investing primarily in a portfolio of equity securities issued by foreign, small market capitalization companies. The Fund invests in companies that GW&K Investment Management, LLC, the subadviser to the Fund (GW&K or the Subadviser), believes have the ability to grow earnings or asset value over the long term. Using its fundamental research process, GW&K seeks to identify quality companies trading at attractive prices, often under-researched or under-owned by other institutional investors, and possessing one or more of the following characteristics: ? Stable and visible earnings or cash flow growth with a high-quality business franchise; ? Under-appreciated growth potential trading at a discounted valuation; ? Attractive assets with possible catalysts to unlock embedded value; or ? Potential for rapid growth requiring a longer-term investment horizon to recognize underlying value Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small market capitalization companies. Small market capitalization companies are those with a market capitalization at the time of purchase of less than $5 billion or otherwise within the capitalization range of companies in the MSCI World ex USA Small Cap Index. As of August 27 , 2025 , the date of the latest rebalance of the MSCI World ex USA Small Cap Index, the capitalization range was $ 127.58 million to $ 10.35 billion. This capitalization range will change over time. The Fund may continue to hold securities of a portfolio company that subsequently appreciates above the small market capitalization threshold. Because of this, the Fund may have less than 80% of its net assets in equity securities of small market capitalization companies at any given time. Additionally, under normal circumstances, the Fund invests at least 40% (or, if market conditions are not favorable in the view of GW&K, at least 30%) of its net assets in investments economically tied to countries other than the U.S., and the Fund will hold investments economically tied to a minimum of three countries other than the U.S. The Fund considers an investment to be economically tied to a country other than the U.S. if it provides investment exposure to a non-U.S. issuer. The Fund considers a company to be non-U.S. issuer if (i) it is organized outside the U.S. or maintains a principal place of business outside the U.S., (ii) its securities are traded principally outside the U.S., or (iii) during its most recent fiscal year, it derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed outside the U.S. or it has at least 50% of its assets outside the U.S. The Fund may invest in securities of issuers located in any country outside the U.S., including developed and emerging market countries. The Funds investments in equity securities may include common shares and other equity securities, such as preferred shares, depositary receipts and securities convertible into common shares, preferred shares or depositary receipts, and pooled investment vehicles, including real estate investment trusts (REITs). Show less