Strategy. Principal Investment Strategies The Fund invests primarily in securities that the subadviser, AllianceBernstein L.P. (AllianceBernstein) believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small- and mid-cap companies. The subadviser currently considers small- and mid-cap companies to include companies with market capitalizations at the time of purchase that fall within the range of market capitalizations from the smallest company in the Russell 2500 Index to the greater of $5 billion or the largest company in the Russell 2500 Index (as of February 28, 2025, the capitalization range of companies in the Russell 2500 Index was $11.33 million to $49.68 billion). … Show more… Principal Investment Strategies The Fund invests primarily in securities that the subadviser, AllianceBernstein L.P. (AllianceBernstein) believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small- and mid-cap companies. The subadviser currently considers small- and mid-cap companies to include companies with market capitalizations at the time of purchase that fall within the range of market capitalizations from the smallest company in the Russell 2500 Index to the greater of $5 billion or the largest company in the Russell 2500 Index (as of February 28, 2025, the capitalization range of companies in the Russell 2500 Index was $11.33 million to $49.68 billion). Equity securities in which the Fund may invest include common stocks, preferred stocks, securities convertible into common or preferred stock, rights, and warrants. The Fund may invest in securities of domestic issuers and foreign issuers (up to 10% of its total assets), including American Depositary Receipts (ADRs). The Fund may also invest in real estate investment trusts (REITs). The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. AllianceBernstein seeks to invest primarily in a diversified portfolio of equity securities of small- and mid-sized companies that it determines, using its own fundamental value approach, to be undervalued. Using an investment process with three main components identifying attractive opportunities, fundamental research, and portfolio construction AllianceBernstein seeks to identify companies whose ability to grow earnings over the long term does not appear to be reflected in their current market price. AllianceBernstein begins by using a proprietary quantitative tool to screen a universe of about 2,500 small- and mid-cap companies based on various valuation and success factors (e.g., price-to-forward earnings, return on equity) and ranks those stocks by their expected returns. AllianceBernstein then conducts intensive fundamental research into the most attractive 20% of those stocks, as well as stock ideas generated by fundamental analysts. Based on this research, AllianceBernstein uses proprietary risk models to construct a portfolio on the basis of a stocks expected return on a risk-adjusted basis. Show less