Strategy. The Subadviser normally invests in all of the stocks in the S&P SmallCap 600 Index in proportion to their weighting in the index. Under normal market conditions, the Fund invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are companies with market capitalizations (the total market value of a companys outstanding stock) at the time of purchase included in the S&P SmallCap 600 Index. The Subadviser attempts to have a correlation between the Funds performance and that of the index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the index were perfectly correlated. The S&P SmallCap 600 Index is … Show more… The Subadviser normally invests in all of the stocks in the S&P SmallCap 600 Index in proportion to their weighting in the index. Under normal market conditions, the Fund invests at least 80% of its assets, plus any borrowings for investment purposes, in investments of small-capitalization companies, which for this purpose are companies with market capitalizations (the total market value of a companys outstanding stock) at the time of purchase included in the S&P SmallCap 600 Index. The Subadviser attempts to have a correlation between the Funds performance and that of the index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the index were perfectly correlated. The S&P SmallCap 600 Index is an unmanaged index composed of 602 domestic stocks with market capitalizations ranging between approximately $ 322 million and $ 9.7 billion as of February 28 , 2025 . S&P adjusts each companys stock weighting in the index by the number of available float shares (those shares available to public investors) divided by the total shares outstanding of the company, which means larger companies with more available float shares have greater representation in the index than smaller ones. In seeking to match the performance of the index, the Subadviser uses a passive management approach and generally purchases all of the stocks comprising the benchmark index. However, in certain circumstances the Subadviser may find it advantageous to purchase a representative sample of the stocks comprising the index. The Subadviser also may use stock index futures as a substitute for the sale or purchase of securities. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated. Show less