Strategy. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (including borrowing for investment purposes) in equity securities of small or micro-cap companies. Small or micro-cap companies are generally considered to be those whose market capitalization are, at the time the Fund makes an investment, within the range of the market capitalization of companies in the Russell Microcap Index ($5.4 million to $8.0 billion as of October 31, 2025), the Russell 2000 Index ($11.3 million to $31.7 billion as of October 31, 2025), or the S&P SmallCap 600 Index ($247.4 million to $11.1 billion as of October 31, 2025). Securities of companies whose market capitalization no longer meet this definition … Show more… The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (including borrowing for investment purposes) in equity securities of small or micro-cap companies. Small or micro-cap companies are generally considered to be those whose market capitalization are, at the time the Fund makes an investment, within the range of the market capitalization of companies in the Russell Microcap Index ($5.4 million to $8.0 billion as of October 31, 2025), the Russell 2000 Index ($11.3 million to $31.7 billion as of October 31, 2025), or the S&P SmallCap 600 Index ($247.4 million to $11.1 billion as of October 31, 2025). Securities of companies whose market capitalization no longer meet this definition after purchase may continue to be held by the Fund. The Fund utilizes a multi-manager approach whereby the Fund assets are allocated to one or more sub-advisers (Sub-Advisers) in percentages determined at the discretion of the Adviser. The Adviser also monitors Sub-Adviser trading with the dual objectives of maximizing each Sub-Advisers investment flexibility and assuring that the Fund as a whole complies with its investment restrictions. Otherwise, each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each Sub-Adviser must operate within the constraints of the Funds investment objective and strategies and the particular investment restrictions applicable to that Sub-Adviser. The Sub-Advisers will implement a number of different investment strategies and styles within the small and micro-cap universe. The Sub-Advisers will implement one or more of the following investment strategies summarized below: ? Small or Micro-Cap Growth A Sub-Adviser following a growth investment style is expected to invest primarily in small or micro-cap companies with consistent or accelerating growth in earnings, revenues, cash flow, and/or other financial metrics. ? Small or Micro-Cap Value A Sub-Adviser following a value investment style is expected to invest primarily in small or micro-cap companies that are out of favor and/or undervalued in comparison to their peers or their growth prospects. ? Small or Micro-Cap Core A Sub-Adviser following a core investment style is expected to invest in small or micro-cap companies that have both value characteristics and growth characteristics. ? Tax Loss Harvesting A Sub-Adviser following a tax loss harvesting style is expected to hold a portfolio of securities that will have a pre-tax return similar to the performance of the S&P SmallCap 600 Index. The Sub-Adviser will seek to generate strong after tax returns by timing trades to avoid realizing capital gains and to harvest losses when possible. The Fund may use losses generated from the tax loss harvesting Sub-Adviser to offset gains from other Sub-Advisers. The Funds Sub-Advisers will invest primarily in equities and equity-related instruments of small and micro-cap companies. Equities and equity-related instruments include common stocks, preferred stocks, convertible securities, sponsored and unsponsored depositary receipts, warrants and rights. The Fund may participate as a purchaser in initial public offerings of securities (IPOs). An IPO is a companys first offering of stock to the public. The Fund may also invest in companies that may experience unusual and possibly unique developments, or special situations, which may create a special opportunity for significant returns. Special situations include: significant technological improvements or important discoveries; reorganizations, recapitalizations or mergers; favorable resolutions of litigation; new management or material changes in company policies; and actual or potential changes in control of a company. The Sub-Advisers may also invest in real estate investment trusts (REITs), debt securities, and foreign securities (directly and through depository receipts). Show less