(the “Fund”)
Disciplined U.S. Value Equity Portfolio
(each a “Portfolio” and together the “Portfolios”)
Supplement dated July 16, 2026 to the
Summary Prospectus, the Statutory Prospectus, and the Statement of Additional Information (“SAI”), each dated February 28, 2026 ,
as supplemented
The purpose of this supplement is to update a name change and certain information relating to the Disciplined U.S. Value Equity Portfolio of the Fund and announce a proposed reorganization of the Equity Income Portfolio into the Disciplined U.S. Value Equity Portfolio (to be renamed the Disciplined U.S. Equity Income Portfolio) as follows:
At
a meeting held on July 16, 2026, the Fund’s Board of Directors (the “Board”) approved changes to the principal
investment strategies of the Disciplined U.S. Value Equity Portfolio (the “Repositioning”). The Portfolio will be
repositioned to invest in income-producing common stocks of large cap companies tied economically to the U.S. The Portfolio’s
name and principal investment strategies will change accordingly. The Board anticipates that the Repositioning will be effective on
or around September 14, 2026 (the “Effective Date”).
On the Effective Date, the Portfolio will be renamed, and the corresponding Summary Prospectus, Statutory Prospectus and SAI are revised as follows:
Current Portfolio Name | New Portfolio Name | ||
Disciplined U.S. Value Equity Portfolio | Disciplined U.S. Equity Income Portfolio | ||
The sections titled “Investment Objective,” “Principal Investment Strategy” and “Principal Investment Risks” in the Summary Prospectus and Statutory Prospectus will be revised as follows:
Disciplined U.S. Equity Income Portfolio (formerly, Disciplined U.S. Value Equity Portfolio)
A high level of current income and long-term growth of capital consistent with reasonable risk to principal.
Using factor-based analysis, under normal market circumstances, the Portfolio invests at least 80% of the value of its net assets (including borrowings for investment purposes) in income-producing common stocks of large cap companies tied economically to the U.S. The Advisor considers a company to be tied economically to the U.S. if the company: 1) is organized under the laws of the U.S., 2) maintains its principal place of business in the U.S., 3) is traded principally in the U.S. or 4) at the time of purchase, is included in a U.S. equity index managed by S&P Global Ratings (“S&P”) or FTSE Russell (“Russell”). Large cap companies include companies with market capitalizations, at the time of purchase, within the market capitalization range of any stock in the Russell 1000® Value Index. That capitalization range was $1.3 billion to $3.8 trillion as of December 31, 2025.