Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of small-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”).^ΩAs of the date of this prospectus, the fund’s subadviser considers small-capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the Russell 2000^® Index on a rolling three-year basis. On this basis, as of June 30, 2026, the total market capitalization range of companies included in the Russell 2000^® Index over the past three years was $93.6 thousand to $81.1 billion. As a result of its investment strategy, the fund may focus its investments in one or more sectors.

In selecting investments for purchase and sale, the subadviser chooses companies that it believes are undervalued in the market relative to the industry sector and the company’s own valuation history. The subadviser evaluates potential catalysts that may cause an upward re-rating of the stock’s valuation. The common stocks purchased for the fund generally pay dividends at the time of purchase or are expected to pay dividends soon after their purchase. The fund may also invest in companies that do not pay dividends when the subadviser believes such companies present attractive investment opportunities and are otherwise consistent with the fund’s investment objective and strategies.