Most of the Fund’s assets will generally be invested in US equity and equity-related securities, including up to 25% of its total assets in real estate investment trusts (“REITs”).

Main risks. All investments involve risk to some degree. The value of your investment in the Fund, as well as the the amount of return you receive on your investment can fluctuate significantly from day to day and over time.

You may lose some or all of your investment in the Fund or your investment may not perform as well as other similar investments. investments.

There is no guarantee that an investment in the Fund will achieve its investment objective; is not a deposit with a bank; and is not
insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. the The following is a summary description of the main risks associated with investing in the Fund.

The order of the risk factors below does not indicate the importance of any particular risk factor.

Risk related to economic and market events. Events in the United States and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the operation of securities
markets, can sometimes lead to abnormally high market volatility, which could have a negative impact on performance. Relatively reduced liquidity in the credit and fixed income markets could adversely affect issuers around the world.

Equity and equity-like securities risk. Shares and securities assimilated to shares may undergo variations in value and their values ​​may be more volatile than those of other asset classes. In addition to the loss in value of an individual security, the value of stock markets or a sector in which the Fund invests could decline. Different parts of a market may react differently to adverse issuer, market, regulatory, political and economic developments.

Risk of increased expenses. Your actual cost of investing in the Fund may be more than the charges shown in the Charges Table. table for various reasons. For example, expense ratios may be higher than indicated if average net assets decline.
The Fund’s net assets are more likely to decline and the Fund’s expense ratios are more likely to rise when markets are volatile. active
and frequent trading in the securities of the Fund may increase expenses.

Large Shareholder and Large Scale Takeover Risk. Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time hold or control a substantial amount
shares of the Fund. Nothing obligates these entities to maintain their investment in the Fund. There is a risk that such significant shareholders or that the shareholders of the Fund may generally redeem all or a substantial part of their investments in the Fund over a short period of time, which could have a significant negative impact on the net asset value of the Fund, liquidity and brokerage fees. Significant redemptions could also result in tax consequences for shareholders and affect the ability of the Fund to implement its investment strategy. The ability of the Fund to pursue its investment objective after one or more large-scale redemptions may be compromised and as a result the Fund may invest a larger portion of its assets in cash or cash equivalents.

Management risk. Actively managed mutual funds are subject to management risk. The sub-advisor will apply the investments techniques and risk analyzes in making investment decisions for the Fund, but there can be no assurance that these techniques will produce the desired results. In addition, investments selected by the sub-advisor may underperform
markets generally, the Fund’s benchmark and other mutual funds with similar investment objectives.

Market disruption and geopolitical risks. International wars or conflicts and geopolitical developments in foreign countries, as well as instability in regions such as Asia, Eastern Europe and the Middle East, possible terrorist attacks in the United States
In the United States or around the world, public health outbreaks such as outbreaks of infectious diseases such as the outbreak of COVID-19 around the world in 2020 or the Ebola virus epidemic in West Africa in 2014-2016, and other similar events could adversely affect U.S. and foreign financial markets, including increasing market volatility, reducing liquidity in the
securities markets and government intervention, and may cause other long-term economic uncertainties in the United States United States and the world in general. The coronavirus pandemic and related government and public responses have had and may continue to have an impact on the investments and net asset value of the Fund and have led and may continue to lead increased market volatility and the potential for illiquidity of certain classes of securities and market sectors.
Preventive or protective measures that governments may take against pandemic or epidemic diseases may result in periods of business interruption, business closures, inability to obtain raw materials, supplies and components, and reduced or halted trading for the issuers in which the Fund invests. Government intervention in markets can have an impact interest rates, market volatility and security prices. The appearance, reappearance and persistence of such diseases could adversely affect economies (including through changes in business activity and increased unemployment) and markets in specific countries or worldwide.

Market risk. The securities markets can be volatile and the market prices of the Fund’s securities can fall. Securities fluctuate with changes in an issuer’s financial condition and general market and economic conditions. If the decline in the prices of the securities held by the Fund, the value of your investment in the Fund will decline.

Risk associated with mid-cap companies (Mid-Cap). The Fund’s investments in mid-cap companies involve more risk than investments in larger capitalization companies. Investments in mid-capitalization companies involve additional risks because earnings from these companies tend to be less predictable; they often have product lines, markets, distribution channels or