divspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"Under normal market conditions, the Fund will invest primarily in common stocks and other equity securities. Equity securities may include, for example, other /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"exchange-traded funds (“ETFs”), notes, preferred stocks, and real estate investment trusts (“REITs”). The Fund focuses on stocks of large-capitalization /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"companies, but the Fund may invest in companies of any size. The Fund normally invests across a wide range of sectors and industries. The Fund is non-/spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"diversified, which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"The Fund’s portfolio will hold approximately 20 to 30 securities./span/divdivspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"The Fund’s portfolio manager employs a growth style of equity management that emphasizes companies with sustainable competitive advantages versus /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"others, long-term structural growth drivers that will lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"management teams focused on creating long-term value for shareholders. The Fund’s portfolio manager /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"also /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"aims to invest in companies when they trade at /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"a significant discount to the estimate of intrinsic value (i.e., companies with share prices trading significantly below what the portfolio manager believes the /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"share price should be based on proprietary discount cash flow models). The Fund will consider selling a portfolio investment when the portfolio manager /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"believes an unfavorable structural change occurs within a given business or the markets in which it operates, a critical underlying investment assumption is /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"flawed, when a more attractive reward-to-risk opportunity becomes available, when the portfolio manager believes the current price fully reflects intrinsic /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"value, or for other investment reasons which the portfolio manager deems appropriate. Although certain equity securities purchased by the Fund may be /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"issued by domestic companies incorporated outside of the United States, Loomis, Sayles/spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;" amp; Company, L.P. (“Loomis/spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;" Sayles” or the “Subadviser”) /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"uses a /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"proprietary definition to determine whether a security is classified as U.S. or non-U.S. In determining the location of an issuer for these purposes, or where /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"the issuer’s principal activities are based, the Subadviser will consider a variety of factors (collectively designed to assess whether an issuer is economically /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"tied to a particular country or region), including but not limited to: the markets in which the issuer’s securities are primarily traded; the location of the issuer’s /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"headquarters, principal offices, or operations; the country where the issuer is organized; the percentage of the issuer’s revenues or profits derived from goods /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"produced or sold, investments made, or services performed in the relevant country; and information provided by third-party data analytics service providers. /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"No single factor will necessarily be determinative, nor must all factors be present for the Subadviser to assess an issuer’s location. The Subadviser may /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"assign different weights to these factors based on different geographic policies, countries, or products. The Fund considers a security to be an emerging /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"market security if its country, as determined through the proprietary process described above, is included in the MSCI Emerging amp; Frontier Markets Index/spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"./span/div