Nomura Smid Cap Core Fund;Y

The primary objective of this fund is to generate capital appreciation. It achieves this by focusing investments on a diverse range of equity securities from small- and mid-sized companies that the manager believes offer the strongest potential for increasing in value. A minimum of 80% of the fund's net assets will consistently be allocated to common stocks of these small- and mid-capitalization enterprises. Small-cap companies are generally defined as those whose market capitalization, at the time of acquisition, mirrors that of issuers within the Russell 2500TM Index. Mid-cap companies, conversely, fall within the market capitalization spectrum of the Russell Midcap® Index at the point of purchase.