NAA SMid Cap Value A SEVAX

Under normal circumstances, the fund pursues its objective by investing at least 80% of its assets in Small- and Mid-capitalization securities that the Adviser considers having “value” characteristics. The fund manager defines “value” as investments that appear to be undervalued relative to assets, earnings, growth potential or cash flows. The fund will primarily invest in equity securities, including common stocks, REITs, options, warrants, convertible securities of U.S. and U.S. dollar-denominated foreign issuers, and American Depositary Receipts (“ADRs”).