Strategy. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowing, if any, for investment purposes) in stocks of small capitalization companies. The funds sub-adviser, Ranger Investment Management, L.P. (the sub-adviser), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations which, at the initial time of purchase, are within the capitalization range of issuers represented within the Russell 2000 Growth Index 1 , a benchmark of the fund, which as of June 27, 2025, the most recent reconstitution date of the index, was between $119.4 million and $7.4 billion. The sub-advisers approach to security selection seeks quality growth … Show more… Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowing, if any, for investment purposes) in stocks of small capitalization companies. The funds sub-adviser, Ranger Investment Management, L.P. (the sub-adviser), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations which, at the initial time of purchase, are within the capitalization range of issuers represented within the Russell 2000 Growth Index 1 , a benchmark of the fund, which as of June 27, 2025, the most recent reconstitution date of the index, was between $119.4 million and $7.4 billion. The sub-advisers approach to security selection seeks quality growth companies by implementing a bottom-up, fundamental research driven security selection process. The sub-advisers focus is to attempt to identify companies with characteristics such as high recurring revenue, steady and/or accelerating sales growth, strong balance sheets and free cash flows, stable/expanding margins, and superior return on equity/return on invested capital. In addition to the quantitative analysis, careful consideration is given to qualitative analysis. The sub-adviser incorporates a preference towards companies with certain qualitative characteristics such as conservative accounting practices, seasoned management team with high corporate integrity, sustainable competitive advantage and ability to grow market share, sound corporate governance, and unique demand drivers. Once these quantitative and qualitative characteristics are analyzed, the sub-adviser then determines whether it believes a company is undervalued and has sufficient upside to the stock price to warrant an investment. The fund is managed using the growth style of investing. At any given time, growth stocks may be out of favor and underperform the overall equity market. The sub-adviser integrates environmental, social and governance (ESG) factors into the investment process. The sub-adviser's approach to ESG is non-concessionary, meaning that performance is not actively sacrificed over any ESG criteria, but that ESG criteria are considered as an integral part of the investment and risk mitigation process. The sub-adviser evaluates a company's ESG strengths and weaknesses based on its internal research process, public company documents, websites, SEC filings, third-party research, and conversations with management. The sub-adviser seeks to identify financially material ESG risks and/or opportunities for a company and the potential for financial impacts. The sub-adviser's ESG analysis is subjective and ESG factors are not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of a company outweigh ESG factors when making investment decisions. The fund may invest in foreign securities through American Depositary Receipts (ADRs), and generally will not invest more than 10% of the funds assets in foreign securities. The fund only invests in securities traded on U.S. exchanges. 1 Russell and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Show less