Strategy. The Early Stage Growth Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, consisting of common stocks, preferred stocks, convertible securities, warrants, and rights of early stage growth companies. Kornitzer Capital Management, Inc., the Funds investment adviser (the Adviser or KCM), defines early stage companies as companies with, at the time of purchase, market capitalizations below the weighted average of the Russell 2000 Growth Index and are starting to develop a new product or service or have recently developed a new product or service. As of June 30, 2025, the weighted average market capitalization of the Russell 2000 Growth Index was $4.1 billion. KCM defines growth companies as companies that, at … Show more… The Early Stage Growth Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, consisting of common stocks, preferred stocks, convertible securities, warrants, and rights of early stage growth companies. Kornitzer Capital Management, Inc., the Funds investment adviser (the Adviser or KCM), defines early stage companies as companies with, at the time of purchase, market capitalizations below the weighted average of the Russell 2000 Growth Index and are starting to develop a new product or service or have recently developed a new product or service. As of June 30, 2025, the weighted average market capitalization of the Russell 2000 Growth Index was $4.1 billion. KCM defines growth companies as companies that, at the time of purchase, are constituents of the Russell 3000 Growth Index or exhibit growth characteristics (e.g., historical or forecasted earnings, sales, and/or cash flow that increase at faster rates than the overall economy) consistent with inclusion of companies in the Russell 3000 Growth Index. Companies included in the Funds investment universe must satisfy both prongs of KCMs definition of an early stage growth company. In addition to the Funds investments in domestic securities, the Fund may also invest up to 20% of its net assets in sponsored or unsponsored American Depositary Receipts (ADRs) and securities of foreign companies that are traded on U.S. stock exchanges. Companies are screened using in-depth, in-house research to identify those which the Adviser believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages. The Fund may invest in companies in any sector. Currently, the Fund has significant investments in the industrials sector. The Fund may have significant investments in the healthcare sector. The Adviser may sell the Funds investments to secure gains, limit losses, or reinvest in more promising investment opportunities. Show less