Strategy. The Mid Cap Discovery 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 mid-cap discovery companies. Kornitzer Capital Management, Inc., the Funds investment adviser (the Adviser or KCM), defines mid-cap discovery companies as companies with, at the time of purchase, market capitalizations within the range of the Russell Midcap Index, and are companies engaged in the pursuit and practical application of knowledge to discover, develop, and commercialize products, services, or intellectual property. As of June 30, 2025, the range of market capitalizations of the Russell Midcap Index was $1.7 billion to $89.2 billion. In addition to the Funds investments … Show more… The Mid Cap Discovery 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 mid-cap discovery companies. Kornitzer Capital Management, Inc., the Funds investment adviser (the Adviser or KCM), defines mid-cap discovery companies as companies with, at the time of purchase, market capitalizations within the range of the Russell Midcap Index, and are companies engaged in the pursuit and practical application of knowledge to discover, develop, and commercialize products, services, or intellectual property. As of June 30, 2025, the range of market capitalizations of the Russell Midcap Index was $1.7 billion to $89.2 billion. In addition to the Funds investments in domestic securities, the Fund may 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 information technology 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